Abrams Bison

Q4 2019 13F · by Gavin Abrams, portfolio manager

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $690M · prev $1.0B
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%

Moves7 since the prior filing

0.0 pp in · −4.1 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 7 −4.10 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions80% of US stock

UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) trimmed+3.12 pp trimmed+3.1219.2%
CACC Credit Acceptance Corp trimmed+0.89 pp trimmed+0.8917.3%
AMAT Applied Materials Inc trimmed+3.24 pp trimmed+3.2417.1%
PXD Pioneer Natural Resource Co. trimmed−3.98 pp trimmed−3.9814.9%
ACHC Acadia Healthcare Company, Inc. held held11.5%

Positions8 in this filing · 0 exited


UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	19.18%	450,000	$132M	trimmed−39%	+3.12 pp	8 q
CACCCredit Acceptance Corp	17.25%	269,000	$119M	trimmed−24%	+0.89 pp	18 q
AMATApplied Materials Inc	17.09%	1,931,000	$118M	trimmed−31%	+3.24 pp	5 q
PXDPioneer Natural Resource Co.	14.86%	677,000	$102M	trimmed−55%	−3.98 pp	5 q
ACHCAcadia Healthcare Company, Inc.	11.51%	2,390,000	$79M	held	—	3 q
LENLennar Corporation Class A	10.03%	1,240,000	$69M	trimmed−36%	−0.75 pp	5 q
RNRRenaissanceRe Holdings Ltd.	8.95%	315,000	$62M	trimmed−24%	+0.93 pp	24 q
RAMPLiveRamp Holdings, Inc.	1.12%	160,131	$8M	trimmed−92%	−7.55 pp	5 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000919574-20-001682
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet