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Abrams Bison

Q2 2017 13F · by Gavin Abrams, portfolio manager

As of
Jun 30, 2017
Filed
Aug 14, 2017
US stock
$573M · prev $600M
Positions
4 · prev 3
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%

Moves3 since the prior filing

The book

Very concentrated · behaves like 3 equal-sized positions

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

Moderate turnover · 38% a year, about 2.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. CACC Credit Acceptance Corp added+13.98 pp added+13.9852.5%
  2. SIG Signet Jewelers Limited trimmed−23.01 pp trimmed−23.0123.4%
  3. RNR RenaissanceRe Holdings Ltd. held held15.2%
  4. CVNA Carvana Co. new+8.94 pp new+8.948.9%

Positions4 in this filing · 0 exited

CACCCredit Acceptance Corp52.52%1,169,556$301Madded+1%+13.98 pp8 q
SIGSignet Jewelers Limited23.36%2,115,000$134Mtrimmed−47%−23.01 pp14 q
RNRRenaissanceRe Holdings Ltd.15.19%625,657$87Mheld—14 q
CVNACarvana Co.8.94%2,500,000$51Mnew+8.94 ppnew

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0000919574-17-006251
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet