Abrams Bison

Q2 2016 13F · by Gavin Abrams, portfolio manager

As of: Jun 30, 2016
Filed: Aug 15, 2016
US stock: $1.1B · prev $966M
Positions: 7 · 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%

Moves6 since the prior filing

+21.1 pp in · −19.8 pp out

New 0 0.00 pp
Added 3 +21.07 pp
Trimmed 2 −8.40 pp
Exited 1 −11.35 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 63% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions86% of US stock

SIG Signet Jewelers Limited added+12.28 pp added+12.2828.3%
LB Bath & Body Works, Inc. added+9.75 pp added+9.7520.7%
CACC Credit Acceptance Corp added−0.96 pp added−0.9619.6%
KMX CarMax Inc. trimmed−5.62 pp trimmed−5.629.5%
unresolved Aon PLC trimmed−2.78 pp trimmed−2.788.0%

Positions7 in this filing · 1 exited


SIGSignet Jewelers Limited	28.30%	3,701,000	$305M	added×3.0	+12.28 pp	10 q
LBBath & Body Works, Inc.	20.73%	3,328,000	$223M	added×2.8	+9.75 pp	8 q
CACCCredit Acceptance Corp	19.55%	1,138,000	$211M	added+4%	−0.96 pp	4 q
KMXCarMax Inc.	9.50%	2,088,000	$102M	trimmed−27%	−5.62 pp	9 q
unresolvedAon PLC	8.03%	792,000	$87M	trimmed−21%	−2.78 pp	10 q
GDGeneral Dynamics Corporation	7.07%	547,000	$76M	held	—	10 q
RNRRenaissanceRe Holdings Ltd.	6.82%	625,657	$73M	held	—	10 q
IBKRInteractive Brokers Group, Inc. Class A	—	−2,788,553	—	exited	−11.35 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0000919574-16-015018
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet