Check Capital

Q2 2019 13F · by Steven Check, CIO

As of: Jun 30, 2019
Filed: Aug 8, 2019
US stock: $1.2B · prev $1.1B
Positions: 48 · prev 47
Options notional: $787M
Documents: 1· no amendments

Picture56.3% US stock

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

US stock listed on a US exchange 56.3%
Foreign stock not listed in the US 3.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 40.5%

Moves41 since the prior filing

+5.8 pp in · −5.8 pp out

New 2 +2.42 pp
Added 10 +3.40 pp
Trimmed 27 −5.78 pp
Exited 1 −0.01 pp

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

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions49% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added+2.24 pp added+2.2423.8%
unresolved Brookfield Asset Mgmt Inc trimmed−0.08 pp trimmed−0.088.8%
KMX CarMax Inc. trimmed+0.95 pp trimmed+0.956.0%
AXP American Express Company trimmed+0.38 pp trimmed+0.385.5%
FDX FedEx Corporation added+0.27 pp added+0.275.2%

Positions48 in this filing · 1 exited


BRK.BBERKSHIRE HATHAWAY Class B	23.76%	1,291,853	$275M	added+5%	+2.24 pp	11 q
unresolvedBrookfield Asset Mgmt Inc	8.77%	2,126,050	$102M	trimmed−2%	−0.08 pp	7 q
KMXCarMax Inc.	6.02%	802,945	$70M	trimmed−4%	+0.95 pp	6 q
AXPAmerican Express Company	5.54%	520,319	$64M	trimmed−4%	+0.38 pp	11 q
FDXFedEx Corporation	5.24%	369,610	$61M	added+17%	+0.27 pp	11 q
WFCWells Fargo & Co.	4.81%	1,177,555	$56M	trimmed−1%	−0.18 pp	11 q
BFHBread Financial Holdings, Inc.	4.77%	394,299	$55M	added+53%	+0.85 pp	6 q
SUSuncor Energy, Inc.	4.28%	1,590,265	$50M	trimmed−2%	−0.32 pp	11 q
TROWT Rowe Price Group Inc	4.23%	446,504	$49M	trimmed−3%	+0.21 pp	3 q
LKQLKQ Corporation	4.20%	1,829,769	$49M	trimmed−4%	−0.48 pp	10 q
HN9Hanesbrands Inc	3.86%	2,599,924	$45M	trimmed−3%	−0.32 pp	11 q
CMPRCimpress PLC (Ireland)	3.24%	412,801	$38M	trimmed−2%	+0.29 pp	10 q
USBU.S. Bancorp	2.99%	661,769	$35M	trimmed−1%	+0.18 pp	11 q
unresolvedNaspers Limited	2.88%	688,595	$33M	trimmed−2%	+0.03 pp	4 q
INGRIngredion Incorporated	2.84%	398,963	$33M	trimmed−3%	−0.56 pp	11 q
unresolvedSpectrum Brands Hldgs Inc	2.65%	570,922	$31M	trimmed−2%	−0.14 pp	11 q
ANAutoNation, Inc.	2.62%	724,318	$30M	trimmed−4%	+0.27 pp	8 q
BRK.ABerkshire Hathaway Inc.	2.61%	95	$30M	trimmed−1%	+0.09 pp	11 q
GOOGAlphabet Inc. Class C	2.40%	25,731	$28M	new	+2.40 pp	new
VZVerizon Communications	0.33%	66,785	$4M	trimmed−9%	−0.05 pp	11 q
DISThe Walt Disney Company	0.25%	20,619	$3M	trimmed−7%	+0.04 pp	11 q
BUDAnheuser-Busch INBEV SA/NV	0.24%	30,900	$3M	trimmed−3%	+0.01 pp	11 q
AAPLApple Inc.	0.20%	11,818	$2M	trimmed−1%	0.00 pp	11 q
JNJJohnson & Johnson	0.20%	16,500	$2M	trimmed−7%	−0.02 pp	11 q
SBUXStarbucks Corp	0.19%	26,700	$2M	trimmed−4%	+0.01 pp	4 q
TRUPTrupanion, Inc.	0.09%	27,625	$998,000	added+6%	+0.02 pp	6 q
MSFTMicrosoft Corp	0.08%	6,872	$921,000	added0%	+0.01 pp	11 q
AMGNAmgen Inc	0.07%	4,532	$835,000	held	—	11 q
MKLMarkel Group Inc.	0.07%	750	$817,000	added+1%	+0.01 pp	11 q
BH.ABiglari Holdings Inc. Class A	0.06%	1,311	$696,000	added+12%	−0.01 pp	5 q
SPYState Street SPDR S&P 500 ETF Trust	0.06%	2,295	$672,000	trimmed−7%	0.00 pp	9 q
QCOMQualcomm Inc	0.05%	7,730	$588,000	trimmed−99%	−3.55 pp	11 q
GSGoldman Sachs Group Inc.	0.04%	2,530	$518,000	added+9%	0.00 pp	11 q
WBAWalgreens Boots Alliance, Inc	0.04%	8,100	$443,000	trimmed−98%	−2.48 pp	7 q
AZOAutoZone, Inc.	0.03%	320	$352,000	trimmed−65%	−0.05 pp	9 q
BACBank of America Corporation	0.03%	11,397	$331,000	added0%	0.00 pp	11 q
CATCaterpillar Inc.	0.03%	2,170	$296,000	held	—	6 q
CVXChevron Corporation	0.03%	3,127	$389,000	held	—	11 q
CFGCitizens Financial Group, Inc.	0.03%	9,300	$329,000	added+9%	+0.01 pp	8 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.03%	10,200	$393,000	trimmed−9%	−0.01 pp	8 q
COFCapital One Financial	0.02%	2,400	$218,000	new	+0.02 pp	new
CCitigroup Inc.	0.02%	3,900	$273,000	held	—	11 q
COPConocoPhillips	0.02%	3,604	$220,000	held	—	8 q
GLWCorning Incorporated	0.02%	7,650	$254,000	held	—	11 q
FASTFastenal Co	0.02%	8,060	$263,000	trimmed−9%	0.00 pp	11 q
PBAPembina Pipeline Corporation	0.02%	6,900	$257,000	held	—	10 q
WGOWinnebago Industries, Inc.	0.02%	7,300	$282,000	held	—	2 q
EVTIEventure Interactive Inc	0.00%	50,000	$0	held	—	3 q
unresolvedEnsco PLC	—	−34,425	—	exited	−0.01 pp	—