Tom Bancroft

Makaira Partners' razor-thin 11-position, $130M book took a notably defensive posture in Q4 2025, with Bancroft halving or worse five separate positions simultaneously. FLUTTER ENTMT was cut nearly in half (-49.1% to 7.0%), BBWI (Bath & Body Works) shed 46.4% to 11.5%, BELFB dropped 45% to 7.3%, and WHD (Cactus) fell 46.4%—a broad trim sweep that looks less like stock-specific disappointment and more like a deliberate reduction in gross exposure across the concentrated book. The single meaningful add was LMB (Limbach Holdings, nearly doubled to 6.2%), a specialty mechanical contractor that fits a niche industrial services theme. Top holding CHTR (Charter Communications) at 26.8% is untouched, representing an enormous single-name bet on cable's broadband resilience. The top-5 concentration at 72.9% across just 11 names leaves virtually no diversification buffer. The exit of BELFA (the A-share of Bel Fuse, while keeping BELFB) is a minor share-class cleanup. Watch whether the cash raised from the broad trim cycle gets redeployed into CHTR or new names, clarifying whether this was risk reduction or a prelude to fresh conviction bets.