Bryan Lawrence

Bryan Lawrence's Oakcliff Capital ran a quiet quarter on its compact $230M, 8-position book, with a single notable move: more than doubling GWRE (Guidewire Software, +73%) to a 9.5% weight (~$22M), making it the fifth-largest holding behind IBKR (30.5%), GIL (Gildan Activewear, 16.7%), GOOG (15.0%), and TDG (TransDigm, 12.4%). The GWRE add is an interesting signal — Guidewire is a property & casualty insurance software platform with high switching costs and recurring revenue, fitting Lawrence's preference for durable competitive moats. No exits and no new names keep the portfolio's character intact: a focused collection of capital-light compounders and quality industrials with a bias toward non-US or under-followed names (GIL, SGU, NRP). Concentration is extreme with top-5 at 84.1%, consistent with Lawrence's long-term owner mentality. The GWRE build also aligns with a broader super-investor theme of insurance infrastructure software given rising P&C complexity. Watch whether GWRE continues to grow toward the 12-15% range, signaling potential top-3 conviction, or if LEN (4.5%) sees adjustment given homebuilder macro headwinds.