Oakcliff Capital

Q3 2017 13F · by Bryan Lawrence, portfolio manager

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

+3.2 pp in · −4.2 pp out

Very concentrated · behaves like 9 equal-sized positions

Low turnover · 16% a year, about 6.1 years per position

IBKR Interactive Brokers Group, Inc. Class A trimmed+0.85 pp trimmed+0.8517.6%
SGU Star Group, L.P. Common Units Representing Limited Partner Interest trimmed+3.57 pp trimmed+3.5715.0%
BIDU Baidu, Inc. held held11.1%
KMX CarMax Inc. held held10.9%
TDG TransDigm Group Incorporated trimmed−1.78 pp trimmed−1.7810.6%


IBKRInteractive Brokers Group, Inc. Class A	17.62%	463,888	$21M	trimmed−4%	+0.85 pp	3 q
SGUStar Group, L.P. Common Units Representing Limited Partner Interest	14.96%	1,563,027	$18M	trimmed−6%	+3.57 pp	3 q
BIDUBaidu, Inc.	11.12%	53,200	$13M	held	—	3 q
KMXCarMax Inc.	10.87%	170,000	$13M	held	—	3 q
TDGTransDigm Group Incorporated	10.59%	49,106	$13M	trimmed−1%	−1.78 pp	3 q
GOOGAlphabet Inc. Class C	9.95%	12,300	$12M	added+23%	+1.54 pp	3 q
AXTAAxalta Coating Systems Ltd.	7.90%	324,049	$9M	held	—	3 q
unresolvedExpress Scripts Hldg Co	7.52%	140,844	$9M	trimmed−38%	−5.80 pp	3 q
AXONAxon Enterprise, Inc.	6.48%	318,204	$8M	added+53%	+1.64 pp	2 q
unresolvedAlliance Holdings GP LP	1.72%	73,321	$2M	trimmed−41%	−0.99 pp	3 q
HNRGHallador Energy Company	1.26%	260,578	$1M	held	—	3 q