Check Capital

Q4 2019 13F · by Steven Check, CIO

As of: Dec 31, 2019
Filed: Feb 10, 2020
US stock: $1.1B · prev $1.1B
Positions: 46 · prev 47
Options notional: $940M
Documents: 1· no amendments

Picture53.4% US stock

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

US stock listed on a US exchange 53.4%
Foreign stock not listed in the US 1.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 45.2%

Moves41 since the prior filing

+4.3 pp in · −4.5 pp out

New 3 +0.06 pp
Added 8 +4.27 pp
Trimmed 25 −2.61 pp
Exited 4 −1.89 pp

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

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions53% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+1.19 pp trimmed+1.1927.0%
unresolved Brookfield Asset Mgmt Inc trimmed+0.31 pp trimmed+0.3110.0%
KMX CarMax Inc. trimmed−0.34 pp trimmed−0.345.7%
LKQ LKQ Corporation trimmed+0.42 pp trimmed+0.425.4%
WFC Wells Fargo & Co. trimmed+0.06 pp trimmed+0.065.2%

Positions46 in this filing · 4 exited


BRK.BBERKSHIRE HATHAWAY Class B	27.04%	1,362,305	$309M	trimmed−1%	+1.19 pp	13 q
unresolvedBrookfield Asset Mgmt Inc	10.02%	1,977,915	$114M	trimmed−3%	+0.31 pp	9 q
KMXCarMax Inc.	5.70%	742,000	$65M	trimmed−3%	−0.34 pp	8 q
LKQLKQ Corporation	5.40%	1,726,034	$62M	trimmed−2%	+0.42 pp	12 q
WFCWells Fargo & Co.	5.23%	1,109,199	$60M	trimmed−3%	+0.06 pp	13 q
GOOGAlphabet Inc. Class C	5.20%	44,373	$59M	added+72%	+2.38 pp	3 q
SUSuncor Energy, Inc.	4.87%	1,695,669	$56M	added+6%	+0.32 pp	13 q
FDXFedEx Corporation	4.60%	347,078	$52M	trimmed−2%	−0.03 pp	13 q
TROWT Rowe Price Group Inc	4.43%	414,820	$51M	trimmed−2%	+0.07 pp	5 q
AXPAmerican Express Company	3.73%	342,184	$43M	trimmed−2%	+0.02 pp	13 q
BFHBread Financial Holdings, Inc.	3.67%	372,765	$42M	trimmed−4%	−0.81 pp	8 q
HN9Hanesbrands Inc	3.67%	2,821,863	$42M	added+3%	−0.10 pp	13 q
USBU.S. Bancorp	3.16%	608,679	$36M	trimmed−5%	−0.03 pp	13 q
CMPRCimpress PLC (Ireland)	3.06%	277,465	$35M	trimmed−17%	−0.92 pp	12 q
INGRIngredion Incorporated	2.94%	360,707	$34M	trimmed−4%	+0.17 pp	13 q
BRK.ABerkshire Hathaway Inc.	2.80%	94	$32M	held	—	13 q
PROSYProsus NV SP/	2.47%	1,885,863	$28M	added×2.9	+1.61 pp	2 q
VZVerizon Communications	0.30%	56,385	$3M	trimmed−9%	−0.03 pp	13 q
AAPLApple Inc.	0.25%	9,895	$3M	trimmed−0%	+0.05 pp	13 q
DISThe Walt Disney Company	0.18%	14,050	$2M	trimmed−32%	−0.06 pp	13 q
unresolvedSpectrum Brands Hldgs Inc	0.15%	27,379	$2M	trimmed−95%	−2.47 pp	13 q
JNJJohnson & Johnson	0.10%	7,800	$1M	trimmed−52%	−0.09 pp	13 q
AMGNAmgen Inc	0.09%	4,487	$1M	trimmed−0%	+0.01 pp	13 q
MSFTMicrosoft Corp	0.09%	6,412	$1M	added+1%	+0.01 pp	13 q
TRUPTrupanion, Inc.	0.09%	28,190	$1M	added+2%	+0.03 pp	8 q
BUDAnheuser-Busch INBEV SA/NV	0.07%	10,300	$845,000	trimmed−3%	−0.02 pp	13 q
BH.ABiglari Holdings Inc. Class A	0.07%	1,291	$775,000	added+2%	+0.01 pp	7 q
MKLMarkel Group Inc.	0.07%	705	$806,000	held	—	13 q
ANAutoNation, Inc.	0.06%	14,580	$709,000	trimmed−58%	−0.10 pp	10 q
GSGoldman Sachs Group Inc.	0.05%	2,530	$582,000	held	—	13 q
BACBank of America Corporation	0.04%	11,406	$402,000	added0%	+0.01 pp	13 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.04%	10,200	$436,000	held	—	10 q
QCOMQualcomm Inc	0.04%	5,080	$448,000	trimmed−25%	−0.01 pp	13 q
SPYState Street SPDR S&P 500 ETF Trust	0.04%	1,405	$452,000	held	—	11 q
CATCaterpillar Inc.	0.03%	2,170	$320,000	held	—	8 q
CVXChevron Corporation	0.03%	2,627	$317,000	trimmed−16%	0.00 pp	13 q
CCitigroup Inc.	0.03%	3,900	$312,000	held	—	13 q
CFGCitizens Financial Group, Inc.	0.03%	7,300	$296,000	trimmed−22%	0.00 pp	10 q
FASTFastenal Co	0.03%	7,810	$289,000	trimmed−3%	+0.01 pp	13 q
AMZNAmazon.Com Inc	0.02%	115	$213,000	new	+0.02 pp	new
BHCBausch Health Companies Inc	0.02%	7,984	$239,000	new	+0.02 pp	new
COFCapital One Financial	0.02%	2,400	$247,000	held	—	3 q
COPConocoPhillips	0.02%	3,404	$221,000	new	+0.02 pp	new
PBAPembina Pipeline Corporation	0.02%	6,900	$256,000	held	—	12 q
WGOWinnebago Industries, Inc.	0.02%	4,900	$260,000	trimmed−33%	−0.01 pp	4 q
EVTIEventure Interactive Inc	0.00%	50,000	$0	held	—	5 q
unresolvedNaspers Limited	—	−654,803	—	exited	−1.76 pp	—
SBUXStarbucks Corp	—	−8,600	—	exited	−0.07 pp	—
WBAWalgreens Boots Alliance, Inc	—	−7,590	—	exited	−0.04 pp	—
AZOAutoZone, Inc.	—	−210	—	exited	−0.02 pp	—