Tom Bancroft Makaira Partners
Tom Bancroft is the founder of Makaira Partners, a concentrated equity firm focused on high-quality businesses at reasonable valuations. The firm’s process emphasizes multi-year ownership and fundamental research over short-term trading. Bancroft’s portfolio is tracked among the community of concentrated quality investors.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
VeriSign
VRSN
|
+$17M |
| 2 |
Valmont Industries
VMI
|
+$14.8M |
| 3 |
CVA
Covanta Holding Corporation
CVA
|
+$189K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CPLA
Capella Education Company
CPLA
|
+$13.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 27.5% |
| 2 | Technology | 27.01% |
| 3 | Consumer Discretionary | 15.05% |
| 4 | Utilities | 10.89% |
| 5 | Real Estate | 9.95% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
WAIR
1
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| $97.9M | 17.54% |
4,447,768
| – | – |
2013 Q2
3 quarters
|
|
2
CDW
CDW
$21.6B
| $91M | 16.3% |
3,314,988
| – | – |
2013 Q4
1 quarter
|
|
|
QVCGA
3
DELISTED
QVC Group Inc Series A
QVCGA
| $84M | 15.05% |
70,811
| – | – |
2013 Q2
3 quarters
|
|
|
CVA
4
DELISTED
Covanta Holding Corporation
CVA
| $60.7M | 10.89% |
3,365,490
+10,700
| +0.3% | +$189K |
2013 Q2
3 quarters
|
|
|
5
VeriSign
VRSN
$28.2B
| $59.8M | 10.71% |
1,108,845
+300,000
| +37% | +$17M |
2013 Q2
3 quarters
|
|
6
Iron Mountain
IRM
$33.5B
| $55.5M | 9.95% |
2,179,742
| – | – |
2013 Q2
3 quarters
|
|
7
CoreCivic
CXW
$2.82B
| $40.7M | 7.29% |
1,298,616
| – | – |
2013 Q2
3 quarters
|
|
|
CPLA
8
DELISTED
Capella Education Company
CPLA
| $30M | 5.37% |
474,857
-208,200
| -30% | -$13.5M |
2013 Q2
3 quarters
|
|
|
TWC
9
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $23.6M | 4.23% |
172,084
| – | – |
2013 Q2
3 quarters
|
|
|
10
Valmont Industries
VMI
$8.13B
| $14.9M | 2.67% |
+100,000
| New | +$14.8M |
2014 Q1
0 quarters
|
|
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Tom Bancroft's Q1 2014 Portfolio in Review
As of Q1 2014, Tom Bancroft held 10 positions worth $558M, up 3.4% from $540M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Tom Bancroft deployed $18.5M of net new capital in Q1 2014, opening 1 new position and adding to 2 existing holdings. Its largest new stake was Valmont Industries: 100,000 shares worth $14.9M.
By sector, the portfolio is most concentrated in Industrials at 27% of assets, up from 26% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was Capella Education Company, an estimated $13.5M trimmed.
- Tom Bancroft's largest Q1 2014 buy was Valmont Industries: 100,000 shares worth $14.9M.
- Tom Bancroft added most to VeriSign in Q1 2014, an estimated $17M increase.
- Tom Bancroft's biggest Q1 2014 reduction was Capella Education Company, cutting an estimated $13.5M.
- Tom Bancroft's ten largest holdings make up 100% of its $558M portfolio in Q1 2014.
- Tom Bancroft opened 1 new position and closed 0 in Q1 2014.
- Tom Bancroft's portfolio value rose 3.4% quarter-over-quarter to $558M.
Based on Makaira Partners's 13F filing for Q1 2014, filed 28 Apr 2014.