Abrams Capital

Q3 2018 13F · by David Abrams, founder

As of: Sep 30, 2018
Filed: Nov 9, 2018
US stock: $3.8B · prev $3.6B
Positions: 22 · prev 22
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%

Moves17 since the prior filing

+18.0 pp in · −18.1 pp out

New 3 +12.34 pp
Added 5 +5.63 pp
Trimmed 6 −8.48 pp
Exited 3 −9.63 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 54% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions49% of US stock

TEVA Teva Pharmaceutical Industries Limited trimmed−2.24 pp trimmed−2.2411.1%
unresolved Shire PLC new+10.77 pp new+10.7710.8%
WU The Western Union Company trimmed−1.41 pp trimmed−1.4110.7%
ORLY O'Reilly Automotive, Inc. held held8.1%
unresolved Express Scripts Hldg Co added+2.32 pp added+2.328.0%

Positions22 in this filing · 3 exited


TEVATeva Pharmaceutical Industries Limited	11.12%	19,522,372	$421M	trimmed−1%	−2.24 pp	5 q
unresolvedShire PLC	10.77%	2,247,133	$407M	new	+10.77 pp	new
WUThe Western Union Company	10.66%	21,165,498	$403M	trimmed−1%	−1.41 pp	22 q
ORLYO'Reilly Automotive, Inc.	8.11%	883,194	$307M	held	—	5 q
unresolvedExpress Scripts Hldg Co	8.02%	3,192,304	$303M	added+20%	+2.32 pp	2 q
BENFranklin Templeton, Inc.	7.99%	9,945,023	$302M	added+25%	+0.91 pp	12 q
AABAAltaba Inc.	6.79%	3,769,842	$257M	trimmed−1%	−0.99 pp	6 q
UHALU-Haul Holding Company	5.43%	576,045	$205M	held	—	8 q
unresolvedAetna Inc New	4.42%	823,555	$167M	trimmed−48%	−3.62 pp	3 q
WTWWillis Towers Watson Public Limited Company	4.41%	1,183,287	$167M	held	—	8 q
LADLithia Motors, Inc.	4.32%	2,000,000	$163M	added+92%	+1.58 pp	2 q
KMIKinder Morgan, Inc.	4.11%	8,761,405	$155M	held	—	3 q
GOOGLAlphabet Inc. Class A	3.96%	124,117	$150M	held	—	2 q
ABGAsbury Automotive Group, Inc.	2.88%	1,585,091	$109M	added+46%	+0.81 pp	5 q
SPHSuburban Propane Partners L P	1.86%	2,988,346	$70M	added+6%	+0.01 pp	6 q
CWHCamping World Holdings, Inc.	1.31%	2,328,100	$50M	new	+1.31 pp	new
BNEDBarnes & Noble Education, Inc	0.89%	5,872,465	$34M	held	—	13 q
unresolvedOch Ziff Cap Mgmt Group	0.87%	22,238,592	$33M	held	—	10 q
unresolvedKeryx Biopharmaceuticals Inc	0.82%	9,108,867	$31M	trimmed−8%	−0.22 pp	13 q
unresolvedClear Channel Outdoor Hldgs	0.53%	3,354,390	$20M	held	—	22 q
unresolvedGlobal Eagle Entmt Inc	0.49%	6,522,429	$18M	trimmed−7%	0.00 pp	20 q
AKBAAkebia Therapeutics, Inc.	0.26%	1,119,286	$10M	new	+0.26 pp	new
PCGPG&E Corporation	—	−3,911,357	—	exited	−4.63 pp	—
unresolvedQuality Care Pptys Inc	—	−7,025,579	—	exited	−4.20 pp	—
GPIGroup 1 Automotive, Inc.	—	−457,301	—	exited	−0.80 pp	—