Triple Frond

Q2 2014 13F

As of: Jun 30, 2014
Filed: Jul 29, 2014
US stock: $202M · prev $215M
Positions: 5 · prev 7
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%

Moves4 since the prior filing

+15.0 pp in · −21.4 pp out

New 1 +14.96 pp
Added 0 0.00 pp
Trimmed 0 0.00 pp
Exited 3 −21.42 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 60% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions100% of US stock

SCHW The Charles Schwab Corporation held held30.0%
PGR Progressive Corporation held held20.2%
CCL Carnival Corporation Ltd. held held18.6%
unresolved HCC Insurance Holdings, Inc. held held16.2%
MCD McDonald's Corporation new+14.96 pp new+14.9615.0%

Positions5 in this filing · 3 exited


SCHWThe Charles Schwab Corporation	29.98%	2,250,000	$61M	held	—	5 q
PGRProgressive Corporation	20.20%	1,610,000	$41M	held	—	5 q
CCLCarnival Corporation Ltd.	18.63%	1,000,000	$38M	held	—	5 q
unresolvedHCC Insurance Holdings, Inc.	16.23%	670,000	$33M	held	—	5 q
MCDMcDonald's Corporation	14.96%	300,000	$30M	new	+14.96 pp	new
RNRRenaissanceRe Holdings Ltd.	—	−175,000	—	exited	−7.95 pp	—
unresolvedValidus Holdings Ltd	—	−400,000	—	exited	−7.02 pp	—
unresolvedRyanair Holdings PLC ADR	—	−235,800	—	exited	−6.45 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0000950123-14-007537
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet