# UNDERHILL INVESTMENT MANAGEMENT LLC

> Institutional holdings reported to the SEC as of Q1 2019 on Form 13F. CIK 1512545. Source: https://holderbook.com/funds/1512545-underhill-investment-management-llc/

- Reported value: $189.0M
- Positions: 20
- Weight of the ten largest: 77.5%
- Filed: 2019-04-05

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $18.0M | 334,750 | 9.5% | 2 |
| AIR LEASE CORP | [AL](https://holderbook.com/stocks/AL/) | $17.6M | 512,475 | 9.3% | 2 |
| KEYSIGHT TECHNOLOGIES INC | [KEYS](https://holderbook.com/stocks/KEYS/) | $17.1M | 195,913 | 9.0% | 2 |
| GRACO INC | [GGG](https://holderbook.com/stocks/GGG/) | $16.6M | 334,425 | 8.8% | 2 |
| INTERACTIVE BROKERS GROUP IN | [IBKR](https://holderbook.com/stocks/IBKR/) | $16.1M | 310,450 | 8.5% | 2 |
| BROWN FORMAN CORP | [BFB](https://holderbook.com/stocks/BFB/) | $13.5M | 256,573 | 7.2% | 2 |
| LAUDER ESTEE COS INC | [EL](https://holderbook.com/stocks/EL/) | $12.4M | 74,785 | 6.6% | 2 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $12.3M | 189,150 | 6.5% | 2 |
| LIBERTY MEDIA CORP DEL | [FWONKXXXX](https://holderbook.com/stocks/FWONKXXXX/) | $11.8M | 337,700 | 6.3% | 2 |
| D R HORTON INC | [DHI](https://holderbook.com/stocks/DHI/) | $11.2M | 269,925 | 5.9% | 2 |
| DOCUSIGN INC | [DOCU](https://holderbook.com/stocks/DOCU/) | $8.6M | 166,390 | 4.6% | 2 |
| ROYAL DUTCH SHELL PLC | [RDSA](https://holderbook.com/stocks/RDSA/) | $7.8M | 124,425 | 4.1% | 2 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $7.7M | 42,690 | 4.1% | 2 |
| WATSCO INC | [WSO](https://holderbook.com/stocks/WSO/) | $7.6M | 52,800 | 4.0% | 1 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $6.8M | 41,300 | 3.6% | 2 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $1.8M | 6 | 1.0% | 2 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $868.0K | 5,556 | 0.5% | 2 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $671.0K | 570 | 0.4% | 2 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $365.0K | 7,650 | 0.2% | 1 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $235.0K | 1,300 | 0.1% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2019 | +11.1% | +13.0% | -1.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2019 | $189.0M | 20 |
| Q4 2018 | $156.6M | 18 |