Tom Bancroft
Makaira Partners
Tom Bancroft (Makaira Partners) discloses a $128M portfolio across 11 US-listed positions in the latest 13F filing (2025Q4, filed Feb 11, 2026). The largest holding is CHTR at 26.8% of the book. The biggest move of the quarter: trimmed the LAMR share count by 29% (position now $15M). Latticework's clone backtest puts this 13F book at -9.1%/yr vs SPY over 12.0 years.
About Tom Bancroft
Tom Bancroft runs Makaira Partners, a concentrated, long-only equity strategy with a disclosed U.S. public portfolio of roughly $128M across just 11 positions as of 2025Q4. The book is tightly constructed — the top five holdings (CHTR, DPZ, LAMR, BBWI, and CDW) account for nearly three-quarters of disclosed assets — suggesting a high-conviction, low-turnover approach oriented toward durable consumer and business-services franchises. Bancroft does not carry the public profile of a Ackman or Klarman, so the filing itself is the primary lens available to outside observers. Readers should note that 13F disclosures capture only long equity positions above the reporting threshold, with up to a 45-day lag; any hedges, short exposure, or non-U.S. holdings would be invisible here. The clone backtest implies meaningful underperformance versus SPY over a 12-year horizon, though a 45-day-lagged quarterly rebalance is a crude approximation of a strategy that likely depends on entry price and timing discipline.
2025Q4 brief
Tom Bancroft's concentrated 11-position Makaira Partners portfolio ($130M) saw broad position sizing cuts in 2025Q4, with five of eight disclosed holdings trimmed meaningfully — most aggressively FLUT (-49.1%), SVV (-79.6%), BBWI (-46.4%), and BELFB (-45.0%). The simultaneous near-doubling of LMB (Limbach Holdings, +95.7% to 6.2%) stands out as the quarter's lone conviction add, suggesting Bancroft sees outsized value in this specialty mechanical services compounder amid the broad de-risking. The anchor remains CHTR at a dominant 26.8% ($35M), an unusually concentrated single-stock bet reflecting deep conviction in Charter's long-term broadband infrastructure value despite near-term competitive noise. The exit from the small BELFA stub completes the Bell Fuse reduction. The overall posture — trimming consumer discretionary (BBWI), sports betting (FLUT), and smaller industrials while piling into LMB — reads as a rotation from higher-beta consumer/growth names toward quality small-cap compounders. Watch whether CHTR is maintained or reduced next filing, as any cut would signal a meaningful portfolio de-risking shift given its outsized weight.
AI-generated. Not investment advice.
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Holdings (11) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | CHTR | 26.8% | $34M | |||
| 2 | DPZ | 12.1% | $15M | |||
| 3 | LAMR | 11.9% | $15M | |||
| 4 | BBWI | 11.5% | $15M | |||
| 5 | CDW | 10.6% | $14M | |||
| 6 | BELFB | 7.3% | $9M | |||
| 7 | FLUT | 7.0% | $9M | |||
| 8 | LMB | 6.2% | $8M | |||
| 9 | WHD | 5.0% | $6M | |||
| 10 | SVV | 1.2% | $1M | |||
| 11 | HEI/A | 0.4% | $548K |
- 1CHTRport26.8%val$34MCharter Communications Inc-athis Q hold·9q
- 2DPZport12.1%val$15MDomino's Pizza Incthis Q hold·14q
- 3LAMRport11.9%val$15MLamar Advertising Co-athis Q -29%·15q
- 4BBWIport11.5%val$15MBath & Body Works Incthis Q -46%·18q
- 5CDWport10.6%val$14MCdw Corp/dethis Q hold·40q
- port7.3%val$9MBel Fuse Inc-cl Bthis Q -45%·4q
- 7FLUTport7.0%val$9MFlutter Entmt Plcthis Q -49%·6q
- 8LMBport6.2%val$8MLimbach Holdings Incthis Q +96%·3q
- 9WHDport5.0%val$6MCactus Inc - Athis Q -46%·17q
- 10SVVport1.2%val$1MSavers Value Village Incthis Q -80%·7q
- 11HEI/Aport0.4%val$548KHeico Corp-class Athis Q hold·24q
All activity (2025Q4)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| BBWI | Bath & Body Works Inc | TRIM | 11.5% | -46% | $15M |
| LAMR | Lamar Advertising Co-a | TRIM | 11.9% | -29% | $15M |
| FLUT | Flutter Entmt Plc | TRIM | 7.0% | -49% | $9M |
| BELFB | Bel Fuse Inc-cl B | TRIM | 7.3% | -45% | $9M |
| LMB | Limbach Holdings Inc | ADD | 6.2% | +96% | $8M |
| WHD | Cactus Inc - A | TRIM | 5.0% | -46% | $6M |
| SVV | Savers Value Village Inc | TRIM | 1.2% | -80% | $1M |
| BELFA | Bel Fuse Inc-cl A | EXIT | 0.2% | -100% | $0 |
- TRIMBBWI11.5%Bath & Body Works IncΔ -46%·$15M
- TRIMLAMR11.9%Lamar Advertising Co-aΔ -29%·$15M
- TRIMFLUT7.0%Flutter Entmt PlcΔ -49%·$9M
- TRIMBELFB7.3%Bel Fuse Inc-cl BΔ -45%·$9M
- ADDLMB6.2%Limbach Holdings IncΔ +96%·$8M
- TRIMWHD5.0%Cactus Inc - AΔ -46%·$6M
- TRIMSVV1.2%Savers Value Village IncΔ -80%·$1M
- EXITBELFA0.2%Bel Fuse Inc-cl AΔ -100%·$0
Frequently asked questions
- What stocks does Tom Bancroft own?
- As of 2025Q4, Tom Bancroft's 13F discloses 11 positions worth $128M. The top five holdings: CHTR (26.8%), DPZ (12.1%), LAMR (11.9%), BBWI (11.5%), CDW (10.6%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Tom Bancroft buy this quarter?
- In 2025Q4, the filing shows 0 new positions and 1 addition to existing holdings. The largest positions touched by buying: LMB.
- How big is Tom Bancroft's portfolio?
- $128M across 11 positions per the latest 13F (filed Feb 11, 2026). The top five holdings account for 73% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001540866). Not investment advice.