We break down the stocks Mark Massey and Scott Bradford (AltaRock Partners) bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from AltaRock Partners' 13F filed on August 14, 2024.
Who are Mark Massey and Scott Bradford and AltaRock Partners?
AltaRock Partners is a highly concentrated investment firm founded by Mark Massey and Scott Bradford, both Harvard MBA graduates with distinguished investment backgrounds. Massey previously worked at Seth Klarman's Baupost Group, while Bradford gained experience at Fiduciary Management Associates. The firm maintains an extremely focused portfolio typically comprising fewer than ten holdings with a combined value of approximately $4.8 billion. AltaRock's investment philosophy centers on identifying exceptional businesses with durable competitive advantages and holding them for the long term.
Portfolio Changes in Q2 2024
New positions
AltaRock Partners initiated a new position in Fair Isaac (FICO), purchasing 34,652 shares valued at $51.6 million.
Bought
The firm significantly increased its holdings in Moody's (MCO) by adding 286,945 shares, bringing the total position value from $314.5 million to $457.6 million, and added 180,630 shares to its Microsoft (MSFT) position, increasing the value from $738 million to $864.8 million.
Sold
AltaRock Partners made substantial reductions across several major holdings, most notably nearly exiting Charter Communications (CHTR) by selling 498,843 shares and reducing the position value from $146.7 million to just $1.8 million, while also trimming positions in Alphabet (GOOGL) by 283,000 shares, TransDigm (TDG) by 83,134 shares, and Amazon (AMZN) by 75,000 shares.
New Investments in Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| FICO | Fair Isaac | 100.0% | NEW | $51.59M |
Fair Isaac FICO
Mark Massey and Scott Bradford bought $51.59M of Fair Isaac in Q2 2024. Fair Isaac (FICO) reported strong Q1 fiscal 2025 results with 15% YoY revenue growth to $440 million and 26% net income growth to $152.5 million, driven by surging mortgage origination demand and B2B pricing power. The company is gaining momentum with mortgage scores revenue up 110% YoY and $187 million in quarterly free cash flow, though faces headwinds from delayed FHFA credit model adoption. Recent stock buybacks and raised FY2025 guidance signal confidence in continued analytics demand across lending verticals.
- EPS grew 28% YoY to $6.14 in Q1 2025 versus $4.80 in prior year period.
- B2B Scores revenue surged 30% YoY, powered by 44% mortgage contribution to segment sales.
- Mortgage origination revenue jumped 110% YoY as lenders adapted to volatile rate environment.
Holdings at the end of Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| TDG | TransDigm | 28.2% | Trimmed (-7%) | $1.37B |
| MSFT | Microsoft | 17.8% | Added (+10%) | $864.77M |
| AMZN | Amazon | 16.4% | Trimmed (-2%) | $798.02M |
| GOOGL | Alphabet | 15.0% | Trimmed (-7%) | $728.98M |
| V | Visa | 9.6% | $466.77M | |
| MCO | Moody's | 9.4% | Added (+36%) | $457.58M |
| MA | Mastercard | 2.4% | $117.8M | |
| FICO | Fair Isaac | 1.1% | NEW | $51.59M |
| CHTR | Charter Communications | 0.0% | Trimmed (-99%) | $1.8M |
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