Abrams Bison

Q3 2018 13F · by Gavin Abrams, portfolio manager

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $791M · prev $728M
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

+15.3 pp in · −15.1 pp out

New 1 +15.34 pp
Added 0 0.00 pp
Trimmed 1 −0.82 pp
Exited 1 −14.28 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 61% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions100% of US stock

CACC Credit Acceptance Corp trimmed−0.82 pp trimmed−0.8244.3%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) held held28.2%
unresolved Acxiom Corp new+15.34 pp new+15.3415.3%
RNR RenaissanceRe Holdings Ltd. held held10.6%
IBKR Interactive Brokers Group, Inc. Class A held held1.6%

Positions5 in this filing · 1 exited


CACCCredit Acceptance Corp	44.32%	800,000	$350M	trimmed−14%	−0.82 pp	13 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	28.16%	837,000	$223M	held	—	3 q
unresolvedAcxiom Corp	15.34%	2,455,000	$121M	new	+15.34 pp	new
RNRRenaissanceRe Holdings Ltd.	10.57%	625,657	$84M	held	—	19 q
IBKRInteractive Brokers Group, Inc. Class A	1.61%	229,899	$13M	held	—	5 q
CVNACarvana Co.	—	−2,500,000	—	exited	−14.28 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0000919574-18-007498
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet