Check Capital

Q1 2025 13F · by Steven Check, CIO

As of: Mar 31, 2025
Filed: May 1, 2025
US stock: $1.5B · prev $1.5B
Positions: 50 · prev 53
Options notional: $1.9B
Documents: 1· no amendments

Picture44.8% US stock

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

US stock listed on a US exchange 44.8%
Foreign stock not listed in the US 0.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 55.1%

Moves40 since the prior filing

−0.3 pp in · +0.4 pp out

New 1 +0.02 pp
Added 19 −0.34 pp
Trimmed 15 +0.40 pp
Exited 4 −0.04 pp

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

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.7% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions70% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+3.71 pp trimmed+3.7136.8%
BN Brookfield Corporation trimmed−1.20 pp trimmed−1.2010.2%
MKL Markel Group Inc. added+0.79 pp added+0.799.6%
GOOG Alphabet Inc. Class C trimmed−1.84 pp trimmed−1.847.4%
AER Aercap Holdings N.V. trimmed+0.20 pp trimmed+0.205.7%

Positions50 in this filing · 4 exited


BRK.BBERKSHIRE HATHAWAY Class B	36.77%	1,061,739	$565M	trimmed−4%	+3.71 pp	18 q
BNBrookfield Corporation	10.20%	2,994,015	$157M	trimmed−0%	−1.20 pp	10 q
MKLMarkel Group Inc.	9.61%	79,086	$148M	added+2%	+0.79 pp	18 q
GOOGAlphabet Inc. Class C	7.44%	732,048	$114M	trimmed−1%	−1.84 pp	18 q
AERAercap Holdings N.V.	5.67%	853,261	$87M	trimmed−1%	+0.20 pp	17 q
LKQLKQ Corporation	4.43%	1,600,158	$68M	added+1%	+0.56 pp	18 q
SUSuncor Energy, Inc.	4.26%	1,692,875	$66M	trimmed−1%	+0.24 pp	18 q
FCNCAFirst Citizens BancShares Inc	4.09%	33,958	$63M	added+1%	−0.61 pp	8 q
FDXFedEx Corporation	3.18%	200,622	$49M	added+7%	−0.30 pp	18 q
KMXCarMax Inc.	3.09%	609,687	$48M	trimmed−0%	−0.23 pp	18 q
DISThe Walt Disney Company	2.81%	438,568	$43M	trimmed−0%	−0.43 pp	18 q
HSYThe Hershey Company	2.09%	188,075	$32M	added+2%	+0.02 pp	5 q
SIRISirius XM Holdings, Inc	1.72%	1,172,344	$26M	added+2%	−0.01 pp	3 q
BRK.ABerkshire Hathaway Inc.	1.42%	29	$22M	trimmed−3%	+0.07 pp	18 q
CMPRCimpress PLC (Ireland)	1.06%	361,617	$16M	added+4%	−0.60 pp	18 q
AAPLApple Inc.	0.38%	26,654	$6M	trimmed−4%	−0.08 pp	18 q
WWayfair Inc.	0.35%	167,745	$5M	added+2%	−0.13 pp	18 q
BACBank of America Corporation	0.25%	90,913	$4M	trimmed−2%	−0.02 pp	18 q
BH.ABiglari Holdings Inc. Class A	0.17%	2,314	$3M	held	—	18 q
MSFTMicrosoft Corp	0.15%	6,031	$2M	added+1%	−0.02 pp	18 q
TRUPTrupanion, Inc.	0.10%	42,320	$2M	added+4%	−0.03 pp	18 q
AMGNAmgen Inc	0.08%	3,795	$1M	held	—	18 q
AMZNAmazon.Com Inc	0.04%	2,943	$559,966	added+1%	0.00 pp	18 q
BAMBrookfield Asset Management Ltd.	0.04%	11,586	$561,342	added0%	0.00 pp	10 q
CATCaterpillar Inc.	0.04%	1,717	$566,267	held	—	18 q
unresolvedGeneral Electric Co	0.04%	3,240	$648,486	trimmed−3%	0.00 pp	10 q
GSGoldman Sachs Group Inc.	0.04%	1,230	$671,937	held	—	18 q
unresolvedGoogle Inc.	0.04%	3,521	$544,472	added+3%	0.00 pp	18 q
SPYState Street SPDR S&P 500 ETF Trust	0.04%	965	$539,811	trimmed−1%	0.00 pp	18 q
TSLATesla, Inc.	0.04%	2,528	$655,156	added+2%	−0.03 pp	9 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.03%	8,800	$506,528	trimmed−29%	−0.02 pp	18 q
RTXRTX Corporation	0.03%	3,489	$462,153	held	—	7 q
unresolvedBiglari Holdings Inc	0.02%	1,340	$290,164	held	—	5 q
COPConocoPhillips	0.02%	3,334	$350,137	held	—	16 q
GLWCorning Incorporated	0.02%	5,050	$231,189	held	—	3 q
FASTFastenal Co	0.02%	3,960	$307,098	held	—	18 q
GEVGE Vernova Inc.	0.02%	988	$301,617	held	—	3 q
ITWIllinois Tool Works Inc.	0.02%	1,100	$272,811	held	—	10 q
JPMJPMorgan Chase & Co.	0.02%	952	$233,481	added+1%	+0.01 pp	2 q
unresolvedPowershares Qqq Trust Series 1	0.02%	717	$336,216	new	+0.02 pp	new
SCHGSchwab U.S. Large-Cap Growth ETF	0.02%	9,800	$245,392	held	—	6 q
UBERUber Technologies, Inc.	0.02%	4,990	$363,571	added+43%	+0.01 pp	8 q
VZVerizon Communications	0.02%	5,805	$263,330	added0%	0.00 pp	18 q
WFCWells Fargo & Co.	0.02%	4,913	$352,704	held	—	18 q
BABoeing Company	0.01%	1,245	$212,335	held	—	2 q
CDLXCardlytics, Inc.	0.01%	61,700	$112,294	added+10%	0.00 pp	11 q
CVXChevron Corporation	0.01%	1,350	$225,841	trimmed−10%	0.00 pp	17 q
NVDANvidia Corp	0.01%	2,117	$229,466	added+32%	0.00 pp	2 q
PGProcter & Gamble Company	0.01%	1,200	$204,504	held	—	5 q
DGXQuest Diagnostics Inc.	0.01%	1,300	$219,961	trimmed−9%	0.00 pp	18 q
CFGCitizens Financial Group, Inc.	—	−4,700	—	exited	−0.01 pp	—
OKEOneok, Inc.	—	−2,000	—	exited	−0.01 pp	—
SRESempra	—	−2,299	—	exited	−0.01 pp	—
TMHCTaylor Morrison Home Corporation	—	−3,400	—	exited	−0.01 pp	—