Triple Frond

Q4 2014 13F

As of: Dec 31, 2014
Filed: Feb 11, 2015
US stock: $281M · prev $216M
Positions: 6 · prev 5
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%

Moves5 since the prior filing

+27.0 pp in · −19.7 pp out

New 2 +30.81 pp
Added 1 −3.82 pp
Trimmed 1 −6.54 pp
Exited 1 −13.19 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 57% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions88% of US stock

SCHW The Charles Schwab Corporation added−3.82 pp added−3.8226.8%
LBTYK Liberty Global Ltd. Class C new+17.18 pp new+17.1817.2%
PGR Progressive Corporation held held15.4%
DVA DaVita Inc. held held14.8%
unresolved Charter Comm's Inc new+13.63 pp new+13.6313.6%

Positions6 in this filing · 1 exited


SCHWThe Charles Schwab Corporation	26.84%	2,500,000	$75M	added+11%	−3.82 pp	7 q
LBTYKLiberty Global Ltd. Class C	17.18%	1,000,000	$48M	new	+17.18 pp	new
PGRProgressive Corporation	15.45%	1,610,000	$43M	held	—	7 q
DVADaVita Inc.	14.81%	550,000	$42M	held	—	2 q
unresolvedCharter Comm's Inc	13.63%	230,000	$38M	new	+13.63 pp	new
CCLCarnival Corporation Ltd.	12.09%	750,000	$34M	trimmed−25%	−6.54 pp	7 q
MCDMcDonald's Corporation	—	−300,000	—	exited	−13.19 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001454502-15-000002
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet