Triple Frond

Q1 2016 13F

As of: Mar 31, 2016
Filed: May 13, 2016
US stock: $614M · prev $536M
Positions: 8 · 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

+8.1 pp in · −2.8 pp out

New 1 +8.72 pp
Added 4 −0.59 pp
Trimmed 1 −2.84 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.2% a year, about 13.9 years per position

Low
Moderate
High

Top 5 positions71% of US stock

LBTYK Liberty Global Ltd. Class C added+0.01 pp added+0.0115.6%
unresolved Charter Comm's Inc held held14.8%
MCO Moody's Corporation added+0.19 pp added+0.1913.8%
SCHW The Charles Schwab Corporation held held13.7%
TDG TransDigm Group Incorporated added−0.78 pp added−0.7813.5%

Positions8 in this filing · 0 exited


LBTYKLiberty Global Ltd. Class C	15.60%	2,550,000	$96M	added+24%	+0.01 pp	6 q
unresolvedCharter Comm's Inc	14.83%	450,000	$91M	held	—	6 q
MCOMoody's Corporation	13.76%	875,000	$84M	added+21%	+0.19 pp	4 q
SCHWThe Charles Schwab Corporation	13.69%	3,000,000	$84M	held	—	12 q
TDGTransDigm Group Incorporated	13.46%	375,000	$83M	added+12%	−0.78 pp	5 q
DVADaVita Inc.	10.16%	850,000	$62M	trimmed−15%	−2.84 pp	7 q
unresolvedSBA Comms Corp	9.79%	600,000	$60M	added+20%	−0.01 pp	2 q
VVISA Inc.	8.72%	700,000	$54M	new	+8.72 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001454502-16-000015
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet