Check Capital

Q1 2017 13F · by Steven Check, CIO

As of: Mar 31, 2017
Filed: May 5, 2017
US stock: $1.1B · prev $996M
Positions: 49 · prev 53
Options notional: $381M
Documents: 1· no amendments

Picture73.9% US stock

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

US stock listed on a US exchange 73.9%
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 26.1%

Moves57 since the prior filing

+17.9 pp in · −17.8 pp out

New 5 +7.19 pp
Added 18 +10.68 pp
Trimmed 23 −16.75 pp
Exited 9 −1.04 pp

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

The book

Very concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 54% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions51% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−5.95 pp trimmed−5.9526.5%
WFC Wells Fargo & Co. trimmed−1.14 pp trimmed−1.147.4%
SU Suncor Energy, Inc. added+2.19 pp added+2.195.9%
QCOM Qualcomm Inc added+1.77 pp added+1.775.8%
FDX FedEx Corporation trimmed−0.90 pp trimmed−0.905.0%

Positions49 in this filing · 9 exited


BRK.BBERKSHIRE HATHAWAY Class B	26.51%	1,716,265	$286M	trimmed−13%	−5.95 pp	2 q
WFCWells Fargo & Co.	7.37%	1,429,737	$80M	trimmed−7%	−1.14 pp	2 q
SUSuncor Energy, Inc.	5.90%	2,070,330	$64M	added+83%	+2.19 pp	2 q
QCOMQualcomm Inc	5.85%	1,101,148	$63M	added+77%	+1.77 pp	2 q
FDXFedEx Corporation	5.02%	277,465	$54M	trimmed−12%	−0.90 pp	2 q
INGRIngredion Incorporated	4.77%	427,562	$51M	added+48%	+1.14 pp	2 q
VZVerizon Communications	4.60%	1,017,533	$50M	trimmed−6%	−1.22 pp	2 q
HN9Hanesbrands Inc	4.31%	2,242,375	$47M	added+62%	+1.31 pp	2 q
unresolvedExpress Scripts Hldg Co	4.12%	674,989	$44M	added+32%	+0.58 pp	2 q
WYNTravel + Leisure Co.	3.77%	482,136	$41M	added+11%	+0.45 pp	2 q
unresolvedSpectrum Brands Hldgs Inc	3.62%	280,947	$39M	added+3%	+0.28 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	3.54%	266,633	$38M	added+16%	+0.58 pp	2 q
AXPAmerican Express Company	3.23%	441,283	$35M	trimmed−9%	−0.38 pp	2 q
CMPRCimpress PLC (Ireland)	3.03%	379,800	$33M	new	+3.03 pp	new
IBMInternational Business Machines Corporation	2.57%	159,339	$28M	trimmed−51%	−2.85 pp	2 q
LKQLKQ Corporation	2.56%	945,595	$28M	new	+2.56 pp	new
CTSHCognizant Technology Solutions	1.58%	285,910	$17M	new	+1.58 pp	new
PSXPhillips 66	1.35%	184,161	$15M	added+71%	+0.42 pp	2 q
ABTAbbott Laboratories	1.31%	317,451	$14M	added×3.4	+0.95 pp	2 q
BRK.ABerkshire Hathaway Inc.	1.11%	48	$12M	held	—	2 q
BUDAnheuser-Busch INBEV SA/NV	0.99%	97,110	$11M	added×22.7	+0.94 pp	2 q
KMXCarMax Inc.	0.90%	163,382	$10M	trimmed−0%	−0.16 pp	2 q
DISThe Walt Disney Company	0.38%	35,954	$4M	added+15%	+0.05 pp	2 q
USBU.S. Bancorp	0.28%	59,145	$3M	trimmed−80%	−1.27 pp	2 q
AAPLApple Inc.	0.14%	10,640	$2M	trimmed−14%	0.00 pp	2 q
AFLAflac Inc.	0.13%	19,385	$1M	trimmed−90%	−1.17 pp	2 q
HOGHarley-Davidson, Inc.	0.13%	22,635	$1M	trimmed−89%	−1.05 pp	2 q
JNJJohnson & Johnson	0.13%	10,848	$1M	added+8%	+0.01 pp	2 q
CVXChevron Corporation	0.08%	7,727	$830,000	trimmed−4%	−0.02 pp	2 q
MSFTMicrosoft Corp	0.08%	12,670	$834,000	trimmed−34%	−0.04 pp	2 q
MKLMarkel Group Inc.	0.07%	742	$724,000	added+8%	+0.01 pp	2 q
AMGNAmgen Inc	0.06%	3,730	$612,000	added+5%	+0.01 pp	2 q
MEIMethode Electronics	0.06%	15,000	$684,000	held	—	2 q
unresolvedBiglari Holdings Inc	0.05%	1,303	$563,000	added+6%	−0.01 pp	2 q
FASTFastenal Co	0.05%	9,730	$501,000	trimmed−66%	−0.08 pp	2 q
WMTWalmart Inc.	0.05%	7,621	$549,000	trimmed−89%	−0.45 pp	2 q
GSGoldman Sachs Group Inc.	0.04%	2,050	$471,000	trimmed−2%	−0.01 pp	2 q
unresolvedLeucadia National	0.04%	18,200	$473,000	trimmed−0%	0.00 pp	2 q
BACBank of America Corporation	0.03%	12,480	$294,000	added+11%	0.00 pp	2 q
COPConocoPhillips	0.03%	7,004	$349,000	trimmed−3%	−0.01 pp	2 q
HALHalliburton Company	0.03%	7,451	$367,000	trimmed−12%	−0.02 pp	2 q
COFCapital One Financial	0.02%	2,500	$217,000	trimmed−1%	0.00 pp	2 q
CCitigroup Inc.	0.02%	3,900	$233,000	trimmed−6%	0.00 pp	2 q
GLWCorning Incorporated	0.02%	9,125	$246,000	trimmed−20%	−0.01 pp	2 q
unresolvedGeneral Electric Co	0.02%	7,931	$236,000	trimmed−29%	−0.02 pp	2 q
PBAPembina Pipeline Corporation	0.02%	6,900	$219,000	new	+0.02 pp	new
unresolvedEnsco PLC	0.02%	26,035	$233,000	held	—	2 q
unresolvedChina North East Pete Hldgs	0.00%	24,790	$0	added+55%	0.00 pp	2 q
unresolvedMarin Software	0.00%	15,000	$27,000	new	0.00 pp	new
EMREmerson Electric Co.	—	−148,205	—	exited	−0.83 pp	—
NLYAnnaly Capital Management. Inc.	—	−47,996	—	exited	−0.05 pp	—
TAT&T Inc.	—	−8,773	—	exited	−0.04 pp	—
CSXCSX Corporation	—	−10,756	—	exited	−0.04 pp	—
SGISomnigroup International Inc.	—	−4,529	—	exited	−0.03 pp	—
CMCSAComcast Corp	—	−5,922	—	exited	−0.02 pp	—
KREState Street SPDR S&P Regional Banking ETF	—	−4,000	—	exited	−0.02 pp	—
unresolvedSmith Micro Software	—	−38,750	—	exited	−0.01 pp	—
unresolvedHarte Gold	—	−30,200	—	exited	0.00 pp	—

Other 13(f) securities

Options 1

Contract	% of notional	Shares	Notional
BRK.B CALL	100.00%	2,286,000	$381M

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 3 defects · 8 unresolved
Accession: 0001032814-17-000004
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A row was set aside — invalid CUSIP 045290255
A security outside the official 13F list — CUSIP 045290255 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 16941G102 not on the Official 13(f) List for 2017-03-31

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