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Tracking Allan Mecham's Arlington Value Capital Portfolio - Q1 2020 Update

John Vincent profile picture
John Vincent


  • Arlington Value Capital’s 13F portfolio value decreased from $1.47B to $688M. The number of positions increased from 15 to 16.
  • Allan Mecham added Wayfair while decreasing most of his top positions.
  • The top three stakes are Berkshire Hathaway, Cimpress plc, and AutoNation and they add up to ~60% of the portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to Allan Mecham’s 13F stock portfolio on a quarterly basis. It is based on Mecham’s regulatory 13F Form filed on 05/15/2020. Please visit our Tracking Allan Mecham’s Arlington Value Capital Portfolio article for an idea on his investment philosophy and our last update for the fund’s moves during Q4 2019.

This quarter, Mecham’s 13F portfolio value decreased ~53% from $1.47B to $688M. The number of holdings increased from 15 to 16. The top three holdings are at ~60% while the top five are at ~78% of the 13F assets: Berkshire Hathaway(BRK.A) (BRK.B), Cimpress plc(CMPR), AutoNation (AN), Spectrum Brands(SPB), and Monro Inc. (MNRO). To know more about value investing, check out Value Investing: A Value Investor's Journey Through The Unknown.

Note: It was reported in April that Allan Mecham will wind down the fund over the next six to nine months due to health issues.

New Stakes

Wayfair Inc. (W) and Molson Coors (TAP): These two are the new positions this quarter. The 1.80% W position was purchased at prices between $23.50 and $110 and the stock currently trades well above that range at ~$181. TAP is a minutely small 0.07% position.

Stake Disposals

Grubhub Inc. (GRUB): GRUB was a minutely small 0.01% of the portfolio position established in Q3 2019 and disposed this quarter.

Stake Increases


Stake Decreases

Berkshire Hathaway: BRK.B is a long-term holding that has been in the portfolio for many years. It is currently the largest position at ~40% of the entire portfolio. The vast majority of the original stake was purchased during the five quarters through Q1 2016 at prices between $124 and $152. Recent activity follows: There was a ~55% stake increase in Q1 2019 at prices between $192 and $209. Next quarter had seen an ~8% stake increase and that was followed

This article was written by

John Vincent profile picture
Focused on analyzing 13F reports & building tools to help DIY investors generate absolute returns through exploiting inefficiency, volatility, and momentum.

Analyst’s Disclosure: I am/we are long BAC, BRK.B, TAP. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (8)

Exile of the Mainstream profile picture
I'm quite sure he has owned TAP before...and it's not a q1 position...

Amazing he bought Wayfair though. Up 600% in 2 months.

Does anyone have an idea of his performance since inception?
Pinguino Investments profile picture
He made a killing on Wayfair. BRK has not been a strong performer in recent times, though -- but he's always been enamored of that stock.
Exile of the Mainstream profile picture
@Pinguino Investments I know the feeling on the latter. It's lagging it's own stock portfolio. It will catch up on next earnings if financials stay up however.
Excellent data and commentary,thanks.
When was this article written? Spirit is now ~18 not 28...
John Vincent profile picture
Hi Richard Y Lau,

Thank you for pointing this out. It was a typo. I have put in a correction request. The trading range of Spirit Airlines was between ~$9 and ~$45 during the quarter and the stock is now at ~$18.

All the best,
So is Mecham still winding down? Fair bit of new positions here...
Exile of the Mainstream profile picture
@joshk45 Yes it's confusing. I really want to see his old letters too.
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