Abrams Bison

Q3 2017 13F · by Gavin Abrams, portfolio manager

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $600M · prev $573M
Positions: 5 · prev 4
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%

Moves1 since the prior filing

+1.6 pp in · 0.0 pp out

New 1 +1.65 pp
Added 0 0.00 pp
Trimmed 0 0.00 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions100% of US stock

CACC Credit Acceptance Corp held held54.6%
SIG Signet Jewelers Limited held held23.5%
RNR RenaissanceRe Holdings Ltd. held held14.1%
CVNA Carvana Co. held held6.1%
IBKR Interactive Brokers Group, Inc. Class A new+1.65 pp new+1.651.6%

Positions5 in this filing · 0 exited


CACCCredit Acceptance Corp	54.65%	1,169,556	$328M	held	—	9 q
SIGSignet Jewelers Limited	23.48%	2,115,000	$141M	held	—	15 q
RNRRenaissanceRe Holdings Ltd.	14.10%	625,657	$85M	held	—	15 q
CVNACarvana Co.	6.12%	2,500,000	$37M	held	—	2 q
IBKRInteractive Brokers Group, Inc. Class A	1.65%	219,000	$10M	new	+1.65 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000919574-17-008129
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet