What did Tom Bancroft buy in Q2 2025?

Tom Bancroft opened 1 new position (LMB) and added to 1 existing holding in the Q2 2025 13F.

What did Tom Bancroft sell in Q2 2025?

Tom Bancroft exited 1 position (PGR) and trimmed 0.

What Tom Bancroft bought and sold in Q2 2025

In Q2 2025, Tom Bancroft (Makaira Partners) opened 1 new position — including LMB (2.2%), added to 1, exited 1 (PGR). The book stood at $329M across 13 positions, filed Aug 14, 2025.

1New1Added0Trimmed1Exited

Share𝕏 in

New positions (1)

LMBLimbach Holdings Inc2.2% · $7M

Added to (1)

WHDCactus Inc - A+51% shares · 4.7% · $16M

Exited (1)

PGRProgressive Corpwas 4.1% of book

Tom Bancroft's other filings

Q1 2026 changes Q4 2025 changes Q3 2025 changes Q1 2025 changes Q4 2024 changes

Tom Bancroft's full portfolio →The whole cohort in Q2 2025 →

Changes vs the prior quarter's 13F, long US equity positions only (no shorts, options, or non-US listings). ADD/TRIM are share- count changes of ±20% or more. Sourced from SEC EDGAR. Not investment advice.