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
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
QVCGA
QVC Group Inc Series A
QVCGA
|
+$13.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 38.22% |
| 2 | Communication Services | 31.67% |
| 3 | Technology | 21.34% |
| 4 | Industrials | 7.79% |
| 5 | Energy | 0.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
DELISTED
Liberty Broadband Class C
LBRDK
| $160M | 31.67% |
919,556
| – | – |
2018 Q2
12 quarters
|
|
2
Bath & Body Works
BBWI
$4.31B
| $97.2M | 19.27% |
1,668,285
| – | – |
2017 Q4
14 quarters
|
|
3
Zebra Technologies
ZBRA
$15.3B
| $57.1M | 11.33% |
107,879
| – | – |
2016 Q1
21 quarters
|
|
4
CarMax
KMX
$7.55B
| $56.5M | 11.2% |
437,377
| – | – |
2018 Q4
10 quarters
|
|
5
CDW
CDW
$21.4B
| $50.5M | 10.01% |
288,982
| – | – |
2013 Q4
30 quarters
|
|
|
QVCGA
6
DELISTED
QVC Group Inc Series A
QVCGA
| $39M | 7.74% |
59,609
-20,989
| -26% | -$13.5M |
2013 Q2
32 quarters
|
|
|
CDK
7
DELISTED
CDK Global, Inc.
CDK
| $35M | 6.95% |
704,959
| – | – |
2020 Q1
5 quarters
|
|
8
Cactus
WHD
$5.03B
| $4.96M | 0.98% |
135,000
| – | – |
2020 Q1
5 quarters
|
|
9
HEICO Corp Class A
HEI.A
$35.4B
| $4.25M | 0.84% |
34,191
| – | – |
2020 Q1
5 quarters
|
|
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Tom Bancroft's Q2 2021 Portfolio in Review
As of Q2 2021, Tom Bancroft held 9 positions worth $504M, up 6.5% from $473M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Trading was light in Q2 2021: portfolio turnover was 0%. Tom Bancroft opened no new positions and made no exits, leaving the 9-position portfolio largely intact.
By sector, the portfolio is most concentrated in Consumer Discretionary at 38% of assets, down from 40% a quarter earlier, followed by Communication Services and Technology.
- Tom Bancroft's biggest Q2 2021 reduction was QVC Group Inc Series A, cutting an estimated $13.5M.
- Tom Bancroft's ten largest holdings make up 100% of its $504M portfolio in Q2 2021.
- Tom Bancroft opened 0 new positions and closed 0 in Q2 2021.
- Tom Bancroft's portfolio value rose 6.5% quarter-over-quarter to $504M.
Based on Makaira Partners's 13F filing for Q2 2021, filed 16 Aug 2021.