CAS Investment Partners

Q2 2022 13F · by Clifford Sosin, founder

As of: Jun 30, 2022
Filed: Aug 15, 2022
US stock: $659M · prev $1.5B
Positions: 5 · 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

−10.6 pp in · −5.9 pp out

New 0 0.00 pp
Added 2 −10.62 pp
Trimmed 0 0.00 pp
Exited 1 −5.91 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions100% of US stock

HGV Hilton Grand Vacations Inc. held held41.9%
CVNA Carvana Co. added−10.20 pp added−10.2023.0%
CDLX Cardlytics, Inc. held held18.3%
WRLD World Acceptance Corp held held12.9%
PRTY Party City Holdco Inc. added−0.42 pp added−0.423.9%

Positions5 in this filing · 1 exited


HGVHilton Grand Vacations Inc.	41.86%	7,727,165	$276M	held	—	4 q
CVNACarvana Co.	23.04%	6,727,803	$152M	added+62%	−10.20 pp	18 q
CDLXCardlytics, Inc.	18.32%	5,416,116	$121M	held	—	13 q
WRLDWorld Acceptance Corp	12.86%	755,768	$85M	held	—	19 q
PRTYParty City Holdco Inc.	3.91%	19,557,248	$26M	added+8%	−0.42 pp	12 q
HLFHerbalife Ltd.	—	−2,907,762	—	exited	−5.91 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001420506-22-001677
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet