Check Capital

Q4 2017 13F · by Steven Check, CIO

As of: Dec 31, 2017
Filed: Feb 7, 2018
US stock: $1.3B · prev $1.2B
Positions: 53 · prev 56
Options notional: $489M
Documents: 1· no amendments

Picture73.1% US stock

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

US stock listed on a US exchange 73.1%
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 26.9%

Moves56 since the prior filing

+6.9 pp in · −7.0 pp out

New 4 +5.60 pp
Added 14 +1.35 pp
Trimmed 27 −3.91 pp
Exited 7 −3.08 pp

Options: 4 moves on a notional base, in the table below.

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions46% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.84 pp trimmed−0.8424.9%
WFC Wells Fargo & Co. trimmed−0.15 pp trimmed−0.156.2%
SU Suncor Energy, Inc. trimmed−0.41 pp trimmed−0.415.4%
QCOM Qualcomm Inc trimmed+0.21 pp trimmed+0.214.9%
unresolved Brookfield Asset Mgmt Inc new+4.63 pp new+4.634.6%

Positions53 in this filing · 7 exited


BRK.BBERKSHIRE HATHAWAY Class B	24.89%	1,669,605	$331M	trimmed−4%	−0.84 pp	5 q
WFCWells Fargo & Co.	6.15%	1,347,908	$82M	trimmed−5%	−0.15 pp	5 q
SUSuncor Energy, Inc.	5.38%	1,949,308	$72M	trimmed−5%	−0.41 pp	5 q
QCOMQualcomm Inc	4.88%	1,012,775	$65M	trimmed−9%	+0.21 pp	5 q
unresolvedBrookfield Asset Mgmt Inc	4.63%	1,412,467	$61M	new	+4.63 pp	new
FDXFedEx Corporation	4.62%	246,048	$61M	trimmed−6%	−0.17 pp	5 q
INGRIngredion Incorporated	4.47%	425,471	$59M	trimmed−1%	+0.29 pp	5 q
unresolvedExpress Scripts Hldg Co	4.29%	764,888	$57M	added+7%	+0.62 pp	5 q
HN9Hanesbrands Inc	3.94%	2,504,179	$52M	added+13%	−0.45 pp	5 q
AXPAmerican Express Company	3.78%	505,900	$50M	trimmed−4%	−0.08 pp	5 q
unresolvedSpectrum Brands Hldgs Inc	3.55%	419,673	$47M	added+10%	+0.30 pp	5 q
AZOAutoZone, Inc.	3.51%	65,607	$47M	added+6%	+0.53 pp	3 q
CMPRCimpress PLC (Ireland)	3.50%	388,087	$47M	trimmed−0%	+0.43 pp	4 q
BRK.ABerkshire Hathaway Inc.	3.29%	147	$44M	trimmed−1%	+0.01 pp	5 q
99803EURLaboratory Crp Of Amer Hldgs	3.12%	260,297	$42M	trimmed−1%	−0.09 pp	5 q
LKQLKQ Corporation	2.93%	956,372	$39M	trimmed−4%	+0.05 pp	4 q
IBMInternational Business Machines Corporation	2.76%	239,131	$37M	added+7%	+0.15 pp	5 q
CMGChipotle Mexican Grill, Inc.	2.25%	103,650	$30M	added+18%	+0.06 pp	2 q
ANAutoNation, Inc.	2.14%	555,320	$29M	added+3%	+0.07 pp	2 q
VZVerizon Communications	0.95%	238,073	$13M	trimmed−35%	−0.52 pp	5 q
WBAWalgreens Boots Alliance, Inc	0.93%	170,100	$12M	new	+0.93 pp	new
PSXPhillips 66	0.61%	80,497	$8M	trimmed−55%	−0.70 pp	5 q
FASTFastenal Co	0.58%	140,879	$8M	trimmed−39%	−0.27 pp	5 q
ABTAbbott Laboratories	0.56%	130,745	$7M	trimmed−53%	−0.63 pp	5 q
BUDAnheuser-Busch INBEV SA/NV	0.54%	64,310	$7M	trimmed−41%	−0.51 pp	5 q
USBU.S. Bancorp	0.24%	60,730	$3M	trimmed−43%	−0.22 pp	5 q
WYNTravel + Leisure Co.	0.22%	25,147	$3M	trimmed−46%	−0.18 pp	5 q
DISThe Walt Disney Company	0.21%	25,488	$3M	trimmed−24%	−0.06 pp	5 q
SPYState Street SPDR S&P 500 ETF Trust	0.17%	8,346	$2M	trimmed−3%	0.00 pp	3 q
AAPLApple Inc.	0.13%	10,332	$2M	added+11%	+0.01 pp	5 q
unresolvedBiglari Holdings Inc	0.08%	2,561	$1M	added+5%	+0.01 pp	5 q
GSGoldman Sachs Group Inc.	0.07%	3,625	$924,000	added+29%	+0.02 pp	5 q
CVXChevron Corporation	0.05%	5,527	$692,000	added+48%	+0.01 pp	5 q
MKLMarkel Group Inc.	0.05%	610	$695,000	trimmed−0%	0.00 pp	5 q
MSFTMicrosoft Corp	0.05%	8,520	$729,000	trimmed−12%	−0.01 pp	5 q
AMGNAmgen Inc	0.04%	3,080	$536,000	held	—	5 q
IWMiShares Russell 2000 ETF	0.04%	3,900	$595,000	added+39%	+0.01 pp	3 q
JNJJohnson & Johnson	0.04%	3,473	$485,000	trimmed−25%	−0.01 pp	5 q
AFLAflac Inc.	0.03%	5,005	$439,000	trimmed−58%	−0.05 pp	5 q
HALHalliburton Company	0.03%	6,851	$335,000	held	—	5 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.03%	12,800	$454,000	added+75%	+0.01 pp	2 q
unresolvedLeucadia National	0.03%	14,664	$388,000	held	—	5 q
BACBank of America Corporation	0.02%	10,381	$306,000	added0%	0.00 pp	5 q
COFCapital One Financial	0.02%	2,500	$249,000	held	—	5 q
CCitigroup Inc.	0.02%	3,900	$290,000	held	—	5 q
CFGCitizens Financial Group, Inc.	0.02%	7,700	$323,000	trimmed−4%	0.00 pp	2 q
CAGConagra Brands, Inc.	0.02%	6,800	$256,000	new	+0.02 pp	new
COPConocoPhillips	0.02%	4,104	$225,000	held	—	2 q
GLWCorning Incorporated	0.02%	8,749	$280,000	held	—	5 q
LBBath & Body Works, Inc.	0.02%	3,410	$205,000	new	+0.02 pp	new
PBAPembina Pipeline Corporation	0.02%	6,900	$250,000	held	—	4 q
TMHCTaylor Morrison Home Corporation	0.02%	12,600	$308,000	trimmed−3%	0.00 pp	3 q
unresolvedEnsco PLC	0.01%	26,825	$159,000	trimmed−5%	0.00 pp	5 q
CTSHCognizant Technology Solutions	—	−428,536	—	exited	−2.51 pp	—
KMXCarMax Inc.	—	−75,987	—	exited	−0.47 pp	—
METAMeta Platforms, Inc. Class A	—	−3,000	—	exited	−0.04 pp	—
WMTWalmart Inc.	—	−6,320	—	exited	−0.04 pp	—
AMZNAmazon.Com Inc	—	−301	—	exited	−0.02 pp	—
unresolvedChina North East Pete Hldgs	—	−24,790	—	exited	0.00 pp	—
unresolvedMarin Software	—	−15,000	—	exited	0.00 pp	—