Check Capital

Q1 2018 13F · by Steven Check, CIO

As of: Mar 31, 2018
Filed: May 2, 2018
US stock: $1.3B · prev $1.3B
Positions: 58 · prev 53
Options notional: $584M
Documents: 1· no amendments

Picture68.9% US stock

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

US stock listed on a US exchange 68.9%
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 31.1%

Moves54 since the prior filing

+14.7 pp in · −14.8 pp out

New 7 +9.99 pp
Added 17 +4.70 pp
Trimmed 26 −14.72 pp
Exited 2 −0.07 pp

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

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 56% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions38% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−6.41 pp trimmed−6.4118.5%
SU Suncor Energy, Inc. trimmed−0.31 pp trimmed−0.315.1%
FDX FedEx Corporation added+0.44 pp added+0.445.1%
CMPR Cimpress PLC (Ireland) added+1.42 pp added+1.424.9%
unresolved Brookfield Asset Mgmt Inc added+0.18 pp added+0.184.8%

Positions58 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	18.48%	1,197,262	$239M	trimmed−28%	−6.41 pp	6 q
SUSuncor Energy, Inc.	5.07%	1,895,265	$65M	trimmed−3%	−0.31 pp	6 q
FDXFedEx Corporation	5.06%	272,542	$65M	added+11%	+0.44 pp	6 q
CMPRCimpress PLC (Ireland)	4.92%	411,317	$64M	added+6%	+1.42 pp	5 q
unresolvedBrookfield Asset Mgmt Inc	4.81%	1,593,887	$62M	added+13%	+0.18 pp	2 q
QCOMQualcomm Inc	4.33%	1,010,907	$56M	trimmed−0%	−0.55 pp	6 q
AXPAmerican Express Company	4.31%	597,057	$56M	added+18%	+0.53 pp	6 q
unresolvedExpress Scripts Hldg Co	4.24%	794,013	$55M	added+4%	−0.05 pp	6 q
WFCWells Fargo & Co.	4.23%	1,042,774	$55M	trimmed−23%	−1.92 pp	6 q
INGRIngredion Incorporated	4.21%	421,876	$54M	trimmed−1%	−0.26 pp	6 q
BFHBread Financial Holdings, Inc.	4.08%	247,398	$53M	new	+4.08 pp	new
KMXCarMax Inc.	3.87%	808,210	$50M	new	+3.87 pp	new
HN9Hanesbrands Inc	3.84%	2,692,407	$50M	added+8%	−0.10 pp	6 q
unresolvedSpectrum Brands Hldgs Inc	3.80%	472,914	$49M	added+13%	+0.25 pp	6 q
BRK.ABerkshire Hathaway Inc.	3.40%	147	$44M	held	—	6 q
AZOAutoZone, Inc.	3.19%	63,583	$41M	trimmed−3%	−0.32 pp	4 q
CMGChipotle Mexican Grill, Inc.	3.15%	125,897	$41M	added+21%	+0.90 pp	3 q
IBMInternational Business Machines Corporation	2.92%	245,602	$38M	added+3%	+0.16 pp	6 q
LKQLKQ Corporation	2.88%	982,057	$37M	added+3%	−0.05 pp	5 q
ANAutoNation, Inc.	2.53%	699,854	$33M	added+26%	+0.39 pp	3 q
unresolvedGeneral Electric Co	1.95%	1,870,398	$25M	new	+1.95 pp	new
WBAWalgreens Boots Alliance, Inc	1.52%	300,515	$20M	added+77%	+0.59 pp	2 q
VZVerizon Communications	0.44%	119,055	$6M	trimmed−50%	−0.51 pp	6 q
BUDAnheuser-Busch INBEV SA/NV	0.38%	44,310	$5M	trimmed−31%	−0.16 pp	6 q
FASTFastenal Co	0.33%	78,179	$4M	trimmed−45%	−0.25 pp	6 q
ABTAbbott Laboratories	0.30%	64,760	$4M	trimmed−50%	−0.26 pp	6 q
USBU.S. Bancorp	0.27%	68,045	$3M	added+12%	+0.03 pp	6 q
PSXPhillips 66	0.23%	31,204	$3M	trimmed−61%	−0.38 pp	6 q
DISThe Walt Disney Company	0.16%	20,435	$2M	trimmed−20%	−0.05 pp	6 q
99803EURLaboratory Crp Of Amer Hldgs	0.14%	10,792	$2M	trimmed−96%	−2.98 pp	6 q
AAPLApple Inc.	0.12%	9,324	$2M	trimmed−10%	−0.01 pp	6 q
unresolvedBiglari Holdings Inc	0.08%	2,561	$1M	held	—	6 q
WYNTravel + Leisure Co.	0.07%	8,340	$954,000	trimmed−67%	−0.15 pp	6 q
MKLMarkel Group Inc.	0.06%	610	$714,000	held	—	6 q
MSFTMicrosoft Corp	0.05%	7,759	$708,000	trimmed−9%	0.00 pp	6 q
AMGNAmgen Inc	0.04%	3,080	$525,000	held	—	6 q
GSGoldman Sachs Group Inc.	0.04%	2,300	$579,000	trimmed−37%	−0.03 pp	6 q
SPYState Street SPDR S&P 500 ETF Trust	0.04%	1,878	$494,000	trimmed−78%	−0.13 pp	4 q
CVXChevron Corporation	0.03%	3,127	$357,000	trimmed−43%	−0.02 pp	6 q
CFGCitizens Financial Group, Inc.	0.03%	8,800	$369,000	added+14%	+0.01 pp	3 q
HALHalliburton Company	0.03%	9,328	$438,000	added+36%	0.00 pp	6 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.03%	12,100	$440,000	trimmed−5%	0.00 pp	3 q
JNJJohnson & Johnson	0.03%	2,973	$381,000	trimmed−14%	−0.01 pp	6 q
WGOWinnebago Industries, Inc.	0.03%	8,700	$327,000	new	+0.03 pp	new
BACBank of America Corporation	0.02%	10,711	$321,000	added+3%	0.00 pp	6 q
BCCBoise Cascade Company	0.02%	5,225	$202,000	new	+0.02 pp	new
COFCapital One Financial	0.02%	2,500	$240,000	held	—	6 q
CATCaterpillar Inc.	0.02%	1,910	$281,000	new	+0.02 pp	new
CCitigroup Inc.	0.02%	3,900	$263,000	held	—	6 q
CAGConagra Brands, Inc.	0.02%	6,800	$251,000	held	—	2 q
COPConocoPhillips	0.02%	3,604	$214,000	trimmed−12%	0.00 pp	3 q
GLWCorning Incorporated	0.02%	8,299	$231,000	trimmed−5%	0.00 pp	6 q
LBBath & Body Works, Inc.	0.02%	8,010	$306,000	added×2.3	0.00 pp	2 q
unresolvedLeucadia National	0.02%	13,664	$311,000	trimmed−7%	−0.01 pp	6 q
PBAPembina Pipeline Corporation	0.02%	6,900	$215,000	held	—	5 q
TMHCTaylor Morrison Home Corporation	0.02%	10,100	$235,000	trimmed−20%	0.00 pp	4 q
TRUPTrupanion, Inc.	0.02%	6,700	$200,000	new	+0.02 pp	new
unresolvedEnsco PLC	0.01%	22,595	$99,000	trimmed−16%	0.00 pp	6 q
IWMiShares Russell 2000 ETF	—	−3,900	—	exited	−0.04 pp	—
AFLAflac Inc.	—	−10,010	—	exited	−0.03 pp	—