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Tom Bancroft

Makaira Partners

Concentrated value, consumer/media focus

$93.7M

Portfolio Value

11

Holdings

Q4 '25

Period

2026-02-11

Filed

📈 Recent Activity

Changes from previous quarter

LAMRREDUCED
11.9% of portfolio
-29% shares+1.2pp
BBWIINCREASED
11.5% of portfolio
-46% shares-6.6pp
BELFBINCREASED
7.3% of portfolio
-45% shares+0.1pp
FLUTREDUCED
7.0% of portfolio
-49% shares-3.7pp
LMBREDUCED
6.2% of portfolio
+96% shares+3.6pp
WHDREDUCED
5.0% of portfolio
-46% shares-0.3pp
SVVREDUCED
1.2% of portfolio
-80% shares-4.1pp
BELFASOLD
was 0.2%
Sold out position
Filing price: $116.35

Sold Out (1)

SOLDBELFABEL FUSE CL A ORDwas 0.24%@$116.35

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 83.5%Consumer Discretionary 16.5%Communication Services 0.0%

💼 Holdings

🔍

11 of 11 positions · $93.7M

This quarter: increased 2, reduced 5, sold 1. Net seller.

CHTR
26.8%
26.8% of portfolio
Filed ~$0
—📄
DPZ
12.1%
12.1% of portfolio
Filed ~$417
—📄
LAMRREDUCED
11.9%
11.9% of portfolio (was 10.7%, trimmed)
Filed ~$127
—📄
BBWIINCREASED
11.5%
11.5% of portfolio (was 18.1%, added)
Filed ~$20
—📄
CDW
10.6%
10.6% of portfolio
Filed ~$136
—📄
BELFBINCREASED
7.3%
7.3% of portfolio (was 7.2%, added)
Filed ~$170
—📄
FLUTREDUCED
7.0%
7.0% of portfolio (was 10.6%, trimmed)
Filed ~$215
—📄
LMBREDUCED
6.2%
6.2% of portfolio (was 2.6%, trimmed)
Filed ~$78
—📄
WHDREDUCED
5.0%
5.0% of portfolio (was 5.3%, trimmed)
Filed ~$46
—📄
SVVREDUCED
1.2%
1.2% of portfolio (was 5.3%, trimmed)
Filed ~$9
—📄
HEI-A
0.4%
0.4% of portfolio
Filed ~$252
—📄

🚫 Sold Out (1 positions)

SOLDBELFABEL FUSE CL A ORDwas 0.24%@$116.354001 shares · $466K
Tom Bancroft — Q4 '25 13F Portfolio | Superinvestor 13F Tracker