Check Capital

Q4 2016 13F · by Steven Check, CIO

As of: Dec 31, 2016
Filed: Jan 27, 2017
US stock: $996M · prev $995M
Positions: 53 · prev 48
Options notional: $317M
Documents: 1· no amendments

Picture75.8% US stock

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

US stock listed on a US exchange 75.8%
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 24.2%

Moves63 since the prior filing

+10.8 pp in · −10.8 pp out

New 11 +4.32 pp
Added 19 +6.43 pp
Trimmed 23 −7.63 pp
Exited 6 −3.12 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 · 58% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions58% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.35 pp trimmed+0.3532.5%
WFC Wells Fargo & Co. trimmed+0.94 pp trimmed+0.948.5%
FDX FedEx Corporation trimmed+0.99 pp trimmed+0.995.9%
VZ Verizon Communications trimmed−0.71 pp trimmed−0.715.8%
IBM International Business Machines Corporation trimmed0.00 pp trimmed0.005.4%

Positions53 in this filing · 6 exited


BRK.BBERKSHIRE HATHAWAY Class B	32.46%	1,983,188	$323M	trimmed−10%	+0.35 pp	new
WFCWells Fargo & Co.	8.51%	1,537,929	$85M	trimmed−3%	+0.94 pp	new
FDXFedEx Corporation	5.92%	316,429	$59M	trimmed−2%	+0.99 pp	new
VZVerizon Communications	5.82%	1,085,236	$58M	trimmed−7%	−0.71 pp	new
IBMInternational Business Machines Corporation	5.42%	325,382	$54M	trimmed−8%	0.00 pp	new
QCOMQualcomm Inc	4.08%	623,634	$41M	added+7%	+0.95 pp	new
SUSuncor Energy, Inc.	3.71%	1,130,671	$37M	added+2%	+0.63 pp	new
INGRIngredion Incorporated	3.63%	289,448	$36M	trimmed−5%	−0.32 pp	new
AXPAmerican Express Company	3.61%	484,785	$36M	added+2%	+0.70 pp	new
unresolvedExpress Scripts Hldg Co	3.54%	512,759	$35M	added+26%	+0.43 pp	new
unresolvedSpectrum Brands Hldgs Inc	3.34%	272,045	$33M	added+29%	+0.80 pp	new
WYNTravel + Leisure Co.	3.32%	433,333	$33M	added×2.1	+1.81 pp	new
HN9Hanesbrands Inc	3.00%	1,385,834	$30M	new	+3.00 pp	new
99803EURLaboratory Crp Of Amer Hldgs	2.96%	229,557	$29M	added+2%	+0.02 pp	new
USBU.S. Bancorp	1.55%	300,401	$15M	trimmed−64%	−1.84 pp	new
AFLAflac Inc.	1.30%	186,520	$13M	trimmed−77%	−4.49 pp	new
BRK.ABerkshire Hathaway Inc.	1.18%	48	$12M	trimmed−4%	+0.09 pp	new
HOGHarley-Davidson, Inc.	1.18%	200,901	$12M	added+13%	+0.37 pp	new
KMXCarMax Inc.	1.06%	164,152	$11M	new	+1.06 pp	new
PSXPhillips 66	0.93%	107,719	$9M	added+31%	+0.27 pp	new
EMREmerson Electric Co.	0.83%	148,205	$8M	trimmed−33%	−0.33 pp	new
WMTWalmart Inc.	0.50%	71,964	$5M	trimmed−47%	−0.49 pp	new
ABTAbbott Laboratories	0.36%	94,351	$4M	added+13%	+0.03 pp	new
DISThe Walt Disney Company	0.33%	31,346	$3M	added×7.4	+0.29 pp	new
AAPLApple Inc.	0.14%	12,343	$1M	added+2%	+0.02 pp	new
FASTFastenal Co	0.13%	28,220	$1M	added+61%	+0.05 pp	new
JNJJohnson & Johnson	0.12%	10,086	$1M	trimmed−92%	−1.50 pp	new
MSFTMicrosoft Corp	0.12%	19,244	$1M	trimmed−75%	−0.28 pp	new
CVXChevron Corporation	0.10%	8,081	$951,000	trimmed−10%	+0.01 pp	new
unresolvedBiglari Holdings Inc	0.06%	1,228	$581,000	added+12%	+0.02 pp	new
MKLMarkel Group Inc.	0.06%	690	$624,000	trimmed−24%	−0.03 pp	new
MEIMethode Electronics	0.06%	15,000	$620,000	trimmed−5%	+0.01 pp	new
AMGNAmgen Inc	0.05%	3,558	$520,000	added×2.2	+0.02 pp	new
BUDAnheuser-Busch INBEV SA/NV	0.05%	4,281	$451,000	new	+0.05 pp	new
NLYAnnaly Capital Management. Inc.	0.05%	47,996	$479,000	new	+0.05 pp	new
GSGoldman Sachs Group Inc.	0.05%	2,084	$499,000	new	+0.05 pp	new
HALHalliburton Company	0.05%	8,451	$457,000	trimmed−5%	+0.01 pp	new
TAT&T Inc.	0.04%	8,773	$373,000	trimmed−35%	−0.02 pp	new
CSXCSX Corporation	0.04%	10,756	$386,000	trimmed−66%	−0.04 pp	new
COPConocoPhillips	0.04%	7,200	$361,000	trimmed−1%	+0.01 pp	new
unresolvedGeneral Electric Co	0.04%	11,169	$353,000	added+11%	+0.01 pp	new
unresolvedLeucadia National	0.04%	18,250	$424,000	added+25%	+0.01 pp	new
BACBank of America Corporation	0.03%	11,281	$249,000	trimmed−38%	+0.01 pp	new
GLWCorning Incorporated	0.03%	11,348	$275,000	trimmed−32%	0.00 pp	new
SGISomnigroup International Inc.	0.03%	4,529	$309,000	new	+0.03 pp	new
unresolvedEnsco PLC	0.03%	26,035	$253,000	added0%	0.00 pp	new
COFCapital One Financial	0.02%	2,530	$221,000	new	+0.02 pp	new
CCitigroup Inc.	0.02%	4,134	$246,000	new	+0.02 pp	new
CMCSAComcast Corp	0.02%	2,961	$204,000	new	+0.02 pp	new
KREState Street SPDR S&P Regional Banking ETF	0.02%	4,000	$222,000	new	+0.02 pp	new
unresolvedSmith Micro Software	0.01%	38,750	$61,000	trimmed−77%	0.00 pp	new
unresolvedChina North East Pete Hldgs	0.00%	16,000	$0	new	0.00 pp	new
unresolvedHarte Gold	0.00%	30,200	$7,000	added+20%	0.00 pp	new
ORCLOracle Corp	—	−714,129	—	exited	−2.94 pp	—
ACNAccenture PLC	—	−7,300	—	exited	−0.08 pp	—
MSMMSC Industrial Direct Co., Inc. Class A	—	−3,865	—	exited	−0.03 pp	—
unresolvedProshares Short S&P 500	—	−6,750	—	exited	−0.03 pp	—
DUKDuke Energy Corporation	—	−2,799	—	exited	−0.02 pp	—
VVISA Inc.	—	−3,144	—	exited	−0.02 pp	—

Other 13(f) securities

Options 2

Contract	% of notional	Shares	Notional
BRK.B CALL	99.84%	1,943,600	$317M
QCOM CALL	0.16%	7,900	$515,000

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 3 defects · 9 unresolved
Accession: 0001032814-17-000001
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 16941G102 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 416190106 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 832154108 not on the Official 13(f) List for 2016-12-31

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