Check Capital

Q2 2015 13F · by Steven Check, CIO

As of: Jun 30, 2015
Filed: Aug 12, 2015
US stock: $897M · prev $921M
Positions: 48 · prev 55
Options notional: $167M
Documents: 1· no amendments

Picture84.3% US stock

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

US stock listed on a US exchange 84.3%
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 15.7%

Moves45 since the prior filing

+5.8 pp in · −5.8 pp out

New 3 +0.82 pp
Added 16 +5.02 pp
Trimmed 15 −2.44 pp
Exited 10 −3.39 pp

Options: 1 move 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 · 23% a year, about 4.3 years per position

Low
Moderate
High

Top 5 positions60% of US stock

Positions48 in this filing · 10 exited


BRK.BBERKSHIRE HATHAWAY Class B	30.22%	1,992,058	$271M	trimmed−1%	−1.26 pp	9 q
WFCWells Fargo & Co.	11.08%	1,767,209	$99M	trimmed−2%	+0.46 pp	9 q
IBMInternational Business Machines Corporation	7.22%	398,237	$65M	trimmed−1%	+0.19 pp	9 q
VZVerizon Communications	6.06%	1,167,499	$54M	added0%	−0.09 pp	6 q
AFLAflac Inc.	4.98%	718,557	$45M	trimmed−1%	−0.07 pp	9 q
AXPAmerican Express Company	3.88%	447,880	$35M	trimmed−2%	−0.01 pp	3 q
QCOMQualcomm Inc	3.81%	545,283	$34M	trimmed−2%	−0.38 pp	9 q
unresolvedExpress Scripts Hldg Co	3.67%	370,510	$33M	added×54.1	+3.61 pp	4 q
unresolvedPrecision Castparts Corp	3.42%	153,525	$31M	trimmed−2%	−0.16 pp	2 q
ORCLOracle Corp	3.41%	758,840	$31M	trimmed−3%	−0.24 pp	9 q
SUSuncor Energy, Inc.	3.25%	1,059,715	$29M	trimmed−2%	−0.20 pp	6 q
INGRIngredion Incorporated	2.74%	308,170	$25M	trimmed−1%	+0.11 pp	5 q
MKLMarkel Group Inc.	2.55%	28,548	$23M	added+1%	+0.18 pp	5 q
ACNAccenture PLC	2.30%	213,700	$21M	trimmed−5%	+0.02 pp	6 q
MCDMcDonald's Corporation	2.19%	206,426	$20M	trimmed−5%	−0.10 pp	9 q
USBU.S. Bancorp	1.77%	365,483	$16M	added+95%	+0.88 pp	7 q
EMREmerson Electric Co.	1.73%	280,162	$16M	added0%	+0.01 pp	2 q
BRK.ABerkshire Hathaway Inc.	1.21%	53	$11M	held	—	9 q
WMTWalmart Inc.	0.95%	120,232	$9M	added+13%	0.00 pp	9 q
JNJJohnson & Johnson	0.82%	75,544	$7M	added+43%	+0.24 pp	9 q
HOGHarley-Davidson, Inc.	0.76%	120,424	$7M	new	+0.76 pp	new
ABTAbbott Laboratories	0.47%	85,205	$4M	trimmed−12%	−0.02 pp	9 q
AAPLApple Inc.	0.28%	19,954	$3M	held	—	9 q
MSFTMicrosoft Corp	0.22%	44,703	$2M	added+80%	+0.11 pp	9 q
unresolvedEnsco PLC	0.08%	33,150	$738,000	added+6%	+0.01 pp	8 q
CSXCSX Corporation	0.07%	18,931	$618,000	added×2.0	+0.04 pp	8 q
SYNASynaptics Inc	0.07%	7,100	$616,000	held	—	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.07%	5,400	$659,000	held	—	9 q
CVXChevron Corporation	0.06%	5,960	$575,000	added+13%	0.00 pp	3 q
HALHalliburton Company	0.06%	12,451	$536,000	added+1%	0.00 pp	9 q
TAT&T Inc.	0.05%	12,100	$430,000	held	—	9 q
AMGNAmgen Inc	0.05%	2,750	$422,000	added+72%	+0.02 pp	2 q
COFCapital One Financial	0.05%	5,100	$449,000	held	—	6 q
COPConocoPhillips	0.05%	7,548	$464,000	held	—	9 q
GLWCorning Incorporated	0.05%	20,634	$407,000	trimmed−4%	0.00 pp	9 q
FASTFastenal Co	0.04%	7,600	$321,000	added+13%	+0.01 pp	4 q
MEIMethode Electronics	0.04%	12,000	$329,000	new	+0.04 pp	new
CCitigroup Inc.	0.03%	4,100	$226,000	held	—	4 q
unresolvedLeucadia National	0.03%	11,430	$278,000	trimmed−97%	−0.78 pp	3 q
OXYOccidental Petroleum Corporation	0.03%	3,557	$277,000	held	—	4 q
PMPhilip Morris International Inc.	0.03%	3,412	$274,000	held	—	4 q
unresolvedProshares Short S&P 500	0.03%	13,500	$288,000	held	—	9 q
BACBank of America Corporation	0.02%	12,295	$209,000	added0%	0.00 pp	4 q
unresolvedBroadcom Corp	0.02%	4,100	$211,000	new	+0.02 pp	new
unresolvedGeneral Electric Co	0.02%	8,443	$224,000	held	—	9 q
unresolvedGoogle Inc.	0.02%	371	$200,000	held	—	2 q
unresolvedSmith Micro Software	0.02%	179,500	$206,000	added+1%	0.00 pp	9 q
TG7Triumph Group Inc	0.02%	3,350	$221,000	held	—	2 q
unresolvedDirectv	—	−338,143	—	exited	−3.12 pp	—
unresolvedRock-tenn Company -cl A	—	−8,800	—	exited	−0.06 pp	—
TRVThe Travelers Companies, Inc.	—	−2,983	—	exited	−0.04 pp	—
BBYD20230930-DK-BUTTERFLY-1 Inc	—	−3,170	—	exited	−0.03 pp	—
BABoeing Company	—	−1,897	—	exited	−0.03 pp	—
PEPPepsiCo, Inc.	—	−2,458	—	exited	−0.03 pp	—
KOCoca-Cola Company	—	−5,526	—	exited	−0.02 pp	—
DUKDuke Energy Corporation	—	−2,799	—	exited	−0.02 pp	—
GOOGAlphabet Inc. Class C	—	−371	—	exited	−0.02 pp	—
NOVNOV Inc.	—	−4,260	—	exited	−0.02 pp	—