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 |
GLIBA
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
|
+$16.3M |
| 2 |
Bath & Body Works
BBWI
|
+$12.4M |
| 3 |
QVCGA
QVC Group Inc Series A
QVCGA
|
+$5.77M |
| 4 |
Corporacion America
CAAP
|
+$2.34M |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.65% |
| 2 | Consumer Discretionary | 27.47% |
| 3 | Communication Services | 19.46% |
| 4 | Industrials | 13.84% |
| 5 | Real Estate | 6.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
QVCGA
1
DELISTED
QVC Group Inc Series A
QVCGA
| $150M | 15.61% |
139,145
+5,490
| +4% | +$5.77M |
2013 Q2
21 quarters
|
|
|
GLIBA
2
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
| $136M | 14.16% |
2,669,682
+339,639
| +15% | +$16.3M |
2018 Q1
2 quarters
|
|
3
Zebra Technologies
ZBRA
$15.4B
| $133M | 13.85% |
753,010
| – | – |
2016 Q1
10 quarters
|
|
4
CDW
CDW
$21.6B
| $125M | 12.97% |
1,402,420
| – | – |
2013 Q4
19 quarters
|
|
|
WAIR
5
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| $122M | 12.66% |
10,817,428
| – | – |
2013 Q2
21 quarters
|
|
|
6
Bath & Body Works
BBWI
$4.38B
| $114M | 11.87% |
4,656,528
+494,800
| +12% | +$12.4M |
2017 Q4
3 quarters
|
|
7
Iron Mountain
IRM
$33.5B
| $63.2M | 6.57% |
1,829,944
| – | – |
2013 Q2
21 quarters
|
|
8
Vistance Networks Inc
VISN
$827M
| $56M | 5.83% |
1,821,309
| – | – |
2016 Q2
9 quarters
|
|
9
DELISTED
Liberty Broadband Class C
LBRDK
| $50.9M | 5.3% |
603,970
| – | – |
2018 Q2
1 quarter
|
|
|
10
Corporacion America
CAAP
$4.12B
| $11.3M | 1.18% |
1,326,379
+250,000
| +23% | +$2.34M |
2018 Q1
2 quarters
|
|
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Tom Bancroft's Q3 2018 Portfolio in Review
As of Q3 2018, Tom Bancroft held 10 positions worth $961M, up 9% from $882M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Tom Bancroft deployed $36.8M of net new capital in Q3 2018, adding to 4 existing holdings.
By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Communication Services.
- Tom Bancroft added most to GCI Liberty, Inc. Class A Common Stock (DE) in Q3 2018, an estimated $16.3M increase.
- Tom Bancroft's ten largest holdings make up 100% of its $961M portfolio in Q3 2018.
- Tom Bancroft opened 0 new positions and closed 0 in Q3 2018.
- Tom Bancroft's portfolio value rose 9% quarter-over-quarter to $961M.
Based on Makaira Partners's 13F filing for Q3 2018, filed 14 Nov 2018.