Check Capital

Q2 2014 13F · by Steven Check, CIO

As of: Jun 30, 2014
Filed: Jul 18, 2014
US stock: $817M · prev $786M
Positions: 56 · prev 52
Options notional: $196M
Documents: 1· no amendments

Picture80.7% US stock

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

US stock listed on a US exchange 80.7%
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 19.3%

Moves53 since the prior filing

+3.6 pp in · −3.6 pp out

New 8 +1.73 pp
Added 22 +1.88 pp
Trimmed 16 −3.43 pp
Exited 4 −0.14 pp

Options: 3 moves on a notional base, in the table below.

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.5 years per position

Low
Moderate
High

Top 5 positions60% of US stock

Positions56 in this filing · 4 exited


BRK.BBERKSHIRE HATHAWAY Class B	31.11%	2,009,252	$254M	added+1%	−0.39 pp	5 q
WFCWells Fargo & Co.	9.79%	1,522,936	$80M	trimmed−20%	−2.24 pp	5 q
IBMInternational Business Machines Corporation	7.63%	344,147	$62M	added+3%	−0.52 pp	5 q
WMTWalmart Inc.	6.34%	690,080	$52M	added+2%	−0.23 pp	5 q
QCOMQualcomm Inc	4.66%	481,119	$38M	added+3%	−0.03 pp	5 q
AFLAflac Inc.	4.45%	584,912	$36M	added+7%	+0.05 pp	5 q
unresolvedMedtronic Inc	4.42%	566,744	$36M	added+4%	+0.14 pp	5 q
unresolvedDirectv	4.03%	387,451	$33M	added0%	+0.27 pp	5 q
ORCLOracle Corp	3.27%	660,192	$27M	added+4%	−0.02 pp	5 q
JNJJohnson & Johnson	3.22%	251,756	$26M	trimmed−14%	−0.45 pp	5 q
FISVFiserv, Inc.	2.83%	384,048	$23M	trimmed−1%	+0.04 pp	5 q
ABTAbbott Laboratories	2.61%	521,367	$21M	added+9%	+0.28 pp	5 q
MCDMcDonald's Corporation	2.59%	210,376	$21M	trimmed−3%	−0.12 pp	5 q
99803EURLaboratory Crp Of Amer Hldgs	2.24%	178,461	$18M	added+3%	+0.07 pp	5 q
SUSuncor Energy, Inc.	2.15%	412,405	$18M	added+8%	+0.45 pp	2 q
VZVerizon Communications	1.65%	276,056	$14M	added×28.3	+1.59 pp	2 q
MKLMarkel Group Inc.	1.53%	19,017	$12M	new	+1.53 pp	new
BRK.ABerkshire Hathaway Inc.	1.23%	53	$10M	held	—	5 q
BBYD20230930-DK-BUTTERFLY-1 Inc	1.14%	162,571	$9M	trimmed−16%	−0.55 pp	5 q
USBU.S. Bancorp	1.08%	203,902	$9M	trimmed−2%	−0.05 pp	3 q
AAPLApple Inc.	0.22%	19,073	$2M	trimmed−8%	+0.02 pp	5 q
ACNAccenture PLC	0.20%	20,200	$2M	added×5.9	+0.17 pp	2 q
KOCoca-Cola Company	0.12%	23,467	$994,000	added+18%	+0.02 pp	5 q
unresolvedEnsco PLC	0.10%	14,620	$812,000	added+21%	+0.02 pp	4 q
MEIMethode Electronics	0.09%	19,900	$760,000	held	—	2 q
GLWCorning Incorporated	0.08%	30,444	$668,000	held	—	5 q
MSFTMicrosoft Corp	0.08%	14,862	$620,000	added+2%	0.00 pp	5 q
COPConocoPhillips	0.07%	6,300	$540,000	trimmed−24%	0.00 pp	5 q
unresolvedRock-tenn Company -cl A	0.07%	5,200	$549,000	added+8%	+0.01 pp	3 q
COFCapital One Financial	0.06%	5,700	$471,000	held	—	2 q
HALHalliburton Company	0.06%	6,751	$479,000	held	—	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.06%	5,800	$474,000	trimmed−9%	−0.01 pp	5 q
TAT&T Inc.	0.05%	12,472	$441,000	added+1%	0.00 pp	5 q
CSCOCisco Systems, Inc. (DE)	0.05%	18,004	$447,000	added+5%	0.00 pp	5 q
INGRIngredion Incorporated	0.05%	5,855	$439,000	new	+0.05 pp	new
unresolvedProshares Short S&P 500	0.05%	17,800	$416,000	held	—	5 q
unresolvedBroadcom Corp	0.04%	8,300	$308,000	held	—	3 q
FFIVF5, Inc.	0.04%	2,700	$301,000	trimmed−3%	0.00 pp	5 q
NOVNOV Inc.	0.04%	4,260	$351,000	held	—	5 q
PGProcter & Gamble Company	0.04%	4,602	$362,000	trimmed−13%	−0.01 pp	5 q
SUNEQSunedison Inc	0.04%	13,523	$306,000	trimmed−23%	0.00 pp	5 q
TRVThe Travelers Companies, Inc.	0.04%	3,082	$290,000	trimmed−5%	0.00 pp	5 q
CSXCSX Corporation	0.03%	9,031	$278,000	held	—	4 q
DUKDuke Energy Corporation	0.03%	2,799	$208,000	new	+0.03 pp	new
unresolvedE M C Corp Mass	0.03%	8,500	$224,000	held	—	3 q
XOMExxon Mobil Corp	0.03%	2,746	$276,000	added+7%	0.00 pp	4 q
FFord Motor Company	0.03%	13,100	$226,000	added+7%	+0.01 pp	5 q
unresolvedGeneral Electric Co	0.03%	8,434	$222,000	trimmed−36%	−0.01 pp	5 q
unresolvedGoogle Inc.	0.03%	371	$217,000	new	+0.03 pp	new
GOOGAlphabet Inc. Class C	0.03%	371	$213,000	new	+0.03 pp	new
INTCIntel Corp	0.03%	6,834	$211,000	new	+0.03 pp	new
unresolvedMonsanto Co	0.03%	1,900	$237,000	trimmed−24%	−0.01 pp	4 q
PKXPOSCO Holdings Inc.	0.03%	2,750	$205,000	new	+0.03 pp	new
PEPPepsiCo, Inc.	0.03%	2,985	$267,000	trimmed−52%	−0.04 pp	5 q
unresolvedSmith Micro Software	0.02%	149,100	$155,000	added+10%	−0.01 pp	5 q
unresolvedSyntex	0.00%	10,000	$17,000	new	0.00 pp	new
SYNASynaptics Inc	—	−6,100	—	exited	−0.05 pp	—
BAC.PRLBank Of America Corp	—	−182	—	exited	−0.03 pp	—
CFCF Industries Holding, Inc.	—	−800	—	exited	−0.03 pp	—
CCitigroup Inc.	—	−5,200	—	exited	−0.03 pp	—