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
|
+$11.3M |
| 2 |
CPLA
Capella Education Company
CPLA
|
+$4.41M |
| 3 |
WAIR
WESCO Aircraft Holdings Inc.
WAIR
|
+$3.43M |
| 4 |
Valmont Industries
VMI
|
+$2.71M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ubiquiti
UI
|
+$32.6M |
| 2 |
CVA
Covanta Holding Corporation
CVA
|
+$1.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 31.81% |
| 2 | Technology | 25.35% |
| 3 | Consumer Discretionary | 15.89% |
| 4 | Real Estate | 13.38% |
| 5 | Utilities | 8.25% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
CDW
CDW
$21.1B
| $98.5M | 16.26% |
2,343,810
| – | – |
2013 Q4
8 quarters
|
|
|
WAIR
2
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| $90.9M | 15.01% |
7,597,209
+274,997
| +4% | +$3.43M |
2013 Q2
10 quarters
|
|
|
3
Valmont Industries
VMI
$8.1B
| $90.8M | 14.98% |
856,219
+25,000
| +3% | +$2.71M |
2014 Q1
7 quarters
|
|
|
4
Iron Mountain
IRM
$33B
| $81.1M | 13.38% |
3,001,704
+385,587
| +15% | +$11.3M |
2013 Q2
10 quarters
|
|
|
QVCGA
5
DELISTED
QVC Group Inc Series A
QVCGA
| $77.3M | 12.76% |
58,307
| – | – |
2013 Q2
10 quarters
|
|
6
VeriSign
VRSN
$27.9B
| $50.4M | 8.32% |
576,969
| – | – |
2013 Q2
10 quarters
|
|
|
CVA
7
DELISTED
Covanta Holding Corporation
CVA
| $50M | 8.25% |
3,227,788
-79,673
| -2% | -$1.3M |
2013 Q2
10 quarters
|
|
|
CPLA
8
DELISTED
Capella Education Company
CPLA
| $32.2M | 5.31% |
686,551
+91,611
| +15% | +$4.41M |
2013 Q2
10 quarters
|
|
|
LVNTA
9
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $19M | 3.13% |
420,194
| – | – |
2015 Q2
2 quarters
|
|
10
Maximus
MMS
$3.46B
| $7.5M | 1.24% |
133,300
| – | – |
2014 Q4
4 quarters
|
|
|
11
Ubiquiti
UI
$41.5B
| $4.7M | 0.78% |
148,203
-985,705
| -87% | -$32.6M |
2015 Q1
3 quarters
|
|
12
Kirby Corp
KEX
$6.46B
| $3.56M | 0.59% |
67,600
| – | – |
2015 Q3
1 quarter
|
|
Similar funds
Tom Bancroft's Q4 2015 Portfolio in Review
As of Q4 2015, Tom Bancroft held 12 positions worth $606M, down 1.4% from $615M the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Trading was light in Q4 2015: portfolio turnover was 0%. Tom Bancroft opened no new positions and made no exits, leaving the 12-position portfolio largely intact.
By sector, the portfolio is most concentrated in Industrials at 32% of assets, up from 29% a quarter earlier, followed by Technology and Consumer Discretionary.
- Tom Bancroft added most to Iron Mountain in Q4 2015, an estimated $11.3M increase.
- Tom Bancroft's biggest Q4 2015 reduction was Ubiquiti, cutting an estimated $32.6M.
- Tom Bancroft's ten largest holdings make up 99% of its $606M portfolio in Q4 2015.
- Tom Bancroft opened 0 new positions and closed 0 in Q4 2015.
- Tom Bancroft's portfolio value fell 1.4% quarter-over-quarter to $606M.
Based on Makaira Partners's 13F filing for Q4 2015, filed 16 Feb 2016.