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 |
Vistance Networks Inc
VISN
|
+$9.7M |
| 2 |
WAIR
WESCO Aircraft Holdings Inc.
WAIR
|
+$4.93M |
| 3 |
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
|
+$3.77M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
LEXEA
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
|
+$9.8M |
| 2 |
QVCGA
QVC Group Inc Series A
QVCGA
|
+$1.11M |
| 3 |
Zebra Technologies
ZBRA
|
+$791K |
| 4 |
CDW
CDW
|
+$755K |
| 5 |
Iron Mountain
IRM
|
+$457K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 43.41% |
| 2 | Consumer Discretionary | 26.38% |
| 3 | Industrials | 19.71% |
| 4 | Real Estate | 9.69% |
| 5 | Financials | 0.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
QVCGA
1
DELISTED
QVC Group Inc Series A
QVCGA
| $176M | 22.86% |
153,882
-985
| -0.6% | -$1.11M |
2013 Q2
17 quarters
|
|
|
2
Zebra Technologies
ZBRA
$18.3B
| $131M | 16.96% |
1,203,180
-7,706
| -0.6% | -$791K |
2016 Q1
6 quarters
|
|
|
3
CDW
CDW
$20.6B
| $124M | 16.13% |
1,882,800
-12,062
| -0.6% | -$755K |
2013 Q4
15 quarters
|
|
|
WAIR
4
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| $95.6M | 12.41% |
10,173,818
+523,880
| +5% | +$4.93M |
2013 Q2
17 quarters
|
|
|
5
Vistance Networks Inc
VISN
$1.41B
| $76.6M | 9.95% |
2,307,447
+285,200
| +14% | +$9.7M |
2016 Q2
5 quarters
|
|
|
6
Iron Mountain
IRM
$32.7B
| $74.6M | 9.69% |
1,918,793
-12,228
| -0.6% | -$457K |
2013 Q2
17 quarters
|
|
7
Valmont Industries
VMI
$8.4B
| $47.1M | 6.11% |
297,620
-1,905
| -0.6% | -$287K |
2014 Q1
14 quarters
|
|
|
LVNTA
8
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $27.1M | 3.52% |
471,099
+65,150
| +16% | +$3.77M |
2015 Q2
9 quarters
|
|
9
Maximus
MMS
$3.3B
| $9.18M | 1.19% |
142,249
-904
| -0.6% | -$55.4K |
2014 Q4
11 quarters
|
|
10
Credit Acceptance
CACC
$5.66B
| $6.21M | 0.81% |
22,170
-82
| -0.4% | -$21.5K |
2016 Q2
5 quarters
|
|
|
CHUBK
11
DELISTED
CommerceHub, Inc. Series C Common Stock
CHUBK
| $1.9M | 0.25% |
88,913
-319
| -0.4% | -$6.26K |
2016 Q3
4 quarters
|
|
|
CHUBA
12
DELISTED
CommerceHub, Inc. Series A Common Stock
CHUBA
| $1M | 0.13% |
44,458
-159
| -0.4% | -$3.23K |
2016 Q3
4 quarters
|
|
|
LEXEA
13
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
| – | – |
-180,762
| Closed | -$9.8M | – |
|
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Tom Bancroft's Q3 2017 Portfolio in Review
As of Q3 2017, Tom Bancroft held 13 positions worth $770M, up 0.63% from $765M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Tom Bancroft's Q3 2017 filing shows 3 increased, 9 reduced and 1 closed positions. The largest sale was Liberty Expedia Holdings, Inc. Class A Common Stock, an estimated $9.8M.
By sector, the portfolio is most concentrated in Technology at 43% of assets, up from 42% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Tom Bancroft added most to Vistance Networks Inc in Q3 2017, an estimated $9.7M increase.
- Tom Bancroft's biggest Q3 2017 reduction was QVC Group Inc Series A, cutting an estimated $1.11M.
- Tom Bancroft fully exited Liberty Expedia Holdings, Inc. Class A Common Stock in Q3 2017, selling an estimated $9.8M.
- Tom Bancroft's ten largest holdings make up 100% of its $770M portfolio in Q3 2017.
- Tom Bancroft opened 0 new positions and closed 1 in Q3 2017.
- Tom Bancroft's portfolio value rose 0.63% quarter-over-quarter to $770M.
Based on Makaira Partners's 13F filing for Q3 2017, filed 14 Nov 2017.