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 |
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
|
+$71.7M |
| 2 |
Bath & Body Works
BBWI
|
+$37.6M |
| 3 |
Zebra Technologies
ZBRA
|
+$7.91M |
| 4 |
CDW
CDW
|
+$7.84M |
| 5 |
Valmont Industries
VMI
|
+$2.93M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vistance Networks Inc
VISN
|
+$32.7M |
| 2 |
QVCGA
QVC Group Inc Series A
QVCGA
|
+$27.4M |
| 3 |
Iron Mountain
IRM
|
+$5.08M |
| 4 |
CHUBK
CommerceHub, Inc. Series C Common Stock
CHUBK
|
+$1.9M |
| 5 |
CHUBA
CommerceHub, Inc. Series A Common Stock
CHUBA
|
+$1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 38.92% |
| 2 | Consumer Discretionary | 35.37% |
| 3 | Industrials | 16.66% |
| 4 | Real Estate | 8.14% |
| 5 | Financials | 0.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
QVCGA
1
DELISTED
QVC Group Inc Series A
QVCGA
| $154M | 18.6% |
130,233
-23,649
| -15% | -$27.4M |
2013 Q2
18 quarters
|
|
|
2
CDW
CDW
$20.2B
| $139M | 16.72% |
1,996,750
+113,950
| +6% | +$7.84M |
2013 Q4
16 quarters
|
|
|
3
Zebra Technologies
ZBRA
$18.1B
| $132M | 15.96% |
1,275,980
+72,800
| +6% | +$7.91M |
2016 Q1
7 quarters
|
|
|
LVNTA
4
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $93.9M | 11.31% |
1,730,352
+1,259,253
| +267% | +$71.7M |
2015 Q2
10 quarters
|
|
|
WAIR
5
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| $75.3M | 9.07% |
10,173,818
| – | – |
2013 Q2
18 quarters
|
|
|
6
Iron Mountain
IRM
$34.3B
| $67.6M | 8.14% |
1,790,849
-127,944
| -7% | -$5.08M |
2013 Q2
18 quarters
|
|
|
7
Valmont Industries
VMI
$8.44B
| $52.3M | 6.31% |
315,610
+17,990
| +6% | +$2.93M |
2014 Q1
15 quarters
|
|
|
8
Vistance Networks Inc
VISN
$1.51B
| $51.9M | 6.25% |
1,370,748
-936,699
| -41% | -$32.7M |
2016 Q2
6 quarters
|
|
|
9
Bath & Body Works
BBWI
$4.43B
| $45.3M | 5.46% |
+930,471
| New | +$37.6M |
2017 Q4
0 quarters
|
|
10
Maximus
MMS
$3.27B
| $10.7M | 1.28% |
148,849
+6,600
| +5% | +$444K |
2014 Q4
12 quarters
|
|
11
Credit Acceptance
CACC
$5.63B
| $7.56M | 0.91% |
23,370
+1,200
| +5% | +$357K |
2016 Q2
6 quarters
|
|
|
CHUBA
12
DELISTED
CommerceHub, Inc. Series A Common Stock
CHUBA
| – | – |
-44,458
| Closed | -$1M | – |
|
|
CHUBK
13
DELISTED
CommerceHub, Inc. Series C Common Stock
CHUBK
| – | – |
-88,913
| Closed | -$1.9M | – |
|
Similar funds
Tom Bancroft's Q4 2017 Portfolio in Review
As of Q4 2017, Tom Bancroft held 13 positions worth $830M, up 7.7% from $770M the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Tom Bancroft deployed $60.8M of net new capital in Q4 2017, opening 1 new position and adding to 6 existing holdings. Its largest new stake was Bath & Body Works: 930,471 shares worth $45.3M.
By sector, the portfolio is most concentrated in Technology at 39% of assets, down from 43% a quarter earlier, followed by Consumer Discretionary and Industrials.
On the sell side, the largest reduction was Vistance Networks Inc, an estimated $32.7M trimmed.
- Tom Bancroft's largest Q4 2017 buy was Bath & Body Works: 930,471 shares worth $45.3M.
- Tom Bancroft added most to Liberty Interactive Corporation Series A Liberty Ventures in Q4 2017, an estimated $71.7M increase.
- Tom Bancroft's biggest Q4 2017 reduction was Vistance Networks Inc, cutting an estimated $32.7M.
- Tom Bancroft fully exited CommerceHub, Inc. Series C Common Stock in Q4 2017, selling an estimated $1.9M.
- Tom Bancroft's ten largest holdings make up 99% of its $830M portfolio in Q4 2017.
- Tom Bancroft opened 1 new position and closed 2 in Q4 2017.
- Tom Bancroft's portfolio value rose 7.7% quarter-over-quarter to $830M.
Based on Makaira Partners's 13F filing for Q4 2017, filed 15 Feb 2018.