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
|
+$5.93M |
| 2 |
Bath & Body Works
BBWI
|
+$5.85M |
| 3 |
Cactus
WHD
|
+$5.01M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Progressive
PGR
|
+$12.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 43.83% |
| 2 | Communication Services | 24.89% |
| 3 | Technology | 15.86% |
| 4 | Real Estate | 8.28% |
| 5 | Energy | 4.75% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Charter Communications
CHTR
$15.2B
| $81.8M | 24.89% |
200,162
| – | – |
2023 Q4
6 quarters
|
|
|
2
Bath & Body Works
BBWI
$4.25B
| $55.1M | 16.76% |
1,839,039
+200,000
| +12% | +$5.85M |
2017 Q4
30 quarters
|
|
3
Flutter Entertainment
FLUT
$14.2B
| $30.4M | 9.25% |
106,422
| – | – |
2024 Q3
3 quarters
|
|
4
Domino's
DPZ
$11B
| $29.3M | 8.9% |
64,964
| – | – |
2022 Q3
11 quarters
|
|
5
CDW
CDW
$21.6B
| $27.7M | 8.44% |
155,305
| – | – |
2013 Q4
46 quarters
|
|
6
Lamar Advertising Co
LAMR
$16.2B
| $27.2M | 8.28% |
224,260
| – | – |
2022 Q2
12 quarters
|
|
7
Bel Fuse Inc Class B
BELFB
$3.37B
| $24M | 7.31% |
245,999
| – | – |
2025 Q1
1 quarter
|
|
8
CarMax
KMX
$7.46B
| $18.3M | 5.57% |
272,203
| – | – |
2018 Q4
26 quarters
|
|
|
9
Cactus
WHD
$4.99B
| $15.6M | 4.75% |
357,030
+120,000
| +51% | +$5.01M |
2024 Q1
5 quarters
|
|
10
Savers
SVV
$1.55B
| $11M | 3.35% |
1,078,437
| – | – |
2024 Q2
4 quarters
|
|
|
11
Limbach Holdings
LMB
$665M
| $7.32M | 2.23% |
+52,239
| New | +$5.93M |
2025 Q2
0 quarters
|
|
12
HEICO Corp Class A
HEI.A
$35.5B
| $562K | 0.17% |
2,171
| – | – |
2020 Q1
21 quarters
|
|
13
Bel Fuse Inc Class A
BELFA
$2.66B
| $359K | 0.11% |
4,001
| – | – |
2025 Q1
1 quarter
|
|
|
14
Progressive
PGR
$136B
| – | – |
-43,323
| Closed | -$12.3M | – |
|
Similar funds
Tom Bancroft's Q2 2025 Portfolio in Review
As of Q2 2025, Tom Bancroft held 14 positions worth $329M, up 10% from $298M the previous quarter. Its ten largest holdings account for 97% of the portfolio.
Tom Bancroft's Q2 2025 filing shows 1 new, 2 increased and 1 closed positions. Its largest new stake was Limbach Holdings: 52,239 shares worth $7.32M. The largest sale was Progressive, an estimated $12.3M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 44% of assets, down from 44% a quarter earlier, followed by Communication Services and Technology.
- Tom Bancroft's largest Q2 2025 buy was Limbach Holdings: 52,239 shares worth $7.32M.
- Tom Bancroft added most to Bath & Body Works in Q2 2025, an estimated $5.85M increase.
- Tom Bancroft fully exited Progressive in Q2 2025, selling an estimated $12.3M.
- Tom Bancroft's ten largest holdings make up 97% of its $329M portfolio in Q2 2025.
- Tom Bancroft opened 1 new position and closed 1 in Q2 2025.
- Tom Bancroft's portfolio value rose 10% quarter-over-quarter to $329M.
Based on Makaira Partners's 13F filing for Q2 2025, filed 14 Aug 2025.