Cook & Bynum Capital Management, LLC

Cook & Bynum Capital Management, LLC is a diversified fundamental manager, running a $124.2M US long book across 6 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: BERKSHIRE HATHAWAY INC-CL B, ANHEUSER-BUSCH INBEV-SPN ADR, FOMENTO ECONOMICO MEX-SP ADR, LIBERTY LATIN AMERIC-CL C, AMBEV SA-ADR.

Over the last 9 quarters its long book ran on average 1.5pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.