Check Capital

Q2 2018 13F · by Steven Check, CIO

As of: Jun 30, 2018
Filed: Jul 26, 2018
US stock: $1.3B · prev $1.3B
Positions: 58 · prev 58
Options notional: $582M
Documents: 1· no amendments

Picture69.2% US stock

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

US stock listed on a US exchange 69.2%
Foreign stock not listed in the US 0.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 30.8%

Moves48 since the prior filing

+4.3 pp in · −4.1 pp out

New 3 +0.13 pp
Added 15 +4.21 pp
Trimmed 25 −3.93 pp
Exited 3 −0.17 pp

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

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions37% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added−0.83 pp added−0.8317.6%
SU Suncor Energy, Inc. trimmed+0.14 pp trimmed+0.145.2%
unresolved Brookfield Asset Mgmt Inc trimmed+0.10 pp trimmed+0.104.9%
FDX FedEx Corporation trimmed−0.40 pp trimmed−0.404.7%
unresolved Express Scripts Hldg Co trimmed+0.39 pp trimmed+0.394.6%

Positions58 in this filing · 3 exited


BRK.BBERKSHIRE HATHAWAY Class B	17.65%	1,237,109	$231M	added+3%	−0.83 pp	7 q
SUSuncor Energy, Inc.	5.21%	1,673,706	$68M	trimmed−12%	+0.14 pp	7 q
unresolvedBrookfield Asset Mgmt Inc	4.91%	1,585,526	$64M	trimmed−1%	+0.10 pp	3 q
FDXFedEx Corporation	4.66%	268,706	$61M	trimmed−1%	−0.40 pp	7 q
unresolvedExpress Scripts Hldg Co	4.63%	785,076	$61M	trimmed−1%	+0.39 pp	7 q
HN9Hanesbrands Inc	4.55%	2,702,096	$60M	added0%	+0.71 pp	7 q
CMPRCimpress PLC (Ireland)	4.50%	406,113	$59M	trimmed−1%	−0.42 pp	6 q
KMXCarMax Inc.	4.46%	800,989	$58M	trimmed−1%	+0.59 pp	2 q
BFHBread Financial Holdings, Inc.	4.42%	248,074	$58M	added0%	+0.34 pp	2 q
AXPAmerican Express Company	4.39%	585,349	$57M	trimmed−2%	+0.08 pp	7 q
WFCWells Fargo & Co.	4.35%	1,027,191	$57M	trimmed−1%	+0.12 pp	7 q
QCOMQualcomm Inc	4.24%	989,204	$56M	trimmed−2%	−0.09 pp	7 q
unresolvedSpectrum Brands Hldgs Inc	3.77%	603,697	$49M	added+28%	−0.03 pp	7 q
LKQLKQ Corporation	3.56%	1,458,033	$47M	added+48%	+0.68 pp	6 q
INGRIngredion Incorporated	3.53%	416,554	$46M	trimmed−1%	−0.68 pp	7 q
AZOAutoZone, Inc.	3.25%	63,313	$42M	trimmed−0%	+0.06 pp	5 q
BRK.ABerkshire Hathaway Inc.	3.17%	147	$41M	held	—	7 q
USBU.S. Bancorp	2.96%	773,680	$39M	added×11.4	+2.69 pp	7 q
ANAutoNation, Inc.	2.62%	705,858	$34M	added+1%	+0.09 pp	4 q
IBMInternational Business Machines Corporation	2.53%	236,990	$33M	trimmed−4%	−0.39 pp	7 q
unresolvedGeneral Electric Co	1.94%	1,862,804	$25M	trimmed−0%	−0.01 pp	2 q
WBAWalgreens Boots Alliance, Inc	1.88%	409,073	$25M	added+36%	+0.36 pp	3 q
VZVerizon Communications	0.47%	122,855	$6M	added+3%	+0.03 pp	7 q
BUDAnheuser-Busch INBEV SA/NV	0.39%	51,110	$5M	added+15%	+0.01 pp	7 q
ABTAbbott Laboratories	0.30%	64,660	$4M	trimmed−0%	0.00 pp	7 q
FASTFastenal Co	0.25%	67,729	$3M	trimmed−13%	−0.08 pp	7 q
DISThe Walt Disney Company	0.16%	19,715	$2M	trimmed−4%	0.00 pp	7 q
JNJJohnson & Johnson	0.16%	17,100	$2M	added×5.8	+0.13 pp	7 q
AAPLApple Inc.	0.13%	9,435	$2M	added+1%	+0.01 pp	7 q
PSXPhillips 66	0.10%	11,311	$1M	trimmed−64%	−0.13 pp	7 q
BH.ABiglari Holdings Inc. Class A	0.06%	883	$839,000	new	+0.06 pp	new
CMGChipotle Mexican Grill, Inc.	0.06%	1,895	$817,000	trimmed−98%	−3.09 pp	4 q
unresolvedGoogle Inc.	0.05%	550	$621,000	new	+0.05 pp	new
99803EURLaboratory Crp Of Amer Hldgs	0.05%	3,282	$589,000	trimmed−70%	−0.09 pp	7 q
MKLMarkel Group Inc.	0.05%	608	$659,000	trimmed−0%	−0.01 pp	7 q
MSFTMicrosoft Corp	0.05%	7,231	$713,000	trimmed−7%	0.00 pp	7 q
AMGNAmgen Inc	0.04%	3,080	$569,000	held	—	7 q
GSGoldman Sachs Group Inc.	0.04%	2,300	$507,000	held	—	7 q
CVXChevron Corporation	0.03%	3,127	$395,000	held	—	7 q
CFGCitizens Financial Group, Inc.	0.03%	8,800	$342,000	held	—	4 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.03%	12,100	$438,000	held	—	4 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	1,264	$343,000	trimmed−33%	−0.01 pp	5 q
TRUPTrupanion, Inc.	0.03%	9,900	$382,000	added+48%	+0.01 pp	2 q
WGOWinnebago Industries, Inc.	0.03%	8,700	$353,000	held	—	2 q
BACBank of America Corporation	0.02%	10,713	$302,000	added0%	0.00 pp	7 q
BCCBoise Cascade Company	0.02%	5,225	$234,000	held	—	2 q
COFCapital One Financial	0.02%	2,500	$230,000	held	—	7 q
CATCaterpillar Inc.	0.02%	1,910	$259,000	held	—	2 q
CCitigroup Inc.	0.02%	3,900	$261,000	held	—	7 q
CAGConagra Brands, Inc.	0.02%	6,800	$243,000	held	—	3 q
COPConocoPhillips	0.02%	3,604	$251,000	held	—	4 q
GLWCorning Incorporated	0.02%	8,199	$226,000	trimmed−1%	0.00 pp	7 q
HALHalliburton Company	0.02%	6,251	$282,000	trimmed−33%	−0.01 pp	7 q
unresolvedJeffries	0.02%	12,964	$295,000	new	+0.02 pp	new
LBBath & Body Works, Inc.	0.02%	7,610	$281,000	trimmed−5%	0.00 pp	3 q
PBAPembina Pipeline Corporation	0.02%	6,900	$239,000	held	—	6 q
TMHCTaylor Morrison Home Corporation	0.02%	10,100	$210,000	held	—	5 q
unresolvedEnsco PLC	0.02%	31,525	$229,000	added+40%	+0.01 pp	7 q
unresolvedBiglari Holdings Inc	—	−2,561	—	exited	−0.08 pp	—
WYNTravel + Leisure Co.	—	−8,340	—	exited	−0.07 pp	—
unresolvedLeucadia National	—	−13,664	—	exited	−0.02 pp	—