Check Capital

Q4 2023 13F · by Steven Check, CIO

As of: Dec 31, 2023
Filed: Jan 31, 2024
US stock: $1.3B · prev $1.2B
Positions: 45 · prev 45
Options notional: $1.5B
Documents: 1· no amendments

Picture45.9% US stock

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

US stock listed on a US exchange 45.9%
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 54.0%

Moves38 since the prior filing

−0.6 pp in · +0.6 pp out

New 2 +0.04 pp
Added 9 −0.65 pp
Trimmed 24 +0.69 pp
Exited 2 −0.06 pp

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

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.1% a year, about 19.7 years per position

Low
Moderate
High

Top 5 positions72% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added−0.86 pp added−0.8639.7%
BN Brookfield Corporation trimmed+1.69 pp trimmed+1.699.7%
MKL Markel Group Inc. added−0.36 pp added−0.368.6%
GOOG Alphabet Inc. Class C trimmed−0.01 pp trimmed−0.018.6%
AER Aercap Holdings N.V. trimmed+0.53 pp trimmed+0.535.2%

Positions45 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	39.70%	1,394,455	$497M	added+1%	−0.86 pp	13 q
BNBrookfield Corporation	9.69%	3,026,072	$121M	trimmed−0%	+1.69 pp	5 q
MKLMarkel Group Inc.	8.62%	76,064	$108M	added+5%	−0.36 pp	13 q
GOOGAlphabet Inc. Class C	8.55%	760,286	$107M	trimmed−1%	−0.01 pp	13 q
AERAercap Holdings N.V.	5.22%	879,484	$65M	trimmed−1%	+0.53 pp	12 q
LKQLKQ Corporation	4.70%	1,233,173	$59M	added+4%	−0.25 pp	13 q
SUSuncor Energy, Inc.	4.47%	1,748,306	$56M	trimmed−2%	−0.70 pp	13 q
FDXFedEx Corporation	3.81%	188,731	$48M	trimmed−2%	−0.47 pp	13 q
KMXCarMax Inc.	3.73%	609,402	$47M	trimmed−1%	+0.07 pp	13 q
FCNCAFirst Citizens BancShares Inc	3.09%	27,259	$39M	added+38%	+0.79 pp	3 q
CMPRCimpress PLC (Ireland)	2.15%	336,554	$27M	trimmed−8%	−0.01 pp	13 q
BRK.ABerkshire Hathaway Inc.	1.69%	39	$21M	trimmed−3%	−0.10 pp	13 q
DGXQuest Diagnostics Inc.	1.64%	149,152	$21M	trimmed−11%	−0.08 pp	13 q
WWayfair Inc.	0.73%	148,304	$9M	trimmed−6%	−0.08 pp	13 q
AAPLApple Inc.	0.52%	33,814	$7M	trimmed−1%	+0.03 pp	13 q
BACBank of America Corporation	0.37%	137,106	$5M	trimmed−13%	+0.01 pp	13 q
MSFTMicrosoft Corp	0.18%	5,844	$2M	trimmed−0%	+0.02 pp	13 q
BAMBrookfield Asset Management Ltd.	0.17%	53,970	$2M	trimmed−4%	+0.01 pp	5 q
BH.ABiglari Holdings Inc. Class A	0.15%	2,349	$2M	trimmed−0%	−0.01 pp	13 q
AMGNAmgen Inc	0.09%	3,720	$1M	held	—	13 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.06%	12,450	$745,381	added+48%	+0.02 pp	13 q
TRUPTrupanion, Inc.	0.06%	24,000	$732,240	added+5%	+0.01 pp	13 q
TSLATesla, Inc.	0.05%	2,478	$615,733	trimmed−0%	0.00 pp	4 q
CATCaterpillar Inc.	0.04%	1,717	$507,665	held	—	13 q
GSGoldman Sachs Group Inc.	0.04%	1,230	$474,497	held	—	13 q
unresolvedGoogle Inc.	0.04%	3,370	$470,755	trimmed−17%	0.00 pp	13 q
SPYState Street SPDR S&P 500 ETF Trust	0.04%	965	$458,674	added+18%	+0.01 pp	13 q
AMZNAmazon.Com Inc	0.03%	2,520	$382,889	held	—	13 q
COPConocoPhillips	0.03%	3,404	$395,102	held	—	11 q
unresolvedGeneral Electric Co	0.03%	3,327	$424,625	held	—	5 q
MATXMatsons, Inc.	0.03%	3,720	$407,748	added+5%	0.00 pp	2 q
VZVerizon Communications	0.03%	9,050	$341,185	trimmed−0%	+0.01 pp	13 q
WFCWells Fargo & Co.	0.03%	6,863	$337,797	trimmed−31%	0.00 pp	13 q
BABoeing Company	0.02%	1,030	$268,480	new	+0.02 pp	new
CDLXCardlytics, Inc.	0.02%	23,200	$213,672	added+14%	−0.01 pp	6 q
CVXChevron Corporation	0.02%	1,500	$223,740	trimmed−11%	0.00 pp	12 q
DISThe Walt Disney Company	0.02%	3,360	$303,374	trimmed−91%	−0.22 pp	13 q
FASTFastenal Co	0.02%	3,960	$256,489	trimmed−23%	0.00 pp	13 q
ITWIllinois Tool Works Inc.	0.02%	1,100	$288,134	held	—	5 q
RTXRTX Corporation	0.02%	3,489	$293,564	held	—	2 q
SCHGSchwab U.S. Large-Cap Growth ETF	0.02%	2,450	$203,252	new	+0.02 pp	new
SRESempra	0.02%	3,799	$283,874	held	—	4 q
TSNTyson Foods, Inc.	0.02%	4,050	$217,687	held	—	2 q
UBERUber Technologies, Inc.	0.02%	4,700	$289,379	trimmed−19%	0.00 pp	3 q
MTRBFMetro Bk Hldgs PLC	0.00%	32,500	$15,329	trimmed−24%	0.00 pp	3 q
KRTKarat Packaging Inc.	—	−20,000	—	exited	−0.04 pp	—
TMOThermo Fisher Scientific, Inc.	—	−432	—	exited	−0.02 pp	—

Other 13(f) securities

Options 1

Contract	% of notional	Shares	Notional
BRK.B CALL	100.00%	4,127,600	$1.5B

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 6 defects · 2 unresolved
Accession: 0001032814-24-000001
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 2023-12-31
A security outside the official 13F list — CUSIP 369604103 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP 38259P508 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP 38259P706 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP G60643106 not on the Official 13(f) List for 2023-12-31

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