CAS Investment Partners

Q4 2018 13F · by Clifford Sosin, founder

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $264M · prev $329M
Positions: 5 · prev 5
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%

Moves2 since the prior filing

−7.4 pp in · 0.0 pp out

New 0 0.00 pp
Added 2 −7.40 pp
Trimmed 0 0.00 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions100% of US stock

CVNA Carvana Co. added−10.03 pp added−10.0326.9%
HLF Herbalife Ltd. held held25.3%
WRLD World Acceptance Corp added+2.63 pp added+2.6325.0%
CACC Credit Acceptance Corp held held15.6%
CMPR Cimpress PLC (Ireland) held held7.2%

Positions5 in this filing · 0 exited


CVNACarvana Co.	26.90%	2,167,766	$71M	added+5%	−10.03 pp	4 q
HLFHerbalife Ltd.	25.29%	1,130,482	$67M	held	—	5 q
WRLDWorld Acceptance Corp	24.98%	643,802	$66M	added0%	+2.63 pp	5 q
CACCCredit Acceptance Corp	15.64%	108,000	$41M	held	—	5 q
CMPRCimpress PLC (Ireland)	7.18%	183,085	$19M	held	—	5 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001387131-19-001208
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet