Check Capital

Q3 2019 13F · by Steven Check, CIO

As of: Sep 30, 2019
Filed: Nov 6, 2019
US stock: $1.1B · prev $1.2B
Positions: 47 · prev 48
Options notional: $783M
Documents: 1· no amendments

Picture55.6% US stock

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

US stock listed on a US exchange 55.6%
Foreign stock not listed in the US 3.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 41.3%

Moves39 since the prior filing

+3.5 pp in · −3.6 pp out

New 1 +0.86 pp
Added 7 +2.65 pp
Trimmed 28 −3.52 pp
Exited 2 −0.04 pp

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

The book

Very concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.1 years per position

Low
Moderate
High

Top 5 positions52% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added+2.09 pp added+2.0925.9%
unresolved Brookfield Asset Mgmt Inc trimmed+0.94 pp trimmed+0.949.7%
KMX CarMax Inc. trimmed+0.02 pp trimmed+0.026.0%
WFC Wells Fargo & Co. trimmed+0.36 pp trimmed+0.365.2%
LKQ LKQ Corporation trimmed+0.78 pp trimmed+0.785.0%

Positions47 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	25.85%	1,382,853	$288M	added+7%	+2.09 pp	12 q
unresolvedBrookfield Asset Mgmt Inc	9.71%	2,035,492	$108M	trimmed−4%	+0.94 pp	8 q
KMXCarMax Inc.	6.04%	764,305	$67M	trimmed−5%	+0.02 pp	7 q
WFCWells Fargo & Co.	5.17%	1,140,271	$58M	trimmed−3%	+0.36 pp	12 q
LKQLKQ Corporation	4.98%	1,761,099	$55M	trimmed−4%	+0.78 pp	11 q
FDXFedEx Corporation	4.63%	354,120	$52M	trimmed−4%	−0.61 pp	12 q
SUSuncor Energy, Inc.	4.55%	1,603,792	$51M	added+1%	+0.27 pp	12 q
BFHBread Financial Holdings, Inc.	4.48%	388,835	$50M	trimmed−1%	−0.29 pp	7 q
TROWT Rowe Price Group Inc	4.36%	424,668	$49M	trimmed−5%	+0.13 pp	4 q
CMPRCimpress PLC (Ireland)	3.98%	336,057	$44M	trimmed−19%	+0.74 pp	11 q
HN9Hanesbrands Inc	3.77%	2,741,867	$42M	added+5%	−0.09 pp	12 q
AXPAmerican Express Company	3.71%	348,797	$41M	trimmed−33%	−1.83 pp	12 q
USBU.S. Bancorp	3.19%	642,216	$36M	trimmed−3%	+0.20 pp	12 q
GOOGAlphabet Inc. Class C	2.82%	25,757	$31M	added0%	+0.42 pp	2 q
INGRIngredion Incorporated	2.77%	376,834	$31M	trimmed−6%	−0.07 pp	12 q
BRK.ABerkshire Hathaway Inc.	2.63%	94	$29M	trimmed−1%	+0.02 pp	12 q
unresolvedSpectrum Brands Hldgs Inc	2.62%	553,493	$29M	trimmed−3%	−0.03 pp	12 q
unresolvedNaspers Limited	1.76%	654,803	$20M	trimmed−5%	−1.12 pp	5 q
PROSYProsus NV SP/	0.86%	654,613	$10M	new	+0.86 pp	new
VZVerizon Communications	0.33%	61,685	$4M	trimmed−8%	0.00 pp	12 q
DISThe Walt Disney Company	0.24%	20,650	$3M	added0%	−0.01 pp	12 q
AAPLApple Inc.	0.20%	9,930	$2M	trimmed−16%	0.00 pp	12 q
JNJJohnson & Johnson	0.19%	16,300	$2M	trimmed−1%	−0.01 pp	12 q
ANAutoNation, Inc.	0.16%	34,865	$2M	trimmed−95%	−2.46 pp	9 q
BUDAnheuser-Busch INBEV SA/NV	0.09%	10,600	$1M	trimmed−66%	−0.15 pp	12 q
AMGNAmgen Inc	0.08%	4,494	$870,000	trimmed−1%	+0.01 pp	12 q
MSFTMicrosoft Corp	0.08%	6,322	$879,000	trimmed−8%	0.00 pp	12 q
MKLMarkel Group Inc.	0.07%	705	$833,000	trimmed−6%	0.00 pp	12 q
SBUXStarbucks Corp	0.07%	8,600	$760,000	trimmed−68%	−0.12 pp	5 q
BH.ABiglari Holdings Inc. Class A	0.06%	1,261	$708,000	trimmed−4%	0.00 pp	6 q
TRUPTrupanion, Inc.	0.06%	27,770	$706,000	added+1%	−0.03 pp	7 q
GSGoldman Sachs Group Inc.	0.05%	2,530	$524,000	held	—	12 q
QCOMQualcomm Inc	0.05%	6,785	$518,000	trimmed−12%	0.00 pp	12 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.04%	10,200	$394,000	held	—	9 q
SPYState Street SPDR S&P 500 ETF Trust	0.04%	1,405	$417,000	trimmed−39%	−0.02 pp	10 q
WBAWalgreens Boots Alliance, Inc	0.04%	7,590	$420,000	trimmed−6%	0.00 pp	8 q
BACBank of America Corporation	0.03%	11,403	$333,000	added0%	0.00 pp	12 q
CVXChevron Corporation	0.03%	3,127	$371,000	held	—	12 q
CFGCitizens Financial Group, Inc.	0.03%	9,300	$329,000	held	—	9 q
WGOWinnebago Industries, Inc.	0.03%	7,300	$280,000	held	—	3 q
AZOAutoZone, Inc.	0.02%	210	$228,000	trimmed−34%	−0.01 pp	10 q
COFCapital One Financial	0.02%	2,400	$218,000	held	—	2 q
CATCaterpillar Inc.	0.02%	2,170	$274,000	held	—	7 q
CCitigroup Inc.	0.02%	3,900	$269,000	held	—	12 q
FASTFastenal Co	0.02%	8,060	$263,000	held	—	12 q
PBAPembina Pipeline Corporation	0.02%	6,900	$256,000	held	—	11 q
EVTIEventure Interactive Inc	0.00%	50,000	$0	held	—	4 q
COPConocoPhillips	—	−3,604	—	exited	−0.02 pp	—
GLWCorning Incorporated	—	−7,650	—	exited	−0.02 pp	—

Other 13(f) securities

Options 1

Contract	% of notional	Shares	Notional
BRK.B CALL	100.00%	3,762,500	$783M

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 7 defects · 3 unresolved
Accession: 0001032814-19-000006
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 2019-09-30
A security outside the official 13F list — CUSIP 299765107 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 38259P706 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 631512100 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 74365P108 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 84763R101 not on the Official 13(f) List for 2019-09-30

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