Check Capital

Q4 2014 13F · by Steven Check, CIO

As of: Dec 31, 2014
Filed: Jan 23, 2015
US stock: $899M · prev $844M
Positions: 58 · prev 63
Options notional: $236M
Documents: 1· no amendments

Picture79.2% US stock

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

US stock listed on a US exchange 79.2%
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 20.8%

Moves66 since the prior filing

+9.1 pp in · −9.2 pp out

New 5 +3.93 pp
Added 28 +5.22 pp
Trimmed 19 −8.86 pp
Exited 10 −0.32 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 · 48% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions63% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added+1.25 pp added+1.2534.4%
WFC Wells Fargo & Co. added+1.30 pp added+1.3010.9%
IBM International Business Machines Corporation added−1.23 pp added−1.236.8%
VZ Verizon Communications added+0.45 pp added+0.455.6%
AFL Aflac Inc. added+0.50 pp added+0.504.8%

Positions58 in this filing · 10 exited


BRK.BBERKSHIRE HATHAWAY Class B	34.42%	2,061,297	$310M	added+2%	+1.25 pp	7 q
WFCWells Fargo & Co.	10.88%	1,784,478	$98M	added+14%	+1.30 pp	7 q
IBMInternational Business Machines Corporation	6.85%	384,133	$62M	added+7%	−1.23 pp	7 q
VZVerizon Communications	5.63%	1,081,524	$51M	added+24%	+0.45 pp	4 q
AFLAflac Inc.	4.84%	712,266	$44M	added+13%	+0.50 pp	7 q
WMTWalmart Inc.	4.47%	468,235	$40M	trimmed−35%	−2.08 pp	7 q
QCOMQualcomm Inc	4.32%	523,142	$39M	added+5%	−0.11 pp	7 q
ORCLOracle Corp	3.63%	726,786	$33M	added+6%	+0.51 pp	7 q
unresolvedDirectv	3.34%	345,968	$30M	trimmed−6%	−0.44 pp	7 q
INGRIngredion Incorporated	2.66%	281,557	$24M	added+9%	+0.34 pp	3 q
AXPAmerican Express Company	2.54%	245,414	$23M	new	+2.54 pp	new
MCDMcDonald's Corporation	2.28%	218,694	$20M	trimmed−0%	−0.18 pp	7 q
ACNAccenture PLC	2.28%	230,004	$21M	added×6.7	+1.95 pp	4 q
MKLMarkel Group Inc.	1.88%	24,708	$17M	added+15%	+0.26 pp	3 q
SUSuncor Energy, Inc.	1.85%	524,142	$17M	added+15%	−0.10 pp	4 q
ABTAbbott Laboratories	1.68%	334,802	$15M	trimmed−6%	−0.07 pp	7 q
BRK.ABerkshire Hathaway Inc.	1.33%	53	$12M	held	—	7 q
unresolvedLeucadia National	1.29%	516,858	$12M	new	+1.29 pp	new
USBU.S. Bancorp	0.96%	191,112	$9M	trimmed−4%	−0.03 pp	5 q
FISVFiserv, Inc.	0.59%	75,076	$5M	trimmed−80%	−2.30 pp	7 q
JNJJohnson & Johnson	0.43%	36,809	$4M	trimmed−42%	−0.37 pp	7 q
AAPLApple Inc.	0.24%	19,729	$2M	trimmed−9%	−0.02 pp	7 q
unresolvedMedtronic Inc	0.16%	19,943	$1M	trimmed−88%	−1.05 pp	7 q
MSFTMicrosoft Corp	0.13%	25,603	$1M	added+76%	+0.05 pp	7 q
unresolvedEnsco PLC	0.08%	24,590	$736,000	added+69%	+0.01 pp	6 q
unresolvedExpress Scripts Hldg Co	0.07%	7,450	$631,000	added+9%	+0.01 pp	2 q
unresolvedRock-tenn Company -cl A	0.07%	10,000	$610,000	trimmed−4%	+0.01 pp	5 q
SYNASynaptics Inc	0.07%	8,850	$609,000	added+64%	+0.02 pp	2 q
COPConocoPhillips	0.06%	7,348	$507,000	added+13%	0.00 pp	7 q
GLWCorning Incorporated	0.06%	21,590	$495,000	trimmed−19%	0.00 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.06%	5,400	$546,000	trimmed−7%	0.00 pp	7 q
TAT&T Inc.	0.05%	12,417	$417,000	added+10%	0.00 pp	7 q
COFCapital One Financial	0.05%	5,812	$480,000	added+2%	−0.01 pp	4 q
HALHalliburton Company	0.05%	10,951	$431,000	added+62%	0.00 pp	7 q
CSXCSX Corporation	0.04%	9,331	$338,000	added+12%	+0.01 pp	6 q
CVXChevron Corporation	0.04%	3,485	$391,000	new	+0.04 pp	new
CSCOCisco Systems, Inc. (DE)	0.04%	11,400	$317,000	trimmed−33%	−0.01 pp	7 q
FASTFastenal Co	0.04%	6,750	$321,000	trimmed−1%	0.00 pp	2 q
PMPhilip Morris International Inc.	0.04%	4,012	$327,000	added+67%	+0.02 pp	2 q
TRVThe Travelers Companies, Inc.	0.04%	2,983	$316,000	held	—	7 q
BACBank of America Corporation	0.03%	14,792	$265,000	added+16%	0.00 pp	2 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.03%	3,170	$241,000	trimmed−31%	−0.01 pp	7 q
BABoeing Company	0.03%	1,897	$247,000	new	+0.03 pp	new
CCitigroup Inc.	0.03%	4,300	$233,000	added+8%	+0.01 pp	2 q
KOCoca-Cola Company	0.03%	6,926	$292,000	trimmed−46%	−0.03 pp	7 q
DUKDuke Energy Corporation	0.03%	2,799	$234,000	held	—	3 q
unresolvedGeneral Electric Co	0.03%	9,050	$229,000	added+7%	0.00 pp	7 q
99803EURLaboratory Crp Of Amer Hldgs	0.03%	2,230	$241,000	trimmed−99%	−2.25 pp	7 q
MEIMethode Electronics	0.03%	7,700	$281,000	new	+0.03 pp	new
unresolvedMonsanto Co	0.03%	1,900	$227,000	held	—	6 q
NOVNOV Inc.	0.03%	4,260	$279,000	held	—	7 q
OXYOccidental Petroleum Corporation	0.03%	3,557	$287,000	held	—	2 q
PEPPepsiCo, Inc.	0.03%	2,617	$247,000	added+5%	0.00 pp	7 q
PGProcter & Gamble Company	0.03%	3,399	$310,000	trimmed−8%	−0.01 pp	7 q
unresolvedProshares Short S&P 500	0.03%	13,500	$294,000	trimmed−24%	−0.02 pp	7 q
XOMExxon Mobil Corp	0.02%	2,395	$221,000	added+5%	−0.01 pp	6 q
PKXPOSCO Holdings Inc.	0.02%	3,225	$206,000	added+3%	−0.01 pp	3 q
unresolvedSmith Micro Software	0.02%	178,000	$173,000	added+5%	0.00 pp	7 q
unresolvedE M C Corp Mass	—	−20,760	—	exited	−0.07 pp	—
unresolvedBroadcom Corp	—	−8,300	—	exited	−0.04 pp	—
FFIVF5, Inc.	—	−2,550	—	exited	−0.04 pp	—
AMGNAmgen Inc	—	−2,000	—	exited	−0.03 pp	—
CFCF Industries Holding, Inc.	—	−800	—	exited	−0.03 pp	—
unresolvedGoogle Inc.	—	−371	—	exited	−0.03 pp	—
GOOGAlphabet Inc. Class C	—	−371	—	exited	−0.03 pp	—
SUNEQSunedison Inc	—	−12,345	—	exited	−0.03 pp	—
FFord Motor Company	—	−13,100	—	exited	−0.02 pp	—
unresolvedSyntex	—	−10,000	—	exited	0.00 pp	—