Oakcliff Capital Partners, L.P. 13F holdings and portfolio analysis

Directly following the baseline means accepting very high stock-specific concentration in exchange for strong historical returns. The latest baseline top holding, IBKR, is 34.76%, and the top 5 positions are 86.81% of the portfolio. Sector exposure is also concentrated, with 34.76% Financials, 19.45% Communication Services, and 16.86% Industrials. Historically that delivered 15.89% annualized return, 5.70% alpha, and 256.01% total return, but it also came with a -34.89% max drawdown and 202 trades with 1.4047 estimated cost. So the baseline is essentially a concentrated bet on a few manager-selected names rather than a diversified 13F clone.

Two strong periods and two weak periods summarize the trade-off well. The best recent baseline quarters were 2024-06-30, when the strategy returned 16.47% versus 9.83% for SPY for a 6.65-point excess return, and 2024-09-30, when it returned 8.98% versus 2.76% for a 6.22-point excess return. But weaker periods show the cost of concentration and lag: 2025-03-31 delivered 7.15% versus 9.22% for SPY, a -2.07-point shortfall, and 2025-09-30 posted -0.25% versus 1.49%, a -1.74-point shortfall. Turnover in those periods ranged from 7.42 to 15.96 in the strong quarters and 5.40 to 12.02 in the weaker ones, so the strategy’s edge is positive but not smooth.

The next thing to inspect is whether the concentration risk is acceptable relative to the payoff. Baseline metrics are strong—15.89% annualized return, 5.70% alpha, Sharpe 0.92—but the structure is unusually top-heavy, with IBKR at 34.76% and top 5 at 86.81%. Users should also review downside behavior and implementation frictions: max drawdown was -34.89%, recovery took 440 days, turnover reached 202 trades, and total estimated cost was 1.4047. In other words, the baseline only makes sense if a user is comfortable mirroring a small set of dominant positions through a delayed 13F-style process.