13F filing recap · Q4 2018

What did Triple Frond Partners buy in Q4 2018?

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

Stock value

$817.58M

Positions

Estimated turnover

7.2%

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

VVisa Inc.$75.21Mreported value+70.0K shares+14.0%MAMastercard Inc$46.22Mreported value+59.0K shares+31.7%

Reduced positions

MCOMoody’s Corporation$122.62Mreported value-36.8K shares-4.0%SCHWSchwab Charles Corp$109.13Mreported value-109.7K shares-4.0%SBACSba Communications Corporation$90.28Mreported value-117.0K shares-17.3%TDGTransdigm Group Incorporated$67.15Mreported value-8.2K shares