13F filing recap · Q4 2011

What did Triple Frond Partners buy in Q4 2011?

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

Stock value

$268.69M

Positions

Estimated turnover

16.9%

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

RYAAYRyanair Holdings Plc$2.19Mreported value+78.6K shares

Increased positions

HCCHCC Insurance Holdings Inc$37.40Mreported value+199.8K shares+17.2%PGRProgressive Corp/oh/$36.58Mreported value+275.0K shares+17.2%CRHCrh Public Limited Company$11.30Mreported value+900 shares+0.2%

Reduced positions

MGRCMcgrath Rentcorp$2.67Mreported value-361.5K shares-79.7%

Exited positions

LTMLife Time Fitness Inc$22.43Mprior reported value-608.7K shares-100.0%