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CAS Investment Partners

Q1 2019 13F · by Clifford Sosin, founder

As of
Mar 31, 2019
Filed
May 15, 2019
US stock
$335M · prev $264M
Positions
4 · 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%

Moves3 since the prior filing

The book

Very concentrated · behaves like 3 equal-sized positions

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

Low turnover · 23% a year, about 4.4 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. CVNA Carvana Co. added+16.91 pp added+16.9143.8%
  2. WRLD World Acceptance Corp added−1.27 pp added−1.2723.7%
  3. HLF Herbalife Ltd. held held17.9%
  4. CACC Credit Acceptance Corp held held14.6%

Positions4 in this filing · 1 exited

CVNACarvana Co.43.81%2,525,331$147Madded+16%+16.91 pp5 q
WRLDWorld Acceptance Corp23.71%677,479$79Madded+5%−1.27 pp6 q
HLFHerbalife Ltd.17.90%1,130,482$60Mheld—6 q
CACCCredit Acceptance Corp14.58%108,000$49Mheld—6 q
CMPRCimpress PLC (Ireland)—−183,085—exited−7.18 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001387131-19-003627
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet