Oakcliff Capital

Q4 2017 13F · by Bryan Lawrence, portfolio manager

Picture100.0% US stock

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

+34.2 pp in · −35.5 pp out

Very concentrated · behaves like 8 equal-sized positions

High turnover · 143% a year, about 0.7 years per position

IBKR Interactive Brokers Group, Inc. Class A trimmed−1.03 pp trimmed−1.0316.6%
SGU Star Group, L.P. Common Units Representing Limited Partner Interest added+0.64 pp added+0.6415.6%
TDG TransDigm Group Incorporated held held11.8%
CHTR Charter Comm Inc Del CL A New new+11.49 pp new+11.4911.5%
GOOGL Alphabet Inc. Class A new+11.29 pp new+11.2911.3%


IBKRInteractive Brokers Group, Inc. Class A	16.59%	319,469	$19M	trimmed−31%	−1.03 pp	4 q
SGUStar Group, L.P. Common Units Representing Limited Partner Interest	15.60%	1,654,387	$18M	added+6%	+0.64 pp	4 q
TDGTransDigm Group Incorporated	11.83%	49,106	$13M	held	—	4 q
CHTRCharter Comm Inc Del CL A New	11.49%	39,000	$13M	new	+11.49 pp	new
GOOGLAlphabet Inc. Class A	11.29%	12,300	$13M	new	+11.29 pp	new
KMXCarMax Inc.	10.97%	195,000	$13M	added+15%	+0.10 pp	4 q
BFHBread Financial Holdings, Inc.	10.65%	47,887	$12M	new	+10.65 pp	new
BIDUBaidu, Inc.	8.46%	41,200	$10M	trimmed−23%	−2.66 pp	4 q
unresolvedAlliance Holdings GP LP	1.72%	73,321	$2M	held	—	4 q
HNRGHallador Energy Company	1.39%	260,578	$2M	held	—	4 q
GOOGAlphabet Inc. Class C	—	−12,300	—	exited	−9.95 pp	—
AXTAAxalta Coating Systems Ltd.	—	−324,049	—	exited	−7.90 pp	—
unresolvedExpress Scripts Hldg Co	—	−140,844	—	exited	−7.52 pp	—
AXONAxon Enterprise, Inc.	—	−318,204	—	exited	−6.48 pp	—