Abrams Bison

Q4 2016 13F · by Gavin Abrams, portfolio manager

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $972M · prev $918M
Positions: 5 · prev 5
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%

Moves2 since the prior filing

0.0 pp in · −1.9 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 2 −1.94 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions100% of US stock

SIG Signet Jewelers Limited trimmed+1.59 pp trimmed+1.5938.3%
CACC Credit Acceptance Corp held held25.5%
LB Bath & Body Works, Inc. trimmed−3.53 pp trimmed−3.5320.5%
RNR RenaissanceRe Holdings Ltd. held held8.8%
KMX CarMax Inc. held held7.0%

Positions5 in this filing · 0 exited


SIGSignet Jewelers Limited	38.34%	3,955,000	$373M	trimmed−13%	+1.59 pp	12 q
CACCCredit Acceptance Corp	25.46%	1,138,000	$248M	held	—	6 q
LBBath & Body Works, Inc.	20.46%	3,021,000	$199M	trimmed−3%	−3.53 pp	10 q
RNRRenaissanceRe Holdings Ltd.	8.77%	625,657	$85M	held	—	12 q
KMXCarMax Inc.	6.98%	1,054,456	$68M	held	—	11 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000919574-17-002036
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet