Check Capital

Q1 2020 13F · by Steven Check, CIO

As of: Mar 31, 2020
Filed: May 6, 2020
US stock: $794M · prev $1.1B
Positions: 40 · prev 46
Options notional: $723M
Documents: 1· no amendments

Picture52.4% US stock

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

US stock listed on a US exchange 52.4%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 47.6%

Moves50 since the prior filing

+6.2 pp in · −6.2 pp out

New 5 +6.77 pp
Added 8 −0.53 pp
Trimmed 25 −3.33 pp
Exited 11 −2.87 pp

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

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions58% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+4.08 pp trimmed+4.0831.1%
unresolved Brookfield Asset Mgmt Inc trimmed+0.32 pp trimmed+0.3210.3%
GOOG Alphabet Inc. Class C trimmed+0.93 pp trimmed+0.936.1%
FDX FedEx Corporation trimmed+0.48 pp trimmed+0.485.1%
TROW T Rowe Price Group Inc trimmed+0.41 pp trimmed+0.414.8%

Positions40 in this filing · 11 exited


BRK.BBERKSHIRE HATHAWAY Class B	31.12%	1,351,382	$247M	trimmed−1%	+4.08 pp	14 q
unresolvedBrookfield Asset Mgmt Inc	10.34%	1,854,798	$82M	trimmed−6%	+0.32 pp	10 q
GOOGAlphabet Inc. Class C	6.13%	41,851	$49M	trimmed−6%	+0.93 pp	4 q
FDXFedEx Corporation	5.08%	332,872	$40M	trimmed−4%	+0.48 pp	14 q
TROWT Rowe Price Group Inc	4.84%	393,147	$38M	trimmed−5%	+0.41 pp	6 q
KMXCarMax Inc.	4.76%	701,543	$38M	trimmed−5%	−0.94 pp	9 q
LKQLKQ Corporation	4.23%	1,637,729	$34M	trimmed−5%	−1.17 pp	13 q
WFCWells Fargo & Co.	3.83%	1,058,873	$30M	trimmed−5%	−1.40 pp	14 q
AXPAmerican Express Company	3.47%	322,090	$28M	trimmed−6%	−0.26 pp	14 q
INGRIngredion Incorporated	3.24%	340,263	$26M	trimmed−6%	+0.30 pp	14 q
SUSuncor Energy, Inc.	3.19%	1,600,888	$25M	trimmed−6%	−1.68 pp	14 q
OSKOshkosh Corp.	2.76%	340,990	$22M	new	+2.76 pp	new
HN9Hanesbrands Inc	2.72%	2,748,805	$22M	trimmed−3%	−0.95 pp	14 q
USBU.S. Bancorp	2.58%	594,000	$20M	trimmed−2%	−0.58 pp	14 q
AAPAdvance Auto Parts Inc	2.53%	215,305	$20M	new	+2.53 pp	new
CMPRCimpress PLC (Ireland)	2.33%	347,815	$19M	added+25%	−0.73 pp	13 q
BRK.ABerkshire Hathaway Inc.	2.06%	60	$16M	trimmed−36%	−0.74 pp	14 q
BFHBread Financial Holdings, Inc.	1.53%	360,199	$12M	trimmed−3%	−2.14 pp	9 q
HHyatt Hotels Corporation	1.40%	231,576	$11M	new	+1.40 pp	new
VZVerizon Communications	0.36%	53,685	$3M	trimmed−5%	+0.06 pp	14 q
DISThe Walt Disney Company	0.32%	26,475	$3M	added+88%	+0.14 pp	14 q
AAPLApple Inc.	0.29%	9,052	$2M	trimmed−9%	+0.04 pp	14 q
MSFTMicrosoft Corp	0.13%	6,487	$1M	added+1%	+0.04 pp	14 q
AMGNAmgen Inc	0.10%	3,980	$807,000	trimmed−11%	+0.01 pp	14 q
MKLMarkel Group Inc.	0.10%	885	$821,000	added+26%	+0.03 pp	14 q
TRUPTrupanion, Inc.	0.10%	29,190	$760,000	added+4%	+0.01 pp	9 q
BUDAnheuser-Busch INBEV SA/NV	0.05%	8,600	$379,000	trimmed−17%	−0.02 pp	14 q
BH.ABiglari Holdings Inc. Class A	0.05%	1,326	$394,000	added+3%	−0.02 pp	8 q
GSGoldman Sachs Group Inc.	0.05%	2,330	$360,000	trimmed−8%	0.00 pp	14 q
IWMiShares Russell 2000 ETF	0.05%	3,180	$364,000	new	+0.05 pp	new
XTiShares Trust iShares Future Exponential Technologies ETF	0.04%	8,200	$292,000	trimmed−20%	0.00 pp	11 q
QCOMQualcomm Inc	0.04%	4,580	$310,000	trimmed−10%	0.00 pp	14 q
AMZNAmazon.Com Inc	0.03%	117	$228,000	added+2%	+0.01 pp	2 q
BACBank of America Corporation	0.03%	11,510	$244,000	added+1%	−0.01 pp	14 q
CATCaterpillar Inc.	0.03%	2,110	$245,000	trimmed−3%	0.00 pp	9 q
FASTFastenal Co	0.03%	7,810	$244,000	held	—	14 q
JNJJohnson & Johnson	0.03%	1,720	$226,000	trimmed−78%	−0.07 pp	14 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	800	$206,000	trimmed−43%	−0.01 pp	12 q
MDYState Street SPDR S&P MIDCAP 400 ETF Trust	0.03%	1,050	$276,000	new	+0.03 pp	new
EVTIEventure Interactive Inc	0.00%	50,000	$0	held	—	6 q
PROSYProsus NV SP/	—	−1,885,863	—	exited	−2.47 pp	—
unresolvedSpectrum Brands Hldgs Inc	—	−27,379	—	exited	−0.15 pp	—
ANAutoNation, Inc.	—	−14,580	—	exited	−0.06 pp	—
CVXChevron Corporation	—	−2,627	—	exited	−0.03 pp	—
CCitigroup Inc.	—	−3,900	—	exited	−0.03 pp	—
CFGCitizens Financial Group, Inc.	—	−7,300	—	exited	−0.03 pp	—
BHCBausch Health Companies Inc	—	−7,984	—	exited	−0.02 pp	—
COFCapital One Financial	—	−2,400	—	exited	−0.02 pp	—
COPConocoPhillips	—	−3,404	—	exited	−0.02 pp	—
PBAPembina Pipeline Corporation	—	−6,900	—	exited	−0.02 pp	—
WGOWinnebago Industries, Inc.	—	−4,900	—	exited	−0.02 pp	—

Other 13(f) securities

Options 1

Contract	% of notional	Shares	Notional
BRK.B CALL	100.00%	3,951,800	$723M

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 4 defects · 1 unresolved
Accession: 0001032814-20-000003
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 2020-03-31
A security outside the official 13F list — CUSIP 299765107 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 38259P706 not on the Official 13(f) List for 2020-03-31

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