Bryan Lawrence
FOLLOWOakcliff Capital
Exceptional concentrated value investor with 17% annualized returns over 20 years in ~11 high-quality positions; highly aligned with our approach.
Emerging Next-Gen Value
Current Portfolio
2025-Q4 · 8 positions · Filed 2026-02-17
| # | Ticker | Value | Weight |
|---|---|---|---|
| 1 | IBKR | $66.3M | 28.4%Conviction |
| 2 | GIL | $42.6M | 18.3%Conviction |
| 3 | GOOG | $37.1M | 15.9%Conviction |
| 4 | TDG | $32.1M | 13.8%Conviction |
| 5 | GWRE | $16.7M | 7.2% |
| 6 | NRP | $13.3M | 5.7% |
| 7 | SGU | $13.0M | 5.6% |
| 8 | LEN-B | $12.1M | 5.2% |
Allocation
Recent Changes
2025-Q4 vs 2025-Q3Portfolio +0.7%
| Action | Ticker | Shares Change | Value Change |
|---|---|---|---|
| INCREASED | GWRE | +18K(+27%) | +$1.6M Est. bought $193.59–$254.23 |
| DECREASED | NRP | -42K(-25%) | $-4.5M |
Score Breakdown
Investment Philosophy & Portfolio Style
Philosophy
Long-term investor in a concentrated portfolio of undervalued, high-quality businesses. Targets three specific business categories: (1) two-sided markets that are difficult to establish but create substantial value, (2) low-cost operators in fragmented industries with sustainable advantages, and (3) businesses with pricing power where products have high utility relative to cost. Maintains significant cash reserves (averaging 16% of assets) while avoiding leverage entirely. Emphasizes patient capital from limited partners with multi-year lockups, enabling rational decisions during market downturns. Makes only about two new investments per year — extremely selective.
Portfolio Style
Highly concentrated: approximately 11 positions at any given time. This contrasts sharply with typical mutual funds holding 185+ positions. Deep expertise in each holding through intense primary research. Low turnover, infrequent selling, predominantly long-term capital gains for tax efficiency. No leverage. Meaningful cash position as dry powder for opportunities.
Background
Founder and Managing Partner of Oakcliff Capital Group, a New York City-based investment partnership established in 2004. Located at 410 Park Avenue, NYC. Lawrence built Oakcliff as a concentrated, long-term investment vehicle focused on undervalued, high-quality businesses. He conducts intense primary research and makes approximately two new investments per year. Lawrence has a reputation for deep fundamental work, patient capital deployment, and disciplined risk management. His approach draws from the Buffett/Munger tradition but with a more concentrated, high-conviction style.
Track Record
Since 2004, Oakcliff has delivered approximately 17% annualized gross returns, significantly outperforming index funds. This represents an exceptional track record over a 20+ year period that includes the 2008 financial crisis, the 2020 COVID crash, and the 2022 rate shock. Tax-efficient execution has enhanced after-tax returns further.
Notable Holdings
Focuses on two-sided market platforms, low-cost operators in fragmented industries, and pricing-power businesses. Specific holdings change infrequently due to concentrated, long-term approach. Historically has owned businesses with strong competitive positioning and sustainable advantages.
Transparency & Integrity
Transparency(Score: 7/10)
Moderate-high transparency. Lawrence has participated in MOI Global conferences and interviews discussing his philosophy in detail. His three-category business framework is publicly articulated. 13F filings provide quarterly portfolio views. Has spoken openly about his approach to concentration, cash management, and patient capital.
Integrity(Score: 8/10)
High integrity indicators. No leverage, no short-selling, multi-year lockups from LPs suggest aligned incentives. Patient capital structure prevents forced selling. Cash reserve discipline shows risk awareness. No known controversies or conflicts of interest. The low-turnover, tax-efficient approach suggests genuine long-term orientation rather than performance-chasing.
Relevance to Us
High relevance. Lawrence's approach closely mirrors ours in several dimensions: extreme concentration (~11 stocks vs our preference for concentrated bets), genuine long-term orientation (multi-year lockups), no leverage, cash reserves for opportunistic deployment, and focus on undervalued quality businesses. His 17% annualized track record over 20+ years validates the concentrated long-term approach. The three-category framework (two-sided markets, low-cost operators, pricing power) is a useful lens. His patience in making only ~2 new investments per year aligns with our careful, high-conviction approach. Primary area of divergence: we emphasize downside/floor pricing more explicitly.