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 |
Savers
SVV
|
+$33.4M |
| 2 |
Cactus
WHD
|
+$20.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CarMax
KMX
|
+$33.7M |
| 2 |
CDW
CDW
|
+$9.07M |
| 3 |
Progressive
PGR
|
+$3.32M |
| 4 |
Bath & Body Works
BBWI
|
+$2.43M |
| 5 |
Lamar Advertising Co
LAMR
|
+$2.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 33.74% |
| 2 | Financials | 19.6% |
| 3 | Communication Services | 17.43% |
| 4 | Real Estate | 13.97% |
| 5 | Technology | 11.74% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Progressive
PGR
$136B
| $151M | 19.6% |
727,431
-15,884
| -2% | -$3.32M |
2021 Q3
11 quarters
|
|
2
Charter Communications
CHTR
$15.2B
| $111M | 14.45% |
372,769
-8,153
| -2% | -$2.23M |
2023 Q4
2 quarters
|
|
|
3
Lamar Advertising Co
LAMR
$16.2B
| $108M | 13.97% |
901,371
-19,721
| -2% | -$2.3M |
2022 Q2
8 quarters
|
|
|
4
Bath & Body Works
BBWI
$4.25B
| $94.6M | 12.26% |
2,421,353
-52,999
| -2% | -$2.43M |
2017 Q4
26 quarters
|
|
|
5
CDW
CDW
$21.6B
| $90.5M | 11.74% |
404,398
-39,106
| -9% | -$9.07M |
2013 Q4
42 quarters
|
|
6
Domino's
DPZ
$11B
| $86.4M | 11.21% |
167,329
-3,662
| -2% | -$1.87M |
2022 Q3
7 quarters
|
|
|
7
CarMax
KMX
$7.46B
| $51.7M | 6.71% |
705,214
-467,541
| -40% | -$33.7M |
2018 Q4
22 quarters
|
|
|
8
Savers
SVV
$1.55B
| $27.4M | 3.56% |
+2,240,000
| New | +$33.4M |
2024 Q2
0 quarters
|
|
|
9
Cactus
WHD
$4.99B
| $26.3M | 3.42% |
499,581
+399,581
| +400% | +$20.3M |
2024 Q1
1 quarter
|
|
10
DELISTED
Liberty Broadband Class C
LBRDK
| $22.9M | 2.97% |
417,935
-5,979
| -1% | -$309K |
2018 Q2
24 quarters
|
|
11
HEICO Corp Class A
HEI.A
$35.5B
| $824K | 0.11% |
4,642
-32
| -0.7% | -$5.41K |
2020 Q1
17 quarters
|
|
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Tom Bancroft's Q2 2024 Portfolio in Review
As of Q2 2024, Tom Bancroft held 11 positions worth $771M, down 7% from $829M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Tom Bancroft's Q2 2024 filing shows 1 new, 1 increased and 9 reduced positions. Its largest new stake was Savers: 2,240,000 shares worth $27.4M. The largest sale was CarMax, an estimated $33.7M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 34% of assets, down from 38% a quarter earlier, followed by Financials and Communication Services.
- Tom Bancroft's largest Q2 2024 buy was Savers: 2,240,000 shares worth $27.4M.
- Tom Bancroft added most to Cactus in Q2 2024, an estimated $20.3M increase.
- Tom Bancroft's biggest Q2 2024 reduction was CarMax, cutting an estimated $33.7M.
- Tom Bancroft's ten largest holdings make up 100% of its $771M portfolio in Q2 2024.
- Tom Bancroft opened 1 new position and closed 0 in Q2 2024.
- Tom Bancroft's portfolio value fell 7% quarter-over-quarter to $771M.
Based on Makaira Partners's 13F filing for Q2 2024, filed 15 Aug 2024.