Check Capital

Q1 2016 13F · by Steven Check, CIO

As of: Mar 31, 2016
Filed: May 6, 2016
US stock: $945M · prev $871M
Positions: 49 · prev 49
Options notional: $227M
Documents: 1· no amendments

Picture80.6% US stock

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

US stock listed on a US exchange 80.6%
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 19.4%

Moves53 since the prior filing

+8.1 pp in · −8.1 pp out

New 6 +2.97 pp
Added 14 +5.16 pp
Trimmed 25 −3.96 pp
Exited 6 −4.16 pp

Options: 2 moves on a notional base, in the table below.

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions60% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added+2.54 pp added+2.5432.9%
WFC Wells Fargo & Co. trimmed−2.04 pp trimmed−2.048.2%
VZ Verizon Communications added+0.62 pp added+0.627.4%
IBM International Business Machines Corporation trimmed−0.20 pp trimmed−0.205.9%
AFL Aflac Inc. added+0.30 pp added+0.305.4%

Positions49 in this filing · 6 exited


BRK.BBERKSHIRE HATHAWAY Class B	32.93%	2,194,363	$311M	added+10%	+2.54 pp	12 q
WFCWells Fargo & Co.	8.19%	1,601,922	$77M	trimmed−2%	−2.04 pp	12 q
VZVerizon Communications	7.40%	1,293,367	$70M	added+1%	+0.62 pp	9 q
IBMInternational Business Machines Corporation	5.86%	365,824	$55M	trimmed−5%	−0.20 pp	12 q
AFLAflac Inc.	5.40%	808,943	$51M	added+9%	+0.30 pp	12 q
FDXFedEx Corporation	5.15%	299,431	$49M	added+27%	+1.11 pp	2 q
INGRIngredion Incorporated	3.51%	310,612	$33M	trimmed−4%	−0.04 pp	8 q
USBU.S. Bancorp	3.50%	814,694	$33M	added+97%	+1.48 pp	10 q
SUSuncor Energy, Inc.	3.16%	1,075,856	$30M	trimmed−2%	−0.09 pp	9 q
ORCLOracle Corp	3.04%	701,453	$29M	trimmed−1%	+0.06 pp	12 q
QCOMQualcomm Inc	3.03%	559,504	$29M	trimmed−2%	−0.23 pp	12 q
unresolvedExpress Scripts Hldg Co	2.91%	400,880	$28M	added+2%	−1.05 pp	7 q
99803EURLaboratory Crp Of Amer Hldgs	2.78%	224,275	$26M	new	+2.78 pp	new
AXPAmerican Express Company	2.76%	424,639	$26M	trimmed−4%	−0.78 pp	6 q
unresolvedSpectrum Brands Hldgs Inc	2.46%	213,043	$23M	added+8%	+0.15 pp	2 q
JNJJohnson & Johnson	1.66%	145,382	$16M	trimmed−7%	−0.19 pp	12 q
EMREmerson Electric Co.	1.34%	233,056	$13M	trimmed−5%	−0.01 pp	5 q
BRK.ABerkshire Hathaway Inc.	1.15%	51	$11M	added+2%	+0.01 pp	12 q
WMTWalmart Inc.	1.02%	140,521	$10M	trimmed−4%	−0.01 pp	12 q
HOGHarley-Davidson, Inc.	0.53%	97,252	$5M	trimmed−7%	−0.01 pp	4 q
MSFTMicrosoft Corp	0.48%	82,247	$5M	trimmed−7%	−0.08 pp	12 q
ABTAbbott Laboratories	0.31%	70,276	$3M	added+30%	+0.03 pp	12 q
MKLMarkel Group Inc.	0.18%	1,890	$2M	trimmed−38%	−0.13 pp	8 q
AAPLApple Inc.	0.14%	12,053	$1M	trimmed−3%	−0.01 pp	12 q
PSXPhillips 66	0.10%	10,400	$901,000	new	+0.10 pp	new
ACNAccenture PLC	0.10%	7,800	$900,000	trimmed−26%	−0.03 pp	9 q
CSXCSX Corporation	0.09%	32,631	$840,000	trimmed−15%	−0.02 pp	11 q
FASTFastenal Co	0.09%	17,730	$869,000	trimmed−2%	+0.01 pp	7 q
MCDMcDonald's Corporation	0.09%	6,800	$855,000	trimmed−44%	−0.07 pp	12 q
TAT&T Inc.	0.06%	13,801	$541,000	trimmed−1%	0.00 pp	12 q
CVXChevron Corporation	0.06%	5,865	$560,000	added+1%	0.00 pp	6 q
MEIMethode Electronics	0.05%	15,800	$462,000	trimmed−29%	−0.03 pp	4 q
GLWCorning Incorporated	0.04%	16,589	$347,000	trimmed−6%	0.00 pp	12 q
DISThe Walt Disney Company	0.04%	3,971	$394,000	trimmed−26%	−0.02 pp	2 q
AMGNAmgen Inc	0.03%	1,650	$247,000	trimmed−30%	−0.01 pp	5 q
BACBank of America Corporation	0.03%	19,461	$263,000	added+4%	−0.01 pp	7 q
COPConocoPhillips	0.03%	7,100	$286,000	held	—	12 q
unresolvedGeneral Electric Co	0.03%	9,998	$318,000	added+2%	−0.01 pp	12 q
HALHalliburton Company	0.03%	8,751	$313,000	trimmed−26%	−0.02 pp	12 q
KMBKimberly-Clark Corp.	0.03%	1,936	$260,000	new	+0.03 pp	new
MSMMSC Industrial Direct Co., Inc. Class A	0.03%	3,865	$295,000	held	—	3 q
unresolvedProshares Short S&P 500	0.03%	13,500	$276,000	held	—	12 q
MMM3M Company	0.03%	1,527	$254,000	new	+0.03 pp	new
VVISA Inc.	0.03%	3,144	$240,000	held	—	3 q
unresolvedEnsco PLC	0.03%	25,935	$269,000	added+14%	−0.01 pp	11 q
COFCapital One Financial	0.02%	3,000	$208,000	trimmed−25%	−0.01 pp	9 q
DUKDuke Energy Corporation	0.02%	2,799	$226,000	new	+0.02 pp	new
unresolvedLeucadia National	0.02%	14,030	$227,000	added+23%	0.00 pp	6 q
unresolvedSmith Micro Software	0.01%	172,000	$101,000	new	+0.01 pp	new
unresolvedPrecision Castparts Corp	—	−152,317	—	exited	−4.06 pp	—
unresolvedBroadcom Corp	—	−4,100	—	exited	−0.03 pp	—
CVSCvs Health Corporation	—	−2,350	—	exited	−0.03 pp	—
CCitigroup Inc.	—	−4,100	—	exited	−0.02 pp	—
PGProcter & Gamble Company	—	−2,699	—	exited	−0.02 pp	—
unresolvedSmith Micro Software	—	−17,950	—	exited	0.00 pp	—