Clifford Sosin - CAS Investment Partners Portfolio
| Period Date | Mar 31, 2025 | |
| Filing Date | May 15, 2025 | |
| Total Stocks | 4 | |
| Portfolio Value | $1.54B |
CAS Investment Partners Strategy Analysis
Investment Strategy Metrics
Key metrics revealing investment style, risk management, and performance characteristics
| Metric | Value | Category | Description |
|---|---|---|---|
| Holding Period | 2.2 years | Style | Average duration positions are maintained |
| Position Count | 5 | Style | Number of active positions in portfolio |
| Position Size | 20.8% | Risk | Typical allocation per position |
| Win Rate | 55.8% | Performance | Percentage of profitable positions |
| Average Return | 19.2% | Performance | Mean return across positions |
| Sharpe Ratio | 0.34 | Performance | Return per unit of risk taken |
Investment Case Study: CARVANA CO (CVNA)
3/31/2018 - 7/5/2025
Performance Metrics
Total Return: 378.66%
Holding Period: 2653 days
Max Position Size: $1,296,988,798.00
Position Weight: 44.09%
Key Events
3/31/2018: ENTRY(2,008,068.00 shares) @ $0.02
6/30/2018: INCREASE(48,091.00 shares) @ $0.05
12/31/2018: INCREASE(111,607.00 shares) @ $0.03
3/31/2019: INCREASE(357,565.00 shares) @ $0.06
6/30/2019: INCREASE(10,000.00 shares) @ $0.06
9/30/2019: INCREASE(69,500.00 shares) @ $0.07
12/31/2019: INCREASE(170,087.00 shares) @ $0.09
3/31/2020: INCREASE(1,049,366.00 shares) @ $0.06
6/30/2020: DECREASE(-450,000.00 shares) @ $0.13
9/30/2020: INCREASE(232,690.00 shares) @ $0.22
12/31/2020: DECREASE(-401,946.00 shares) @ $0.24
3/31/2021: INCREASE(100,000.00 shares) @ $0.26
12/31/2021: INCREASE(9,275.00 shares) @ $0.23
3/31/2022: INCREASE(848,600.00 shares) @ $0.12
6/30/2022: INCREASE(2,564,900.00 shares) @ $0.02
9/30/2022: INCREASE(100,000.00 shares) @ $0.02
3/31/2024: DECREASE(-296,909.00 shares) @ $87.91
9/30/2024: DECREASE(-77,300.00 shares) @ $174.11
12/31/2024: DECREASE(-75,797.00 shares) @ $203.36
3/31/2025: DECREASE(-692,768.00 shares) @ $209.08
Investment Thesis
Entry Context: Initial position established based on fundamental analysis
Sector Conditions: Favorable market conditions in the sector
Risk Factors:
- Market volatility
- Sector-specific risks
Key Learnings
- Position sizing is critical for portfolio management
- Important to monitor sector exposure