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Abrams Bison

Q1 2017 13F · by Gavin Abrams, portfolio manager

As of
Mar 31, 2017
Filed
May 15, 2017
US stock
$600M · prev $972M
Positions
3 · 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%

Moves4 since the prior filing

The book

Very concentrated · behaves like 3 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 5.7% a year, about 17.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. SIG Signet Jewelers Limited added+8.03 pp added+8.0346.4%
  2. CACC Credit Acceptance Corp added+13.08 pp added+13.0838.5%
  3. RNR RenaissanceRe Holdings Ltd. held held15.1%

Positions3 in this filing · 2 exited

SIGSignet Jewelers Limited46.37%4,015,847$278Madded+2%+8.03 pp13 q
CACCCredit Acceptance Corp38.54%1,159,399$231Madded+2%+13.08 pp7 q
RNRRenaissanceRe Holdings Ltd.15.09%625,657$91Mheld—13 q
LBBath & Body Works, Inc.—−3,021,000—exited−20.46 pp—
KMXCarMax Inc.—−1,054,456—exited−6.98 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0000919574-17-004354
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet