Abrams Bison

Q1 2018 13F · by Gavin Abrams, portfolio manager

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $639M · prev $569M
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%

Moves3 since the prior filing

+27.0 pp in · −27.3 pp out

New 1 +26.96 pp
Added 0 0.00 pp
Trimmed 1 −6.26 pp
Exited 1 −21.03 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 80% a year, about 1.3 years per position

Low
Moderate
High

Top 5 positions100% of US stock

CACC Credit Acceptance Corp trimmed−6.26 pp trimmed−6.2648.1%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) new+26.96 pp new+26.9627.0%
RNR RenaissanceRe Holdings Ltd. held held13.6%
CVNA Carvana Co. held held9.0%
IBKR Interactive Brokers Group, Inc. Class A held held2.4%

Positions5 in this filing · 1 exited


CACCCredit Acceptance Corp	48.09%	930,000	$307M	trimmed−3%	−6.26 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	26.96%	805,000	$172M	new	+26.96 pp	new
RNRRenaissanceRe Holdings Ltd.	13.56%	625,657	$87M	held	—	17 q
CVNACarvana Co.	8.97%	2,500,000	$57M	held	—	4 q
IBKRInteractive Brokers Group, Inc. Class A	2.42%	229,899	$15M	held	—	3 q
SIGSignet Jewelers Limited	—	−2,115,000	—	exited	−21.03 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000919574-18-003737
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet