CAS Investment Partners

Q4 2020 13F · by Clifford Sosin, founder

As of: Dec 31, 2020
Filed: Feb 5, 2021
US stock: $1.8B · prev $1.4B
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%

Moves3 since the prior filing

+17.0 pp in · −13.2 pp out

New 0 0.00 pp
Added 2 +17.02 pp
Trimmed 1 −13.23 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.1% a year, about 14.0 years per position

Low
Moderate
High

Top 5 positions96% of US stock

CVNA Carvana Co. trimmed−13.23 pp trimmed−13.2342.5%
CDLX Cardlytics, Inc. added+14.03 pp added+14.0335.5%
HOME At Home Group Inc. held held8.9%
PRTY Party City Holdco Inc. added+2.99 pp added+2.995.2%
WRLD World Acceptance Corp held held4.0%

Positions6 in this filing · 0 exited


CVNACarvana Co.	42.54%	3,205,028	$768M	trimmed−11%	−13.23 pp	12 q
CDLXCardlytics, Inc.	35.51%	4,488,972	$641M	added+2%	+14.03 pp	7 q
HOMEAt Home Group Inc.	8.94%	10,433,735	$161M	held	—	6 q
PRTYParty City Holdco Inc.	5.20%	15,263,623	$94M	added+24%	+2.99 pp	6 q
WRLDWorld Acceptance Corp	4.01%	707,768	$72M	held	—	13 q
HLFHerbalife Ltd.	3.80%	1,425,462	$68M	held	—	13 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001387131-21-002435
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet