Check Capital

Q1 2021 13F · by Steven Check, CIO

As of: Mar 31, 2021
Filed: May 7, 2021
US stock: $1.2B · prev $988M
Positions: 49 · prev 42
Options notional: $895M
Documents: 1· no amendments

Picture56.3% US stock

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

US stock listed on a US exchange 56.3%
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 43.7%

Moves42 since the prior filing

+4.2 pp in · −4.1 pp out

New 7 +2.64 pp
Added 9 +1.52 pp
Trimmed 24 −4.11 pp
Exited 0 0.00 pp

Options: 2 moves on a notional base, in the table below.

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.4 years per position

Low
Moderate
High

Top 5 positions55% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added−1.51 pp added−1.5129.1%
unresolved Brookfield Asset Mgmt Inc trimmed−0.94 pp trimmed−0.949.2%
GOOG Alphabet Inc. Class C trimmed−0.26 pp trimmed−0.266.3%
FDX FedEx Corporation trimmed−0.47 pp trimmed−0.475.2%
LKQ LKQ Corporation trimmed+0.06 pp trimmed+0.065.1%

Positions49 in this filing · 0 exited


BRK.BBERKSHIRE HATHAWAY Class B	29.06%	1,311,904	$335M	added+1%	−1.51 pp	2 q
unresolvedBrookfield Asset Mgmt Inc	9.22%	2,388,690	$106M	trimmed−2%	−0.94 pp	2 q
GOOGAlphabet Inc. Class C	6.32%	35,247	$73M	trimmed−5%	−0.26 pp	2 q
FDXFedEx Corporation	5.22%	212,051	$60M	trimmed−2%	−0.47 pp	2 q
LKQLKQ Corporation	5.14%	1,399,384	$59M	trimmed−2%	+0.06 pp	2 q
KMXCarMax Inc.	4.34%	376,984	$50M	trimmed−18%	−0.08 pp	2 q
QSRRestaurant Brands International Inc.	4.01%	711,496	$46M	trimmed−2%	−0.46 pp	2 q
MKLMarkel Group Inc.	3.91%	39,553	$45M	added×2.5	+2.22 pp	2 q
HN9Hanesbrands Inc	3.84%	2,251,731	$44M	trimmed−6%	+0.31 pp	2 q
CMPRCimpress PLC (Ireland)	3.53%	406,849	$41M	trimmed−1%	−0.10 pp	2 q
AAPAdvance Auto Parts Inc	3.10%	194,937	$36M	added+5%	+0.14 pp	2 q
BFHBread Financial Holdings, Inc.	3.06%	314,601	$35M	trimmed−1%	+0.69 pp	2 q
WFCWells Fargo & Co.	3.02%	892,418	$35M	added0%	+0.30 pp	2 q
SUSuncor Energy, Inc.	2.95%	1,630,000	$34M	added+6%	+0.34 pp	2 q
OSKOshkosh Corp.	2.86%	277,970	$33M	trimmed−4%	+0.34 pp	2 q
AERAercap Holdings N.V.	2.56%	502,758	$30M	new	+2.56 pp	new
INGRIngredion Incorporated	2.20%	281,711	$25M	trimmed−2%	−0.10 pp	2 q
DGXQuest Diagnostics Inc.	1.85%	166,540	$21M	trimmed−1%	−0.17 pp	2 q
BRK.ABerkshire Hathaway Inc.	1.67%	50	$19M	trimmed−4%	−0.16 pp	2 q
AAPLApple Inc.	0.36%	33,968	$4M	trimmed−5%	−0.12 pp	2 q
VZVerizon Communications	0.30%	59,930	$3M	added+6%	−0.04 pp	2 q
BACBank of America Corporation	0.25%	75,845	$3M	added+18%	+0.05 pp	2 q
DISThe Walt Disney Company	0.24%	14,703	$3M	trimmed−27%	−0.13 pp	2 q
BH.ABiglari Holdings Inc. Class A	0.12%	1,994	$1M	added+3%	+0.01 pp	2 q
MSFTMicrosoft Corp	0.12%	5,702	$1M	trimmed−1%	−0.01 pp	2 q
TRUPTrupanion, Inc.	0.09%	13,550	$1M	trimmed−0%	−0.07 pp	2 q
AMGNAmgen Inc	0.08%	3,770	$938,000	trimmed−1%	−0.01 pp	2 q
USBU.S. Bancorp	0.06%	11,935	$660,000	trimmed−98%	−2.41 pp	2 q
unresolvedGoogle Inc.	0.05%	258	$532,000	held	—	2 q
CATCaterpillar Inc.	0.04%	1,750	$406,000	trimmed−5%	+0.01 pp	2 q
GSGoldman Sachs Group Inc.	0.04%	1,330	$435,000	trimmed−18%	0.00 pp	2 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.04%	7,400	$438,000	held	—	2 q
WWayfair Inc.	0.04%	1,575	$496,000	trimmed−0%	0.00 pp	2 q
AMZNAmazon.Com Inc	0.03%	117	$362,000	held	—	2 q
FASTFastenal Co	0.03%	6,760	$340,000	held	—	2 q
JNJJohnson & Johnson	0.03%	2,120	$348,000	trimmed−22%	−0.01 pp	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	800	$317,000	held	—	2 q
TSLATesla, Inc.	0.03%	500	$334,000	held	—	2 q
BUDAnheuser-Busch INBEV SA/NV	0.02%	3,600	$226,000	trimmed−37%	−0.02 pp	2 q
BCCBoise Cascade Company	0.02%	4,000	$239,000	new	+0.02 pp	new
CVXChevron Corporation	0.02%	2,657	$278,000	new	+0.02 pp	new
CCitigroup Inc.	0.02%	3,935	$286,000	held	—	2 q
CFGCitizens Financial Group, Inc.	0.02%	4,700	$208,000	new	+0.02 pp	new
GLWCorning Incorporated	0.02%	5,100	$222,000	new	+0.02 pp	new
unresolvedGeneral Electric Co	0.02%	14,765	$194,000	added+38%	+0.01 pp	2 q
ITWIllinois Tool Works Inc.	0.02%	1,100	$244,000	held	—	2 q
QCOMQualcomm Inc	0.02%	1,635	$217,000	held	—	2 q
unresolvedManifestSeven Holdings	0.00%	59,500	$18,000	new	0.00 pp	new
MTROMetro Bank PLC	0.00%	28,000	$45,000	new	0.00 pp	new

Other 13(f) securities

Options 2

Contract	% of notional	Shares	Notional
BRK.B CALL	99.88%	3,501,100	$894M
GOOG CALL	0.12%	500	$1M

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 6 defects · 4 unresolved
Accession: 0001032814-21-000003
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 2021-03-31
A security outside the official 13F list — CUSIP 38259P508 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 38259P706 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 563259100 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP G60640102 not on the Official 13(f) List for 2021-03-31

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