Arlington Value Capital: 13F holdings, Q1 2020
Concentrated value · SEC EDGAR filings (CIK 0001568820) · Explore on the interactive board
Arlington Value Capital disclosed 16 US equity positions worth $1.2bn in its Q1 2020 13F filing (holdings as of March 31, 2020, filed May 15, 2020). Its largest position is BRK/B at 39.0% of the reported book, followed by CMPR, AN. The top ten holdings are 97.8% of the book, and the portfolio behaves like about 5 equal-weight positions. Versus the prior filing it opened 2 new positions, added to 0, reduced 12 and exited 1. Note: this manager's most recent filing is 25 quarters behind the newest quarter on file, so these figures are history rather than current positioning.
What does Arlington Value Capital own? Top holdings as of March 31, 2020
Change is measured in shares against the previous filing (Q4 2019), so price moves do not read as decisions. This quarter: 2 new, 0 added, 12 reduced, 1 exited.
| # | Stock | Sector | Weight | Value | Shares | Δ shares | Action |
|---|---|---|---|---|---|---|---|
| 1 | BRK/B BERKSHIRE HATHAWAY INC CL B | 39.0% | $457.8m | 1,439,746 | -26% | reduced | |
| 2 | CMPR CIMPRESS N V | Industrials | 12.5% | $146.7m | 1,602,632 | -20% | reduced |
| 3 | AN AUTONATION INC | Consumer Cyclical | 9.6% | $112.9m | 2,310,483 | -14% | reduced |
| 4 | SPB SPECTRUM BRANDS HOLDINGS INC | Consumer Defensive | 9.3% | $108.8m | 1,749,868 | -36% | reduced |
| 5 | MNRO MONRO MUFFLER BRAKE INC | Consumer Cyclical | 9.2% | $108.4m | 1,408,248 | -8% | reduced |
| 6 | IBKR INTERACTIVE BROKERS GRO-CL A | Financial Services | 6.4% | $74.9m | 999,185 | -15% | reduced |
| 7 | JEF JEFFERIES FINANCIAL GROUP INC | Financial Services | 6.1% | $71.4m | 3,056,028 | -23% | reduced |
| 8 | BFH ALLIANCE DATA SYSTEMS CORP | Financial Services | 3.2% | $38.0m | 705,603 | -43% | reduced |
| 9 | BRK/A BERKSHIRE HATHAWAY INC CL A | 1.2% | $14.1m | 43 | 0% | held | |
| 10 | COVETRUS INC | 1.2% | $13.9m | 991,498 | -23% | reduced | |
| 11 | W WAYFAIR INC- CLASS A | Consumer Cyclical | 1.1% | $12.4m | 231,791 | – | new |
| 12 | GCI LIBERTY INC - CLASS A | 1.0% | $11.4m | 121,377 | -37% | reduced | |
| 13 | BAC BANK OF AMERICA CORP | Financial Services | 0.1% | $601.0k | 28,327 | -89% | reduced |
| 14 | SPIRIT AIRLINES INC | 0.0% | $523.0k | 40,550 | -91% | reduced | |
| 15 | TAP MOLSON COORS BEVERAGE CO | Consumer Defensive | 0.0% | $483.0k | 12,383 | – | new |
| 16 | DESWELL INDUSTRIES INC | 0.0% | $50.0k | 22,781 | 0% | held |
What did Arlington Value Capital sell? Positions exited since the previous filing
| Stock | Prior weight | Prior value |
|---|---|---|
| GRUBHUB INC | 100.0% | $206.0k |
Sector mix
| Sector | Weight |
|---|---|
| Consumer Cyclical | 19.9% |
| Financial Services | 15.8% |
| Industrials | 12.5% |
| Consumer Defensive | 9.3% |
Sectors cover positions whose ticker resolved to a sector; the remainder is unclassified, not cash.
Filing history
| Quarter | Positions | Equity value |
|---|---|---|
| Q1 2020 | 27 | $1.2bn |
| Q4 2019 | 28 | $2.6bn |
| Q3 2019 | 15 | $1.5bn |
| Q2 2019 | 14 | $1.5bn |
| Q1 2019 | 15 | $1.4bn |
| Q4 2018 | 16 | $1.3bn |
| Q3 2018 | 19 | $1.4bn |
| Q2 2018 | 21 | $1.3bn |
| Q1 2018 | 21 | $1.2bn |
| Q4 2017 | 22 | $1.1bn |
| Q3 2017 | 25 | $999.5m |
| Q2 2017 | 24 | $873.6m |
| Q1 2017 | 21 | $700.8m |
| Q4 2016 | 18 | $727.2m |
| Q3 2016 | 18 | $862.4m |
| Q2 2016 | 20 | $900.1m |
Earliest filing: Q4 2012 · 30 quarters on file
How concentrated is Arlington Value Capital's portfolio?
Across every quarter Arlington Value Capital has filed, its median largest position is 23.4% of the book and its median top-ten weight is 97.6%, which WhaleCreep classifies as concentrated (the gate is a median largest position of 5%). Of 44 completed holding spells, the median lasted 5.0 quarters; 16 positions are still open and their final length is unknown.