CAS Investment Partners

Q4 2022 13F · by Clifford Sosin, founder

As of: Dec 31, 2022
Filed: Feb 14, 2023
US stock: $419M · prev $548M
Positions: 6 · prev 5
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%

Moves2 since the prior filing

+3.4 pp in · +21.4 pp out

New 1 +3.36 pp
Added 0 0.00 pp
Trimmed 1 +21.42 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 2 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.6 years per position

Low
Moderate
High

Top 5 positions98% of US stock

HGV Hilton Grand Vacations Inc. trimmed+21.42 pp trimmed+21.4267.8%
WRLD World Acceptance Corp held held11.9%
CVNA Carvana Co. held held7.7%
CDLX Cardlytics, Inc. held held7.5%
COF Capital One Financial new+3.36 pp new+3.363.4%

Positions6 in this filing · 0 exited


HGVHilton Grand Vacations Inc.	67.82%	7,367,930	$284M	trimmed−5%	+21.42 pp	6 q
WRLDWorld Acceptance Corp	11.90%	755,768	$50M	held	—	21 q
CVNACarvana Co.	7.73%	6,827,803	$32M	held	—	20 q
CDLXCardlytics, Inc.	7.48%	5,416,116	$31M	held	—	15 q
COFCapital One Financial	3.36%	151,218	$14M	new	+3.36 pp	new
PRTYParty City Holdco Inc.	1.71%	19,557,248	$7M	held	—	14 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001420506-23-000672
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet