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 |
Iron Mountain
IRM
|
+$54.8M |
| 2 |
Valmont Industries
VMI
|
+$36.6M |
| 3 |
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
|
+$17.2M |
| 4 |
Dorman Products
DORM
|
+$14.1M |
| 5 |
CPLA
Capella Education Company
CPLA
|
+$13.8M |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.05% |
| 2 | Industrials | 27.48% |
| 3 | Consumer Discretionary | 16.88% |
| 4 | Real Estate | 10.38% |
| 5 | Utilities | 9.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
WAIR
1
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| $111M | 17.04% |
7,322,212
| – | – |
2013 Q2
8 quarters
|
|
2
VeriSign
VRSN
$27.1B
| $84M | 12.9% |
1,361,169
| – | – |
2013 Q2
8 quarters
|
|
3
CDW
CDW
$20.6B
| $81.7M | 12.54% |
2,382,210
| – | – |
2013 Q4
6 quarters
|
|
|
QVCGA
4
DELISTED
QVC Group Inc Series A
QVCGA
| $80M | 12.28% |
59,364
| – | – |
2013 Q2
8 quarters
|
|
|
5
Iron Mountain
IRM
$32.7B
| $67.6M | 10.38% |
2,180,610
+1,564,043
| +254% | +$54.8M |
2013 Q2
8 quarters
|
|
|
CVA
6
DELISTED
Covanta Holding Corporation
CVA
| $63.8M | 9.79% |
3,009,161
| – | – |
2013 Q2
8 quarters
|
|
|
7
Valmont Industries
VMI
$8.4B
| $59.1M | 9.08% |
497,100
+297,100
| +149% | +$36.6M |
2014 Q1
5 quarters
|
|
8
Ubiquiti
UI
$35.6B
| $36.5M | 5.6% |
1,143,308
+315,113
| +38% | +$9.7M |
2015 Q1
1 quarter
|
|
|
CPLA
9
DELISTED
Capella Education Company
CPLA
| $28.8M | 4.42% |
536,117
+239,690
| +81% | +$13.8M |
2013 Q2
8 quarters
|
|
|
LVNTA
10
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $16.1M | 2.47% |
+409,694
| New | +$17.2M |
2015 Q2
0 quarters
|
|
|
11
Dorman Products
DORM
$3.72B
| $13.8M | 2.12% |
+289,966
| New | +$14.1M |
2015 Q2
0 quarters
|
|
12
Maximus
MMS
$3.3B
| $8.87M | 1.36% |
135,000
| – | – |
2014 Q4
2 quarters
|
|
Similar funds
Tom Bancroft's Q2 2015 Portfolio in Review
As of Q2 2015, Tom Bancroft held 14 positions worth $651M, up 13% from $575M the previous quarter. Its ten largest holdings account for 97% of the portfolio.
Tom Bancroft deployed $115M of net new capital in Q2 2015, opening 2 new positions and adding to 4 existing holdings. Its largest new stake was Liberty Interactive Corporation Series A Liberty Ventures: 409,694 shares worth $16.1M.
By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 36% a quarter earlier, followed by Industrials and Consumer Discretionary.
- Tom Bancroft's largest Q2 2015 buy was Liberty Interactive Corporation Series A Liberty Ventures: 409,694 shares worth $16.1M.
- Tom Bancroft added most to Iron Mountain in Q2 2015, an estimated $54.8M increase.
- Tom Bancroft's ten largest holdings make up 97% of its $651M portfolio in Q2 2015.
- Tom Bancroft opened 2 new positions and closed 2 in Q2 2015.
- Tom Bancroft's portfolio value rose 13% quarter-over-quarter to $651M.
Based on Makaira Partners's 13F filing for Q2 2015, filed 17 Aug 2015.