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Check Capital

Q3 2021 13F · by Steven Check, CIO

As of
Sep 30, 2021
Filed
Nov 8, 2021
US stock
$1.2B · prev $1.2B
Positions
48 · prev 51
Options notional
$985M
Documents
1· no amendments

Picture54.2% US stock

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

  • US stock listed on a US exchange 54.2%
  • 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 45.8%

Moves34 since the prior filing

+1.3 pp in · −1.3 pp out

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

The book

Very concentrated · behaves like 8 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 7.2% a year, about 13.9 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions60% of US stock

  1. BRK.B BERKSHIRE HATHAWAY Class B added+0.68 pp added+0.6829.6%
  2. unresolved Brookfield Asset Mgmt Inc trimmed+0.74 pp trimmed+0.7410.8%
  3. GOOG Alphabet Inc. Class C trimmed+0.63 pp trimmed+0.637.9%
  4. LKQ LKQ Corporation trimmed+0.26 pp trimmed+0.265.9%
  5. KMX CarMax Inc. trimmed+0.07 pp trimmed+0.075.7%

Positions48 in this filing · 4 exited

BRK.BBERKSHIRE HATHAWAY Class B29.55%1,264,017$345Madded+1%+0.68 pp4 q
unresolvedBrookfield Asset Mgmt Inc10.80%2,355,576$126Mtrimmed−1%+0.74 pp4 q
GOOGAlphabet Inc. Class C7.92%34,681$92Mtrimmed−1%+0.63 pp4 q
LKQLKQ Corporation5.93%1,376,366$69Mtrimmed−1%+0.26 pp4 q
KMXCarMax Inc.5.69%519,522$66Mtrimmed−1%+0.07 pp4 q
AERAercap Holdings N.V.4.27%861,507$50Mtrimmed−0%+0.59 pp3 q
MKLMarkel Group Inc.4.12%40,289$48Madded0%+0.15 pp4 q
FDXFedEx Corporation3.89%206,976$45Mtrimmed−2%−1.33 pp4 q
QSRRestaurant Brands International Inc.3.70%706,304$43Mtrimmed−1%−0.11 pp4 q
WWayfair Inc.3.56%162,520$42Madded+65%+0.97 pp4 q
WFCWells Fargo & Co.3.36%845,310$39Mtrimmed−4%+0.03 pp4 q
CMPRCimpress PLC (Ireland)3.08%413,755$36Madded0%−0.64 pp4 q
SUSuncor Energy, Inc.2.86%1,607,897$33Mtrimmed−2%−0.40 pp4 q
BFHBread Financial Holdings, Inc.2.74%317,057$32Mtrimmed−0%−0.02 pp4 q
DGXQuest Diagnostics Inc.2.22%178,716$26Mtrimmed−2%+0.23 pp4 q
AAPAdvance Auto Parts Inc2.13%119,183$25Madded0%+0.10 pp4 q
BRK.ABerkshire Hathaway Inc.1.76%50$21Mheld—4 q
AAPLApple Inc.0.41%34,198$5Mheld—4 q
VZVerizon Communications0.34%74,202$4Madded+5%+0.01 pp4 q
BACBank of America Corporation0.27%73,577$3Mtrimmed−2%+0.01 pp4 q
BH.ABiglari Holdings Inc. Class A0.16%2,294$2Madded0%+0.01 pp4 q
HN9Hanesbrands Inc0.16%106,780$2Mtrimmed−27%−0.07 pp4 q
MSFTMicrosoft Corp0.14%5,802$2Mheld—4 q
DISThe Walt Disney Company0.13%8,903$2Mtrimmed−39%−0.08 pp4 q
INGRIngredion Incorporated0.10%13,037$1Mtrimmed−95%−1.77 pp4 q
TRUPTrupanion, Inc.0.10%14,975$1Madded0%−0.04 pp4 q
AMGNAmgen Inc0.07%3,770$802,000held—4 q
unresolvedGoogle Inc.0.06%271$724,000added+10%+0.01 pp4 q
USBU.S. Bancorp0.05%9,485$564,000trimmed−22%−0.01 pp4 q
GSGoldman Sachs Group Inc.0.04%1,330$503,000held—4 q
XTiShares Trust iShares Future Exponential Technologies ETF0.04%7,400$464,000held—4 q
AMZNAmazon.Com Inc0.03%112$368,000held—4 q
CATCaterpillar Inc.0.03%1,750$336,000held—4 q
FASTFastenal Co0.03%6,760$349,000held—4 q
SPYState Street SPDR S&P 500 ETF Trust0.03%800$343,000held—4 q
TSLATesla, Inc.0.03%501$389,000held—4 q
BABAAlibaba Group Holding Limited0.02%1,695$251,000added+24%−0.01 pp2 q
COFCapital One Financial0.02%1,500$243,000held—2 q
CVXChevron Corporation0.02%2,227$226,000held—3 q
CCitigroup Inc.0.02%4,048$284,000added0%0.00 pp4 q
CFGCitizens Financial Group, Inc.0.02%4,700$221,000held—3 q
COPConocoPhillips0.02%3,404$231,000held—2 q
EWEdwards Lifesciences Corp0.02%1,800$204,000new+0.02 ppnew
unresolvedGeneral Electric Co0.02%1,993$205,000trimmed−87%0.00 pp4 q
ITWIllinois Tool Works Inc.0.02%1,100$227,000held—4 q
QCOMQualcomm Inc0.02%1,635$211,000held—4 q
MTROMetro Bank PLC0.01%43,000$61,000held—3 q
unresolvedManifestSeven Holdings0.00%59,500$2,000held—3 q
JNJJohnson & Johnson—−2,120—exited−0.03 pp—
BUDAnheuser-Busch INBEV SA/NV—−3,600—exited−0.02 pp—
BCCBoise Cascade Company—−4,000—exited−0.02 pp—
GLWCorning Incorporated—−5,100—exited−0.02 pp—

Other 13(f) securities

Options 1

Contract% of notionalSharesNotional
BRK.B CALL100.00%3,608,600$985M

Notes 0

None in this filing

Source

Form
13F-HR
Reading
6 defects · 4 unresolved
Accession
0001032814-21-000005
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 2021-09-30
  • A security outside the official 13F list — CUSIP 38259P508 not on the Official 13(f) List for 2021-09-30
  • A security outside the official 13F list — CUSIP 38259P706 not on the Official 13(f) List for 2021-09-30
  • A security outside the official 13F list — CUSIP 563259100 not on the Official 13(f) List for 2021-09-30
  • A security outside the official 13F list — CUSIP G60640102 not on the Official 13(f) List for 2021-09-30