Portfolio Concentration

CompanyAvg. Holdings+5%+10%+20%
Punch Card Capital, L.P.482.14%75.00%57.14%
Tesuji Partners, LLC694.33%72.34%26.95%
MSD Capital583.57%71.43%35.00%
Triple Frond Partners888.26%64.79%7.98%
Dalal Street, LLC674.34%61.18%30.26%
H Partners380.46%60.92%57.47%
Altarock Partners780.28%59.15%26.06%
Baker Street467.27%58.18%38.18%
Pershing Square Capital Management884.16%56.44%16.34%
Mittleman Brothers880.81%56.06%24.24%
Altai Capital Management676.47%51.96%27.45%
Daily Journal Corp.452.00%50.00%50.00%
Sageview Capital L.P.350.00%47.78%33.33%
The Children's Investment Fund565.12%46.51%32.56%
RBS Partners, L.P.664.02%45.12%32.32%
Salzman & Co.765.68%40.83%27.81%
Wintergreen Advisers957.96%39.82%10.62%
Invesco Private Capital, Inc.749.45%38.46%23.08%
MHR Fund Management942.98%37.19%22.31%
Joho Kapital1059.26%36.30%15.19%
Scion Asset Management1084.81%35.44%8.86%
Aquamarine Capital Management1545.95%30.10%1.29%
Sachem Head Capital1176.43%28.90%6.08%
ValueAct Holdings1549.62%24.18%3.78%
Brave Warrior Advisors1657.04%22.47%2.72%
Breeden Capital Management955.56%22.22%22.22%
Arlington Value Capital, LLC1741.97%21.79%4.82%
Marcato Capital1640.14%21.36%4.69%
Brenner West Capital Advisors1455.56%20.37%2.47%
Hayman Capital1434.33%19.40%9.45%
Abrams Capital Management1744.70%19.35%3.23%
Blue Harbour Group1844.59%18.83%0.22%
Turtle Creek Asset Management, Inc.1745.23%16.89%5.72%
Fairholme Capital Management1625.84%16.27%9.09%
Teton Capital Partners1642.52%16.15%6.41%
Centerbridge Partners1925.25%14.12%6.96%
Edinburgh Partners3525.60%12.52%0.57%
Icahn Capital1928.71%11.45%5.82%
Chou Associates Management2528.42%10.60%1.69%
West Coast Asset Management2150.00%10.32%0.00%
Fairfax Financial Holdings3712.02%10.07%4.93%
Hound Partners2435.28%9.61%0.31%
Marble Arch Investments1949.50%8.29%0.25%
Kingstown Capital1852.10%8.19%0.21%
Berkshire Hathaway4710.88%7.58%1.48%
GoodHaven Capital Management2432.20%7.28%0.16%
Moab Capital Partners, LLC3219.76%6.99%0.36%
Broad Run Investment Management2436.19%6.98%0.00%
Baupost Group LLC3320.47%6.78%1.29%
GoldenTree Asset Management2422.15%6.49%2.37%
Hillhouse Capital Management3311.76%5.70%3.88%
Greenlight Capital3514.81%5.56%1.09%
RA Capital Management3415.46%5.30%1.24%
Miura Global Management2334.62%4.71%0.00%
Lane Five Capital Management2137.38%4.67%0.00%
Southeastern Asset Management3025.55%4.62%0.00%
Duquesne Family Office3514.77%4.52%1.10%
3G Capital Partners3711.80%4.48%0.98%
Giverny Capital3119.14%4.14%0.17%
Bares Capital Management3232.00%4.01%0.11%
Leucadia National335.54%3.89%3.18%
Third Point3810.69%3.87%1.22%
Centaur Capital2824.18%3.62%0.00%
International Value Advisers3219.52%3.11%0.00%
Par Capital Management716.62%2.11%0.33%
Robotti & Company579.35%2.08%0.27%
Appaloosa Management4910.17%1.85%0.18%
Gates Capital Management2817.64%1.63%1.49%
Swift Run Capital4813.76%1.38%0.00%
Donald Smith & Co.726.17%1.18%0.00%
Ruane, Cunniff & Goldfarb1193.40%1.13%0.42%
Gardner Russo & Gardner1079.22%1.08%0.00%
Nantahala Capital Management, LLC792.87%1.07%0.39%
Raffles Associates5110.00%0.98%0.00%
Paulson & Co.756.75%0.72%0.00%
Avenir Corp6611.16%0.52%0.00%
Soros Fund Management2210.97%0.45%0.02%
Wedgewood Partners3125.59%0.37%0.00%
Cannell Capital645.37%0.36%0.00%
Lafayette Investments723.36%0.32%0.00%
Locust Wood Capital Advisers436.92%0.27%0.00%
Horizon Kinetics, LLC5110.46%0.16%0.05%
Glenview Capital Management595.28%0.13%0.00%
Lincoln Capital668.71%0.00%0.00%
Lone Pine Capital419.67%0.00%0.00%
Markel Corporation1242.42%0.00%0.00%
Weitz Investment Management714.38%0.00%0.00%