Abrams Bison

Q1 2016 13F · by Gavin Abrams, portfolio manager

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $966M · prev $993M
Positions: 8 · prev 8
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves4 since the prior filing

+7.4 pp in · −8.5 pp out

New 0 0.00 pp
Added 3 +7.37 pp
Trimmed 1 −8.50 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 29% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions74% of US stock

CACC Credit Acceptance Corp added−0.93 pp added−0.9320.5%
SIG Signet Jewelers Limited added+4.99 pp added+4.9916.0%
KMX CarMax Inc. added+3.31 pp added+3.3115.1%
IBKR Interactive Brokers Group, Inc. Class A held held11.3%
LB Bath & Body Works, Inc. trimmed−8.50 pp trimmed−8.5011.0%

Positions8 in this filing · 0 exited


CACCCredit Acceptance Corp	20.51%	1,091,474	$198M	added+10%	−0.93 pp	3 q
SIGSignet Jewelers Limited	16.02%	1,247,607	$155M	added+41%	+4.99 pp	9 q
KMXCarMax Inc.	15.12%	2,858,787	$146M	added+32%	+3.31 pp	8 q
IBKRInteractive Brokers Group, Inc. Class A	11.35%	2,788,553	$110M	held	—	5 q
LBBath & Body Works, Inc.	10.98%	1,207,712	$106M	trimmed−40%	−8.50 pp	7 q
unresolvedAon PLC	10.81%	1,000,000	$104M	held	—	9 q
RNRRenaissanceRe Holdings Ltd.	7.76%	625,657	$75M	held	—	9 q
GDGeneral Dynamics Corporation	7.44%	547,000	$72M	held	—	9 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0000919574-16-013314
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet