Check Capital

Q3 2025 13F · by Steven Check, CIO

As of: Sep 30, 2025
Filed: Nov 6, 2025
US stock: $1.6B · prev $1.5B
Positions: 50 · prev 49
Options notional: $1.5B
Documents: 1· no amendments

Picture52.0% US stock

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

US stock listed on a US exchange 52.0%
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 48.0%

Moves32 since the prior filing

−0.3 pp in · +0.3 pp out

New 3 +0.04 pp
Added 15 −0.35 pp
Trimmed 11 +2.38 pp
Exited 2 −2.09 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 · 6.9% a year, about 14.6 years per position

Low
Moderate
High

Top 5 positions74% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added−0.10 pp added−0.1034.2%
BN Brookfield Corporation trimmed+0.72 pp trimmed+0.7212.7%
GOOG Alphabet Inc. Class C trimmed+2.59 pp trimmed+2.5911.0%
MKL Markel Group Inc. trimmed−0.85 pp trimmed−0.859.4%
AER Aercap Holdings N.V. trimmed−0.10 pp trimmed−0.106.4%

Positions50 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	34.23%	1,075,160	$541M	added0%	−0.10 pp	20 q
BNBrookfield Corporation	12.72%	2,929,168	$201M	trimmed−0%	+0.72 pp	12 q
GOOGAlphabet Inc. Class C	11.03%	715,352	$174M	trimmed−1%	+2.59 pp	20 q
MKLMarkel Group Inc.	9.39%	77,545	$148M	trimmed−0%	−0.85 pp	20 q
AERAercap Holdings N.V.	6.37%	831,737	$101M	trimmed−1%	−0.10 pp	19 q
FCNCAFirst Citizens BancShares Inc	4.01%	35,364	$63M	added+3%	−0.41 pp	10 q
DISThe Walt Disney Company	3.15%	434,268	$50M	added0%	−0.39 pp	20 q
LKQLKQ Corporation	3.08%	1,591,318	$49M	added0%	−0.80 pp	20 q
SIRISirius XM Holdings, Inc	3.04%	2,061,843	$48M	added+77%	+1.27 pp	5 q
FDXFedEx Corporation	2.99%	200,188	$47M	added+1%	+0.01 pp	20 q
HSYThe Hershey Company	2.24%	189,169	$35M	added+1%	+0.20 pp	7 q
KMXCarMax Inc.	1.71%	600,043	$27M	added0%	−0.94 pp	20 q
CMPRCimpress PLC (Ireland)	1.53%	384,287	$24M	added+4%	+0.39 pp	20 q
BRK.ABerkshire Hathaway Inc.	1.39%	29	$22M	held	—	20 q
WWayfair Inc.	0.95%	167,850	$15M	added+1%	+0.39 pp	20 q
AAPLApple Inc.	0.41%	25,395	$6M	trimmed−5%	+0.05 pp	20 q
BACBank of America Corporation	0.26%	80,651	$4M	trimmed−4%	0.00 pp	20 q
BH.ABiglari Holdings Inc. Class A	0.22%	2,212	$3M	trimmed−4%	+0.01 pp	20 q
MSFTMicrosoft Corp	0.20%	6,126	$3M	held	—	20 q
TRUPTrupanion, Inc.	0.11%	40,980	$2M	trimmed−5%	−0.05 pp	20 q
AMGNAmgen Inc	0.07%	3,885	$1M	added+2%	0.00 pp	20 q
TSLATesla, Inc.	0.07%	2,450	$1M	trimmed−3%	+0.02 pp	11 q
unresolvedGeneral Electric Co	0.06%	3,240	$974,657	held	—	12 q
GSGoldman Sachs Group Inc.	0.06%	1,230	$979,510	held	—	20 q
unresolvedGoogle Inc.	0.06%	3,623	$880,802	added0%	+0.02 pp	20 q
CATCaterpillar Inc.	0.05%	1,717	$819,267	held	—	20 q
AMZNAmazon.Com Inc	0.04%	3,143	$690,144	held	—	20 q
BAMBrookfield Asset Management Ltd.	0.04%	11,586	$659,707	held	—	12 q
GEVGE Vernova Inc.	0.04%	988	$607,521	held	—	5 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.04%	8,800	$633,077	held	—	20 q
RTXRTX Corporation	0.04%	3,489	$583,814	held	—	9 q
SPYState Street SPDR S&P 500 ETF Trust	0.04%	965	$642,864	held	—	20 q
unresolvedBiglari Holdings Inc	0.03%	1,340	$433,691	held	—	7 q
GLWCorning Incorporated	0.03%	5,050	$414,251	held	—	5 q
NVDANvidia Corp	0.03%	2,147	$400,587	added+1%	+0.01 pp	4 q
UBERUber Technologies, Inc.	0.03%	4,890	$479,073	trimmed−2%	0.00 pp	10 q
BABoeing Company	0.02%	1,245	$268,708	held	—	4 q
COPConocoPhillips	0.02%	3,334	$315,363	held	—	18 q
METAMeta Platforms, Inc. Class A	0.02%	336	$246,752	held	—	2 q
FASTFastenal Co	0.02%	7,920	$388,397	held	—	20 q
ITWIllinois Tool Works Inc.	0.02%	1,100	$286,836	held	—	12 q
JPMJPMorgan Chase & Co.	0.02%	954	$300,917	added0%	0.00 pp	4 q
unresolvedPowershares Qqq Trust Series 1	0.02%	641	$384,837	trimmed−11%	−0.01 pp	3 q
DGXQuest Diagnostics Inc.	0.02%	1,300	$247,755	held	—	20 q
SCHGSchwab U.S. Large-Cap Growth ETF	0.02%	9,800	$312,718	held	—	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	715	$246,889	new	+0.02 pp	new
VZVerizon Communications	0.02%	5,840	$256,675	added0%	0.00 pp	20 q
WFCWells Fargo & Co.	0.02%	4,413	$369,898	held	—	20 q
CVXChevron Corporation	0.01%	1,350	$209,641	new	+0.01 pp	new
CFGCitizens Financial Group, Inc.	0.01%	3,800	$202,008	new	+0.01 pp	new
SUSuncor Energy, Inc.	—	−841,456	—	exited	−2.08 pp	—
CDLXCardlytics, Inc.	—	−74,500	—	exited	−0.01 pp	—