Abrams Bison

Q3 2016 13F · by Gavin Abrams, portfolio manager

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $918M · prev $1.1B
Positions: 5 · prev 7
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%

Moves5 since the prior filing

+8.4 pp in · −15.2 pp out

New 0 0.00 pp
Added 1 +8.45 pp
Trimmed 2 −0.11 pp
Exited 2 −15.10 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions100% of US stock

SIG Signet Jewelers Limited added+8.45 pp added+8.4536.8%
CACC Credit Acceptance Corp held held24.9%
LB Bath & Body Works, Inc. trimmed+3.26 pp trimmed+3.2624.0%
RNR RenaissanceRe Holdings Ltd. held held8.2%
KMX CarMax Inc. trimmed−3.37 pp trimmed−3.376.1%

Positions5 in this filing · 2 exited


SIGSignet Jewelers Limited	36.75%	4,525,000	$337M	added+22%	+8.45 pp	11 q
CACCCredit Acceptance Corp	24.94%	1,138,000	$229M	held	—	5 q
LBBath & Body Works, Inc.	23.99%	3,110,000	$220M	trimmed−7%	+3.26 pp	9 q
RNRRenaissanceRe Holdings Ltd.	8.19%	625,657	$75M	held	—	11 q
KMXCarMax Inc.	6.13%	1,054,456	$56M	trimmed−50%	−3.37 pp	10 q
unresolvedAon PLC	—	−792,000	—	exited	−8.03 pp	—
GDGeneral Dynamics Corporation	—	−547,000	—	exited	−7.07 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000919574-16-016630
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet