Abrams Capital

Q4 2019 13F · by David Abrams, founder

Picture100.0% US stock

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

+12.8 pp in · −19.7 pp out

Concentrated · behaves like 15 equal-sized positions

Moderate turnover · 47% a year, about 2.1 years per position


LADLithia Motors, Inc.	10.17%	2,226,068	$327M	trimmed−3%	+1.65 pp	7 q
PCGPG&E Corporation	8.44%	25,000,000	$272M	held	—	4 q
BENFranklin Templeton, Inc.	7.84%	9,717,841	$252M	trimmed−1%	−0.06 pp	17 q
ACTAllergan PLC	7.35%	1,238,000	$237M	new	+7.35 pp	new
TEVATeva Pharmaceutical Industries Limited	7.32%	24,046,356	$236M	held	—	10 q
ORLYO'Reilly Automotive, Inc.	7.07%	519,476	$228M	trimmed−3%	+1.11 pp	10 q
WTWWillis Towers Watson Public Limited Company	6.86%	1,094,001	$221M	trimmed−1%	+0.86 pp	13 q
ABGAsbury Automotive Group, Inc.	6.61%	1,902,528	$213M	held	—	10 q
UHALU-Haul Holding Company	6.55%	561,258	$211M	held	—	13 q
METAMeta Platforms, Inc. Class A	6.50%	1,019,712	$209M	trimmed−0%	+1.39 pp	5 q
KMIKinder Morgan, Inc.	5.61%	8,529,816	$181M	held	—	8 q
GOOGLAlphabet Inc. Class A	5.04%	121,019	$162M	trimmed−3%	+0.80 pp	7 q
CWHCamping World Holdings, Inc.	2.80%	6,108,808	$90M	added+12%	+1.44 pp	6 q
BMY-RBristol-myers Squibb-cvr	2.17%	23,202,869	$70M	new	+2.17 pp	new
TMDXTransMedics Group, Inc.	2.07%	3,499,859	$67M	held	—	3 q
SPHSuburban Propane Partners L P	2.03%	2,988,346	$65M	held	—	11 q
OIO-I Glass, Inc.	1.81%	4,873,968	$58M	new	+1.81 pp	new
35OBSculptor Capital Management	1.41%	2,058,860	$46M	trimmed−7%	+0.20 pp	2 q
AKBAAkebia Therapeutics, Inc.	1.11%	5,656,462	$36M	held	—	6 q
PACDPacific Drilling SA	0.94%	7,414,537	$30M	held	—	5 q
CCOClear Channel Outdoor Holdings, Inc.	0.30%	3,354,390	$10M	held	—	3 q
CELGCelgene Corp	—	−6,752,869	—	exited	−18.77 pp	—
AABAAltaba Inc.	—	−12,650,000	—	exited	−6.90 pp	—