Check Capital

Q3 2014 13F · by Steven Check, CIO

As of: Sep 30, 2014
Filed: Nov 4, 2014
US stock: $844M · prev $817M
Positions: 63 · prev 56
Options notional: $225M
Documents: 1· no amendments

Picture79.0% US stock

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

US stock listed on a US exchange 79.0%
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 21.0%

Moves56 since the prior filing

+8.1 pp in · −8.1 pp out

New 9 +0.32 pp
Added 21 +7.81 pp
Trimmed 20 −8.00 pp
Exited 2 −0.12 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 · 32% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions63% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added+2.06 pp added+2.0633.2%
WFC Wells Fargo & Co. added−0.21 pp added−0.219.6%
IBM International Business Machines Corporation added+0.45 pp added+0.458.1%
WMT Walmart Inc. added+0.21 pp added+0.216.5%
VZ Verizon Communications added+3.53 pp added+3.535.2%

Positions63 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	33.17%	2,026,072	$280M	added+1%	+2.06 pp	6 q
WFCWells Fargo & Co.	9.58%	1,558,816	$81M	added+2%	−0.21 pp	6 q
IBMInternational Business Machines Corporation	8.08%	359,189	$68M	added+4%	+0.45 pp	6 q
WMTWalmart Inc.	6.55%	722,343	$55M	added+5%	+0.21 pp	6 q
VZVerizon Communications	5.18%	873,785	$44M	added×3.2	+3.53 pp	3 q
QCOMQualcomm Inc	4.43%	499,692	$37M	added+4%	−0.23 pp	6 q
AFLAflac Inc.	4.34%	628,508	$37M	added+7%	−0.11 pp	6 q
unresolvedDirectv	3.78%	368,401	$32M	trimmed−5%	−0.25 pp	6 q
ORCLOracle Corp	3.12%	686,902	$26M	added+4%	−0.15 pp	6 q
FISVFiserv, Inc.	2.89%	377,844	$24M	trimmed−2%	+0.06 pp	6 q
MCDMcDonald's Corporation	2.46%	218,951	$21M	added+4%	−0.13 pp	6 q
INGRIngredion Incorporated	2.32%	257,941	$20M	added×44.1	+2.27 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	2.28%	189,106	$19M	added+6%	+0.04 pp	6 q
SUSuncor Energy, Inc.	1.95%	455,520	$16M	added+10%	−0.20 pp	3 q
ABTAbbott Laboratories	1.75%	354,628	$15M	trimmed−32%	−0.86 pp	6 q
MKLMarkel Group Inc.	1.62%	21,446	$14M	added+13%	+0.09 pp	2 q
BRK.ABerkshire Hathaway Inc.	1.30%	53	$11M	held	—	6 q
unresolvedMedtronic Inc	1.21%	165,133	$10M	trimmed−71%	−3.21 pp	6 q
USBU.S. Bancorp	0.99%	199,934	$8M	trimmed−2%	−0.09 pp	4 q
JNJJohnson & Johnson	0.80%	63,558	$7M	trimmed−75%	−2.42 pp	6 q
ACNAccenture PLC	0.33%	34,500	$3M	added+71%	+0.13 pp	3 q
AAPLApple Inc.	0.26%	21,773	$2M	added+14%	+0.04 pp	6 q
MSFTMicrosoft Corp	0.08%	14,562	$675,000	trimmed−2%	0.00 pp	6 q
unresolvedE M C Corp Mass	0.07%	20,760	$607,000	added×2.4	+0.04 pp	4 q
unresolvedEnsco PLC	0.07%	14,540	$601,000	trimmed−1%	−0.03 pp	5 q
COFCapital One Financial	0.06%	5,700	$465,000	held	—	3 q
KOCoca-Cola Company	0.06%	12,853	$548,000	trimmed−45%	−0.06 pp	6 q
COPConocoPhillips	0.06%	6,500	$497,000	added+3%	−0.01 pp	6 q
GLWCorning Incorporated	0.06%	26,540	$513,000	trimmed−13%	−0.02 pp	6 q
unresolvedExpress Scripts Hldg Co	0.06%	6,850	$484,000	new	+0.06 pp	new
unresolvedRock-tenn Company -cl A	0.06%	10,400	$495,000	added×2.0	−0.01 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.06%	5,800	$500,000	held	—	6 q
TAT&T Inc.	0.05%	11,317	$399,000	trimmed−9%	0.00 pp	6 q
CSCOCisco Systems, Inc. (DE)	0.05%	16,904	$425,000	trimmed−6%	0.00 pp	6 q
HALHalliburton Company	0.05%	6,751	$436,000	held	—	6 q
unresolvedProshares Short S&P 500	0.05%	17,800	$410,000	held	—	6 q
SYNASynaptics Inc	0.05%	5,400	$395,000	new	+0.05 pp	new
BBYD20230930-DK-BUTTERFLY-1 Inc	0.04%	4,570	$301,000	trimmed−97%	−1.10 pp	6 q
unresolvedBroadcom Corp	0.04%	8,300	$335,000	held	—	4 q
FASTFastenal Co	0.04%	6,850	$308,000	new	+0.04 pp	new
FFIVF5, Inc.	0.04%	2,550	$303,000	trimmed−6%	0.00 pp	6 q
NOVNOV Inc.	0.04%	4,260	$324,000	held	—	6 q
OXYOccidental Petroleum Corporation	0.04%	3,557	$342,000	new	+0.04 pp	new
PGProcter & Gamble Company	0.04%	3,702	$310,000	trimmed−20%	0.00 pp	6 q
AMGNAmgen Inc	0.03%	2,000	$281,000	new	+0.03 pp	new
BACBank of America Corporation	0.03%	12,791	$218,000	new	+0.03 pp	new
CFCF Industries Holding, Inc.	0.03%	800	$223,000	new	+0.03 pp	new
CSXCSX Corporation	0.03%	8,331	$267,000	trimmed−8%	0.00 pp	5 q
XOMExxon Mobil Corp	0.03%	2,281	$215,000	trimmed−17%	0.00 pp	5 q
unresolvedGeneral Electric Co	0.03%	8,455	$217,000	added0%	0.00 pp	6 q
unresolvedGoogle Inc.	0.03%	371	$218,000	held	—	2 q
GOOGAlphabet Inc. Class C	0.03%	371	$214,000	held	—	2 q
unresolvedMonsanto Co	0.03%	1,900	$214,000	held	—	5 q
PKXPOSCO Holdings Inc.	0.03%	3,125	$237,000	added+14%	0.00 pp	2 q
PEPPepsiCo, Inc.	0.03%	2,485	$231,000	trimmed−17%	0.00 pp	6 q
SUNEQSunedison Inc	0.03%	12,345	$233,000	trimmed−9%	−0.01 pp	6 q
TRVThe Travelers Companies, Inc.	0.03%	2,983	$280,000	trimmed−3%	−0.01 pp	6 q
CCitigroup Inc.	0.02%	4,000	$207,000	new	+0.02 pp	new
DUKDuke Energy Corporation	0.02%	2,799	$209,000	held	—	2 q
FFord Motor Company	0.02%	13,100	$194,000	held	—	6 q
PMPhilip Morris International Inc.	0.02%	2,400	$200,000	new	+0.02 pp	new
unresolvedSmith Micro Software	0.02%	170,300	$152,000	added+14%	0.00 pp	6 q
unresolvedSyntex	0.00%	10,000	$18,000	held	—	2 q
MEIMethode Electronics	—	−19,900	—	exited	−0.09 pp	—
INTCIntel Corp	—	−6,834	—	exited	−0.03 pp	—