Check Capital

Q2 2020 13F · by Steven Check, CIO

As of: Jun 30, 2020
Filed: Aug 11, 2020
US stock: $787M · prev $794M
Positions: 40 · prev 40
Options notional: $662M
Documents: 1· no amendments

Picture54.3% US stock

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

US stock listed on a US exchange 54.3%
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 45.7%

Moves38 since the prior filing

+0.8 pp in · −0.9 pp out

New 4 +0.11 pp
Added 3 +0.72 pp
Trimmed 26 +5.42 pp
Exited 4 −6.32 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

Low turnover · 14% a year, about 7.3 years per position

Low
Moderate
High

Top 5 positions59% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−1.57 pp trimmed−1.5729.6%
unresolved Brookfield Asset Mgmt Inc added+0.70 pp added+0.7011.0%
GOOG Alphabet Inc. Class C trimmed+1.03 pp trimmed+1.037.2%
KMX CarMax Inc. trimmed+1.04 pp trimmed+1.045.8%
FDX FedEx Corporation trimmed+0.58 pp trimmed+0.585.7%

Positions40 in this filing · 4 exited


BRK.BBERKSHIRE HATHAWAY Class B	29.55%	1,303,495	$233M	trimmed−4%	−1.57 pp	15 q
unresolvedBrookfield Asset Mgmt Inc	11.04%	2,642,407	$87M	added+42%	+0.70 pp	11 q
GOOGAlphabet Inc. Class C	7.16%	39,881	$56M	trimmed−5%	+1.03 pp	5 q
KMXCarMax Inc.	5.80%	510,380	$46M	trimmed−27%	+1.04 pp	10 q
FDXFedEx Corporation	5.66%	317,885	$45M	trimmed−5%	+0.58 pp	15 q
LKQLKQ Corporation	5.17%	1,553,651	$41M	trimmed−5%	+0.94 pp	14 q
HN9Hanesbrands Inc	3.74%	2,611,440	$29M	trimmed−5%	+1.02 pp	15 q
AAPAdvance Auto Parts Inc	3.70%	204,628	$29M	trimmed−5%	+1.17 pp	2 q
INGRIngredion Incorporated	3.37%	319,821	$27M	trimmed−6%	+0.13 pp	15 q
WFCWells Fargo & Co.	3.30%	1,016,042	$26M	trimmed−4%	−0.53 pp	15 q
SUSuncor Energy, Inc.	3.22%	1,504,996	$25M	trimmed−6%	+0.03 pp	15 q
AXPAmerican Express Company	3.21%	265,091	$25M	trimmed−18%	−0.26 pp	15 q
CMPRCimpress PLC (Ireland)	3.19%	329,288	$25M	trimmed−5%	+0.86 pp	14 q
OSKOshkosh Corp.	2.94%	323,424	$23M	trimmed−5%	+0.18 pp	2 q
USBU.S. Bancorp	2.65%	567,367	$21M	trimmed−4%	+0.07 pp	15 q
BRK.ABerkshire Hathaway Inc.	2.04%	60	$16M	held	—	15 q
BFHBread Financial Holdings, Inc.	1.97%	343,434	$15M	trimmed−5%	+0.44 pp	10 q
AAPLApple Inc.	0.42%	9,027	$3M	trimmed−0%	+0.13 pp	15 q
DISThe Walt Disney Company	0.37%	26,373	$3M	trimmed−0%	+0.05 pp	15 q
VZVerizon Communications	0.37%	53,181	$3M	trimmed−1%	+0.01 pp	15 q
TRUPTrupanion, Inc.	0.16%	29,140	$1M	trimmed−0%	+0.06 pp	10 q
MSFTMicrosoft Corp	0.15%	5,967	$1M	trimmed−8%	+0.02 pp	15 q
AMGNAmgen Inc	0.12%	3,970	$936,000	trimmed−0%	+0.02 pp	15 q
MKLMarkel Group Inc.	0.09%	780	$720,000	trimmed−12%	−0.01 pp	15 q
BH.ABiglari Holdings Inc. Class A	0.06%	1,491	$499,000	added+12%	+0.01 pp	9 q
GSGoldman Sachs Group Inc.	0.06%	2,330	$460,000	held	—	15 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.05%	8,200	$365,000	held	—	12 q
QCOMQualcomm Inc	0.05%	4,435	$405,000	trimmed−3%	+0.01 pp	15 q
AMZNAmazon.Com Inc	0.04%	117	$323,000	held	—	3 q
BUDAnheuser-Busch INBEV SA/NV	0.04%	6,800	$335,000	trimmed−21%	−0.01 pp	15 q
BACBank of America Corporation	0.04%	11,650	$277,000	added+1%	+0.01 pp	15 q
FASTFastenal Co	0.04%	6,760	$290,000	trimmed−13%	+0.01 pp	15 q
WWayfair Inc.	0.04%	1,718	$339,000	new	+0.04 pp	new
CATCaterpillar Inc.	0.03%	2,050	$259,000	trimmed−3%	0.00 pp	10 q
CVXChevron Corporation	0.03%	2,922	$261,000	new	+0.03 pp	new
CCitigroup Inc.	0.03%	3,935	$201,000	new	+0.03 pp	new
JNJJohnson & Johnson	0.03%	1,720	$242,000	held	—	15 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	800	$247,000	held	—	13 q
unresolvedGeneral Electric Co	0.01%	11,515	$79,000	new	+0.01 pp	new
EVTIEventure Interactive Inc	0.00%	50,000	$0	held	—	7 q
TROWT Rowe Price Group Inc	—	−393,147	—	exited	−4.84 pp	—
HHyatt Hotels Corporation	—	−231,576	—	exited	−1.40 pp	—
IWMiShares Russell 2000 ETF	—	−3,180	—	exited	−0.05 pp	—
MDYState Street SPDR S&P MIDCAP 400 ETF Trust	—	−1,050	—	exited	−0.03 pp	—