Triple Frond

Q1 2015 13F

As of: Mar 31, 2015
Filed: May 14, 2015
US stock: $352M · prev $281M
Positions: 6 · prev 6
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%

Moves3 since the prior filing

+25.4 pp in · −12.1 pp out

New 1 +17.10 pp
Added 1 +8.33 pp
Trimmed 0 0.00 pp
Exited 1 −12.09 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions88% of US stock

unresolved Charter Comm's Inc added+8.33 pp added+8.3322.0%
SCHW The Charles Schwab Corporation held held21.6%
TDG TransDigm Group Incorporated new+17.10 pp new+17.1017.1%
LBTYK Liberty Global Ltd. Class C held held14.2%
DVA DaVita Inc. held held12.7%

Positions6 in this filing · 1 exited


unresolvedCharter Comm's Inc	21.96%	400,000	$77M	added+74%	+8.33 pp	2 q
SCHWThe Charles Schwab Corporation	21.63%	2,500,000	$76M	held	—	8 q
TDGTransDigm Group Incorporated	17.10%	275,000	$60M	new	+17.10 pp	new
LBTYKLiberty Global Ltd. Class C	14.16%	1,000,000	$50M	held	—	2 q
DVADaVita Inc.	12.71%	550,000	$45M	held	—	3 q
PGRProgressive Corporation	12.45%	1,610,000	$44M	held	—	8 q
CCLCarnival Corporation Ltd.	—	−750,000	—	exited	−12.09 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001454502-15-000005
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet