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 |
LEXEA
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
|
+$7.04M |
| 2 |
QVCGA
QVC Group Inc Series A
QVCGA
|
+$1.33M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Credit Acceptance
CACC
|
+$26.2M |
| 2 |
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
|
+$6.52M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 39.45% |
| 2 | Industrials | 32.45% |
| 3 | Consumer Discretionary | 19.56% |
| 4 | Real Estate | 7.91% |
| 5 | Financials | 0.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
WAIR
1
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| $122M | 17.77% |
8,175,308
| – | – |
2013 Q2
14 quarters
|
|
|
QVCGA
2
DELISTED
QVC Group Inc Series A
QVCGA
| $119M | 17.27% |
122,494
+1,380
| +1% | +$1.33M |
2013 Q2
14 quarters
|
|
3
Zebra Technologies
ZBRA
$18.3B
| $101M | 14.7% |
1,179,162
| – | – |
2016 Q1
3 quarters
|
|
4
CDW
CDW
$20.6B
| $95.5M | 13.89% |
1,833,720
| – | – |
2013 Q4
12 quarters
|
|
5
Valmont Industries
VMI
$8.4B
| $93.3M | 13.57% |
662,445
| – | – |
2014 Q1
11 quarters
|
|
6
Vistance Networks Inc
VISN
$1.41B
| $72.9M | 10.59% |
1,959,129
| – | – |
2016 Q2
2 quarters
|
|
7
Iron Mountain
IRM
$32.7B
| $54.4M | 7.91% |
1,674,356
| – | – |
2013 Q2
14 quarters
|
|
|
LVNTA
8
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $9.18M | 1.33% |
248,981
-165,990
| -40% | -$6.52M |
2015 Q2
6 quarters
|
|
9
Maximus
MMS
$3.3B
| $7.68M | 1.12% |
137,653
| – | – |
2014 Q4
8 quarters
|
|
|
LEXEA
10
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
| $6.58M | 0.96% |
+165,987
| New | +$7.04M |
2016 Q4
0 quarters
|
|
|
11
Credit Acceptance
CACC
$5.66B
| $4.35M | 0.63% |
20,000
-135,000
| -87% | -$26.2M |
2016 Q2
2 quarters
|
|
|
CHUBK
12
DELISTED
CommerceHub, Inc. Series C Common Stock
CHUBK
| $1.24M | 0.18% |
82,183
| – | – |
2016 Q3
1 quarter
|
|
|
CHUBA
13
DELISTED
CommerceHub, Inc. Series A Common Stock
CHUBA
| $617K | 0.09% |
41,092
| – | – |
2016 Q3
1 quarter
|
|
Similar funds
Tom Bancroft's Q4 2016 Portfolio in Review
As of Q4 2016, Tom Bancroft held 13 positions worth $688M, up 3.9% from $662M the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Tom Bancroft withdrew a net $24.3M in Q4 2016, reducing 2 holdings. Its largest reduction was Credit Acceptance, cutting an estimated $26.2M.
By sector, the portfolio is most concentrated in Technology at 39% of assets, up from 34% a quarter earlier, followed by Industrials and Consumer Discretionary.
Against the trend, Tom Bancroft opened a new position in Liberty Expedia Holdings, Inc. Class A Common Stock worth $6.58M.
- Tom Bancroft's largest Q4 2016 buy was Liberty Expedia Holdings, Inc. Class A Common Stock: 165,987 shares worth $6.58M.
- Tom Bancroft added most to QVC Group Inc Series A in Q4 2016, an estimated $1.33M increase.
- Tom Bancroft's biggest Q4 2016 reduction was Credit Acceptance, cutting an estimated $26.2M.
- Tom Bancroft's ten largest holdings make up 99% of its $688M portfolio in Q4 2016.
- Tom Bancroft opened 1 new position and closed 0 in Q4 2016.
- Tom Bancroft's portfolio value rose 3.9% quarter-over-quarter to $688M.
Based on Makaira Partners's 13F filing for Q4 2016, filed 14 Feb 2017.