Oakcliff Capital Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

Oakcliff Capital, under the astute leadership of Bryan Lawrence, represents a quintessential example of "high-conviction" value investing in the modern era. As of the first quarter of 2026, specifically the reporting period ending March 31, 2026, the firm manages a portfolio with a total reported market value of approximately $226.63 million. While this asset under management (AUM) figure places Oakcliff in the category of a boutique investment firm, its influence and the clarity of its investment signals far outweigh its absolute dollar scale. The most striking characteristic of Oakcliff’s current portfolio is its extreme concentration: the entire $226.6 million is deployed across only eight distinct equity positions.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The top three sectors—Financials, Consumer Discretionary, and Communication Services—account for a combined 66.72% of the total portfolio. This high level of concentration suggests that Oakcliff is heavily betting on the resilience of the global financial infrastructure and the continued strength of consumer-facing platforms. The dominance of Financials, at 30.50%, is almost entirely driven by a single massive bet on the electronic brokerage industry. This indicates a macro judgment that the digitization of global capital markets is a secular trend that still has significant runway, regardless of short-term interest rate fluctuations.

With 21.26% in Consumer Discretionary and 12.36% in Industrials, Oakcliff maintains a significant exposure to the "tangible" economy. However, a closer look at the underlying holdings reveals a preference for "capital-light" or "high-moat" versions of these sectors. The Consumer Discretionary exposure is split between apparel manufacturing and homebuilding, two industries that are sensitive to consumer confidence but also benefit from strong brand equity and operational excellence. The Industrials exposure is focused on the aerospace aftermarket, a niche known for its high barriers to entry and recurring revenue streams.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

The weight of this position increased from 28.42% to 30.50% this quarter, despite the number of shares remaining unchanged. This indicates that the stock outperformed the rest of the portfolio, and the manager was comfortable letting the "winner run." The fundamental thesis remains robust: as global markets become more integrated and retail participation in complex instruments (like options and international equities) grows, IBKR’s platform becomes increasingly indispensable. Furthermore, the company benefits from higher interest rates, as it earns significant interest income on client cash balances—a "macro tailwind" that Oakcliff seems happy to ride.

The remainder of the portfolio shows a preference for "niche dominance." TDG (TransDigm Group) , at 12.36%, is a legendary compounder in the aerospace industry, known for its "private equity-like" management style and its focus on proprietary aftermarket parts where it often has a 100% market share. GWRE (Guidewire Software) is the standout "mover" this quarter, jumping to the 5th spot after a 73.33% increase in share count. This reflects a shift toward "high-growth value," where the manager is willing to pay for a dominant SaaS platform that is becoming the operating system for the global P&C insurance industry.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

Adding 73% to a position suggests that Oakcliff found the valuation particularly compelling during the first quarter. While many technology stocks have seen their valuations stretched by the AI hype, Guidewire is a "vertical software" play that relies more on industry-specific execution than general macro trends. By increasing this position to nearly 10% of the portfolio, Oakcliff is signaling that it views Guidewire as a future "core pillar" of the fund, alongside giants like Interactive Brokers and Alphabet.

By making Guidewire a top-5 holding, Oakcliff has increased the "growth" profile of the overall portfolio. However, because Guidewire serves a defensive industry (insurance), this growth comes with a level of stability that pure-play tech stocks lack. This move optimizes the portfolio’s risk-return profile by adding a high-margin, recurring-revenue business that can perform well even if the broader economy slows down, as insurance companies must maintain their core software systems regardless of the economic cycle.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Reductions and Portfolio Adjustment Operations

When we look at the capital flows, the logic becomes clear. The $3.06 million retrieved from the NRP reduction, combined with the organic growth of the portfolio's value, provided the "fuel" for the $9.12 million expansion into Guidewire. This is a classic "Sell A to Buy B" rotation, but on a very concentrated scale. The manager moved funds from a "legacy" commodity business into a "future-facing" software business. This shift indicates a preference for "intellectual property" over "physical assets" in the current market environment.

The overarching intention of this quarter's adjustments was "Concentration Optimization." By trimming a cyclical asset (NRP) and doubling down on a mission-critical software provider (GWRE), Oakcliff has tilted the portfolio toward higher-quality, more predictable revenue streams. The firm is raising its "quality bar" while maintaining its commitment to its most successful long-term bets. This is the behavior of a manager who is comfortable with his current "hand" but is willing to make bold moves when he sees a clear opportunity to upgrade the portfolio's structural growth potential.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

For the individual investor, the reference value here is not necessarily to copy these specific eight stocks, but to adopt the "Institutional Patience" they represent. Oakcliff’s success is built on doing deep work on a few companies and then having the courage to hold them for years. The "pivot" seen this quarter—moving from commodity royalties to vertical software—is a reminder that even value investors must evolve, shifting capital toward businesses that possess the pricing power and structural growth to thrive in a digital-first world.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.