Triple Frond

Q4 2019 13F

As of: Dec 31, 2019
Filed: Feb 10, 2020
US stock: $1.2B · prev $1.0B
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%

Moves4 since the prior filing

+1.6 pp in · −3.9 pp out

New 0 0.00 pp
Added 1 +1.55 pp
Trimmed 3 −3.91 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.7% a year, about 13.0 years per position

Low
Moderate
High

Top 5 positions76% of US stock

CHTR Charter Comm Inc Del CL A New held held25.9%
MCO Moody's Corporation held held17.9%
TDG TransDigm Group Incorporated added+1.55 pp added+1.5512.8%
SCHW The Charles Schwab Corporation trimmed−1.77 pp trimmed−1.7710.8%
V VISA Inc. trimmed−1.12 pp trimmed−1.128.9%

Positions9 in this filing · 0 exited


CHTRCharter Comm Inc Del CL A New	25.88%	620,029	$301M	held	—	15 q
MCOMoody's Corporation	17.89%	875,628	$208M	held	—	19 q
TDGTransDigm Group Incorporated	12.77%	265,000	$148M	added+18%	+1.55 pp	20 q
SCHWThe Charles Schwab Corporation	10.85%	2,650,000	$126M	trimmed−16%	−1.77 pp	27 q
VVISA Inc.	8.89%	550,000	$103M	trimmed−9%	−1.12 pp	16 q
LBRDKLiberty Broadband Corporation Class C	8.30%	766,579	$96M	held	—	8 q
FOXAFox Corporation Class A	6.26%	1,962,000	$73M	held	—	3 q
MAMastercard Incorporated	6.04%	235,000	$70M	trimmed−13%	−1.02 pp	13 q
LBTYKLiberty Global Ltd. Class C	3.13%	1,668,979	$36M	held	—	21 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001454502-20-000001
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet