Check Capital Management 13F, Q3 2025
Steven Check · quarter ending 30 September 2025 · filed 6 November 2025 · SEC CIK 1032814
Common stock only: shares the fund reported owning at the quarter end, valued as filed. The filing also lists 1 put and call lines, reported at the value of the underlying shares; they are not ownership and are not in these totals.
Largest positions, Q3 2025
The 25 largest of 50 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| Berkshire Hathaway | BRK/B | $540.53M | 34.2% | unchanged |
| Brookfield Corp. | BN | $200.88M | 12.7% | unchanged |
| Alphabet | $174.22M | 11.0% | unchanged | |
| Markel | MKL | $148.22M | 9.4% | unchanged |
| AerCap Holdings | $100.64M | 6.4% | unchanged | |
| First Citizens | FCNCA | $63.27M | 4.0% | +3% shares |
| Disney (Walt) | DIS | $49.72M | 3.1% | unchanged |
| LKQ Corp | LKQ | $48.60M | 3.1% | unchanged |
| Sirius XM | SIRI | $47.99M | 3.0% | +77% shares |
| FedEx | $47.21M | 3.0% | unchanged | |
| Hershey Foods | HSY | $35.38M | 2.2% | unchanged |
| CarMax | KMX | $26.92M | 1.7% | unchanged |
| Cimpress | $24.23M | 1.5% | +4% shares | |
| Berkshire Hathaway 'A' | BRK/A | $21.87M | 1.4% | unchanged |
| Wayfair | $14.99M | 0.9% | unchanged | |
| Apple | AAPL | $6.47M | 0.4% | -5% shares |
| Bank of America | BAC | $4.16M | 0.3% | -4% shares |
| Biglari Cl A | $3.42M | 0.2% | -4% shares | |
| Microsoft | MSFT | $3.17M | 0.2% | unchanged |
| Trupanion Inc. | TRUP | $1.77M | 0.1% | -5% shares |
| Amgen | AMGN | $1.10M | 0.1% | +2% shares |
| Tesla Motors | $1.09M | 0.1% | -3% shares | |
| Goldman Sachs | $979.5K | 0.1% | unchanged | |
| General Electric | $974.7K | 0.1% | unchanged | |
| Alphabet Class A | $880.8K | 0.1% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, Check Capital Management opened 3 new positions, added to 4, trimmed 7, left 36 unchanged and exited 2. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001032814-25-000007, filed by CHECK CAPITAL MANAGEMENT INC/CA. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.