Oakcliff Capital

Q3 2025 13F · by Bryan Lawrence, portfolio manager

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $232M · prev $200M
Positions: 8 · prev 8
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves2 since the prior filing

−2.1 pp in · 0.0 pp out

New 0 0.00 pp
Added 2 −2.12 pp
Trimmed 0 0.00 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions81% of US stock

IBKR Interactive Brokers Group, Inc. Class A held held30.6%
GIL Gildan Activewear Inc. held held17.0%
TDG TransDigm Group Incorporated added−2.43 pp added−2.4313.8%
GOOG Alphabet Inc. Class C held held12.4%
NRP Natural Resource Partners L.P. added+0.31 pp added+0.317.7%

Positions8 in this filing · 0 exited


IBKRInteractive Brokers Group, Inc. Class A	30.61%	1,030,740	$71M	held	—	35 q
GILGildan Activewear Inc.	17.01%	681,689	$39M	held	—	12 q
TDGTransDigm Group Incorporated	13.75%	24,170	$32M	added+14%	−2.43 pp	35 q
GOOGAlphabet Inc. Class C	12.42%	118,161	$29M	held	—	31 q
NRPNatural Resource Partners L.P.	7.66%	169,057	$18M	added+10%	+0.31 pp	6 q
GWREGuidewire Software, Inc.	6.52%	65,683	$15M	held	—	20 q
LENLennar Corporation Class A	6.42%	118,000	$15M	held	—	3 q
SGUStar Group, L.P. Common Units Representing Limited Partner Interest	5.61%	1,099,239	$13M	held	—	35 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001172661-25-004906
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet