Triple Frond

Q3 2016 13F

As of: Sep 30, 2016
Filed: Nov 11, 2016
US stock: $702M · prev $622M
Positions: 9 · prev 10
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%

Moves8 since the prior filing

+6.4 pp in · −6.2 pp out

New 0 0.00 pp
Added 4 +6.38 pp
Trimmed 3 −4.55 pp
Exited 1 −1.66 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.4 years per position

Low
Moderate
High

Top 5 positions74% of US stock

LBTYK Liberty Global Ltd. Class C added+2.59 pp added+2.5917.8%
CHTR Charter Comm Inc Del CL A New held held15.7%
SCHW The Charles Schwab Corporation added+2.20 pp added+2.2014.4%
MCO Moody's Corporation added+1.14 pp added+1.1414.3%
TDG TransDigm Group Incorporated trimmed−1.81 pp trimmed−1.8111.7%

Positions9 in this filing · 1 exited


LBTYKLiberty Global Ltd. Class C	17.77%	3,774,250	$125M	added+15%	+2.59 pp	8 q
CHTRCharter Comm Inc Del CL A New	15.65%	406,890	$110M	held	—	2 q
SCHWThe Charles Schwab Corporation	14.42%	3,205,000	$101M	added+7%	+2.20 pp	14 q
MCOMoody's Corporation	14.33%	929,000	$101M	added+6%	+1.14 pp	6 q
TDGTransDigm Group Incorporated	11.66%	283,000	$82M	trimmed−11%	−1.81 pp	7 q
unresolvedSBA Comms Corp	9.59%	600,000	$67M	held	—	4 q
VVISA Inc.	8.16%	692,400	$57M	trimmed−1%	−0.19 pp	3 q
DVADaVita Inc.	6.35%	674,300	$45M	trimmed−6%	−2.55 pp	9 q
unresolvedNord Anglia Education Inc	2.09%	672,628	$15M	added+40%	+0.45 pp	2 q
1LGEUSDLiberty Global PLC Lilac - C	—	−318,160	—	exited	−1.66 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001454502-16-000020
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet