BR
Bishop Rock Capital, L.P. Historical SEC 13F Holdings & Archive (Q3 2023)
Bishop Rock Capital, L.P.CIK: 0001656001
Sector-focusedQuality / disciplined sizingLong-term holder
Total reported value
$24.3M
Reporting period: 2023-09-30 · Number of holdings: 18
Bishop Rock Capital, L.P. disclosed 18 holdings in its latest 13F filing for the period ending 2023-09-30, with total reported value of $24.3M and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 30.16
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 100
- Diversification
- 36
- Sizing Uniformity
- 93.85
Bishop Rock Capital, L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.075 — mathematically equivalent to about 13 equally-sized positions, close to its 18 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.61), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy ICE
Sold out WCN
Sold out AFG
Add SHW
+140.1% $994.3K
Sold out SRCLEUR
Add SPY
-44.5% -$2.4M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 11.44% | +3.90% | -44.46% | |
| 2 | ICE | Intercontinental Exchange In | Stock-Financials | 7.99% | +7.99% | NEW | |
| 3 | MRSH | Marsh & Mclennan Cos | Stock-Financials | 7.94% | +0.43% | -63.15% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 7.93% | +0.41% | -59.88% | |
| 5 | AJG | Arthur J Gallagher & Co | Stock-Financials | 7.93% | +0.36% | -64.39% | |
| 6 | AKX | Ansys Inc | Stock-Other | 7.92% | +0.44% | -58.56% | |
| 7 | V | Visa Inc-class A Shares | Stock-Financials | 7.91% | +0.39% | -61.68% | |
| 8 | CP | Canadian Pacific Kansas City | Stock-Industrials | 7.90% | +0.29% | -60.24% | |
| 9 | SPGI | S&p Global Inc | Stock-Financials | 7.89% | +0.42% | -59.14% | |
| 10 | SHW | Sherwin-williams Co/the | Stock-Materials | 7.21% | +6.11% | +140.08% | |
| 11 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 6.93% | +1.14% | -56.18% | |
| 12 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.58% | +0.79% | -53.55% | |
| 13 | MA | Mastercard Inc - A | Stock-Financials | 2.56% | -0.10% | -66.24% | |
| 14 | MSCI | Msci Inc | Stock-Financials | 1.64% | -0.26% | -72.11% | |
| 15 | TYL | Tyler Technologies Inc | Stock-Tech | 1.31% | -0.46% | -71.83% | |
| 16 | AON | Aon plc | Stock-Financials | 1.19% | +0.18% | -55.62% | |
| 17 | ICLR | ICON Public Limited Company | Stock-Healthcare | 0.89% | +0.18% | -55.02% | |
| 18 | IQV | Iqvia Holdings Inc | Stock-Healthcare | 0.84% | +0.08% | -55.04% |
Portfolio Performance
Performance for Q3 2026
+10.1%
Performance Last 4 Quarters
+5.5%
- Stdev
- +13.3%
- Beta
- +0.8
- Alpha
- -2.9%
- Max Drawdown
- -10.9%
- Annualized Perf
- +12.9%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +1.79
- Stutzer
- +0.29
- Treynor
- +0.16
- Sterling
- +0.76
- Calmar
- +1.19
- Information Ratio
- -0.79
- Tracking Error
- +8.8%
- Stdev Down
- +7.3%
- Winning Months %
- +61.1%
- Losing Months %
- +38.9%
- Best 12 Months
- +31.3%
- Worst 12 Months
- -5%
- Efficiency Ratio
- +0.37
- Sharpe
- +0.98
- Stdev Sectors
- +20.2%
- Skewness
- -0.03
- Kurtosis
- -0.81
- Upside Potential
- +3.6
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2023 Q3 | 18 | $24.3M | 0 | ||
| 2023 Q2 | 23 | $69.0M | 0 | ||
| 2023 Q1 | 23 | $64.5M | 0 | ||
| 2022 Q4 | 26 | $75.1M | 0 | ||
| 2022 Q3 | 27 | $144.3M | 0 | ||
| 2022 Q2 | 23 | $528.6M | 0 | ||
| 2022 Q1 | 28 | $252.2M | 0 | ||
| 2021 Q4 | 34 | $334.7M | 0 | ||
| 2021 Q3 | 34 | $309.1M | 0 | ||
| 2021 Q2 | 33 | $324.9M | 95 | ||
| 2021 Q1 | 29 | $294.4M | 30 | ||
| 2020 Q4 | 28 | $315.8M | 26 | ||
| 2020 Q3 | 23 | $297.3M | 23 | ||
| 2020 Q2 | 23 | $304.5M | 32 | ||
| 2020 Q1 | 22 | $268.3M | 43 | ||
| 2019 Q4 | 22 | $416.4M | 8 | ||
| 2019 Q3 | 22 | $388.1M | 100 | ||
| 2019 Q2 | 23 | $310.2M | 100 | ||
| 2019 Q1 | 22 | $288.2M | 59 | ||
| 2018 Q4 | 22 | $156.4M | 16 | ||
| 2018 Q3 | 26 | $149.5M | 13 | ||
| 2018 Q2 | 24 | $132.6M | 15 | ||
| 2018 Q1 | 22 | $124.4M | 17 | ||
| 2017 Q4 | 26 | $114.7M | 34 | ||
| 2017 Q3 | 27 | $140.2M | 43 | ||
| 2017 Q2 | 26 | $194.8M | 36 | ||
| 2017 Q1 | 26 | $211.9M | 39 | ||
| 2016 Q4 | 23 | $186.7M | 0 |
Holding changes this quarter
Bishop Rock Capital, L.P.'s most significant position changes for 2023-09-30: Sold out: Waste Connections Inc (WCN); Sold out: American Financial Group Inc (AFG); Sold out: Stericycle Inc (SRCLEUR); Sold out: Firstservice CORP (FSV); New buy: Intercontinental Exchange In (ICE).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ICE | Intercontinental Exchange In | +8% | NEW | New buy |
| 2 | SHW | Sherwin-williams Co/the | +6.1% | +140.08% | Add |
| 3 | SPY | Ss Spdr S&p 500 ETF Trust-us | +3.9% | -44.46% | Trim |
| 4 | VOO | Vanguard S&p 500 ETF | +1.1% | -56.18% | Trim |
| 5 | GOOGL | Alphabet Inc-cl A | +0.8% | -53.55% | Trim |
| 6 | AKX | Ansys Inc | +0.4% | -58.56% | Trim |
| 7 | MRSH | Marsh & Mclennan Cos | +0.4% | -63.15% | Trim |
| 8 | SPGI | S&p Global Inc | +0.4% | -59.14% | Trim |
| 9 | MSFT | Microsoft CORP | +0.4% | -59.88% | Trim |
| 10 | V | Visa Inc-class A Shares | +0.4% | -61.68% | Trim |
| 11 | AJG | Arthur J Gallagher & Co | +0.4% | -64.39% | Trim |
| 12 | CP | Canadian Pacific Kansas City | +0.3% | -60.24% | Trim |
| 13 | AON | Aon plc | +0.2% | -55.62% | Trim |
| 14 | ICLR | ICON Public Limited Company | +0.2% | -55.02% | Trim |
| 15 | IQV | Iqvia Holdings Inc | +0.1% | -55.04% | Trim |
| 16 | MA | Mastercard Inc - A | -0.1% | -66.24% | Trim |
| 17 | MSCI | Msci Inc | -0.3% | -72.11% | Trim |
| 18 | TYL | Tyler Technologies Inc | -0.5% | -71.83% | Trim |
| 19 | DHR | Danaher CORP | -0.6% | EXIT | Sold out |
| 20 | DSGX | Descartes Systems Grp/the | -0.7% | EXIT | Sold out |
| 21 | FSV | Firstservice CORP | -2.9% | EXIT | Sold out |
| 22 | SRCLEUR | Stericycle Inc | -4.1% | EXIT | Sold out |
| 23 | AFG | American Financial Group Inc | -6.4% | EXIT | Sold out |
| 24 | WCN | Waste Connections Inc | -7.6% | EXIT | Sold out |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Filing History
FAQ
What is Bishop Rock Capital, L.P. and what type of investor is it?
Bishop Rock Capital, L.P. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2023-09-30), the firm manages a tracked equity portfolio valued at approximately $24.3M, spread across 18 disclosed positions.
What are Bishop Rock Capital, L.P.'s largest equity positions?
Based on the latest 13F filing, Bishop Rock Capital, L.P.'s top holdings by market value are:
1. Ss Spdr S&p 500 ETF Trust-us (SPY) — $2.8M (11.4%)
2. Intercontinental Exchange In (ICE) — $1.9M (8.0%)
3. Marsh & Mclennan Cos (MRSH) — $1.9M (7.9%)
4. Microsoft CORP (MSFT) — $1.9M (7.9%)
5. Arthur J Gallagher & Co (AJG) — $1.9M (7.9%)
What changes did Bishop Rock Capital, L.P. make in its most recent portfolio filing?
In the latest reported quarter, Bishop Rock Capital, L.P. made 24 notable position adjustments: 1 new positions were initiated, 1 existing holdings were added to, 16 positions were partially reduced, and 6 were completely exited. The largest of these moves: Sold out: Waste Connections Inc (WCN); Sold out: American Financial Group Inc (AFG); Sold out: Stericycle Inc (SRCLEUR); Sold out: Firstservice CORP (FSV); New buy: Intercontinental Exchange In (ICE)
What sectors does Bishop Rock Capital, L.P. focus on?
Bishop Rock Capital, L.P. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 61.1%
• Information Technology: 12.5%
• Industrials: 10.7%
• Materials: 9.8%
• Communication Services: 3.5%
• Health Care: 2.4%
Investment Profile
Bishop Rock Capital, L.P. returned an annualized 12.9% over the trailing 36 months — underperforming the S&P 500 by 2.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.80 (less volatile than the market) and a 39% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 61.1% of the portfolio concentrated in Financials.
It has added to its SHW position over the past two quarters (+$1.1M, now $1.8M), while trimming MA over the same stretch (-$4.6M, still holding $622.8K).
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