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 |
Fox Class A
FOXA
|
+$8.73M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GLIBA
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
|
+$41.6M |
| 2 |
Zebra Technologies
ZBRA
|
+$39.7M |
| 3 |
CDW
CDW
|
+$38.4M |
| 4 |
QVCGA
QVC Group Inc Series A
QVCGA
|
+$33.6M |
| 5 |
Liberty Broadband Class C
LBRDK
|
+$26.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 29.68% |
| 2 | Communication Services | 26.47% |
| 3 | Consumer Discretionary | 25.24% |
| 4 | Industrials | 18.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
WAIR
1
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| $120M | 17.38% |
10,817,428
| – | – |
2013 Q2
24 quarters
|
|
|
2
Zebra Technologies
ZBRA
$15.4B
| $103M | 14.94% |
492,759
-196,776
| -29% | -$39.7M |
2016 Q1
13 quarters
|
|
|
3
DELISTED
Liberty Broadband Class C
LBRDK
| $102M | 14.82% |
982,500
-265,096
| -21% | -$26.1M |
2018 Q2
4 quarters
|
|
|
4
CDW
CDW
$20.5B
| $102M | 14.74% |
917,310
-366,035
| -29% | -$38.4M |
2013 Q4
22 quarters
|
|
|
GLIBA
5
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
| $71.8M | 10.39% |
1,167,815
-702,227
| -38% | -$41.6M |
2018 Q1
5 quarters
|
|
6
Bath & Body Works
BBWI
$4.39B
| $69.4M | 10.05% |
3,291,345
-1,221,506
| -27% | -$24.2M |
2017 Q4
6 quarters
|
|
|
QVCGA
7
DELISTED
QVC Group Inc Series A
QVCGA
| $58.5M | 8.47% |
97,234
-47,184
| -33% | -$33.6M |
2013 Q2
24 quarters
|
|
8
CarMax
KMX
$7.68B
| $46.4M | 6.72% |
534,342
-184,423
| -26% | -$14.4M |
2018 Q4
2 quarters
|
|
|
9
Fox Class A
FOXA
$28.6B
| $8.7M | 1.26% |
+237,500
| New | +$8.73M |
2019 Q2
0 quarters
|
|
10
Corporacion America
CAAP
$4.09B
| $8.46M | 1.22% |
1,048,197
-402,771
| -28% | -$3.13M |
2018 Q1
5 quarters
|
|
Similar funds
Tom Bancroft's Q2 2019 Portfolio in Review
As of Q2 2019, Tom Bancroft held 10 positions worth $691M, down 19% from $856M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Tom Bancroft withdrew a net $212M in Q2 2019, reducing 8 holdings. Its largest reduction was GCI Liberty, Inc. Class A Common Stock (DE), cutting an estimated $41.6M.
By sector, the portfolio is most concentrated in Technology at 30% of assets, down from 31% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Tom Bancroft opened a new position in Fox Class A worth $8.7M.
- Tom Bancroft's largest Q2 2019 buy was Fox Class A: 237,500 shares worth $8.7M.
- Tom Bancroft's biggest Q2 2019 reduction was GCI Liberty, Inc. Class A Common Stock (DE), cutting an estimated $41.6M.
- Tom Bancroft's ten largest holdings make up 100% of its $691M portfolio in Q2 2019.
- Tom Bancroft opened 1 new position and closed 0 in Q2 2019.
- Tom Bancroft's portfolio value fell 19% quarter-over-quarter to $691M.
Based on Makaira Partners's 13F filing for Q2 2019, filed 14 Aug 2019.