Check Capital

Q4 2015 13F · by Steven Check, CIO

As of: Dec 31, 2015
Filed: Jan 14, 2016
US stock: $871M · prev $865M
Positions: 49 · prev 49
Options notional: $175M
Documents: 1· no amendments

Picture83.3% US stock

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

US stock listed on a US exchange 83.3%
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 16.7%

Moves48 since the prior filing

+8.5 pp in · −8.5 pp out

New 6 +6.46 pp
Added 12 +2.01 pp
Trimmed 22 −8.28 pp
Exited 6 −0.18 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

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions59% of US stock

Positions49 in this filing · 6 exited


BRK.BBERKSHIRE HATHAWAY Class B	30.39%	2,003,867	$265M	trimmed−1%	−0.01 pp	11 q
WFCWells Fargo & Co.	10.23%	1,638,030	$89M	trimmed−5%	−0.03 pp	11 q
VZVerizon Communications	6.78%	1,276,670	$59M	added+7%	+0.75 pp	8 q
IBMInternational Business Machines Corporation	6.06%	383,254	$53M	trimmed−4%	−0.62 pp	11 q
AFLAflac Inc.	5.10%	740,692	$44M	added0%	+0.14 pp	11 q
unresolvedPrecision Castparts Corp	4.06%	152,317	$35M	trimmed−5%	−0.22 pp	4 q
FDXFedEx Corporation	4.04%	236,176	$35M	new	+4.04 pp	new
unresolvedExpress Scripts Hldg Co	3.96%	394,400	$34M	added+1%	+0.31 pp	6 q
INGRIngredion Incorporated	3.55%	322,472	$31M	trimmed−1%	+0.27 pp	7 q
AXPAmerican Express Company	3.54%	443,771	$31M	trimmed−4%	−0.41 pp	5 q
QCOMQualcomm Inc	3.26%	568,149	$28M	trimmed−1%	−0.32 pp	11 q
SUSuncor Energy, Inc.	3.25%	1,097,215	$28M	added+1%	−0.11 pp	8 q
ORCLOracle Corp	2.98%	710,474	$26M	trimmed−6%	−0.18 pp	11 q
unresolvedSpectrum Brands Hldgs Inc	2.31%	197,709	$20M	new	+2.31 pp	new
USBU.S. Bancorp	2.02%	412,524	$18M	added+14%	+0.30 pp	9 q
JNJJohnson & Johnson	1.85%	156,488	$16M	added+15%	+0.37 pp	11 q
EMREmerson Electric Co.	1.35%	246,356	$12M	trimmed−9%	−0.04 pp	4 q
BRK.ABerkshire Hathaway Inc.	1.14%	50	$10M	trimmed−4%	−0.03 pp	11 q
WMTWalmart Inc.	1.03%	146,621	$9M	trimmed−1%	−0.08 pp	11 q
MSFTMicrosoft Corp	0.56%	88,181	$5M	added+1%	+0.11 pp	11 q
HOGHarley-Davidson, Inc.	0.54%	104,298	$5M	trimmed−9%	−0.19 pp	3 q
MKLMarkel Group Inc.	0.31%	3,046	$3M	trimmed−90%	−2.41 pp	7 q
ABTAbbott Laboratories	0.28%	54,167	$2M	trimmed−7%	+0.01 pp	11 q
MCDMcDonald's Corporation	0.16%	12,035	$1M	trimmed−94%	−1.97 pp	11 q
AAPLApple Inc.	0.15%	12,453	$1M	trimmed−20%	−0.05 pp	11 q
ACNAccenture PLC	0.13%	10,600	$1M	trimmed−94%	−1.99 pp	8 q
CSXCSX Corporation	0.11%	38,231	$992,000	added+63%	+0.04 pp	10 q
FASTFastenal Co	0.08%	18,030	$736,000	added×2.6	+0.05 pp	6 q
MEIMethode Electronics	0.08%	22,400	$713,000	trimmed−1%	0.00 pp	3 q
TAT&T Inc.	0.06%	13,926	$479,000	added+19%	+0.02 pp	11 q
CVXChevron Corporation	0.06%	5,785	$520,000	trimmed−11%	0.00 pp	5 q
DISThe Walt Disney Company	0.06%	5,361	$563,000	new	+0.06 pp	new
HALHalliburton Company	0.05%	11,751	$400,000	trimmed−3%	0.00 pp	11 q
AMGNAmgen Inc	0.04%	2,350	$381,000	held	—	4 q
BACBank of America Corporation	0.04%	18,699	$315,000	added+52%	+0.02 pp	6 q
COPConocoPhillips	0.04%	7,100	$331,000	trimmed−12%	0.00 pp	11 q
GLWCorning Incorporated	0.04%	17,718	$324,000	held	—	11 q
unresolvedGeneral Electric Co	0.04%	9,843	$307,000	added+11%	+0.01 pp	11 q
unresolvedEnsco PLC	0.04%	22,835	$351,000	trimmed−30%	−0.01 pp	10 q
unresolvedBroadcom Corp	0.03%	4,100	$237,000	held	—	3 q
CVSCvs Health Corporation	0.03%	2,350	$230,000	new	+0.03 pp	new
COFCapital One Financial	0.03%	4,000	$289,000	held	—	8 q
unresolvedProshares Short S&P 500	0.03%	13,500	$282,000	held	—	11 q
VVISA Inc.	0.03%	3,144	$244,000	held	—	2 q
CCitigroup Inc.	0.02%	4,100	$212,000	held	—	6 q
unresolvedLeucadia National	0.02%	11,430	$199,000	held	—	5 q
MSMMSC Industrial Direct Co., Inc. Class A	0.02%	3,865	$217,000	held	—	2 q
PGProcter & Gamble Company	0.02%	2,699	$214,000	new	+0.02 pp	new
unresolvedSmith Micro Software	0.00%	17,950	$13,000	new	0.00 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−3,900	—	exited	−0.05 pp	—
unresolvedGoogle Inc.	—	−402	—	exited	−0.03 pp	—
OXYOccidental Petroleum Corporation	—	−3,557	—	exited	−0.03 pp	—
PMPhilip Morris International Inc.	—	−3,412	—	exited	−0.03 pp	—
DUKDuke Energy Corporation	—	−2,799	—	exited	−0.02 pp	—
unresolvedSmith Micro Software	—	−179,500	—	exited	−0.02 pp	—