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CAS Investment Partners

Q3 2019 13F · by Clifford Sosin, founder

As of
Sep 30, 2019
Filed
Nov 14, 2019
US stock
$453M · prev $390M
Positions
6 · 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%

Moves6 since the prior filing

The book

Very concentrated · behaves like 4 equal-sized positions

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

Moderate turnover · 40% a year, about 2.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions96% of US stock

  1. CVNA Carvana Co. added−2.69 pp added−2.6938.0%
  2. HOME At Home Group Inc. new+17.73 pp new+17.7317.7%
  3. CDLX Cardlytics, Inc. added+2.78 pp added+2.7817.2%
  4. WRLD World Acceptance Corp trimmed−11.09 pp trimmed−11.0913.4%
  5. HLF Herbalife Ltd. held held9.4%

Positions6 in this filing · 1 exited

CVNACarvana Co.37.97%2,604,831$172Madded+3%−2.69 pp7 q
HOMEAt Home Group Inc.17.73%8,345,214$80Mnew+17.73 ppnew
CDLXCardlytics, Inc.17.17%2,319,411$78Madded+7%+2.78 pp2 q
WRLDWorld Acceptance Corp13.36%474,410$60Mtrimmed−18%−11.09 pp8 q
HLFHerbalife Ltd.9.45%1,130,482$43Mheld—8 q
PRTYParty City Holdco Inc.4.33%3,430,010$20Mnew+4.33 ppnew
CACCCredit Acceptance Corp—−65,468—exited−8.12 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001387131-19-008689
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet