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
|
+$12.6M |
| 2 |
WAIR
WESCO Aircraft Holdings Inc.
WAIR
|
+$11.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CDW
CDW
|
+$815K |
| 2 |
QVCGA
QVC Group Inc Series A
QVCGA
|
+$767K |
| 3 |
Iron Mountain
IRM
|
+$537K |
| 4 |
CoreCivic
CXW
|
+$355K |
| 5 |
CVA
Covanta Holding Corporation
CVA
|
+$317K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.37% |
| 2 | Industrials | 26.02% |
| 3 | Consumer Discretionary | 14.02% |
| 4 | Real Estate | 11.72% |
| 5 | Utilities | 11.43% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
CDW
CDW
$20.6B
| $105M | 17.36% |
3,287,227
-27,761
| -0.8% | -$815K |
2013 Q4
2 quarters
|
|
|
WAIR
2
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| $100M | 16.5% |
4,991,103
+543,335
| +12% | +$11.4M |
2013 Q2
4 quarters
|
|
|
QVCGA
3
DELISTED
QVC Group Inc Series A
QVCGA
| $84.6M | 14.02% |
70,168
-643
| -0.9% | -$767K |
2013 Q2
4 quarters
|
|
|
4
Iron Mountain
IRM
$32.7B
| $70.8M | 11.72% |
2,159,944
-19,798
| -0.9% | -$537K |
2013 Q2
4 quarters
|
|
|
CVA
5
DELISTED
Covanta Holding Corporation
CVA
| $69M | 11.43% |
3,348,718
-16,772
| -0.5% | -$317K |
2013 Q2
4 quarters
|
|
|
6
VeriSign
VRSN
$27.1B
| $66.4M | 11.01% |
1,361,169
+252,324
| +23% | +$12.6M |
2013 Q2
4 quarters
|
|
|
7
CoreCivic
CXW
$2.97B
| $42.3M | 7.01% |
1,287,751
-10,865
| -0.8% | -$355K |
2013 Q2
4 quarters
|
|
|
CPLA
8
DELISTED
Capella Education Company
CPLA
| $25.8M | 4.28% |
474,857
| – | – |
2013 Q2
4 quarters
|
|
|
TWC
9
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $25.1M | 4.16% |
170,513
-1,571
| -0.9% | -$220K |
2013 Q2
4 quarters
|
|
10
Valmont Industries
VMI
$8.4B
| $15.1M | 2.5% |
99,421
-579
| -0.6% | -$89.1K |
2014 Q1
1 quarter
|
|
Similar funds
Tom Bancroft's Q2 2014 Portfolio in Review
As of Q2 2014, Tom Bancroft held 10 positions worth $604M, up 8.2% from $558M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Tom Bancroft deployed $20.8M of net new capital in Q2 2014, adding to 2 existing holdings.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Industrials and Consumer Discretionary.
On the sell side, the largest reduction was CDW, an estimated $815K trimmed.
- Tom Bancroft added most to VeriSign in Q2 2014, an estimated $12.6M increase.
- Tom Bancroft's biggest Q2 2014 reduction was CDW, cutting an estimated $815K.
- Tom Bancroft's ten largest holdings make up 100% of its $604M portfolio in Q2 2014.
- Tom Bancroft opened 0 new positions and closed 0 in Q2 2014.
- Tom Bancroft's portfolio value rose 8.2% quarter-over-quarter to $604M.
Based on Makaira Partners's 13F filing for Q2 2014, filed 13 Aug 2014.