---
title: Tom Bancroft (Makaira Partners LLC) — 13F holdings
canonical: https://sweetvaluelab.com/investors/tom-bancroft
cik: 0001540866
quarter: 2025-12-31
filed: 2026-02-11
---
# Tom Bancroft — Makaira Partners LLC

Latest 13F for the quarter ended Dec 31, 2025, filed Feb 11, 2026: 11 positions worth $127.9M. Against the quarter ended Sep 30, 2025: 0 bought, 1 added to, 4 unchanged, 6 reduced, 1 sold. The top five are 73% of the portfolio, the top ten 100%; 3 of the positions have a research page on this site.

## Holdings

| Ticker | Issuer | Shares | Value | % of portfolio | Change this quarter |
| --- | --- | ---: | ---: | ---: | --- |
| CHTR | CHARTER COMMUNICATIONS INC N | 164,000 | $34.2M | 26.8% | held (0%) |
| DPZ | DOMINOS PIZZA INC | 37,000 | $15.4M | 12.1% | held (0%) |
| LAMR | LAMAR ADVERTISING CO NEW | 120,000 | $15.2M | 11.9% | reduced (-29%) |
| BBWI | BATH & BODY WORKS INC | 734,355 | $14.7M | 11.5% | reduced (-46%) |
| CDW | CDW CORP | 100,000 | $13.6M | 10.6% | held (0%) |
| BELFB | BEL FUSE INC | 55,000 | $9.3M | 7.3% | reduced (-45%) |
| FLUT | FLUTTER ENTMT PLC | 41,422 | $8.9M | 7.0% | reduced (-49%) |
| LMB | LIMBACH HLDGS INC | 102,239 | $8.0M | 6.2% | added (+96%) |
| WHD | CACTUS INC | 141,286 | $6.5M | 5.0% | reduced (-46%) |
| SVV | SAVERS VALUE VLG INC | 159,110 | $1.5M | 1.2% | reduced (-80%) |
| HEI/A | HEICO CORP NEW | 2,171 | $548,026 | 0.4% | held (0%) |

## Largest moves this quarter

| Ticker | Issuer | Shares now | Shares before | Change | Bought / sold at reported prices | Value |
| --- | --- | ---: | ---: | --- | ---: | ---: |
| BBWI | BATH & BODY WORKS INC | 734,355 | 1,370,000 | reduced (-46%) | −$12.8M | $14.7M |
| FLUT | FLUTTER ENTMT PLC | 41,422 | 81,422 | reduced (-49%) | −$8.6M | $8.9M |
| BELFB | BEL FUSE INC | 55,000 | 100,000 | reduced (-45%) | −$7.6M | $9.3M |
| LAMR | LAMAR ADVERTISING CO NEW | 120,000 | 170,000 | reduced (-29%) | −$6.3M | $15.2M |
| SVV | SAVERS VALUE VLG INC | 159,110 | 780,000 | reduced (-80%) | −$5.8M | $1.5M |
| WHD | CACTUS INC | 141,286 | 263,409 | reduced (-46%) | −$5.6M | $6.5M |
| LMB | LIMBACH HLDGS INC | 102,239 | 52,239 | added (+96%) | +$3.9M | $8.0M |

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Source: https://sweetvaluelab.com/investors/tom-bancroft (SweetValueLab, free, no account). Holdings from SEC Form 13F-HR filings; tickers resolved from CUSIPs. Values as reported by the filer. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.