Tom Bancroft

Net selling

Makaira Partners LLC — managed by Tom Bancroft; US equity positions disclosed quarterly via SEC 13F

Data as of 2025-12-31 (filed 2026-02-11) · Source: SEC EDGAR

⚠ This manager's most recent public 13F covers 2025-12-31, 2 quarters behind the latest disclosure quarter. Holdings below reflect that filing and may not be current.

Portfolio value$127.9M (−34%)

Holdings11 (−1)

Top holdingCharter Communications Inc N

Below band2

New

Added

Exited

By what price implies: 2 demand a demanding growth rate, 2 modest.

13F × valuation

Valuation posture

Of 5 valued US positions, 2 trade below a conservative value band (1 in the strike zone) (as of 2026-08-25):

Charter Communications Inc NCHTR49% · strike
Cactus IncWHD38% · below

13F · concentration

Lonely conviction

Held by ≤2 tracked superinvestors, each ≥3% of this portfolio (as of 2025-12-31):

SEC 13F · latest filing

Holdings

Security	Value	Valuation	Holders	Shares	Weight	Signal
Charter Communications Inc NCHTR	$34.2M	Strike zone	9	164,000	26.8%	Core 7q
Dominos Pizza IncDPZ	$15.4M	—	4	37,000	12.1%	Core 7q
Lamar Advertising CoLAMR	$15.2M	—	4	120,000	11.9%	Core 7q
Bath & Body Works IncBBWI	$14.7M	—	3	734,355	11.5%	Core 7q
Cdw CorpCDW	$13.6M	—	6	100,000	10.6%	Core 7q
Bel Fuse IncBELFB	$9.3M	—	2	55,000	7.3%	—
Flutter Entmt PlcFLUT	$8.9M	—	2	41,422	7.0%	—
Limbach Hldgs IncLMB	$8.0M	—	1	102,239	6.2%	Big new
Cactus IncWHD	$6.5M	Below value	3	141,286	5.0%	—
Savers Value Vlg IncSVV	$1.5M	—	1	159,110	1.2%	—
Heico CorpHEI.A	$548,026	—	6	2,171	0.4%	—

Charter Communications Inc NCHTRCore 7q
Value$34.2MValuationStrike zoneHolders9Weight26.8%
Dominos Pizza IncDPZCore 7q
Value$15.4MValuation—Holders4Weight12.1%
Lamar Advertising CoLAMRCore 7q
Value$15.2MValuation—Holders4Weight11.9%
Bath & Body Works IncBBWICore 7q
Value$14.7MValuation—Holders3Weight11.5%
Cdw CorpCDWCore 7q
Value$13.6MValuation—Holders6Weight10.6%
Bel Fuse IncBELFB—
Value$9.3MValuation—Holders2Weight7.3%
Flutter Entmt PlcFLUT—
Value$8.9MValuation—Holders2Weight7.0%
Limbach Hldgs IncLMBBig new
Value$8.0MValuation—Holders1Weight6.2%
Cactus IncWHD—
Value$6.5MValuationBelow valueHolders3Weight5.0%
Savers Value Vlg IncSVV—
Value$1.5MValuation—Holders1Weight1.2%
Heico CorpHEI.A—
Value$548,026Valuation—Holders6Weight0.4%

Exited this quarter (1)Bel Fuse Cl A Ord

What is a superinvestor

About this investor

Portfolio overview

Makaira Partners LLC's most recent 13F filing, for the quarter ended 2025-12-31, reports 11 positions worth $127.9M. The top 5 holdings represent 73% of that value, a concentrated portfolio.

The single largest position is Charter Communications Inc N at 26.8% of the portfolio, followed by Dominos Pizza Inc at 12.1% and Lamar Advertising Co at 11.9%.

Against the prior quarter, Tom Bancroft opened 0 new positions, exited 1, added to 1, and trimmed 6. The most notable sale was the full exit from Bel Fuse Cl A Ord.

Across all 7 quarters on file, Charter Communications Inc N has appeared in every filing, as has Dominos Pizza Inc. Charter Communications Inc N currently ranks first by value.

A 13F is filed roughly 45 days after quarter-end and covers only long positions in US-listed equities, so it is a lagging and partial view of the portfolio. Source: SEC EDGAR.

Tom Bancroft holds 1 position now in the strike zone. See the full strike-zone list

Sources· SEC EDGAR 13F as of 2025-12-31 · filed 2026-02-11

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