Triple Frond

Q1 2018 13F

As of: Mar 31, 2018
Filed: May 9, 2018
US stock: $890M · prev $883M
Positions: 9 · prev 8
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%

Moves4 since the prior filing

+9.2 pp in · −10.7 pp out

New 1 +7.65 pp
Added 1 +1.52 pp
Trimmed 2 −10.66 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions74% of US stock

MCO Moody's Corporation held held18.7%
CHTR Charter Comm Inc Del CL A New trimmed−6.84 pp trimmed−6.8416.2%
SCHW The Charles Schwab Corporation added+1.52 pp added+1.5216.1%
SBAC SBA Communications Corp held held13.0%
LBTYK Liberty Global Ltd. Class C held held9.7%

Positions9 in this filing · 0 exited


MCOMoody's Corporation	18.74%	1,034,075	$167M	held	—	12 q
CHTRCharter Comm Inc Del CL A New	16.22%	463,785	$144M	trimmed−23%	−6.84 pp	8 q
SCHWThe Charles Schwab Corporation	16.06%	2,737,565	$143M	added+10%	+1.52 pp	20 q
SBACSBA Communications Corp	12.96%	674,676	$115M	held	—	5 q
LBTYKLiberty Global Ltd. Class C	9.69%	2,835,333	$86M	held	—	14 q
TDGTransDigm Group Incorporated	8.31%	240,998	$74M	trimmed−38%	−3.82 pp	13 q
LBRDKLiberty Broadband Corporation Class C	7.65%	794,303	$68M	new	+7.65 pp	new
VVISA Inc.	6.72%	500,000	$60M	held	—	9 q
MAMastercard Incorporated	3.66%	186,000	$33M	held	—	6 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001454502-18-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet