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 |
WAIR
WESCO Aircraft Holdings Inc.
WAIR
|
+$15.2M |
| 2 |
Iron Mountain
IRM
|
+$10.2M |
| 3 |
QVCGA
QVC Group Inc Series A
QVCGA
|
+$8.91M |
| 4 |
CDW
CDW
|
+$5.87M |
| 5 |
Zebra Technologies
ZBRA
|
+$5.5M |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 41.73% |
| 2 | Consumer Discretionary | 28.15% |
| 3 | Industrials | 20.7% |
| 4 | Real Estate | 8.67% |
| 5 | Financials | 0.75% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
QVCGA
1
DELISTED
QVC Group Inc Series A
QVCGA
| $184M | 24.1% |
154,867
+8,048
| +5% | +$8.91M |
2013 Q2
16 quarters
|
|
|
2
Zebra Technologies
ZBRA
$18.5B
| $122M | 15.9% |
1,210,886
+55,554
| +5% | +$5.5M |
2016 Q1
5 quarters
|
|
|
3
CDW
CDW
$19.8B
| $118M | 15.48% |
1,894,862
+98,142
| +5% | +$5.87M |
2013 Q4
14 quarters
|
|
|
WAIR
4
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| $105M | 13.68% |
9,649,938
+1,474,630
| +18% | +$15.2M |
2013 Q2
16 quarters
|
|
5
Vistance Networks Inc
VISN
$1.41B
| $76.9M | 10.05% |
2,022,247
+102,318
| +5% | +$3.95M |
2016 Q2
4 quarters
|
|
|
6
Iron Mountain
IRM
$34.2B
| $66.4M | 8.67% |
1,931,021
+290,655
| +18% | +$10.2M |
2013 Q2
16 quarters
|
|
7
Valmont Industries
VMI
$8.66B
| $44.8M | 5.85% |
299,525
+15,356
| +5% | +$2.31M |
2014 Q1
13 quarters
|
|
|
LVNTA
8
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $21.2M | 2.77% |
405,949
+24,068
| +6% | +$1.26M |
2015 Q2
8 quarters
|
|
|
LEXEA
9
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
| $9.8M | 1.28% |
180,762
+14,775
| +9% | +$745K |
2016 Q4
2 quarters
|
|
10
Maximus
MMS
$3.25B
| $8.97M | 1.17% |
143,153
+8,480
| +6% | +$526K |
2014 Q4
10 quarters
|
|
11
Credit Acceptance
CACC
$5.62B
| $5.72M | 0.75% |
22,252
+2,252
| +11% | +$494K |
2016 Q2
4 quarters
|
|
|
CHUBK
12
DELISTED
CommerceHub, Inc. Series C Common Stock
CHUBK
| $1.56M | 0.2% |
89,232
+7,049
| +9% | +$116K |
2016 Q3
3 quarters
|
|
|
CHUBA
13
DELISTED
CommerceHub, Inc. Series A Common Stock
CHUBA
| $777K | 0.1% |
44,617
+3,525
| +9% | +$58K |
2016 Q3
3 quarters
|
|
Similar funds
Tom Bancroft's Q2 2017 Portfolio in Review
As of Q2 2017, Tom Bancroft held 13 positions worth $765M, up 15% from $667M the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Tom Bancroft deployed $55.1M of net new capital in Q2 2017, adding to 13 existing holdings.
By sector, the portfolio is most concentrated in Technology at 42% of assets, down from 44% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Tom Bancroft added most to WESCO Aircraft Holdings Inc. in Q2 2017, an estimated $15.2M increase.
- Tom Bancroft's ten largest holdings make up 99% of its $765M portfolio in Q2 2017.
- Tom Bancroft opened 0 new positions and closed 0 in Q2 2017.
- Tom Bancroft's portfolio value rose 15% quarter-over-quarter to $765M.
Based on Makaira Partners's 13F filing for Q2 2017, filed 15 Aug 2017.