Abrams Bison

Q3 2019 13F · by Gavin Abrams, portfolio manager

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

+12.9 pp in · −11.7 pp out

Very concentrated · behaves like 7 equal-sized positions

Moderate turnover · 30% a year, about 3.4 years per position

PXD Pioneer Natural Resource Co. added+10.75 pp added+10.7518.8%
CACC Credit Acceptance Corp trimmed−3.87 pp trimmed−3.8716.4%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) trimmed−3.34 pp trimmed−3.3416.1%
AMAT Applied Materials Inc added+2.19 pp added+2.1913.8%
LEN Lennar Corporation Class A trimmed+0.98 pp trimmed+0.9810.8%


PXDPioneer Natural Resource Co.	18.84%	1,500,000	$189M	added×3.0	+10.75 pp	4 q
CACCCredit Acceptance Corp	16.36%	355,000	$164M	trimmed−12%	−3.87 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	16.06%	740,000	$161M	trimmed−4%	−3.34 pp	7 q
AMATApplied Materials Inc	13.85%	2,780,000	$139M	added+11%	+2.19 pp	4 q
LENLennar Corporation Class A	10.78%	1,933,000	$108M	trimmed−1%	+0.98 pp	4 q
RAMPLiveRamp Holdings, Inc.	8.67%	2,020,000	$87M	trimmed−4%	−1.94 pp	4 q
RNRRenaissanceRe Holdings Ltd.	8.02%	415,000	$80M	trimmed−34%	−3.53 pp	23 q
ACHCAcadia Healthcare Company, Inc.	7.42%	2,390,000	$74M	held	—	2 q