CAS Investment Partners

Q3 2021 13F · by Clifford Sosin, founder

As of: Sep 30, 2021
Filed: Nov 15, 2021
US stock: $2.1B · prev $2.4B
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%

Moves4 since the prior filing

+11.5 pp in · −17.4 pp out

New 1 +13.60 pp
Added 2 −2.07 pp
Trimmed 0 0.00 pp
Exited 1 −17.36 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 73% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions95% of US stock

CVNA Carvana Co. held held47.5%
CDLX Cardlytics, Inc. added−3.64 pp added−3.6420.6%
HGV Hilton Grand Vacations Inc. new+13.60 pp new+13.6013.6%
WRLD World Acceptance Corp held held6.8%
HLF Herbalife Ltd. added+1.57 pp added+1.576.0%

Positions6 in this filing · 1 exited


CVNACarvana Co.	47.50%	3,305,028	$997M	held	—	15 q
CDLXCardlytics, Inc.	20.60%	5,149,591	$432M	added+15%	−3.64 pp	10 q
HGVHilton Grand Vacations Inc.	13.60%	6,000,000	$285M	new	+13.60 pp	new
WRLDWorld Acceptance Corp	6.83%	755,768	$143M	held	—	16 q
HLFHerbalife Ltd.	6.05%	2,996,462	$127M	added+50%	+1.57 pp	16 q
PRTYParty City Holdco Inc.	5.41%	15,986,623	$114M	held	—	9 q
HOMEAt Home Group Inc.	—	−11,078,735	—	exited	−17.36 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001420506-21-001631
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet