CAS Investment Partners

Q4 2023 13F · by Clifford Sosin, founder

As of: Dec 31, 2023
Filed: Feb 14, 2024
US stock: $827M · prev $780M
Positions: 5 · 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

+4.1 pp in · −3.3 pp out

New 0 0.00 pp
Added 1 +4.11 pp
Trimmed 1 −3.25 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 8.7 years per position

Low
Moderate
High

Top 5 positions100% of US stock

CVNA Carvana Co. held held43.7%
HGV Hilton Grand Vacations Inc. held held32.9%
WRLD World Acceptance Corp trimmed−3.25 pp trimmed−3.258.9%
COF Capital One Financial added+4.11 pp added+4.118.5%
CDLX Cardlytics, Inc. held held6.0%

Positions5 in this filing · 0 exited


CVNACarvana Co.	43.72%	6,827,803	$361M	held	—	24 q
HGVHilton Grand Vacations Inc.	32.90%	6,768,920	$272M	held	—	10 q
WRLDWorld Acceptance Corp	8.88%	562,491	$73M	trimmed−24%	−3.25 pp	25 q
COFCapital One Financial	8.46%	533,460	$70M	added+53%	+4.11 pp	5 q
CDLXCardlytics, Inc.	6.03%	5,416,116	$50M	held	—	19 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001420506-24-000370
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet