Abrams Bison

Q4 2017 13F · by Gavin Abrams, portfolio manager

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $569M · prev $600M
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

+0.7 pp in · −0.3 pp out

New 0 0.00 pp
Added 1 +0.74 pp
Trimmed 1 −0.30 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.5% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions100% of US stock

CACC Credit Acceptance Corp trimmed−0.30 pp trimmed−0.3054.4%
SIG Signet Jewelers Limited held held21.0%
RNR RenaissanceRe Holdings Ltd. held held13.8%
CVNA Carvana Co. held held8.4%
IBKR Interactive Brokers Group, Inc. Class A added+0.74 pp added+0.742.4%

Positions5 in this filing · 0 exited


CACCCredit Acceptance Corp	54.35%	955,404	$309M	trimmed−18%	−0.30 pp	10 q
SIGSignet Jewelers Limited	21.03%	2,115,000	$120M	held	—	16 q
RNRRenaissanceRe Holdings Ltd.	13.82%	625,657	$79M	held	—	16 q
CVNACarvana Co.	8.41%	2,500,000	$48M	held	—	3 q
IBKRInteractive Brokers Group, Inc. Class A	2.39%	229,899	$14M	added+5%	+0.74 pp	2 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000919574-18-001846
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet