CAS Investment Partners

Q1 2024 13F · by Clifford Sosin, founder

As of: Mar 31, 2024
Filed: May 15, 2024
US stock: $1.1B · prev $827M
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%

Moves5 since the prior filing

+2.4 pp in · −2.4 pp out

New 0 0.00 pp
Added 2 +2.40 pp
Trimmed 3 −2.39 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 9.1 years per position

Low
Moderate
High

Top 5 positions100% of US stock

CVNA Carvana Co. trimmed+7.73 pp trimmed+7.7351.5%
HGV Hilton Grand Vacations Inc. trimmed−5.63 pp trimmed−5.6327.3%
COF Capital One Financial added+0.15 pp added+0.158.6%
CDLX Cardlytics, Inc. added+2.25 pp added+2.258.3%
WRLD World Acceptance Corp trimmed−4.49 pp trimmed−4.494.4%

Positions5 in this filing · 0 exited


CVNACarvana Co.	51.45%	6,530,894	$574M	trimmed−4%	+7.73 pp	25 q
HGVHilton Grand Vacations Inc.	27.27%	6,446,661	$304M	trimmed−5%	−5.63 pp	11 q
COFCapital One Financial	8.61%	645,252	$96M	added+21%	+0.15 pp	6 q
CDLXCardlytics, Inc.	8.28%	6,373,676	$92M	added+18%	+2.25 pp	20 q
WRLDWorld Acceptance Corp	4.39%	338,164	$49M	trimmed−40%	−4.49 pp	26 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001420506-24-000926
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet