Check Capital

Q4 2020 13F · by Steven Check, CIO

As of: Dec 31, 2020
Filed: Feb 3, 2021
US stock: $988M · prev $787M
Positions: 42 · prev 40
Options notional: $845M
Documents: 1· no amendments

Picture53.9% US stock

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

US stock listed on a US exchange 53.9%
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 46.1%

Moves42 since the prior filing

+8.2 pp in · −8.2 pp out

New 5 +6.60 pp
Added 7 +1.62 pp
Trimmed 26 −4.93 pp
Exited 3 −3.24 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 · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions58% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+1.02 pp trimmed+1.0230.6%
unresolved Brookfield Asset Mgmt Inc trimmed−0.88 pp trimmed−0.8810.2%
GOOG Alphabet Inc. Class C trimmed−0.58 pp trimmed−0.586.6%
FDX FedEx Corporation trimmed+0.03 pp trimmed+0.035.7%
LKQ LKQ Corporation trimmed−0.09 pp trimmed−0.095.1%

Positions42 in this filing · 3 exited


BRK.BBERKSHIRE HATHAWAY Class B	30.57%	1,302,723	$302M	trimmed−0%	+1.02 pp	new
unresolvedBrookfield Asset Mgmt Inc	10.16%	2,432,957	$100M	trimmed−8%	−0.88 pp	new
GOOGAlphabet Inc. Class C	6.58%	37,125	$65M	trimmed−7%	−0.58 pp	new
FDXFedEx Corporation	5.69%	216,427	$56M	trimmed−32%	+0.03 pp	new
LKQLKQ Corporation	5.08%	1,425,509	$50M	trimmed−8%	−0.09 pp	new
QSRRestaurant Brands International Inc.	4.47%	723,215	$44M	new	+4.47 pp	new
KMXCarMax Inc.	4.42%	462,231	$44M	trimmed−9%	−1.38 pp	new
CMPRCimpress PLC (Ireland)	3.63%	408,909	$36M	added+24%	+0.44 pp	new
HN9Hanesbrands Inc	3.53%	2,395,353	$35M	trimmed−8%	−0.21 pp	new
AAPAdvance Auto Parts Inc	2.96%	185,456	$29M	trimmed−9%	−0.74 pp	new
WFCWells Fargo & Co.	2.72%	890,545	$27M	trimmed−12%	−0.58 pp	new
SUSuncor Energy, Inc.	2.61%	1,535,790	$26M	added+2%	−0.61 pp	new
OSKOshkosh Corp.	2.52%	289,409	$25M	trimmed−11%	−0.42 pp	new
USBU.S. Bancorp	2.47%	523,743	$24M	trimmed−8%	−0.18 pp	new
BFHBread Financial Holdings, Inc.	2.37%	316,556	$23M	trimmed−8%	+0.40 pp	new
INGRIngredion Incorporated	2.30%	288,420	$23M	trimmed−10%	−1.07 pp	new
DGXQuest Diagnostics Inc.	2.02%	167,539	$20M	new	+2.02 pp	new
BRK.ABerkshire Hathaway Inc.	1.83%	52	$18M	trimmed−13%	−0.21 pp	new
MKLMarkel Group Inc.	1.69%	16,133	$17M	added×20.7	+1.60 pp	new
AAPLApple Inc.	0.48%	35,934	$5M	trimmed−0%	+0.06 pp	new
DISThe Walt Disney Company	0.37%	20,103	$4M	trimmed−24%	0.00 pp	new
VZVerizon Communications	0.34%	56,530	$3M	added+6%	−0.03 pp	new
BACBank of America Corporation	0.20%	64,268	$2M	added×5.5	+0.16 pp	new
TRUPTrupanion, Inc.	0.16%	13,555	$2M	trimmed−53%	0.00 pp	new
MSFTMicrosoft Corp	0.13%	5,742	$1M	trimmed−4%	−0.02 pp	new
BH.ABiglari Holdings Inc. Class A	0.11%	1,929	$1M	added+29%	+0.05 pp	new
AMGNAmgen Inc	0.09%	3,814	$877,000	trimmed−4%	−0.03 pp	new
unresolvedGoogle Inc.	0.05%	258	$452,000	new	+0.05 pp	new
AMZNAmazon.Com Inc	0.04%	117	$381,000	held	—	new
BUDAnheuser-Busch INBEV SA/NV	0.04%	5,700	$398,000	trimmed−16%	0.00 pp	new
GSGoldman Sachs Group Inc.	0.04%	1,630	$430,000	trimmed−30%	−0.02 pp	new
XTiShares Trust iShares Future Exponential Technologies ETF	0.04%	7,400	$424,000	trimmed−10%	−0.01 pp	new
JNJJohnson & Johnson	0.04%	2,720	$428,000	added+58%	+0.01 pp	new
TSLATesla, Inc.	0.04%	500	$353,000	new	+0.04 pp	new
WWayfair Inc.	0.04%	1,580	$357,000	trimmed−8%	0.00 pp	new
CATCaterpillar Inc.	0.03%	1,850	$337,000	trimmed−10%	0.00 pp	new
FASTFastenal Co	0.03%	6,760	$330,000	held	—	new
QCOMQualcomm Inc	0.03%	1,635	$249,000	trimmed−63%	−0.02 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.03%	800	$299,000	held	—	new
CCitigroup Inc.	0.02%	3,935	$243,000	held	—	new
ITWIllinois Tool Works Inc.	0.02%	1,100	$224,000	new	+0.02 pp	new
unresolvedGeneral Electric Co	0.01%	10,685	$115,000	trimmed−7%	0.00 pp	new
AXPAmerican Express Company	—	−265,091	—	exited	−3.21 pp	—
CVXChevron Corporation	—	−2,922	—	exited	−0.03 pp	—
EVTIEventure Interactive Inc	—	−50,000	—	exited	0.00 pp	—