Triple Frond

Q3 2013 13F

As of: Sep 30, 2013
Filed: Oct 11, 2013
US stock: $328M · prev $357M
Positions: 9 · prev 8
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
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 0.0%

Moves6 since the prior filing

+6.2 pp in · −8.1 pp out

New 1 +6.20 pp
Added 0 0.00 pp
Trimmed 5 −8.11 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions76% of US stock

unresolved Time Warner Cable Inc trimmed−1.48 pp trimmed−1.4827.2%
SCHW The Charles Schwab Corporation trimmed−3.21 pp trimmed−3.2114.5%
CCL Carnival Corporation Ltd. held held13.8%
unresolved HCC Insurance Holdings, Inc. trimmed+0.78 pp trimmed+0.7810.4%
unresolved Ryanair Holdings PLC ADR held held10.4%

Positions9 in this filing · 0 exited


unresolvedTime Warner Cable Inc	27.22%	800,000	$89M	trimmed−12%	−1.48 pp	2 q
SCHWThe Charles Schwab Corporation	14.50%	2,250,000	$48M	trimmed−24%	−3.21 pp	2 q
CCLCarnival Corporation Ltd.	13.85%	1,391,435	$45M	held	—	2 q
unresolvedHCC Insurance Holdings, Inc.	10.44%	781,600	$34M	trimmed−2%	+0.78 pp	2 q
unresolvedRyanair Holdings PLC ADR	10.38%	684,180	$34M	held	—	2 q
RNRRenaissanceRe Holdings Ltd.	8.28%	300,089	$27M	trimmed−29%	−2.06 pp	2 q
unresolvedValidus Holdings Ltd	6.20%	550,000	$20M	new	+6.20 pp	new
PGRProgressive Corporation	4.98%	600,000	$16M	trimmed−40%	−2.14 pp	2 q
unresolvedCrh PLC	4.15%	563,456	$14M	held	—	2 q

Source

Form: 13F-HR
Reading: 0 defects · 5 unresolved
Accession: 0000950123-13-007885
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet