CAS Investment Partners

Q4 2019 13F · by Clifford Sosin, founder

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $608M · prev $453M
Positions: 6 · prev 6
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

−0.0 pp in · 0.0 pp out

New 0 0.00 pp
Added 6 −0.02 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 positions97% of US stock

CVNA Carvana Co. added+4.04 pp added+4.0442.0%
CDLX Cardlytics, Inc. added+12.00 pp added+12.0029.2%
HLF Herbalife Ltd. added−0.17 pp added−0.179.3%
WRLD World Acceptance Corp added−4.86 pp added−4.868.5%
HOME At Home Group Inc. added−9.76 pp added−9.768.0%

Positions6 in this filing · 0 exited


CVNACarvana Co.	42.01%	2,774,918	$255M	added+7%	+4.04 pp	8 q
CDLXCardlytics, Inc.	29.17%	2,821,710	$177M	added+22%	+12.00 pp	3 q
HLFHerbalife Ltd.	9.28%	1,184,108	$56M	added+5%	−0.17 pp	9 q
WRLDWorld Acceptance Corp	8.50%	597,986	$52M	added+26%	−4.86 pp	9 q
HOMEAt Home Group Inc.	7.97%	8,815,320	$48M	added+6%	−9.76 pp	2 q
PRTYParty City Holdco Inc.	3.06%	7,951,931	$19M	added×2.3	−1.27 pp	2 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001387131-20-001590
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet