Portfolio Concentration

CompanyAvg. Holdings+5%+10%+20%
Punch Card Capital, L.P.480.77%73.08%56.41%
MSD Capital685.61%72.73%34.85%
Tesuji Partners, LLC694.33%72.34%26.95%
Triple Frond Partners888.21%65.64%7.69%
Altarock Partners780.77%60.00%25.38%
Dalal Street, LLC673.29%59.59%28.08%
H Partners379.52%59.04%55.42%
Baker Street467.27%58.18%38.18%
Mittleman Brothers880.98%55.98%25.00%
Pershing Square Capital Management884.41%54.84%17.20%
Daily Journal Corp.452.27%50.00%50.00%
Altai Capital Management674.19%49.46%25.81%
Sageview Capital L.P.450.00%47.73%32.95%
The Children's Investment Fund565.12%46.51%32.56%
RBS Partners, L.P.663.46%44.87%31.41%
Salzman & Co.765.24%40.85%27.44%
Wintergreen Advisers957.96%39.82%10.62%
Invesco Private Capital, Inc.748.55%38.15%21.97%
MHR Fund Management943.64%37.27%22.73%
Joho Kapital1060.73%36.44%14.98%
Aquamarine Capital Management1544.16%28.47%1.46%
Sachem Head Capital1176.02%28.05%5.69%
Scion Asset Management1082.26%27.42%8.06%
ValueAct Holdings1552.27%25.00%3.69%
Brave Warrior Advisors1557.72%22.49%2.98%
Breeden Capital Management955.56%22.22%22.22%
Arlington Value Capital, LLC1741.77%21.38%4.67%
Marcato Capital1740.34%21.01%4.11%
Abrams Capital Management1644.56%20.51%3.54%
Brenner West Capital Advisors1455.56%20.37%2.47%
Hayman Capital1434.33%19.40%9.45%
Turtle Creek Asset Management, Inc.1746.35%18.73%6.67%
Blue Harbour Group1843.68%17.93%0.23%
Fairholme Capital Management1725.79%16.06%8.76%
Teton Capital Partners1642.89%15.50%6.98%
Centerbridge Partners2024.27%12.86%6.64%
Edinburgh Partners3525.60%12.52%0.57%
Icahn Capital1928.88%11.42%5.82%
West Coast Asset Management2150.00%10.32%0.00%
Chou Associates Management2529.09%10.25%1.32%
Hound Partners2435.70%10.23%0.35%
Fairfax Financial Holdings3811.82%9.94%4.86%
Marble Arch Investments1949.50%8.29%0.25%
Berkshire Hathaway4710.91%7.78%1.43%
GoodHaven Capital Management2432.29%7.50%0.17%
Moab Capital Partners, LLC3219.43%6.99%0.39%
Kingstown Capital1952.13%6.97%0.22%
Baupost Group LLC3320.10%6.83%1.39%
GoldenTree Asset Management2422.47%6.52%2.06%
Broad Run Investment Management2435.21%6.50%0.00%
Hillhouse Capital Management3311.77%5.70%3.80%
RA Capital Management3515.20%5.31%1.09%
Greenlight Capital3713.91%5.02%1.14%
Miura Global Management2335.06%4.98%0.00%
Duquesne Family Office3315.69%4.73%1.00%
Southeastern Asset Management3025.69%4.70%0.00%
Lane Five Capital Management2137.38%4.67%0.00%
Third Point3810.67%4.00%1.22%
Giverny Capital3020.12%3.98%0.20%
Leucadia National345.11%3.65%3.04%
Centaur Capital2824.18%3.62%0.00%
3G Capital Partners3910.69%3.60%0.79%
Bares Capital Management3331.55%3.52%0.12%
International Value Advisers3318.90%2.81%0.00%
Par Capital Management726.61%2.01%0.11%
Robotti & Company579.42%1.97%0.29%
Appaloosa Management4910.17%1.85%0.18%
Gates Capital Management2816.94%1.77%1.62%
Swift Run Capital4912.90%1.29%0.00%
Donald Smith & Co.725.69%1.15%0.00%
Ruane, Cunniff & Goldfarb1193.40%1.13%0.42%
Nantahala Capital Management, LLC783.05%1.07%0.43%
Gardner Russo & Gardner1089.16%1.00%0.00%
Raffles Associates519.71%0.91%0.00%
Paulson & Co.756.87%0.84%0.00%
Avenir Corp6611.37%0.44%0.00%
Wedgewood Partners3025.79%0.41%0.00%
Soros Fund Management2260.90%0.41%0.00%
Cannell Capital655.06%0.38%0.00%
Locust Wood Capital Advisers427.06%0.29%0.00%
Lafayette Investments713.47%0.24%0.00%
Horizon Kinetics, LLC5110.46%0.16%0.05%
Glenview Capital Management604.93%0.14%0.00%
Lincoln Capital658.66%0.00%0.00%
Lone Pine Capital429.24%0.00%0.00%
Markel Corporation1232.51%0.00%0.00%
Weitz Investment Management714.46%0.00%0.00%