Tom Bancroft - Makaira Partners
Period:    Q4 2025
Portfolio date:    31 Dec 2025
No. of stocks:    11
Portfolio value:    $127,897,188
Holdings Activity Buys Sells    History
History Stock % of
Portfolio
Recent
Activity
Shares Avg. Buy
Price*
Value Current
Price
+/-
Since
Buy
52
Week
Low
52
Week
High
CHTR - Charter Communications, Inc. 26.77 164,000 $332.72 $34,235,000 $131.37 -60.52% $124.05 $402.15
DPZ - Domino's Pizza, Inc. 12.06 37,000 $340.30 $15,422,340 $309.85 -8.95% $282.00 $486.62
LAMR - Lamar Advertising Co. 11.88 Reduce 29.41% 120,000 $90.62 $15,189,600 $157.23 73.51% $108.21 $162.96
BBWI - Bath & Body Works, Inc. 11.53 Reduce 46.40% 734,355 $30.51 $14,745,848 $20.42 -33.08% $14.00 $32.38
CDW - CDW Corp. 10.65 100,000 $94.98 $13,620,000 $144.36 51.98% $96.55 $180.18
BELFB - Bel Fuse Inc. 7.29 Reduce 45.00% 55,000 $74.86 $9,329,650 $263.26 251.67% $95.34 $335.29
FLUT - Flutter Entertainment plc 6.96 Reduce 49.13% 41,422 $237.28 $8,907,387 $112.40 -52.63% $91.52 $313.68
LMB - Limbach Holdings, Inc. 6.22 Add 95.71% 102,239 $109.66 $7,959,306 $73.14 -33.30% $65.08 $151.40
WHD - Cactus, Inc. 5.05 Reduce 46.36% 141,286 $49.36 $6,453,944 $53.47 8.34% $32.93 $64.14
SVV - Savers Value Village, Inc. 1.16 Reduce 79.60% 159,110 $12.20 $1,486,087 $9.68 -20.67% $6.91 $13.89
HEI.A - HEICO CL A 0.43 2,171 $89.38 $548,026 $249.30 178.91% $199.25 $279.52
* Avg. Buy Price is an estimated cost basis: the share-weighted average of the quarter-end prices reported when this manager first bought or later added to the position (average-cost method, reset after a full exit). 13F filings disclose only quarter-end holdings, not actual trade prices, so this approximates — but does not exactly equal — what was paid.
Sector % analysis
Consumer Cyclical 31.71
Communication Services 26.77
Technology 17.94
Real Estate 11.88
Industrials 6.65
Energy 5.05