Check Capital

Q3 2013 13F · by Steven Check, CIO

As of: Sep 30, 2013
Filed: Oct 17, 2013
US stock: $615M · prev $590M
Positions: 47 · prev 45
Options notional: $137M
Documents: 1· no amendments

Picture81.8% US stock

Mostly picture · of what this 13F reports is US stock

US stock listed on a US exchange 81.8%
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 18.2%

Moves49 since the prior filing

+7.3 pp in · −7.3 pp out

New 6 +0.28 pp
Added 16 +7.00 pp
Trimmed 19 −3.83 pp
Exited 4 −3.47 pp

Options: 4 moves on a notional base, in the table below.

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions67% of US stock

Positions47 in this filing · 4 exited


BRK.BBERKSHIRE HATHAWAY Class B	31.90%	1,727,407	$196M	added+2%	−0.28 pp	2 q
WFCWells Fargo & Co.	12.21%	1,815,945	$75M	trimmed−9%	−1.71 pp	2 q
IBMInternational Business Machines Corporation	8.51%	282,450	$52M	added+20%	+0.91 pp	2 q
WMTWalmart Inc.	7.73%	642,410	$48M	added+11%	+0.44 pp	2 q
AFLAflac Inc.	6.20%	615,145	$38M	added+4%	+0.35 pp	2 q
QCOMQualcomm Inc	4.65%	424,748	$29M	added+62%	+1.94 pp	2 q
unresolvedMedtronic Inc	4.03%	464,718	$25M	added+23%	+0.72 pp	2 q
unresolvedDirectv	3.39%	348,045	$21M	added+37%	+0.73 pp	2 q
FISVFiserv, Inc.	3.31%	201,329	$20M	trimmed−1%	+0.30 pp	2 q
ORCLOracle Corp	2.90%	537,340	$18M	added+14%	+0.45 pp	2 q
MCDMcDonald's Corporation	2.88%	184,129	$18M	trimmed−0%	−0.22 pp	2 q
BBYD20230930-DK-BUTTERFLY-1 Inc	2.76%	219,116	$17M	trimmed−0%	+0.12 pp	2 q
ABTAbbott Laboratories	2.23%	412,098	$14M	added×2.5	+1.26 pp	2 q
JNJJohnson & Johnson	1.71%	120,898	$10M	added+41%	+0.46 pp	2 q
BRK.ABerkshire Hathaway Inc.	1.44%	52	$9M	added+2%	−0.02 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	1.16%	72,135	$7M	trimmed−2%	−0.09 pp	2 q
PEPPepsiCo, Inc.	0.50%	38,889	$3M	trimmed−7%	−0.08 pp	2 q
PGProcter & Gamble Company	0.42%	33,809	$3M	trimmed−24%	−0.16 pp	2 q
MSFTMicrosoft Corp	0.38%	70,718	$2M	trimmed−83%	−1.99 pp	2 q
AAPLApple Inc.	0.23%	2,971	$1M	added+4%	+0.04 pp	2 q
KOCoca-Cola Company	0.11%	17,312	$656,000	trimmed−2%	−0.01 pp	2 q
COPConocoPhillips	0.10%	8,400	$584,000	held	—	2 q
GLWCorning Incorporated	0.08%	32,674	$477,000	trimmed−2%	0.00 pp	2 q
unresolvedProshares Short S&P 500	0.08%	17,800	$499,000	held	—	2 q
unresolvedEnsco PLC	0.08%	9,220	$496,000	new	+0.08 pp	new
INTCIntel Corp	0.07%	19,120	$438,000	added+13%	0.00 pp	2 q
METAMeta Platforms, Inc. Class A	0.06%	7,000	$352,000	trimmed−26%	+0.02 pp	2 q
FFIVF5, Inc.	0.06%	4,570	$392,000	trimmed−1%	+0.01 pp	2 q
AMGNAmgen Inc	0.05%	3,000	$336,000	held	—	2 q
unresolvedGeneral Electric Co	0.05%	12,855	$307,000	trimmed−1%	0.00 pp	2 q
HALHalliburton Company	0.05%	6,751	$325,000	held	—	2 q
INGRIngredion Incorporated	0.05%	4,700	$311,000	new	+0.05 pp	new
NOVNOV Inc.	0.05%	4,280	$334,000	trimmed−1%	0.00 pp	2 q
unresolvedProshs Ultrashrt S&p500 Prosha	0.05%	9,126	$334,000	trimmed−3%	−0.02 pp	2 q
SUNEQSunedison Inc	0.05%	37,777	$301,000	trimmed−2%	0.00 pp	2 q
TRVThe Travelers Companies, Inc.	0.05%	3,584	$304,000	trimmed−1%	0.00 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.05%	4,000	$286,000	trimmed−9%	0.00 pp	2 q
unresolvedVodafone Group PLC New	0.05%	8,700	$306,000	held	—	2 q
TAT&T Inc.	0.04%	7,932	$268,000	added+22%	0.00 pp	2 q
CSXCSX Corporation	0.04%	8,475	$218,000	new	+0.04 pp	new
CSCOCisco Systems, Inc. (DE)	0.04%	10,350	$243,000	added+5%	0.00 pp	2 q
FDXFedEx Corporation	0.04%	1,900	$217,000	new	+0.04 pp	new
unresolvedMonsanto Co	0.04%	2,500	$261,000	new	+0.04 pp	new
NVDANvidia Corp	0.04%	14,955	$233,000	trimmed−0%	0.00 pp	2 q
XOMExxon Mobil Corp	0.03%	2,473	$213,000	new	+0.03 pp	new
FFord Motor Company	0.03%	12,200	$206,000	held	—	2 q
unresolvedSmith Micro Software	0.02%	112,128	$101,000	added+5%	0.00 pp	2 q
OMCOmnicom Group Inc.	—	−184,048	—	exited	−1.96 pp	—
AXPAmerican Express Company	—	−86,167	—	exited	−1.09 pp	—
SYKStryker Corporation	—	−33,286	—	exited	−0.36 pp	—
unresolvedWestern Refng Inc	—	−12,000	—	exited	−0.06 pp	—