Triple Frond

Q2 2017 13F

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $762M · prev $752M
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%

Moves3 since the prior filing

+3.0 pp in · −9.3 pp out

New 0 0.00 pp
Added 1 +3.01 pp
Trimmed 2 −9.25 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.0 years per position

Low
Moderate
High

Top 5 positions79% of US stock

CHTR Charter Comm Inc Del CL A New added+3.01 pp added+3.0117.1%
TDG TransDigm Group Incorporated held held16.9%
MCO Moody's Corporation held held16.5%
SBAC SBA Communications Corp held held14.6%
LBTYK Liberty Global Ltd. Class C trimmed−4.99 pp trimmed−4.9913.6%

Positions9 in this filing · 0 exited


CHTRCharter Comm Inc Del CL A New	17.13%	387,654	$131M	added+19%	+3.01 pp	5 q
TDGTransDigm Group Incorporated	16.93%	479,998	$129M	held	—	10 q
MCOMoody's Corporation	16.51%	1,034,075	$126M	held	—	9 q
SBACSBA Communications Corp	14.60%	824,676	$111M	held	—	2 q
LBTYKLiberty Global Ltd. Class C	13.64%	3,333,333	$104M	trimmed−17%	−4.99 pp	11 q
SCHWThe Charles Schwab Corporation	11.27%	2,000,000	$86M	held	—	17 q
VVISA Inc.	6.15%	500,000	$47M	held	—	6 q
MAMastercard Incorporated	2.96%	186,000	$23M	held	—	3 q
unresolvedNord Anglia Education Inc	0.80%	188,073	$6M	trimmed−87%	−4.26 pp	5 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001454502-17-000006
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet