Check Capital

Q4 2018 13F · by Steven Check, CIO

As of: Dec 31, 2018
Filed: Feb 7, 2019
US stock: $1.1B · prev $1.3B
Positions: 51 · prev 56
Options notional: $738M
Documents: 1· no amendments

Picture57.4% US stock

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

US stock listed on a US exchange 57.4%
Foreign stock not listed in the US 2.9%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 39.7%

Moves55 since the prior filing

+11.2 pp in · −11.2 pp out

New 3 +3.83 pp
Added 18 +7.41 pp
Trimmed 25 −8.87 pp
Exited 8 −2.35 pp

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

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions45% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added+2.82 pp added+2.8222.8%
unresolved Brookfield Asset Mgmt Inc added+2.42 pp added+2.427.9%
WFC Wells Fargo & Co. added+0.69 pp added+0.694.8%
AXP American Express Company trimmed+0.01 pp trimmed+0.014.8%
KMX CarMax Inc. added+0.34 pp added+0.344.7%

Positions51 in this filing · 8 exited


BRK.BBERKSHIRE HATHAWAY Class B	22.83%	1,253,301	$256M	added+4%	+2.82 pp	9 q
unresolvedBrookfield Asset Mgmt Inc	7.89%	2,306,435	$88M	added+45%	+2.42 pp	5 q
WFCWells Fargo & Co.	4.85%	1,180,650	$54M	added+15%	+0.69 pp	9 q
AXPAmerican Express Company	4.76%	559,574	$53M	trimmed−3%	+0.01 pp	9 q
KMXCarMax Inc.	4.68%	837,180	$53M	added+11%	+0.34 pp	4 q
FDXFedEx Corporation	4.51%	313,479	$51M	trimmed−0%	−1.34 pp	9 q
SUSuncor Energy, Inc.	4.20%	1,681,876	$47M	added+8%	−0.46 pp	9 q
QCOMQualcomm Inc	4.08%	802,777	$46M	trimmed−15%	−1.19 pp	9 q
BRK.ABerkshire Hathaway Inc.	3.99%	146	$45M	trimmed−1%	+0.36 pp	9 q
LKQLKQ Corporation	3.99%	1,882,596	$45M	added+27%	+0.38 pp	8 q
TROWT Rowe Price Group Inc	3.81%	462,976	$43M	new	+3.81 pp	new
CMPRCimpress PLC (Ireland)	3.67%	397,447	$41M	trimmed−1%	−0.54 pp	8 q
INGRIngredion Incorporated	3.48%	426,695	$39M	trimmed−0%	+0.02 pp	9 q
BFHBread Financial Holdings, Inc.	3.39%	253,452	$38M	added+1%	−1.17 pp	4 q
HN9Hanesbrands Inc	2.99%	2,674,960	$34M	trimmed−2%	−0.88 pp	9 q
WBAWalgreens Boots Alliance, Inc	2.80%	459,058	$31M	added+13%	+0.51 pp	5 q
unresolvedNaspers Limited	2.56%	722,468	$29M	trimmed−1%	+0.16 pp	2 q
ANAutoNation, Inc.	2.42%	759,187	$27M	added+4%	+0.09 pp	6 q
unresolvedSpectrum Brands Hldgs Inc	2.25%	596,762	$25M	trimmed−2%	−1.25 pp	9 q
IBMInternational Business Machines Corporation	2.06%	202,910	$23M	trimmed−9%	−0.54 pp	9 q
USBU.S. Bancorp	2.02%	496,502	$23M	added×7.5	+1.75 pp	9 q
VZVerizon Communications	0.43%	84,985	$5M	trimmed−24%	−0.03 pp	9 q
ABTAbbott Laboratories	0.26%	39,850	$3M	trimmed−5%	+0.02 pp	9 q
AZOAutoZone, Inc.	0.25%	3,328	$3M	trimmed−95%	−3.51 pp	7 q
FASTFastenal Co	0.23%	49,630	$3M	trimmed−15%	−0.03 pp	9 q
BUDAnheuser-Busch INBEV SA/NV	0.22%	37,600	$2M	trimmed−16%	−0.08 pp	9 q
AAPLApple Inc.	0.19%	13,284	$2M	added+28%	+0.01 pp	9 q
JNJJohnson & Johnson	0.18%	15,200	$2M	trimmed−11%	0.00 pp	9 q
DISThe Walt Disney Company	0.17%	17,700	$2M	trimmed−25%	−0.04 pp	9 q
SBUXStarbucks Corp	0.17%	29,500	$2M	trimmed−2%	+0.04 pp	2 q
AMGNAmgen Inc	0.08%	4,620	$899,000	added+50%	+0.03 pp	9 q
MSFTMicrosoft Corp	0.08%	8,567	$870,000	trimmed−2%	0.00 pp	9 q
MKLMarkel Group Inc.	0.06%	640	$664,000	added+5%	0.00 pp	9 q
BH.ABiglari Holdings Inc. Class A	0.05%	1,023	$601,000	added+13%	−0.01 pp	3 q
CMGChipotle Mexican Grill, Inc.	0.05%	1,425	$615,000	trimmed−23%	−0.02 pp	6 q
TRUPTrupanion, Inc.	0.05%	23,325	$594,000	added+54%	+0.01 pp	4 q
BACBank of America Corporation	0.03%	11,394	$281,000	added+6%	+0.01 pp	9 q
CVXChevron Corporation	0.03%	3,127	$340,000	held	—	9 q
GSGoldman Sachs Group Inc.	0.03%	2,330	$389,000	trimmed−2%	−0.01 pp	9 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.03%	11,200	$373,000	trimmed−7%	−0.01 pp	6 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	1,190	$297,000	trimmed−16%	0.00 pp	7 q
AMZNAmazon.Com Inc	0.02%	150	$225,000	new	+0.02 pp	new
CATCaterpillar Inc.	0.02%	2,170	$276,000	added+10%	0.00 pp	4 q
CCitigroup Inc.	0.02%	3,900	$203,000	held	—	9 q
CFGCitizens Financial Group, Inc.	0.02%	8,500	$253,000	trimmed−3%	−0.01 pp	6 q
COPConocoPhillips	0.02%	3,604	$225,000	held	—	6 q
GLWCorning Incorporated	0.02%	7,650	$231,000	trimmed−4%	0.00 pp	9 q
PBAPembina Pipeline Corporation	0.02%	6,900	$205,000	held	—	8 q
PSXPhillips 66	0.02%	2,453	$211,000	held	—	9 q
unresolvedEnsco PLC	0.01%	34,425	$123,000	added+9%	−0.01 pp	9 q
EVTIEventure Interactive Inc	0.00%	50,000	$0	new	0.00 pp	new
unresolvedGeneral Electric Co	—	−2,492,976	—	exited	−2.17 pp	—
unresolvedExpress Scripts Hldg Co	—	−6,175	—	exited	−0.05 pp	—
99803EURLaboratory Crp Of Amer Hldgs	—	−2,455	—	exited	−0.03 pp	—
COFCapital One Financial	—	−2,500	—	exited	−0.02 pp	—
HALHalliburton Company	—	−6,251	—	exited	−0.02 pp	—
unresolvedJeffries	—	−10,100	—	exited	−0.02 pp	—
LBBath & Body Works, Inc.	—	−6,900	—	exited	−0.02 pp	—
WGOWinnebago Industries, Inc.	—	−8,700	—	exited	−0.02 pp	—