Oakcliff Capital

Q4 2025 13F · by Bryan Lawrence, portfolio manager

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $233M · prev $232M
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

+0.7 pp in · −2.0 pp out

New 0 0.00 pp
Added 1 +0.65 pp
Trimmed 1 −1.96 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.0% a year, about 16.6 years per position

Low
Moderate
High

Top 5 positions84% of US stock

IBKR Interactive Brokers Group, Inc. Class A held held28.4%
GIL Gildan Activewear Inc. held held18.3%
GOOG Alphabet Inc. Class C held held15.9%
TDG TransDigm Group Incorporated held held13.8%
GWRE Guidewire Software, Inc. added+0.65 pp added+0.657.2%

Positions8 in this filing · 0 exited


IBKRInteractive Brokers Group, Inc. Class A	28.42%	1,030,740	$66M	held	—	36 q
GILGildan Activewear Inc.	18.25%	681,689	$43M	held	—	13 q
GOOGAlphabet Inc. Class C	15.90%	118,161	$37M	held	—	32 q
TDGTransDigm Group Incorporated	13.78%	24,170	$32M	held	—	36 q
GWREGuidewire Software, Inc.	7.17%	83,183	$17M	added+27%	+0.65 pp	21 q
NRPNatural Resource Partners L.P.	5.70%	127,351	$13M	trimmed−25%	−1.96 pp	7 q
SGUStar Group, L.P. Common Units Representing Limited Partner Interest	5.58%	1,099,239	$13M	held	—	36 q
LENLennar Corporation Class A	5.20%	118,000	$12M	held	—	4 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001172661-26-001030
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet