13F filing recap · Q1 2010

What did Triple Frond Partners buy in Q1 2010?

Reported stock-position changes between this filing and the previous one.

Stock value

$196.49M

Positions

Estimated turnover

47.5%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

TWCTime Warner Cable Inc$26.66Mreported value+500.0K shares MCDMcdonald’s Corporation$10.39Mreported value+155.8K shares DEODiageo Plc$9.78Mreported value+145.0K shares AKO/AEmbotelladora Andina S A$5.34Mreported value+304.9K shares AKO/BEmbotelladora Andina S A$457.0Kreported value+22.4K shares

Reduced positions

ZNTZenith National Insurance Corp$15.33Mreported value-617.5K shares-60.7%

Exited positions

LAMRLamar Advertising Co/new$8.35Mprior reported value-268.6K shares-100.0%