Check Capital

Q2 2017 13F · by Steven Check, CIO

As of: Jun 30, 2017
Filed: Aug 10, 2017
US stock: $1.2B · prev $1.1B
Positions: 54 · prev 49
Options notional: $403M
Documents: 1· no amendments

Picture74.3% US stock

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

US stock listed on a US exchange 74.3%
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 25.7%

Moves52 since the prior filing

+4.7 pp in · −4.7 pp out

New 7 +3.03 pp
Added 20 +1.66 pp
Trimmed 22 −4.61 pp
Exited 2 −0.05 pp

Options: 1 move on a notional base, in the table below.

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.8 years per position

Low
Moderate
High

Top 5 positions48% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added−0.93 pp added−0.9325.6%
WFC Wells Fargo & Co. added−0.54 pp added−0.546.8%
QCOM Qualcomm Inc added−0.53 pp added−0.535.3%
SU Suncor Energy, Inc. added−0.66 pp added−0.665.2%
FDX FedEx Corporation added+0.17 pp added+0.175.2%

Positions54 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	25.58%	1,760,156	$298M	added+3%	−0.93 pp	3 q
WFCWells Fargo & Co.	6.83%	1,437,473	$80M	added+1%	−0.54 pp	3 q
QCOMQualcomm Inc	5.32%	1,122,371	$62M	added+2%	−0.53 pp	3 q
SUSuncor Energy, Inc.	5.24%	2,091,526	$61M	added+1%	−0.66 pp	3 q
FDXFedEx Corporation	5.19%	278,373	$60M	added0%	+0.17 pp	3 q
INGRIngredion Incorporated	4.41%	431,454	$51M	added+1%	−0.36 pp	3 q
HN9Hanesbrands Inc	4.38%	2,206,569	$51M	trimmed−2%	+0.07 pp	3 q
unresolvedExpress Scripts Hldg Co	3.87%	706,079	$45M	added+5%	−0.25 pp	3 q
AXPAmerican Express Company	3.84%	531,598	$45M	added+20%	+0.61 pp	3 q
VZVerizon Communications	3.80%	990,920	$44M	trimmed−3%	−0.80 pp	3 q
99803EURLaboratory Crp Of Amer Hldgs	3.57%	269,698	$42M	added+1%	+0.03 pp	3 q
BRK.ABerkshire Hathaway Inc.	3.19%	146	$37M	added×3.0	+2.08 pp	3 q
CMPRCimpress PLC (Ireland)	3.18%	391,700	$37M	added+3%	+0.15 pp	2 q
IBMInternational Business Machines Corporation	3.06%	231,573	$36M	added+45%	+0.49 pp	3 q
unresolvedSpectrum Brands Hldgs Inc	2.98%	277,400	$35M	trimmed−1%	−0.64 pp	3 q
LKQLKQ Corporation	2.78%	981,788	$32M	added+4%	+0.22 pp	2 q
AZOAutoZone, Inc.	2.77%	56,638	$32M	new	+2.77 pp	new
CTSHCognizant Technology Solutions	2.66%	466,332	$31M	added+63%	+1.08 pp	2 q
ABTAbbott Laboratories	1.28%	307,552	$15M	trimmed−3%	−0.03 pp	3 q
PSXPhillips 66	1.27%	179,173	$15M	trimmed−3%	−0.08 pp	3 q
WYNTravel + Leisure Co.	1.13%	131,169	$13M	trimmed−73%	−2.64 pp	3 q
BUDAnheuser-Busch INBEV SA/NV	0.89%	93,810	$10M	trimmed−3%	−0.10 pp	3 q
KMXCarMax Inc.	0.87%	161,642	$10M	trimmed−1%	−0.03 pp	3 q
USBU.S. Bancorp	0.36%	81,415	$4M	added+38%	+0.08 pp	3 q
DISThe Walt Disney Company	0.32%	34,604	$4M	trimmed−4%	−0.06 pp	3 q
AAPLApple Inc.	0.12%	9,340	$1M	trimmed−12%	−0.02 pp	3 q
SPYState Street SPDR S&P 500 ETF Trust	0.12%	5,606	$1M	new	+0.12 pp	new
AFLAflac Inc.	0.11%	15,990	$1M	trimmed−18%	−0.02 pp	3 q
JNJJohnson & Johnson	0.10%	8,509	$1M	trimmed−22%	−0.03 pp	3 q
FASTFastenal Co	0.07%	18,496	$805,000	added+90%	+0.02 pp	3 q
MSFTMicrosoft Corp	0.06%	10,670	$735,000	trimmed−16%	−0.02 pp	3 q
AMGNAmgen Inc	0.05%	3,080	$530,000	trimmed−17%	−0.01 pp	3 q
unresolvedBiglari Holdings Inc	0.05%	1,460	$584,000	added+12%	0.00 pp	3 q
GSGoldman Sachs Group Inc.	0.05%	2,700	$599,000	added+32%	+0.01 pp	3 q
MKLMarkel Group Inc.	0.05%	612	$597,000	trimmed−18%	−0.02 pp	3 q
MEIMethode Electronics	0.05%	14,850	$612,000	trimmed−1%	−0.01 pp	3 q
WMTWalmart Inc.	0.05%	7,015	$531,000	trimmed−8%	0.00 pp	3 q
METAMeta Platforms, Inc. Class A	0.04%	3,090	$467,000	new	+0.04 pp	new
BACBank of America Corporation	0.03%	12,482	$303,000	added0%	0.00 pp	3 q
CVXChevron Corporation	0.03%	3,727	$389,000	trimmed−52%	−0.05 pp	3 q
HALHalliburton Company	0.03%	7,051	$301,000	trimmed−5%	0.00 pp	3 q
IWMiShares Russell 2000 ETF	0.03%	2,800	$395,000	new	+0.03 pp	new
unresolvedLeucadia National	0.03%	14,964	$391,000	trimmed−18%	−0.01 pp	3 q
TMHCTaylor Morrison Home Corporation	0.03%	12,200	$293,000	new	+0.03 pp	new
AMZNAmazon.Com Inc	0.02%	300	$290,000	new	+0.02 pp	new
COFCapital One Financial	0.02%	2,500	$207,000	held	—	3 q
CCitigroup Inc.	0.02%	3,900	$261,000	held	—	3 q
CAGConagra Brands, Inc.	0.02%	6,800	$243,000	new	+0.02 pp	new
GLWCorning Incorporated	0.02%	9,023	$271,000	trimmed−1%	0.00 pp	3 q
HOGHarley-Davidson, Inc.	0.02%	3,720	$201,000	trimmed−84%	−0.11 pp	3 q
PBAPembina Pipeline Corporation	0.02%	6,900	$229,000	held	—	2 q
unresolvedEnsco PLC	0.01%	28,735	$148,000	added+10%	−0.01 pp	3 q
unresolvedChina North East Pete Hldgs	0.00%	24,790	$0	held	—	3 q
unresolvedMarin Software	0.00%	15,000	$19,000	held	—	2 q
COPConocoPhillips	—	−7,004	—	exited	−0.03 pp	—
unresolvedGeneral Electric Co	—	−7,931	—	exited	−0.02 pp	—