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Abrams Bison

Q1 2019 13F · by Gavin Abrams, portfolio manager

As of
Mar 31, 2019
Filed
May 15, 2019
US stock
$899M · prev $850M
Positions
8 · prev 8
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%

Moves4 since the prior filing

The book

Very concentrated · behaves like 6 equal-sized positions

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

Low turnover · 15% a year, about 6.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions80% of US stock

  1. CACC Credit Acceptance Corp trimmed−4.73 pp trimmed−4.7324.5%
  2. UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) added+0.24 pp added+0.2421.1%
  3. RAMP LiveRamp Holdings, Inc. held held12.8%
  4. AMAT Applied Materials Inc held held11.1%
  5. LEN Lennar Corporation Class A trimmed−2.90 pp trimmed−2.9010.7%

Positions8 in this filing · 0 exited

CACCCredit Acceptance Corp24.48%487,000$220Mtrimmed−25%−4.73 pp15 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)21.10%767,000$190Madded+8%+0.24 pp5 q
RAMPLiveRamp Holdings, Inc.12.82%2,112,000$115Mheld—2 q
AMATApplied Materials Inc11.05%2,505,000$99Mheld—2 q
LENLennar Corporation Class A10.65%1,950,000$96Mtrimmed−34%−2.90 pp2 q
RNRRenaissanceRe Holdings Ltd.9.99%625,657$90Mheld—21 q
PXDPioneer Natural Resource Co.8.59%507,000$77Madded+34%+2.76 pp2 q
IBKRInteractive Brokers Group, Inc. Class A1.33%229,899$12Mheld—7 q

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0000919574-19-003733
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet