Triple Frond

Q4 2015 13F

As of: Dec 31, 2015
Filed: Feb 12, 2016
US stock: $536M · prev $473M
Positions: 7 · 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%

Moves6 since the prior filing

+11.5 pp in · −10.4 pp out

New 1 +9.80 pp
Added 4 +1.70 pp
Trimmed 0 0.00 pp
Exited 1 −10.44 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions77% of US stock

SCHW The Charles Schwab Corporation held held18.4%
LBTYK Liberty Global Ltd. Class C added−0.03 pp added−0.0315.6%
unresolved Charter Comm's Inc held held15.4%
TDG TransDigm Group Incorporated added−0.37 pp added−0.3714.2%
MCO Moody's Corporation added+0.58 pp added+0.5813.6%

Positions7 in this filing · 1 exited


SCHWThe Charles Schwab Corporation	18.43%	3,000,000	$99M	held	—	11 q
LBTYKLiberty Global Ltd. Class C	15.59%	2,050,000	$84M	added+14%	−0.03 pp	5 q
unresolvedCharter Comm's Inc	15.37%	450,000	$82M	held	—	5 q
TDGTransDigm Group Incorporated	14.24%	334,243	$76M	added+3%	−0.37 pp	4 q
MCOMoody's Corporation	13.57%	725,000	$73M	added+16%	+0.58 pp	3 q
DVADaVita Inc.	13.00%	1,000,000	$70M	added+33%	+1.52 pp	6 q
unresolvedSBA Comms Corp	9.80%	500,000	$53M	new	+9.80 pp	new
PGRProgressive Corporation	—	−1,610,000	—	exited	−10.44 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001454502-16-000012
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet