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Steven Check Check Capital Management

AUM $7.52B
1-Year Est. Return 15.3%
 

Steven Check is the founder of Check Capital Management, a value-oriented firm known for research-driven equity portfolios and a long-term client focus. The firm often emphasizes understandable businesses purchased with a margin of safety. Check’s public commentary and portfolio disclosures appeal to investors who prefer classical value frameworks.

This Fund
S&P 500
This Quarter Est. Return
-2.59%
1 Year Est. Return
+15.3%
3 Year Est. Return
+66.62%
5 Year Est. Return
+84.34%
10 Year Est. Return
+232.1%
AUM
$1.06B
AUM Growth
-$111M
Cap. Flow
-$75.2M
Cap. Flow %
-7.07%
Top 10 Hldgs %
78.14%
Holding
60
New
3
Increased
16
Reduced
17
Closed
9

Top Buys

Rank Stock Value
1
ESRX
Express Scripts Holding Company
ESRX
+$31.8M
2
USB icon
US Bancorp
USB
+$7.8M
3
HOG icon
Harley-Davidson
HOG
+$6.89M
4
JNJ icon
Johnson & Johnson
JNJ
+$2.27M
5
WMT icon
Walmart Inc
WMT
+$1.04M

Top Sells

Rank Stock Value
1
DTV
DIRECTV COM STK (DE)
DTV
+$28.8M
2
JEF icon
Jefferies Financial Group
JEF
+$7.75M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$2.42M
4
WFC icon
Wells Fargo
WFC
+$1.73M
5
MCD icon
McDonald's
MCD
+$1.02M

Sector Composition

Rank Sector Weight
1 Financials 47.05%
2 Technology 14.68%
3 Communication Services 5.17%
4 Industrials 4.47%
5 Healthcare 4.28%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
26
Microsoft
MSFT
$3.59T
$1.97M 0.19%
44,703
+19,800
+80% +$903K
ESV
27
DELISTED
Ensco Rowan plc
ESV
$738K 0.07%
8,288
+440
+6% +$42.8K
UNH icon
28
UnitedHealth
UNH
$350B
$659K 0.06%
5,400
– –
CSX icon
29
CSX Corp
CSX
$95.6B
$618K 0.06%
56,793
+28,800
+103% +$334K
SYNA icon
30
Synaptics
SYNA
$3.82B
$616K 0.06%
7,100
– –
CVX icon
31
Chevron
CVX
$403B
$575K 0.05%
5,960
+675
+13% +$70.9K
HAL icon
32
Halliburton
HAL
$29.4B
$536K 0.05%
12,451
+100
+0.8% +$4.61K
COP icon
33
ConocoPhillips
COP
$162B
$464K 0.04%
7,548
– –
COF icon
34
Capital One
COF
$134B
$449K 0.04%
5,100
– –
T icon
35
AT&T
T
$173B
$430K 0.04%
16,020
– –
AMGN icon
36
Amgen
AMGN
$238B
$422K 0.04%
2,750
+1,150
+72% +$184K
GLW icon
37
Corning
GLW
$129B
$407K 0.04%
20,634
-956
-4% -$20.5K
MEI icon
38
Methode Electronics
MEI
$507M
$329K 0.03%
+12,000
New +$537K
FAST icon
39
Fastenal
FAST
$58.8B
$321K 0.03%
30,400
+3,400
+13% +$35.8K
SH icon
40
ProShares Short S&P500
SH
$862M
$288K 0.03%
1,688
– –
JEF icon
41
Jefferies Financial Group
JEF
$12.1B
$278K 0.03%
12,769
-362,635
-97% -$7.75M
OXY icon
42
Occidental Petroleum
OXY
$61.3B
$277K 0.03%
3,563
– –
PM icon
43
Philip Morris
PM
$293B
$274K 0.03%
3,412
– –
C icon
44
Citigroup
C
$221B
$226K 0.02%
4,100
– –
GE icon
45
GE Aerospace
GE
$361B
$224K 0.02%
1,762
– –
TGI
46
DELISTED
Triumph Group
TGI
$221K 0.02%
3,350
– –
BRCM
47
DELISTED
BROADCOM CORP CL-A
BRCM
$211K 0.02%
+4,100
New +$200K
BAC icon
48
Bank of America
BAC
$431B
$209K 0.02%
12,295
+1
+0% +$16
SMSI icon
49
Smith Micro Software
SMSI
$16.7M
$206K 0.02%
1,122
+9
+0.8% +$1.8K
GOOG icon
50
Alphabet (Google) Class C
GOOG
$4.18T
$200K 0.02%
7,420
-7,461
-50% -$200K
1
2
3

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EAM
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EDRH
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Steven Check's Q2 2015 Portfolio in Review

As of Q2 2015, Steven Check held 60 positions worth $1.06B, down 9.4% from $1.18B the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Steven Check withdrew a net $75.2M in Q2 2015, closing 9 positions and reducing 17 holdings. Its most notable exit was DIRECTV COM STK (DE), an estimated $28.8M position sold in full.

By sector, the portfolio is most concentrated in Financials at 47% of assets, up from 44% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Steven Check opened a new position in Harley-Davidson worth $6.79M.

  • Steven Check's largest Q2 2015 buy was Harley-Davidson: 120,424 shares worth $6.79M.
  • Steven Check added most to Express Scripts Holding Company in Q2 2015, an estimated $31.8M increase.
  • Steven Check's biggest Q2 2015 reduction was Jefferies Financial Group, cutting an estimated $7.75M.
  • Steven Check fully exited DIRECTV COM STK (DE) in Q2 2015, selling an estimated $28.8M.
  • Steven Check's ten largest holdings make up 78% of its $1.06B portfolio in Q2 2015.
  • Steven Check opened 3 new positions and closed 9 in Q2 2015.
  • Steven Check's portfolio value fell 9.4% quarter-over-quarter to $1.06B.

Based on Check Capital Management's 13F filing for Q2 2015, filed 12 Aug 2015.