Check Capital

Q1 2014 13F · by Steven Check, CIO

As of: Mar 31, 2014
Filed: Apr 15, 2014
US stock: $786M · prev $661M
Positions: 52 · prev 46
Options notional: $187M
Documents: 1· no amendments

Picture80.8% US stock

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

US stock listed on a US exchange 80.8%
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 19.2%

Moves49 since the prior filing

+2.2 pp in · −2.2 pp out

New 9 +2.07 pp
Added 27 +0.16 pp
Trimmed 9 −2.00 pp
Exited 3 −0.16 pp

Options: 1 move on a notional base, in the table below.

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.6% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions63% of US stock

Positions52 in this filing · 3 exited


BRK.BBERKSHIRE HATHAWAY Class B	31.50%	1,981,128	$248M	added+11%	−0.46 pp	4 q
WFCWells Fargo & Co.	12.03%	1,901,083	$95M	added+3%	−0.60 pp	4 q
IBMInternational Business Machines Corporation	8.15%	332,646	$64M	added+8%	−0.59 pp	4 q
WMTWalmart Inc.	6.57%	675,123	$52M	added+25%	+0.14 pp	4 q
QCOMQualcomm Inc	4.69%	467,164	$37M	added+5%	−0.32 pp	4 q
AFLAflac Inc.	4.40%	548,839	$35M	added+9%	−0.68 pp	4 q
unresolvedMedtronic Inc	4.28%	546,939	$34M	added+8%	−0.13 pp	4 q
unresolvedDirectv	3.76%	387,121	$30M	added+4%	−0.11 pp	4 q
JNJJohnson & Johnson	3.67%	293,897	$29M	added×2.6	+2.11 pp	4 q
ORCLOracle Corp	3.29%	632,518	$26M	added+8%	−0.10 pp	4 q
FISVFiserv, Inc.	2.79%	386,658	$22M	trimmed−2%	−0.73 pp	4 q
MCDMcDonald's Corporation	2.71%	216,954	$21M	added×2.5	+1.43 pp	4 q
ABTAbbott Laboratories	2.33%	476,290	$18M	added+5%	−0.29 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	2.17%	173,896	$17M	added+6%	−0.10 pp	4 q
SUSuncor Energy, Inc.	1.70%	381,473	$13M	new	+1.70 pp	new
BBYD20230930-DK-BUTTERFLY-1 Inc	1.69%	193,611	$13M	trimmed−10%	−0.94 pp	4 q
BRK.ABerkshire Hathaway Inc.	1.26%	53	$10M	added+4%	−0.11 pp	4 q
USBU.S. Bancorp	1.13%	207,034	$9M	added+10%	−0.02 pp	2 q
AAPLApple Inc.	0.20%	2,971	$2M	held	—	4 q
KOCoca-Cola Company	0.10%	19,965	$772,000	added+16%	−0.01 pp	4 q
GLWCorning Incorporated	0.08%	30,444	$634,000	trimmed−6%	−0.01 pp	4 q
MEIMethode Electronics	0.08%	19,900	$610,000	new	+0.08 pp	new
MSFTMicrosoft Corp	0.08%	14,568	$597,000	added+7%	0.00 pp	4 q
unresolvedEnsco PLC	0.08%	12,120	$640,000	added+12%	−0.01 pp	3 q
COPConocoPhillips	0.07%	8,300	$584,000	held	—	4 q
PEPPepsiCo, Inc.	0.07%	6,185	$516,000	added+27%	+0.01 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.07%	6,400	$525,000	added+73%	+0.03 pp	4 q
COFCapital One Financial	0.06%	5,700	$440,000	new	+0.06 pp	new
unresolvedProshares Short S&P 500	0.06%	17,800	$439,000	held	—	4 q
unresolvedRock-tenn Company -cl A	0.06%	4,800	$507,000	added+7%	−0.01 pp	2 q
VZVerizon Communications	0.06%	9,742	$463,000	new	+0.06 pp	new
TAT&T Inc.	0.05%	12,305	$432,000	trimmed−1%	−0.02 pp	4 q
CSCOCisco Systems, Inc. (DE)	0.05%	17,100	$383,000	added+7%	0.00 pp	4 q
HALHalliburton Company	0.05%	6,751	$398,000	held	—	4 q
PGProcter & Gamble Company	0.05%	5,309	$428,000	trimmed−78%	−0.24 pp	4 q
SYNASynaptics Inc	0.05%	6,100	$366,000	new	+0.05 pp	new
FFIVF5, Inc.	0.04%	2,770	$295,000	trimmed−31%	−0.01 pp	4 q
unresolvedGeneral Electric Co	0.04%	13,146	$340,000	added+3%	−0.01 pp	4 q
unresolvedMonsanto Co	0.04%	2,500	$284,000	held	—	3 q
NOVNOV Inc.	0.04%	4,260	$332,000	held	—	4 q
SUNEQSunedison Inc	0.04%	17,586	$331,000	trimmed−52%	−0.03 pp	4 q
TRVThe Travelers Companies, Inc.	0.04%	3,250	$277,000	trimmed−8%	−0.01 pp	4 q
BAC.PRLBank Of America Corp	0.03%	182	$208,000	new	+0.03 pp	new
unresolvedBroadcom Corp	0.03%	8,300	$261,000	held	—	2 q
CFCF Industries Holding, Inc.	0.03%	800	$209,000	new	+0.03 pp	new
CSXCSX Corporation	0.03%	9,031	$262,000	added+12%	−0.01 pp	3 q
CCitigroup Inc.	0.03%	5,200	$248,000	new	+0.03 pp	new
unresolvedE M C Corp Mass	0.03%	8,500	$233,000	added+6%	0.00 pp	2 q
XOMExxon Mobil Corp	0.03%	2,577	$252,000	trimmed−4%	−0.01 pp	3 q
unresolvedSmith Micro Software	0.03%	136,100	$271,000	added+32%	+0.01 pp	4 q
ACNAccenture PLC	0.03%	3,400	$271,000	new	+0.03 pp	new
FFord Motor Company	0.02%	12,300	$192,000	added+1%	−0.01 pp	4 q
INTCIntel Corp	—	−19,126	—	exited	−0.08 pp	—
unresolvedVodafone Group PLC New	—	−8,700	—	exited	−0.05 pp	—
CVXChevron Corporation	—	−1,610	—	exited	−0.03 pp	—