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CAS Investment Partners

Q1 2018 13F · by Clifford Sosin, founder

As of
Mar 31, 2018
Filed
May 15, 2018
US stock
$229M · prev $182M
Positions
5 · prev 7
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%

Moves6 since the prior filing

The book

Very concentrated · behaves like 5 equal-sized positions

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

High turnover · 87% a year, about 1.1 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. WRLD World Acceptance Corp held held27.7%
  2. HLF Herbalife Ltd. held held24.1%
  3. CVNA Carvana Co. new+20.10 pp new+20.1020.1%
  4. CACC Credit Acceptance Corp added+1.58 pp added+1.5815.3%
  5. CMPR Cimpress PLC (Ireland) trimmed−4.85 pp trimmed−4.8512.8%

Positions5 in this filing · 3 exited

WRLDWorld Acceptance Corp27.71%602,791$63Mheld—2 q
HLFHerbalife Ltd.24.05%565,241$55Mheld—2 q
CVNACarvana Co.20.10%2,008,068$46Mnew+20.10 ppnew
CACCCredit Acceptance Corp15.29%105,986$35Madded+38%+1.58 pp2 q
CMPRCimpress PLC (Ireland)12.85%190,199$29Mtrimmed−29%−4.85 pp2 q
unresolvedHealth Ins Innovations Inc—−750,183—exited−10.30 pp—
1940857DFogo De Chao Inc—−1,155,836—exited−7.38 pp—
URIUnited Rentals, Inc.—−32,300—exited−3.06 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001387131-18-002154
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet