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CAS Investment Partners

Q1 2022 13F · by Clifford Sosin, founder

As of
Mar 31, 2022
Filed
May 13, 2022
US stock
$1.5B · prev $1.9B
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

The book

Very concentrated · behaves like 4 equal-sized positions

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

Low turnover · 1.3% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions96% of US stock

  1. CVNA Carvana Co. added−6.85 pp added−6.8533.2%
  2. HGV Hilton Grand Vacations Inc. held held26.9%
  3. CDLX Cardlytics, Inc. added+2.04 pp added+2.0419.9%
  4. WRLD World Acceptance Corp held held9.7%
  5. HLF Herbalife Ltd. trimmed−0.63 pp trimmed−0.635.9%

Positions6 in this filing · 0 exited

CVNACarvana Co.33.24%4,162,903$497Madded+26%−6.85 pp17 q
HGVHilton Grand Vacations Inc.26.90%7,727,165$402Mheld—3 q
CDLXCardlytics, Inc.19.93%5,416,116$298Madded+4%+2.04 pp12 q
WRLDWorld Acceptance Corp9.70%755,768$145Mheld—18 q
HLFHerbalife Ltd.5.91%2,907,762$88Mtrimmed−5%−0.63 pp18 q
PRTYParty City Holdco Inc.4.33%18,051,623$65Madded+10%−0.45 pp11 q

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001420506-22-000950
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet