Check Capital

Q3 2018 13F · by Steven Check, CIO

As of: Sep 30, 2018
Filed: Oct 29, 2018
US stock: $1.3B · prev $1.3B
Positions: 56 · prev 58
Options notional: $710M
Documents: 1· no amendments

Picture63.0% US stock

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

US stock listed on a US exchange 63.0%
Foreign stock not listed in the US 1.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 35.4%

Moves48 since the prior filing

+3.5 pp in · −4.0 pp out

New 2 +2.53 pp
Added 18 +1.00 pp
Trimmed 23 −3.90 pp
Exited 4 −0.11 pp

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

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions41% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+2.36 pp trimmed+2.3620.0%
FDX FedEx Corporation added+1.19 pp added+1.195.8%
unresolved Brookfield Asset Mgmt Inc added+0.56 pp added+0.565.5%
QCOM Qualcomm Inc trimmed+1.03 pp trimmed+1.035.3%
AXP American Express Company trimmed+0.36 pp trimmed+0.364.8%

Positions56 in this filing · 4 exited


BRK.BBERKSHIRE HATHAWAY Class B	20.01%	1,210,933	$259M	trimmed−2%	+2.36 pp	8 q
FDXFedEx Corporation	5.85%	314,659	$76M	added+17%	+1.19 pp	8 q
unresolvedBrookfield Asset Mgmt Inc	5.47%	1,591,655	$71M	added0%	+0.56 pp	4 q
QCOMQualcomm Inc	5.27%	947,820	$68M	trimmed−4%	+1.03 pp	8 q
AXPAmerican Express Company	4.75%	577,814	$62M	trimmed−1%	+0.36 pp	8 q
SUSuncor Energy, Inc.	4.66%	1,560,920	$60M	trimmed−7%	−0.55 pp	8 q
BFHBread Financial Holdings, Inc.	4.56%	249,955	$59M	added+1%	+0.14 pp	3 q
KMXCarMax Inc.	4.34%	752,492	$56M	trimmed−6%	−0.12 pp	3 q
CMPRCimpress PLC (Ireland)	4.21%	399,577	$55M	trimmed−2%	−0.29 pp	7 q
WFCWells Fargo & Co.	4.16%	1,025,185	$54M	trimmed−0%	−0.19 pp	8 q
HN9Hanesbrands Inc	3.87%	2,719,356	$50M	added+1%	−0.68 pp	8 q
AZOAutoZone, Inc.	3.76%	62,736	$49M	trimmed−1%	+0.51 pp	6 q
BRK.ABerkshire Hathaway Inc.	3.63%	147	$47M	held	—	8 q
LKQLKQ Corporation	3.61%	1,478,503	$47M	added+1%	+0.05 pp	7 q
unresolvedSpectrum Brands Hldgs Inc	3.50%	606,460	$45M	added0%	−0.27 pp	8 q
INGRIngredion Incorporated	3.46%	427,213	$45M	added+3%	−0.07 pp	8 q
IBMInternational Business Machines Corporation	2.60%	222,838	$34M	trimmed−6%	+0.07 pp	8 q
unresolvedNaspers Limited	2.40%	726,188	$31M	new	+2.40 pp	new
ANAutoNation, Inc.	2.33%	727,445	$30M	added+3%	−0.29 pp	5 q
WBAWalgreens Boots Alliance, Inc	2.29%	407,792	$30M	trimmed−0%	+0.41 pp	4 q
unresolvedGeneral Electric Co	2.17%	2,492,976	$28M	added+34%	+0.23 pp	3 q
VZVerizon Communications	0.46%	111,385	$6M	trimmed−9%	−0.01 pp	8 q
BUDAnheuser-Busch INBEV SA/NV	0.30%	44,800	$4M	trimmed−12%	−0.09 pp	8 q
USBU.S. Bancorp	0.27%	65,980	$3M	trimmed−91%	−2.69 pp	8 q
FASTFastenal Co	0.26%	58,380	$3M	trimmed−14%	+0.01 pp	8 q
ABTAbbott Laboratories	0.24%	41,960	$3M	trimmed−35%	−0.06 pp	8 q
DISThe Walt Disney Company	0.21%	23,730	$3M	added+20%	+0.05 pp	8 q
AAPLApple Inc.	0.18%	10,377	$2M	added+10%	+0.05 pp	8 q
JNJJohnson & Johnson	0.18%	17,000	$2M	trimmed−1%	+0.02 pp	8 q
SBUXStarbucks Corp	0.13%	29,960	$2M	new	+0.13 pp	new
MSFTMicrosoft Corp	0.08%	8,706	$996,000	added+20%	+0.03 pp	8 q
CMGChipotle Mexican Grill, Inc.	0.07%	1,860	$845,000	trimmed−2%	+0.01 pp	5 q
BH.ABiglari Holdings Inc. Class A	0.06%	903	$833,000	added+2%	0.00 pp	2 q
MKLMarkel Group Inc.	0.06%	608	$723,000	held	—	8 q
AMGNAmgen Inc	0.05%	3,080	$638,000	held	—	8 q
unresolvedExpress Scripts Hldg Co	0.05%	6,175	$587,000	trimmed−99%	−4.58 pp	8 q
GSGoldman Sachs Group Inc.	0.04%	2,380	$534,000	added+3%	0.00 pp	8 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.04%	12,100	$469,000	held	—	5 q
TRUPTrupanion, Inc.	0.04%	15,150	$541,000	added+53%	+0.01 pp	3 q
CVXChevron Corporation	0.03%	3,127	$382,000	held	—	8 q
CFGCitizens Financial Group, Inc.	0.03%	8,800	$339,000	held	—	5 q
99803EURLaboratory Crp Of Amer Hldgs	0.03%	2,455	$426,000	trimmed−25%	−0.02 pp	8 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	1,414	$411,000	added+12%	0.00 pp	6 q
BACBank of America Corporation	0.02%	10,716	$316,000	added0%	0.00 pp	8 q
COFCapital One Financial	0.02%	2,500	$237,000	held	—	8 q
CATCaterpillar Inc.	0.02%	1,970	$300,000	added+3%	0.00 pp	3 q
CCitigroup Inc.	0.02%	3,900	$280,000	held	—	8 q
COPConocoPhillips	0.02%	3,604	$279,000	held	—	5 q
GLWCorning Incorporated	0.02%	7,950	$281,000	trimmed−3%	0.00 pp	8 q
HALHalliburton Company	0.02%	6,251	$253,000	held	—	8 q
unresolvedJeffries	0.02%	10,100	$222,000	trimmed−22%	0.00 pp	2 q
LBBath & Body Works, Inc.	0.02%	6,900	$209,000	trimmed−9%	0.00 pp	4 q
PBAPembina Pipeline Corporation	0.02%	6,900	$235,000	held	—	7 q
PSXPhillips 66	0.02%	2,453	$276,000	trimmed−78%	−0.08 pp	8 q
WGOWinnebago Industries, Inc.	0.02%	8,700	$288,000	held	—	3 q
unresolvedEnsco PLC	0.02%	31,525	$266,000	held	—	8 q
unresolvedGoogle Inc.	—	−550	—	exited	−0.05 pp	—
BCCBoise Cascade Company	—	−5,225	—	exited	−0.02 pp	—
CAGConagra Brands, Inc.	—	−6,800	—	exited	−0.02 pp	—
TMHCTaylor Morrison Home Corporation	—	−10,100	—	exited	−0.02 pp	—

Other 13(f) securities

Options 1

Contract	% of notional	Shares	Notional
BRK.B CALL	100.00%	3,317,700	$710M

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 4 defects · 7 unresolved
Accession: 0001032814-18-000005
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 2018-09-30
A security outside the official 13F list — CUSIP 472319102 not on the Official 13(f) List for 2018-09-30
A security outside the official 13F list — CUSIP 631512100 not on the Official 13(f) List for 2018-09-30

Search