CAS Investment Partners

Q2 2019 13F · by Clifford Sosin, founder

As of: Jun 30, 2019
Filed: Aug 14, 2019
US stock: $390M · prev $335M
Positions: 5 · prev 4
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%

Moves4 since the prior filing

+11.2 pp in · −5.7 pp out

New 1 +14.39 pp
Added 1 −3.15 pp
Trimmed 2 −5.72 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions100% of US stock

CVNA Carvana Co. added−3.15 pp added−3.1540.7%
WRLD World Acceptance Corp trimmed+0.74 pp trimmed+0.7424.4%
CDLX Cardlytics, Inc. new+14.39 pp new+14.3914.4%
HLF Herbalife Ltd. held held12.4%
CACC Credit Acceptance Corp trimmed−6.46 pp trimmed−6.468.1%

Positions5 in this filing · 0 exited


CVNACarvana Co.	40.66%	2,535,331	$159M	added0%	−3.15 pp	6 q
WRLDWorld Acceptance Corp	24.45%	581,479	$95M	trimmed−14%	+0.74 pp	7 q
CDLXCardlytics, Inc.	14.39%	2,162,020	$56M	new	+14.39 pp	new
HLFHerbalife Ltd.	12.39%	1,130,482	$48M	held	—	7 q
CACCCredit Acceptance Corp	8.12%	65,468	$32M	trimmed−39%	−6.46 pp	7 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001387131-19-006087
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet