Check Capital Management

COSTA MESA, CAfiles as CHECK CAPITAL MANAGEMENT INC/CA

$5.1bn in 52 US stocks at the end of 30 June 2026. The top 10 are 89.7% of the money. It changed about 4.3% of the portfolio this quarter.

Value

$5.1bn

Stocks

Top 10 share

89.7%

Turnover

4.3%

What changed this quarter

New

Bought for the first time this quarter.

Freeport-McMoRanFCX
<0.1% of the fund
Hudbay MineralsHBM
<0.1% of the fund
Lam ResearchLRCX
<0.1% of the fund
Trekor MetalsTGB
<0.1% of the fund
Schwab Strategic TRSCHA
<0.1% of the fund

Added

Bought more of a stock they already held.

Berkshire HathawayBRK-B
30.0% of the fund
+177%
Alphabet
13.8% of the fund
+190%
BrookfieldBN
11.0% of the fund
+202%
Markel GroupMKL
9.0% of the fund
+209%
AerCap HoldingsAER
6.9% of the fund
+196%
First Citizens BancsharesFCNCA
5.4% of the fund
+202%
Sirius XM HoldingsSIRI
5.1% of the fund
+198%
LKQLKQ
2.9% of the fund
+195%
Amazon.comAMZN
2.9% of the fund
+203%
Cimpress
2.8% of the fund
+201%
Walt DisneyDIS
2.5% of the fund
+208%
HersheyHSY
2.1% of the fund
+220%
Jefferies Financial GroupJEF
2.0% of the fund
+203%
Berkshire Hathaway INC DELBRK-A
1.2% of the fund
+190%
WayfairW
0.9% of the fund
+202%
AppleAAPL
0.3% of the fund
+103%
Fairfax Finl Hldgs LTD SUB VTGFRFHF
0.2% of the fund
+2611%
Biglari HoldingsBH-A
0.1% of the fund
+98%
MicrosoftMSFT
<0.1% of the fund
+105%
CaterpillarCAT
<0.1% of the fund
+100%
AmgenAMGN
<0.1% of the fund
+100%
Google Inc Class A
<0.1% of the fund
+100%
CorningGLW
<0.1% of the fund
+100%
Goldman Sachs GroupGS
<0.1% of the fund
+100%
General ElectricGE
<0.1% of the fund
+100%

Cut

Sold some of their stake.

None this quarter.

Sold out

Sold their entire stake.

ConocoPhillipsCOP
-100%
Verizon CommunicationsVZ
-100%

Holdings

Berkshire HathawayBRK-B
Share
30.0%
Value
$1.5bn
Shares
3,074,520
+177%
Alphabet
Share
13.8%
Value
$708m
Shares
2,003,281
+190%
BrookfieldBN
Share
11.0%
Value
$563m
Shares
13,221,326
+202%
Markel GroupMKL
Share
9.0%
Value
$464m
Shares
237,627
+209%
AerCap HoldingsAER
Share
6.9%
Value
$353m
Shares
2,423,601
+196%
First Citizens BancsharesFCNCA
Share
5.4%
Value
$277m
Shares
133,063
+202%
Sirius XM HoldingsSIRI
Share
5.1%
Value
$259m
Shares
8,783,397
+198%
LKQLKQ
Share
2.9%
Value
$149m
Shares
5,659,248
+195%
Amazon.comAMZN
Share
2.9%
Value
$147m
Shares
618,171
+203%
Cimpress
Share
2.8%
Value
$144m
Shares
1,417,455
+201%
Walt DisneyDIS
Share
2.5%
Value
$130m
Shares
1,350,522
+208%
HersheyHSY
Share
2.1%
Value
$108m
Shares
615,816
+220%
Jefferies Financial GroupJEF
Share
2.0%
Value
$103m
Shares
2,057,730
+203%
Berkshire Hathaway INC DELBRK-A
Share
1.2%
Value
$63m
Shares
84
+190%
WayfairW
Share
0.9%
Value
$47m
Shares
507,075
+202%
AppleAAPL
Share
0.3%
Value
$14m
Shares
46,878
+103%
Fairfax Finl Hldgs LTD SUB VTGFRFHF
Share
0.2%
Value
$10m
Shares
5,937
+2611%
Biglari HoldingsBH-A
Share
0.1%
Value
$7m
Shares
3,124
+98%
MicrosoftMSFT
Share
<0.1%
Value
$5m
Shares
12,458
+105%
CaterpillarCAT
Share
<0.1%
Value
$4m
Shares
3,434
+100%
AmgenAMGN
Share
<0.1%
Value
$3m
Shares
7,770
+100%
Google Inc Class A
Share
<0.1%
Value
$3m
Shares
7,366
+100%
CorningGLW
Share
<0.1%
Value
$3m
Shares
10,100
+100%
Goldman Sachs GroupGS
Share
<0.1%
Value
$2m
Shares
2,460
+100%
General ElectricGE
Share
<0.1%
Value
$2m
Shares
5,980
+100%
GE VernovaGEV
Share
<0.1%
Value
$2m
Shares
1,802
+100%
TrupanionTRUP
Share
<0.1%
Value
$2m
Shares
80,150
+97%
TeslaTSLA
Share
<0.1%
Value
$2m
Shares
4,700
+88%
Ishares TRXT
Share
<0.1%
Value
$1m
Shares
17,600
+100%
State STR Spdr S&P 500 ETF TSPY
Share
<0.1%
Value
$1m
Shares
1,930
+100%
Bank of AmericaBAC
Share
<0.1%
Value
$1m
Shares
24,076
+100%
RTXRTX
Share
<0.1%
Value
$1m
Shares
6,978
+100%
NvidiaNVDA
Share
<0.1%
Value
$1m
Shares
6,154
+191%
Brookfield Asset ManagementBAM
Share
<0.1%
Value
$1m
Shares
26,258
+103%
UnitedHealth GroupUNH
Share
<0.1%
Value
$932,674
Shares
2,244
+82%
Biglari Holdings
Share
<0.1%
Value
$823,942
Shares
1,934
+100%
FastenalFAST
Share
<0.1%
Value
$760,796
Shares
15,840
+100%
Wells Fargo & CompanyWFC
Share
<0.1%
Value
$740,950
Shares
8,966
+103%
Uber TechnologiesUBER
Share
<0.1%
Value
$702,116
Shares
9,730
+100%
Schwab Strategic TRSCHG
Share
<0.1%
Value
$663,264
Shares
19,600
+100%
JPMorgan ChaseJPM
Share
<0.1%
Value
$626,558
Shares
1,914
+100%
BoeingBA
Share
<0.1%
Value
$625,598
Shares
2,890
+100%
FedExFDX
Share
<0.1%
Value
$601,836
Shares
1,922
+94%
Illinois Tool WorksITW
Share
<0.1%
Value
$595,034
Shares
2,200
+100%
Quest DiagnosticsDGX
Share
<0.1%
Value
$551,072
Shares
2,600
+100%
Citizens Financial GroupCFG
Share
<0.1%
Value
$532,532
Shares
7,600
+100%
Freeport-McMoRanFCX
Share
<0.1%
Value
$488,152
Shares
7,762
New
Hudbay MineralsHBM
Share
<0.1%
Value
$469,366
Shares
19,880
New
Lam ResearchLRCX
Share
<0.1%
Value
$433,330
Shares
1,000
New
Trekor MetalsTGB
Share
<0.1%
Value
$431,376
Shares
62,700
New
ChevronCVX
Share
<0.1%
Value
$414,400
Shares
2,500
+85%
Schwab Strategic TRSCHA
Share
<0.1%
Value
$404,656
Shares
11,200
New

Company	Share of fund	Value	Shares	Change
Berkshire HathawayBRK-B	30.0%	$1.5bn	3,074,520	+177%
Alphabet	13.8%	$708m	2,003,281	+190%
BrookfieldBN	11.0%	$563m	13,221,326	+202%
Markel GroupMKL	9.0%	$464m	237,627	+209%
AerCap HoldingsAER	6.9%	$353m	2,423,601	+196%
First Citizens BancsharesFCNCA	5.4%	$277m	133,063	+202%
Sirius XM HoldingsSIRI	5.1%	$259m	8,783,397	+198%
LKQLKQ	2.9%	$149m	5,659,248	+195%
Amazon.comAMZN	2.9%	$147m	618,171	+203%
Cimpress	2.8%	$144m	1,417,455	+201%
Walt DisneyDIS	2.5%	$130m	1,350,522	+208%
HersheyHSY	2.1%	$108m	615,816	+220%
Jefferies Financial GroupJEF	2.0%	$103m	2,057,730	+203%
Berkshire Hathaway INC DELBRK-A	1.2%	$63m	84	+190%
WayfairW	0.9%	$47m	507,075	+202%
AppleAAPL	0.3%	$14m	46,878	+103%
Fairfax Finl Hldgs LTD SUB VTGFRFHF	0.2%	$10m	5,937	+2611%
Biglari HoldingsBH-A	0.1%	$7m	3,124	+98%
MicrosoftMSFT	<0.1%	$5m	12,458	+105%
CaterpillarCAT	<0.1%	$4m	3,434	+100%
AmgenAMGN	<0.1%	$3m	7,770	+100%
Google Inc Class A	<0.1%	$3m	7,366	+100%
CorningGLW	<0.1%	$3m	10,100	+100%
Goldman Sachs GroupGS	<0.1%	$2m	2,460	+100%
General ElectricGE	<0.1%	$2m	5,980	+100%
GE VernovaGEV	<0.1%	$2m	1,802	+100%
TrupanionTRUP	<0.1%	$2m	80,150	+97%
TeslaTSLA	<0.1%	$2m	4,700	+88%
Ishares TRXT	<0.1%	$1m	17,600	+100%
State STR Spdr S&P 500 ETF TSPY	<0.1%	$1m	1,930	+100%
Bank of AmericaBAC	<0.1%	$1m	24,076	+100%
RTXRTX	<0.1%	$1m	6,978	+100%
NvidiaNVDA	<0.1%	$1m	6,154	+191%
Brookfield Asset ManagementBAM	<0.1%	$1m	26,258	+103%
UnitedHealth GroupUNH	<0.1%	$932,674	2,244	+82%
Biglari Holdings	<0.1%	$823,942	1,934	+100%
FastenalFAST	<0.1%	$760,796	15,840	+100%
Wells Fargo & CompanyWFC	<0.1%	$740,950	8,966	+103%
Uber TechnologiesUBER	<0.1%	$702,116	9,730	+100%
Schwab Strategic TRSCHG	<0.1%	$663,264	19,600	+100%
JPMorgan ChaseJPM	<0.1%	$626,558	1,914	+100%
BoeingBA	<0.1%	$625,598	2,890	+100%
FedExFDX	<0.1%	$601,836	1,922	+94%
Illinois Tool WorksITW	<0.1%	$595,034	2,200	+100%
Quest DiagnosticsDGX	<0.1%	$551,072	2,600	+100%
Citizens Financial GroupCFG	<0.1%	$532,532	7,600	+100%
Freeport-McMoRanFCX	<0.1%	$488,152	7,762	New
Hudbay MineralsHBM	<0.1%	$469,366	19,880	New
Lam ResearchLRCX	<0.1%	$433,330	1,000	New
Trekor MetalsTGB	<0.1%	$431,376	62,700	New
ChevronCVX	<0.1%	$414,400	2,500	+85%
Schwab Strategic TRSCHA	<0.1%	$404,656	11,200	New

Options (1)

Berkshire HathawayBRK-B
Type
Call
Value
$6.0bn
Contracts
12,051,100

Company	Type	Value	Contracts
Berkshire HathawayBRK-B	Call	$6.0bn	12,051,100

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 238.2% since 30 June 2025.

Where the money is

Financial services46.6%

Real estate11.0%

Media & telecom7.6%

Technology7.3%

Retail & consumer4.0%

Industrials3.2%

Everyday goods2.1%

Health care0.1%

Materials0.0%

Energy0.0%

Other18.2%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.