13F filing recap · Q2 2012

What did Triple Frond Partners buy in Q2 2012?

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

Stock value

$351.69M

Positions

Estimated turnover

11.1%

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.

Increased positions

SCHWSchwab Charles Corp$38.49Mreported value+1.00M shares+50.6%CCLCarnival Corporation Ltd.$33.98Mreported value+250.0K shares+33.7%

Reduced positions

GRFSGrifols SA$34.60Mreported value-1.80M shares-33.3%