We break down the stocks Stockbridge bought, sold, and held in Q3 2024, including their holdings at the end of the quarter. All data sourced from Stockbridge's 13F filed on November 14, 2024.
Who is Stockbridge?
Stockbridge is the public equity investment arm of Berkshire Partners, a Boston-based private equity firm established in 1984. The firm focuses on building long-term concentrated positions in high-quality growth companies with sustainable competitive advantages. Stockbridge leverages Berkshire's extensive private equity experience to identify public companies with exceptional management teams and compelling business models.
Berkshirepartners.com/stockbridge
Wikipedia
Interview with Stockbridge's Rob Small on Transdigm
Portfolio Changes in Q3 2024
New positions
Stockbridge initiated a new position in Procore Technologies (PCOR), purchasing 486,794 shares valued at approximately $30 million.
Bought
Stockbridge significantly increased positions in several holdings, with the most notable additions being Deere (DE) where they more than doubled their stake by adding 540,874 shares, Amazon (AMZN) with an increase of 786,131 shares, and Hilton (HLT) where they added 600,593 shares. The fund also made smaller additions to Vulcan Materials (VMC).
Sold
Stockbridge completely liquidated their large position in Lamb Weston Holdings (LW), selling all 3.98 million shares worth over $335 million. They also trimmed several existing positions, with the largest reductions in Guidewire Software (GWRE) where they sold 1.38 million shares, New York Times (NYT) with a reduction of 768,065 shares, and Charter Communications (CHTR) where they cut their position by 258,089 shares. Additional trims were made to Microsoft (MSFT), Waste Connections (WCN), and Thermo Fisher (TMO).
New Investments in Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| PCOR | Procore Technologies | 100.0% | NEW | $30.04M |
Procore Technologies PCOR
Stockbridge bought $30.04M of Procore Technologies in Q3 2024. Procore Technologies reported strong revenue growth of 15% year-over-year to $311 million in Q1 2025, surpassing expectations. However, GAAP net losses widened by 175% to $0.22 per share, highlighting ongoing profitability challenges. The stock has traded between $49.46 and $88.92 over the past year, with analyst targets suggesting a potential 17% upside despite tariff-related uncertainties.
- Q1 revenue reached $311 million, exceeding estimates by 2.8%.
- Non-GAAP EPS of $0.23 beat forecasts by 27.8%.
- GAAP net loss per share expanded 175% year-over-year to $0.22.
Holdings at the end of Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| TDG | TransDigm | 20.2% | $1.01B | |
| AMZN | Amazon | 12.6% | Added (+31%) | $626.52M |
| GWRE | Guidewire Software | 9.1% | Trimmed (-36%) | $452.5M |
| VMC | Vulcan Materials | 7.9% | Added (+10%) | $392.82M |
| DE | Deere | 7.4% | Added (+158%) | $369.02M |
| TMO | Thermo Fisher | 7.2% | Trimmed (-9%) | $356.66M |
| HLT | Hilton | 7.1% | Added (+64%) | $355.98M |
| NYT | New York Times | 7.1% | Trimmed (-11%) | $351.96M |
| WCN | Waste Connections | 6.6% | Trimmed (-9%) | $329.21M |
| MSFT | Microsoft | 6.6% | Trimmed (-24%) | $326.72M |
| LBRDK | Liberty Broadband | 5.9% | $292.76M | |
| CHTR | Charter Communications | 1.8% | Trimmed (-49%) | $88.32M |
| PCOR | Procore Technologies | 0.6% | NEW | $30.04M |
| LW | Lamb Weston Holdings | 0.0% | Exited | $0 |
Disclaimer: All posts on Scout are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
