CAS Investment Partners

Q1 2023 13F · by Clifford Sosin, founder

As of: Mar 31, 2023
Filed: May 15, 2023
US stock: $488M · prev $419M
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

+3.6 pp in · −6.9 pp out

New 0 0.00 pp
Added 1 +3.64 pp
Trimmed 1 −5.21 pp
Exited 1 −1.71 pp

The book

Very concentrated · behaves like 2 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.2 years per position

Low
Moderate
High

Top 5 positions100% of US stock

HGV Hilton Grand Vacations Inc. trimmed−5.21 pp trimmed−5.2162.6%
CVNA Carvana Co. held held13.7%
WRLD World Acceptance Corp held held12.9%
COF Capital One Financial added+3.64 pp added+3.647.0%
CDLX Cardlytics, Inc. held held3.8%

Positions5 in this filing · 1 exited


HGVHilton Grand Vacations Inc.	62.61%	6,869,465	$305M	trimmed−7%	−5.21 pp	7 q
CVNACarvana Co.	13.71%	6,827,803	$67M	held	—	21 q
WRLDWorld Acceptance Corp	12.91%	755,768	$63M	held	—	22 q
COFCapital One Financial	7.00%	354,820	$34M	added×2.3	+3.64 pp	2 q
CDLXCardlytics, Inc.	3.77%	5,416,116	$18M	held	—	16 q
PRTYParty City Holdco Inc.	—	−19,557,248	—	exited	−1.71 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001420506-23-001111
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet