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 |
QVCGA
QVC Group Inc Series A
QVCGA
|
+$22.9M |
| 2 |
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
|
+$5.69M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Valmont Industries
VMI
|
+$55.9M |
| 2 |
CDW
CDW
|
+$2.08M |
| 3 |
Zebra Technologies
ZBRA
|
+$2.07M |
| 4 |
Vistance Networks Inc
VISN
|
+$1.51M |
| 5 |
Iron Mountain
IRM
|
+$1.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 43.67% |
| 2 | Consumer Discretionary | 25.09% |
| 3 | Industrials | 21.87% |
| 4 | Real Estate | 8.78% |
| 5 | Financials | 0.6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
QVCGA
1
DELISTED
QVC Group Inc Series A
QVCGA
| $143M | 21.41% |
146,819
+24,325
| +20% | +$22.9M |
2013 Q2
15 quarters
|
|
|
2
Zebra Technologies
ZBRA
$17.1B
| $105M | 15.82% |
1,155,332
-23,830
| -2% | -$2.07M |
2016 Q1
4 quarters
|
|
|
3
CDW
CDW
$19.2B
| $104M | 15.56% |
1,796,720
-37,000
| -2% | -$2.08M |
2013 Q4
13 quarters
|
|
|
WAIR
4
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| $93.2M | 13.98% |
8,175,308
| – | – |
2013 Q2
15 quarters
|
|
|
5
Vistance Networks Inc
VISN
$1.51B
| $80.1M | 12.01% |
1,919,929
-39,200
| -2% | -$1.51M |
2016 Q2
3 quarters
|
|
|
6
Iron Mountain
IRM
$34.7B
| $58.5M | 8.78% |
1,640,366
-33,990
| -2% | -$1.2M |
2013 Q2
15 quarters
|
|
|
7
Valmont Industries
VMI
$8.08B
| $44.2M | 6.63% |
284,169
-378,276
| -57% | -$55.9M |
2014 Q1
12 quarters
|
|
|
LVNTA
8
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $17M | 2.55% |
381,881
+132,900
| +53% | +$5.69M |
2015 Q2
7 quarters
|
|
9
Maximus
MMS
$3.34B
| $8.38M | 1.26% |
134,673
-2,980
| -2% | -$175K |
2014 Q4
9 quarters
|
|
|
LEXEA
10
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
| $7.55M | 1.13% |
165,987
| – | – |
2016 Q4
1 quarter
|
|
11
Credit Acceptance
CACC
$4.83B
| $3.99M | 0.6% |
20,000
| – | – |
2016 Q2
3 quarters
|
|
|
CHUBK
12
DELISTED
CommerceHub, Inc. Series C Common Stock
CHUBK
| $1.28M | 0.19% |
82,183
| – | – |
2016 Q3
2 quarters
|
|
|
CHUBA
13
DELISTED
CommerceHub, Inc. Series A Common Stock
CHUBA
| $636K | 0.1% |
41,092
| – | – |
2016 Q3
2 quarters
|
|
Similar funds
Tom Bancroft's Q1 2017 Portfolio in Review
As of Q1 2017, Tom Bancroft held 13 positions worth $667M, down 3.1% from $688M the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Tom Bancroft withdrew a net $34.3M in Q1 2017, reducing 6 holdings. Its largest reduction was Valmont Industries, cutting an estimated $55.9M.
By sector, the portfolio is most concentrated in Technology at 44% of assets, up from 39% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Tom Bancroft added an estimated $22.9M to QVC Group Inc Series A.
- Tom Bancroft added most to QVC Group Inc Series A in Q1 2017, an estimated $22.9M increase.
- Tom Bancroft's biggest Q1 2017 reduction was Valmont Industries, cutting an estimated $55.9M.
- Tom Bancroft's ten largest holdings make up 99% of its $667M portfolio in Q1 2017.
- Tom Bancroft opened 0 new positions and closed 0 in Q1 2017.
- Tom Bancroft's portfolio value fell 3.1% quarter-over-quarter to $667M.
Based on Makaira Partners's 13F filing for Q1 2017, filed 15 May 2017.