Triple Frond

Q4 2016 13F

As of: Dec 31, 2016
Filed: Feb 8, 2017
US stock: $674M · prev $702M
Positions: 9 · prev 9
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%

Moves10 since the prior filing

+11.7 pp in · −11.7 pp out

New 1 +2.85 pp
Added 5 +8.87 pp
Trimmed 3 −5.38 pp
Exited 1 −6.35 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 62% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions74% of US stock

LBTYK Liberty Global Ltd. Class C added+2.45 pp added+2.4520.2%
MCO Moody's Corporation added+0.13 pp added+0.1314.5%
CHTR Charter Comm Inc Del CL A New trimmed−1.79 pp trimmed−1.7913.9%
SCHW The Charles Schwab Corporation trimmed−1.22 pp trimmed−1.2213.2%
unresolved SBA Comms Corp added+3.04 pp added+3.0412.6%

Positions9 in this filing · 1 exited


LBTYKLiberty Global Ltd. Class C	20.22%	4,591,700	$136M	added+22%	+2.45 pp	9 q
MCOMoody's Corporation	14.46%	1,034,075	$97M	added+11%	+0.13 pp	7 q
CHTRCharter Comm Inc Del CL A New	13.86%	324,554	$93M	trimmed−20%	−1.79 pp	3 q
SCHWThe Charles Schwab Corporation	13.20%	2,255,000	$89M	trimmed−30%	−1.22 pp	15 q
unresolvedSBA Comms Corp	12.63%	824,676	$85M	added+37%	+3.04 pp	5 q
TDGTransDigm Group Incorporated	12.15%	329,148	$82M	added+16%	+0.49 pp	8 q
VVISA Inc.	5.79%	500,000	$39M	trimmed−28%	−2.37 pp	4 q
unresolvedNord Anglia Education Inc	4.85%	1,402,441	$33M	added×2.1	+2.76 pp	3 q
MAMastercard Incorporated	2.85%	186,000	$19M	new	+2.85 pp	new
DVADaVita Inc.	—	−674,300	—	exited	−6.35 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001454502-17-000002
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet