Check Capital

Q3 2015 13F · by Steven Check, CIO

As of: Sep 30, 2015
Filed: Nov 12, 2015
US stock: $865M · prev $897M
Positions: 49 · prev 48
Options notional: $158M
Documents: 1· no amendments

Picture84.5% US stock

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

US stock listed on a US exchange 84.5%
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 15.5%

Moves46 since the prior filing

+2.3 pp in · −2.3 pp out

New 3 +0.08 pp
Added 21 +2.19 pp
Trimmed 18 −2.17 pp
Exited 2 −0.09 pp

Options: 2 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 · 5.5% a year, about 18.2 years per position

Low
Moderate
High

Top 5 positions58% of US stock

Positions49 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	30.40%	2,016,191	$263M	added+1%	+0.18 pp	10 q
WFCWells Fargo & Co.	10.26%	1,727,906	$89M	trimmed−2%	−0.82 pp	10 q
IBMInternational Business Machines Corporation	6.68%	398,564	$58M	added0%	−0.54 pp	10 q
VZVerizon Communications	6.03%	1,197,840	$52M	added+3%	−0.03 pp	7 q
AFLAflac Inc.	4.96%	738,581	$43M	added+3%	−0.02 pp	10 q
unresolvedPrecision Castparts Corp	4.28%	161,035	$37M	added+5%	+0.86 pp	3 q
AXPAmerican Express Company	3.95%	460,410	$34M	added+3%	+0.07 pp	4 q
unresolvedExpress Scripts Hldg Co	3.65%	390,140	$32M	added+5%	−0.02 pp	5 q
QCOMQualcomm Inc	3.58%	575,541	$31M	added+6%	−0.23 pp	10 q
SUSuncor Energy, Inc.	3.36%	1,089,144	$29M	added+3%	+0.11 pp	7 q
INGRIngredion Incorporated	3.28%	324,728	$28M	added+5%	+0.54 pp	6 q
ORCLOracle Corp	3.16%	757,655	$27M	trimmed−0%	−0.25 pp	10 q
MKLMarkel Group Inc.	2.72%	29,337	$24M	added+3%	+0.17 pp	6 q
MCDMcDonald's Corporation	2.13%	187,143	$18M	trimmed−9%	−0.06 pp	10 q
ACNAccenture PLC	2.12%	186,300	$18M	trimmed−13%	−0.18 pp	7 q
USBU.S. Bancorp	1.72%	362,715	$15M	trimmed−1%	−0.05 pp	8 q
JNJJohnson & Johnson	1.48%	136,653	$13M	added+81%	+0.66 pp	10 q
EMREmerson Electric Co.	1.39%	271,456	$12M	trimmed−3%	−0.34 pp	3 q
BRK.ABerkshire Hathaway Inc.	1.17%	52	$10M	trimmed−2%	−0.04 pp	10 q
WMTWalmart Inc.	1.11%	148,053	$10M	added+23%	+0.16 pp	10 q
HOGHarley-Davidson, Inc.	0.73%	114,289	$6M	trimmed−5%	−0.03 pp	2 q
MSFTMicrosoft Corp	0.45%	87,312	$4M	added+95%	+0.23 pp	10 q
ABTAbbott Laboratories	0.27%	58,282	$2M	trimmed−32%	−0.20 pp	10 q
AAPLApple Inc.	0.20%	15,618	$2M	trimmed−22%	−0.08 pp	10 q
MEIMethode Electronics	0.08%	22,600	$721,000	added+88%	+0.04 pp	2 q
CSXCSX Corporation	0.07%	23,431	$630,000	added+24%	0.00 pp	9 q
CVXChevron Corporation	0.06%	6,510	$514,000	added+9%	0.00 pp	4 q
HALHalliburton Company	0.05%	12,151	$430,000	trimmed−2%	−0.01 pp	10 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.05%	3,900	$452,000	trimmed−28%	−0.02 pp	10 q
unresolvedEnsco PLC	0.05%	32,850	$463,000	trimmed−1%	−0.03 pp	9 q
TAT&T Inc.	0.04%	11,750	$383,000	trimmed−3%	−0.01 pp	10 q
AMGNAmgen Inc	0.04%	2,350	$325,000	trimmed−15%	−0.01 pp	3 q
COPConocoPhillips	0.04%	8,048	$386,000	added+7%	−0.01 pp	10 q
GLWCorning Incorporated	0.04%	17,718	$303,000	trimmed−14%	−0.01 pp	10 q
unresolvedProshares Short S&P 500	0.04%	13,500	$304,000	held	—	10 q
COFCapital One Financial	0.03%	4,000	$290,000	trimmed−22%	−0.02 pp	7 q
FASTFastenal Co	0.03%	7,000	$256,000	trimmed−8%	−0.01 pp	5 q
unresolvedGeneral Electric Co	0.03%	8,843	$223,000	added+5%	+0.01 pp	10 q
unresolvedGoogle Inc.	0.03%	402	$257,000	added+8%	+0.01 pp	3 q
unresolvedLeucadia National	0.03%	11,430	$232,000	held	—	4 q
MSMMSC Industrial Direct Co., Inc. Class A	0.03%	3,865	$236,000	new	+0.03 pp	new
OXYOccidental Petroleum Corporation	0.03%	3,557	$235,000	held	—	5 q
PMPhilip Morris International Inc.	0.03%	3,412	$271,000	held	—	5 q
VVISA Inc.	0.03%	3,144	$219,000	new	+0.03 pp	new
BACBank of America Corporation	0.02%	12,297	$192,000	added0%	0.00 pp	5 q
unresolvedBroadcom Corp	0.02%	4,100	$211,000	held	—	2 q
CCitigroup Inc.	0.02%	4,100	$203,000	held	—	5 q
DUKDuke Energy Corporation	0.02%	2,799	$201,000	new	+0.02 pp	new
unresolvedSmith Micro Software	0.02%	179,500	$156,000	held	—	10 q
SYNASynaptics Inc	—	−7,100	—	exited	−0.07 pp	—
TG7Triumph Group Inc	—	−3,350	—	exited	−0.02 pp	—