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 |
Bath & Body Works
BBWI
|
+$4.04M |
| 2 |
Liberty Broadband Class C
LBRDK
|
+$2.32M |
| 3 |
Progressive
PGR
|
+$1.85M |
| 4 |
CDW
CDW
|
+$1.65M |
| 5 |
ATVI
Activision Blizzard
ATVI
|
+$1.65M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Zebra Technologies
ZBRA
|
+$38.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 31.71% |
| 2 | Technology | 28.04% |
| 3 | Communication Services | 18.45% |
| 4 | Financials | 14% |
| 5 | Real Estate | 7.72% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
DELISTED
Liberty Broadband Class C
LBRDK
| $136M | 18.45% |
1,701,433
+30,000
| +2% | +$2.32M |
2018 Q2
20 quarters
|
|
|
2
Progressive
PGR
$136B
| $103M | 14% |
781,783
+13,830
| +2% | +$1.85M |
2021 Q3
7 quarters
|
|
|
3
CDW
CDW
$21.4B
| $98.1M | 13.27% |
534,445
+9,470
| +2% | +$1.65M |
2013 Q4
38 quarters
|
|
|
ATVI
4
DELISTED
Activision Blizzard
ATVI
| $97.4M | 13.19% |
1,155,904
+20,400
| +2% | +$1.65M |
2021 Q4
6 quarters
|
|
|
5
Bath & Body Works
BBWI
$4.34B
| $91.8M | 12.42% |
2,514,342
+110,383
| +5% | +$4.04M |
2017 Q4
22 quarters
|
|
6
CarMax
KMX
$7.65B
| $89.8M | 12.16% |
1,073,143
+18,970
| +2% | +$1.39M |
2018 Q4
18 quarters
|
|
7
Lamar Advertising Co
LAMR
$16.4B
| $57M | 7.72% |
574,551
+10,140
| +2% | +$984K |
2022 Q2
4 quarters
|
|
8
Domino's
DPZ
$11B
| $52.7M | 7.14% |
156,470
+2,750
| +2% | +$868K |
2022 Q3
3 quarters
|
|
|
9
Zebra Technologies
ZBRA
$15.2B
| $11.7M | 1.58% |
39,511
-138,800
| -78% | -$38.9M |
2016 Q1
29 quarters
|
|
10
HEICO Corp Class A
HEI.A
$35.9B
| $597K | 0.08% |
4,247
+50
| +1% | +$6.7K |
2020 Q1
13 quarters
|
|
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Tom Bancroft's Q2 2023 Portfolio in Review
As of Q2 2023, Tom Bancroft held 10 positions worth $739M, down 3.5% from $766M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Tom Bancroft withdrew a net $24.2M in Q2 2023, reducing 1 holding. Its largest reduction was Zebra Technologies, cutting an estimated $38.9M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 32% of assets, up from 27% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Tom Bancroft added an estimated $4.04M to Bath & Body Works.
- Tom Bancroft added most to Bath & Body Works in Q2 2023, an estimated $4.04M increase.
- Tom Bancroft's biggest Q2 2023 reduction was Zebra Technologies, cutting an estimated $38.9M.
- Tom Bancroft's ten largest holdings make up 100% of its $739M portfolio in Q2 2023.
- Tom Bancroft opened 0 new positions and closed 0 in Q2 2023.
- Tom Bancroft's portfolio value fell 3.5% quarter-over-quarter to $739M.
Based on Makaira Partners's 13F filing for Q2 2023, filed 14 Aug 2023.