Tom Bancroft
Portfolio value$127.9M
Positions11
QuarterQ4 2025ended 2025-12-31
Filed02/112026
Makaira Partners LLC's Q4 2025 13F, filed Feb 11, 2026, reports 11 positions worth $127.9M. The ten largest are 99.6% of the book, led by Charter Communications at 26.8%, Domino's at 12.1% and Lamar Advertising Co New at 11.9%. Against Q3 2025: 0 bought, 1 added to, 6 reduced, 1 sold; the largest moves were reduced Bath & Body Works Inc (−46%) and reduced Flutter Entmt Plc (−49%).
Where the money is
CHTRDPZLAMRBBWICDWBELFBFLUTLMBWHD
Holdings
| Ticker | Issuer | Weight | Value | Q-end → now | Price vs model | Change |
|---|---|---|---|---|---|---|
| CHTR | Charter Communications INC N | 26.8% | $34.2M164,000 sh | 208.75 → −47% | 64% undervalued | held |
| DPZ | Dominos Pizza INC | 12.1% | $15.4M37,000 sh | 416.82 → −26% | 7% undervalued | held |
| LAMR | Lamar Advertising CO New | 11.9% | $15.2M120,000 sh | 126.58 | — | reduced −29% |
| BBWI | Bath & Body Works INC | 11.5% | $14.7M734,355 sh | 20.08 | — | reduced −46% |
| CDW | Cdw Corp | 10.6% | $13.6M100,000 sh | 136.20 → +10% | 14% undervalued | held |
| BELFB | Bel Fuse INC | 7.3% | $9.3M55,000 sh | 169.63 | — | reduced −45% |
| FLUT | Flutter Entmt PLC | 7.0% | $8.9M41,422 sh | 215.04 | — | reduced −49% |
| LMB | Limbach Hldgs INC | 6.2% | $8.0M102,239 sh | 77.85 | — | added +96% |
| WHD | Cactus INC | 5.0% | $6.5M141,286 sh | 45.68 | — | reduced −46% |
| SVV | Savers Value Vlg INC | 1.2% | $1.5M159,110 sh | 9.34 | — | reduced −80% |
| HEI/A | Heico Corp New | 0.4% | $548,0262,171 sh | 252.43 | — | held |
Source: the manager's Form 13F-HR on SEC EDGAR, kept as immutable quarterly snapshots; changes compare two consecutive filings. A 13F is filed up to 45 days after quarter end and covers US-listed long positions only. Tickers come from a self-maintained CUSIP map; a position without one shows its CUSIP. Method notes in where the numbers come from.