Bryan Lawrence - Oakcliff Capital Portfolio Q2'2025: Top Holdings & Recent Changes
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Bryan Lawrence, founder of Oakcliff Capital, continues to showcase his reputation for concentrated, high-conviction investing. His Q2’2025 portfolio reveals a tightly focused approach, with just eight positions and a dramatic reshuffling that underscores his willingness to make bold moves when conviction is high.
Focused Conviction: Oakcliff’s Portfolio at a Glance
Portfolio Highlights (Q2’2025):
- Market Value: $200.1M
- Top 10 Holdings: 100.0%
- Portfolio Size: 8 -2
- Average Holding Period: 21 quarters
- Turnover: 25.0%
Oakcliff Capital’s Q2’2025 portfolio is a case study in concentrated investing. With only eight positions—down from ten last quarter—every holding carries significant weight, and the top ten comprise the entire portfolio. The average holding period of 21 quarters reflects a disciplined, long-term mindset, even as the 25% turnover this quarter signals a willingness to act decisively when new opportunities or risks emerge.
This quarter’s most striking move is the massive increase in Oakcliff’s stake in Interactive Brokers, now the portfolio’s largest position. The portfolio’s structure demonstrates a clear preference for deep research and conviction over broad diversification, a hallmark of Bryan Lawrence’s approach.
Top Holdings Analysis: Aggressive Bets and Strategic Additions
The portfolio’s composition this quarter is defined by a handful of outsized positions and a few notable changes. The most dramatic shift is the 300% increase in Interactive Brokers Group IN, which now commands 28.5% of the portfolio—a clear signal of Lawrence’s conviction in the company’s prospects.
Gildan Activewear Inc. also saw a meaningful addition, up 11.44% to 16.8% of the portfolio, reinforcing Oakcliff’s confidence in the company’s fundamentals. Lennar Corporation was increased by 13.46%, now representing 6.5% of assets, suggesting a positive outlook on the homebuilding sector.
Other core holdings remain unchanged but significant: TransDigm Group Incorporated 16.2%, Alphabet Inc. 10.5%, Guidewire Software, Inc. 7.7%, Natural Resource Partners L.P. 7.3%, and Star Group, L.P. 6.4%.
This high-conviction approach means that each position can materially impact overall performance—both positively and negatively. The portfolio’s composition reflects a blend of financials, industrials, technology, and energy, but with a clear tilt toward companies where Oakcliff sees a significant margin of safety or growth potential.
What the Portfolio Reveals About Oakcliff’s Strategy
- Concentration Over Diversification: With just eight holdings, Oakcliff Capital is a textbook example of focused investing, betting big where conviction is highest.
- Dynamic Position Sizing: The 300% increase in Interactive Brokers and double-digit additions to Gildan Activewear and Lennar show a willingness to scale up rapidly when the thesis strengthens.
- Long-Term Orientation: Despite the turnover, the average holding period of 21 quarters highlights a preference for letting winners compound over time.
- Sector Flexibility: The portfolio spans financials, consumer, industrials, and technology, but avoids overexposure to any single theme.
- Risk Management via Deep Research: High concentration is balanced by deep due diligence and a willingness to exit or reduce positions when warranted.
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Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| INTERACTIVE BROKERS GROUP IN | $57.1M | 28.5% | Add 300.00% |
| Gildan Activewear Inc. (GIL) | $33.6M | 16.8% | Add 11.44% |
| TransDigm Group Incorporated (TDG) | $32.4M | 16.2% | No change |
| Alphabet Inc. (GOOG) | $21.0M | 10.5% | No change |
| Guidewire Software, Inc. (GWRE) | $15.5M | 7.7% | No change |
| Natural Resource Partners L.P. (NRP) | $14.7M | 7.3% | No change |
| Lennar Corporation (LEN) | $13.1M | 6.5% | Add 13.46% |
| Star Group, L.P. (SGU) | $12.9M | 6.4% | No change |
Oakcliff’s top two positions—Interactive Brokers and Gildan Activewear—make up nearly half the portfolio, underscoring the fund’s willingness to let conviction drive allocation. The smallest position, Star Group, still represents over 6% of assets, meaning every holding is a major bet. This level of concentration is rare among institutional investors and signals a deep belief in the underlying businesses.
Investment Lessons from Bryan Lawrence’s Oakcliff Approach
- Concentrate When You Know: Lawrence’s willingness to allocate nearly 30% to a single stock demonstrates the power of conviction, provided it’s backed by rigorous research.
- Let Winners Run: The long average holding period shows the value of patience and compounding.
- Act Decisively: The 300% increase in Interactive Brokers is a reminder that when the facts change, so should your portfolio.
- Diversify by Thesis, Not by Numbers: Oakcliff’s sector mix is broad, but each position is chosen for its unique risk/reward profile, not just for diversification’s sake.
- Monitor and Adjust: The 25% turnover rate shows that even long-term investors must be willing to adapt as circumstances evolve.
Looking Ahead: What Comes Next?
With only eight positions and 100% of capital deployed in the top ten, Oakcliff Capital is set up for high potential returns—but also higher volatility. The significant additions this quarter suggest that Lawrence sees compelling value in Interactive Brokers, Gildan Activewear, and Lennar. Investors should watch for further shifts in sector allocation or new positions, especially if market volatility creates fresh opportunities. The fund’s cash position is likely minimal, so any new buys may require trimming existing holdings.
FAQ about Oakcliff Capital Portfolio
Q: Why did Oakcliff Capital increase its Interactive Brokers position by 300%?
This dramatic increase signals Bryan Lawrence’s heightened conviction in Interactive Brokers’ future prospects, likely based on valuation, business momentum, or both.
Q: How concentrated is Oakcliff’s portfolio compared to other funds?
With only eight holdings and the top two making up nearly half the portfolio, Oakcliff is far more concentrated than most institutional investors, reflecting a high-conviction, research-driven approach.
Q: How often does Oakcliff Capital change its holdings?
While the average holding period is 21 quarters, turnover this quarter was 25%, showing that Lawrence is willing to act decisively when warranted.
Q: Which sectors does Oakcliff favor?
The portfolio spans financials, consumer, industrials, and technology, but allocations shift based on where the best risk/reward opportunities are found.
Q: How can I track Oakcliff Capital’s moves?
You can follow Oakcliff’s latest 13F filings and detailed portfolio breakdowns on ValueSense. Keep in mind that 13F filings are reported with a 45-day lag, so positions may have changed since the last report.
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