Triple Frond

Q1 2020 13F

As of: Mar 31, 2020
Filed: May 5, 2020
US stock: $897M · prev $1.2B
Positions: 10 · 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%

Moves11 since the prior filing

+17.2 pp in · −18.3 pp out

New 3 +15.74 pp
Added 3 +1.43 pp
Trimmed 3 −8.95 pp
Exited 2 −9.39 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 77% a year, about 1.3 years per position

Low
Moderate
High

Top 5 positions77% of US stock

Positions10 in this filing · 2 exited


CHTRCharter Comm Inc Del CL A New	24.31%	500,029	$218M	trimmed−19%	−1.57 pp	16 q
MCOMoody's Corporation	19.82%	841,228	$178M	trimmed−4%	+1.93 pp	20 q
GOOGAlphabet Inc. Class C	11.68%	90,120	$105M	new	+11.68 pp	new
VVISA Inc.	11.67%	650,000	$105M	added+18%	+2.78 pp	17 q
TDGTransDigm Group Incorporated	9.99%	280,000	$90M	added+6%	−2.78 pp	21 q
LBRDKLiberty Broadband Corporation Class C	9.46%	766,579	$85M	held	—	9 q
MAMastercard Incorporated	7.47%	277,500	$67M	added+18%	+1.43 pp	14 q
GWREGuidewire Software, Inc.	3.29%	372,800	$30M	new	+3.29 pp	new
SCHWThe Charles Schwab Corporation	1.54%	412,300	$14M	trimmed−84%	−9.31 pp	28 q
SPGIS&P Global Inc.	0.77%	28,100	$7M	new	+0.77 pp	new
FOXAFox Corporation Class A	—	−1,962,000	—	exited	−6.26 pp	—
LBTYKLiberty Global Ltd. Class C	—	−1,668,979	—	exited	−3.13 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001454502-20-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet