Check Capital

Q1 2019 13F · by Steven Check, CIO

As of: Mar 31, 2019
Filed: May 6, 2019
US stock: $1.1B · prev $1.1B
Positions: 47 · prev 51
Options notional: $741M
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 3.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 39.2%

Moves41 since the prior filing

+3.3 pp in · −3.3 pp out

New 1 +0.02 pp
Added 13 +3.23 pp
Trimmed 21 −0.92 pp
Exited 5 −2.41 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

Low turnover · 10% a year, about 10.0 years per position

Low
Moderate
High

Top 5 positions46% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−1.31 pp trimmed−1.3121.5%
unresolved Brookfield Asset Mgmt Inc trimmed+0.96 pp trimmed+0.968.8%
AXP American Express Company trimmed+0.40 pp trimmed+0.405.2%
KMX CarMax Inc. trimmed+0.39 pp trimmed+0.395.1%
WFC Wells Fargo & Co. added+0.14 pp added+0.145.0%

Positions47 in this filing · 5 exited


BRK.BBERKSHIRE HATHAWAY Class B	21.52%	1,230,791	$247M	trimmed−2%	−1.31 pp	10 q
unresolvedBrookfield Asset Mgmt Inc	8.85%	2,178,297	$102M	trimmed−6%	+0.96 pp	6 q
AXPAmerican Express Company	5.16%	542,250	$59M	trimmed−3%	+0.40 pp	10 q
KMXCarMax Inc.	5.07%	834,619	$58M	trimmed−0%	+0.39 pp	5 q
WFCWells Fargo & Co.	4.99%	1,185,443	$57M	added0%	+0.14 pp	10 q
FDXFedEx Corporation	4.97%	314,581	$57M	added0%	+0.46 pp	10 q
LKQLKQ Corporation	4.68%	1,896,396	$54M	added+1%	+0.69 pp	9 q
SUSuncor Energy, Inc.	4.60%	1,630,647	$53M	trimmed−3%	+0.40 pp	10 q
HN9Hanesbrands Inc	4.18%	2,684,159	$48M	added0%	+1.19 pp	10 q
TROWT Rowe Price Group Inc	4.02%	461,727	$46M	trimmed−0%	+0.21 pp	2 q
BFHBread Financial Holdings, Inc.	3.92%	257,227	$45M	added+1%	+0.53 pp	5 q
QCOMQualcomm Inc	3.60%	725,008	$41M	trimmed−10%	−0.48 pp	10 q
INGRIngredion Incorporated	3.40%	412,965	$39M	trimmed−3%	−0.08 pp	10 q
CMPRCimpress PLC (Ireland)	2.95%	422,599	$34M	added+6%	−0.72 pp	9 q
unresolvedNaspers Limited	2.85%	705,444	$33M	trimmed−2%	+0.29 pp	3 q
USBU.S. Bancorp	2.81%	669,245	$32M	added+35%	+0.79 pp	10 q
unresolvedSpectrum Brands Hldgs Inc	2.79%	585,233	$32M	trimmed−2%	+0.54 pp	10 q
BRK.ABerkshire Hathaway Inc.	2.52%	96	$29M	trimmed−34%	−1.47 pp	10 q
WBAWalgreens Boots Alliance, Inc	2.52%	457,013	$29M	trimmed−0%	−0.28 pp	6 q
ANAutoNation, Inc.	2.35%	756,603	$27M	trimmed−0%	−0.07 pp	7 q
VZVerizon Communications	0.38%	73,685	$4M	trimmed−13%	−0.05 pp	10 q
BUDAnheuser-Busch INBEV SA/NV	0.23%	32,000	$3M	trimmed−15%	+0.01 pp	10 q
JNJJohnson & Johnson	0.22%	17,800	$2M	added+17%	+0.04 pp	10 q
DISThe Walt Disney Company	0.21%	22,189	$2M	added+25%	+0.04 pp	10 q
AAPLApple Inc.	0.20%	11,986	$2M	trimmed−10%	+0.01 pp	10 q
SBUXStarbucks Corp	0.18%	27,800	$2M	trimmed−6%	+0.01 pp	3 q
AZOAutoZone, Inc.	0.08%	904	$926,000	trimmed−73%	−0.17 pp	8 q
AMGNAmgen Inc	0.07%	4,532	$861,000	trimmed−2%	−0.01 pp	10 q
BH.ABiglari Holdings Inc. Class A	0.07%	1,168	$859,000	added+14%	+0.02 pp	4 q
MSFTMicrosoft Corp	0.07%	6,842	$807,000	trimmed−20%	−0.01 pp	10 q
TRUPTrupanion, Inc.	0.07%	26,175	$857,000	added+12%	+0.02 pp	5 q
MKLMarkel Group Inc.	0.06%	740	$737,000	added+16%	0.00 pp	10 q
SPYState Street SPDR S&P 500 ETF Trust	0.06%	2,480	$700,000	added×2.1	+0.03 pp	8 q
GSGoldman Sachs Group Inc.	0.04%	2,330	$447,000	held	—	10 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.04%	11,200	$425,000	held	—	7 q
BACBank of America Corporation	0.03%	11,394	$314,000	held	—	10 q
CATCaterpillar Inc.	0.03%	2,170	$294,000	held	—	5 q
CVXChevron Corporation	0.03%	3,127	$385,000	held	—	10 q
CCitigroup Inc.	0.02%	3,900	$243,000	held	—	10 q
CFGCitizens Financial Group, Inc.	0.02%	8,500	$276,000	held	—	7 q
COPConocoPhillips	0.02%	3,604	$241,000	held	—	7 q
GLWCorning Incorporated	0.02%	7,650	$253,000	held	—	10 q
FASTFastenal Co	0.02%	4,430	$285,000	trimmed−91%	−0.21 pp	10 q
PBAPembina Pipeline Corporation	0.02%	6,900	$254,000	held	—	9 q
WGOWinnebago Industries, Inc.	0.02%	7,300	$227,000	new	+0.02 pp	new
unresolvedEnsco PLC	0.01%	34,425	$135,000	held	—	10 q
EVTIEventure Interactive Inc	0.00%	50,000	$0	held	—	2 q
IBMInternational Business Machines Corporation	—	−202,910	—	exited	−2.06 pp	—
ABTAbbott Laboratories	—	−39,850	—	exited	−0.26 pp	—
CMGChipotle Mexican Grill, Inc.	—	−1,425	—	exited	−0.05 pp	—
AMZNAmazon.Com Inc	—	−150	—	exited	−0.02 pp	—
PSXPhillips 66	—	−2,453	—	exited	−0.02 pp	—

Other 13(f) securities

Options 1

Contract	% of notional	Shares	Notional
BRK.B CALL	100.00%	3,687,800	$741M

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 5 defects · 4 unresolved
Accession: 0001032814-19-000004
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 2019-03-31
A security outside the official 13F list — CUSIP 299765107 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 631512100 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 84763R101 not on the Official 13(f) List for 2019-03-31

Search