Tom Bancroft Makaira Partners
Tom Bancroft is the founder of Makaira Partners, a concentrated equity firm focused on high-quality businesses at reasonable valuations. The firm’s process emphasizes multi-year ownership and fundamental research over short-term trading. Bancroft’s portfolio is tracked among the community of concentrated quality investors.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Limbach Holdings
LMB
|
+$4.12M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bath & Body Works
BBWI
|
+$14M |
| 2 |
Flutter Entertainment
FLUT
|
+$9M |
| 3 |
Bel Fuse Inc Class B
BELFB
|
+$7.03M |
| 4 |
Savers
SVV
|
+$6.38M |
| 5 |
Lamar Advertising Co
LAMR
|
+$6.26M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 31.71% |
| 2 | Communication Services | 26.77% |
| 3 | Technology | 17.94% |
| 4 | Real Estate | 11.88% |
| 5 | Industrials | 6.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Charter Communications
CHTR
$12.6B
| $34.2M | 26.77% |
164,000
| – | – |
2023 Q4
8 quarters
|
|
2
Domino's
DPZ
$10.2B
| $15.4M | 12.06% |
37,000
| – | – |
2022 Q3
13 quarters
|
|
|
3
Lamar Advertising Co
LAMR
$15.2B
| $15.2M | 11.88% |
120,000
-50,000
| -29% | -$6.26M |
2022 Q2
14 quarters
|
|
|
4
Bath & Body Works
BBWI
$4.06B
| $14.7M | 11.53% |
734,355
-635,645
| -46% | -$14M |
2017 Q4
32 quarters
|
|
5
CDW
CDW
$18.8B
| $13.6M | 10.65% |
100,000
| – | – |
2013 Q4
48 quarters
|
|
|
6
Bel Fuse Inc Class B
BELFB
$3B
| $9.33M | 7.29% |
55,000
-45,000
| -45% | -$7.03M |
2025 Q1
3 quarters
|
|
|
7
Flutter Entertainment
FLUT
$13.1B
| $8.91M | 6.96% |
41,422
-40,000
| -49% | -$9M |
2024 Q3
5 quarters
|
|
|
8
Limbach Holdings
LMB
$581M
| $7.96M | 6.22% |
102,239
+50,000
| +96% | +$4.12M |
2025 Q2
2 quarters
|
|
9
Cactus
WHD
$4.3B
| $6.45M | 5.05% |
141,286
-122,123
| -46% | -$5.1M |
2024 Q1
7 quarters
|
|
|
10
Savers
SVV
$1.54B
| $1.49M | 1.16% |
159,110
-620,890
| -80% | -$6.38M |
2024 Q2
6 quarters
|
|
11
HEICO Corp Class A
HEI.A
$32.6B
| $548K | 0.43% |
2,171
| – | – |
2020 Q1
23 quarters
|
|
12
Bel Fuse Inc Class A
BELFA
$2.43B
| – | – |
-4,001
| Closed | -$466K | – |
|
Similar funds
Tom Bancroft's Q4 2025 Portfolio in Review
As of Q4 2025, Tom Bancroft held 12 positions worth $128M, down 34% from $195M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Tom Bancroft withdrew a net $44.2M in Q4 2025, closing 1 position and reducing 6 holdings. Its most notable exit was Bel Fuse Inc Class A, an estimated $466K position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 32% of assets, down from 42% a quarter earlier, followed by Communication Services and Technology.
Against the trend, Tom Bancroft added an estimated $4.12M to Limbach Holdings.
- Tom Bancroft added most to Limbach Holdings in Q4 2025, an estimated $4.12M increase.
- Tom Bancroft's biggest Q4 2025 reduction was Bath & Body Works, cutting an estimated $14M.
- Tom Bancroft fully exited Bel Fuse Inc Class A in Q4 2025, selling an estimated $466K.
- Tom Bancroft's ten largest holdings make up 100% of its $128M portfolio in Q4 2025.
- Tom Bancroft opened 0 new positions and closed 1 in Q4 2025.
- Tom Bancroft's portfolio value fell 34% quarter-over-quarter to $128M.
Based on Makaira Partners's 13F filing for Q4 2025, filed 11 Feb 2026.