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Makaira Partners LLC Tom Bancroft

La Jolla, CA 21 processed 13Fs on this site, 2021 Q3 to 2026 Q1 stale 2026 Q1 filed, table empty

  • $128M
  • 11 holdings
  • 2025 Q4
  • −34.4% QoQ
  • Top 5 72.9%

Portfolio

2025 Q4, filed 2/11/2026, 11 holdings

Top 5 72.9%, top 10 99.6%

  1. CHTR, Charter Communications 26.8%
  2. DPZ, Domino's Pizza 12.1%
  3. LAMR, Lamar Advertising 11.9%
  4. BBWI, Bath & Body Works 11.5%
  5. CDW 10.6%
  6. BELFB, Bel Fuse 7.3%
  7. FLUT, Flutter Entertainment 7.0%
  8. LMB, Limbach 6.2%
  9. WHD, Cactus 5.0%
  10. SVV, Savers Value VLG 1.2%
  11. HEI, Heico 0.4%

AUM over time

2025 Q4 $128M −34.4% QoQ
2021 Q3: $473M 2021 Q3: $473M
Q3 2021
2021 Q4: $548M, +15.9% QoQ 2021 Q4: $548M, +15.9% QoQ
Q4
2022 Q1: $431M, −21.4% QoQ 2022 Q1: $431M, −21.4% QoQ
Q1 2022
2022 Q2: $443M, +2.8% QoQ 2022 Q2: $443M, +2.8% QoQ
Q2
2022 Q3: $604M, +36.3% QoQ 2022 Q3: $604M, +36.3% QoQ
Q3
2022 Q4: $689M, +14.1% QoQ 2022 Q4: $689M, +14.1% QoQ
Q4
2023 Q1: $766M, +11.2% QoQ 2023 Q1: $766M, +11.2% QoQ
Q1 2023
2023 Q2: $739M, −3.5% QoQ 2023 Q2: $739M, −3.5% QoQ
Q2
2023 Q3: $767M, +3.8% QoQ 2023 Q3: $767M, +3.8% QoQ
Q3
2023 Q4: $759M, −1.0% QoQ 2023 Q4: $759M, −1.0% QoQ
Q4
2024 Q1: $829M, +9.2% QoQ 2024 Q1: $829M, +9.2% QoQ
Q1 2024
2024 Q2: $771M, −7.0% QoQ 2024 Q2: $771M, −7.0% QoQ
Q2
2024 Q3: $778M, +0.9% QoQ 2024 Q3: $778M, +0.9% QoQ
Q3
2024 Q4: $587M, −24.6% QoQ 2024 Q4: $587M, −24.6% QoQ
Q4
2025 Q1: $298M, −49.2% QoQ 2025 Q1: $298M, −49.2% QoQ
Q1 2025
2025 Q2: $329M, +10.4% QoQ 2025 Q2: $329M, +10.4% QoQ
Q2
2025 Q3: $195M, −40.7% QoQ 2025 Q3: $195M, −40.7% QoQ
Q3
2025 Q4: $128M, −34.4% QoQ 2025 Q4: $128M, −34.4% QoQ
Q4

Book

2023 Q1 2022 Q4, filed 15 May, long equity only

Download CSV Download Excel All activity
LBRDA, Liberty Broadband 17.83%, was 16.70% Add +10.9% 1,671,433 $81.70 $137M +163,820 +$22M
PGR, Progressive 14.34%, was 13.05% Add +10.9% 767,953 $143.06 $110M +75,230 +$20M
CDW 13.36%, was 12.28% Add +10.9% 524,975 $194.89 $102M +51,430 +$18M
Activision Blizzard 12.69%, was 17.89% Reduce −29.4% 1,135,504 $85.59 $97M −473,540 −$26M
BBWI, Bath And Body Works 11.48% Add +0.4% 2,403,959 $36.58 $88M +10,160 −$13M
KMX, CarMax 8.85%, was 8.41% Add +10.9% 1,054,173 $64.28 $68M +103,280 +$9.9M
ZBRA, Zebra Technologies 7.40%, was 5.99% Add +10.9% 178,311 $318.00 $57M +17,510 +$15M
LAMR, Lamar Advertising CL A REIT 7.36%, was 6.98% Add +10.9% 564,411 $99.89 $56M +55,310 +$8.3M
DPZ, Domino's Pizza 6.62%, was 1.80% Add +329.4% 153,720 $329.87 $51M +117,920 +$38M
HEI, Heico 0.07%, was 0.93% Reduce −92.1% 4,197 $135.90 $570K −49,240 −$5.8M

Exits / last held

Gone since 2022 Q4, shown at their last reported size.

Stock % of portfolio Recent activity Shares Reported price* Value Share change $ change
First Republic Bank 1.33% Exit 0 $121.89 $9.1M −75,000 −$9.1M

Weight bar: held both quarters added sold at this quarter’s reported price

* Reported price is value ÷ shares from the 13F as of period end, not a live market quote. Weight % is each long-equity position ÷ full 13F AUM, so rows may not sum to 100% when the filing includes options or other non-equity (excluded from this table). Share change and $ change are vs 2022 Q4. Click a column header to sort, or New, Hold, Add or Reduce to bring those moves to the top. Exit opens the last-held block below.

Filings history

19 periods, with AUM normalized

Newest 13Fs
Period Holds AUM QoQ Form Filed Filing ID
2026 Q1 empty — — 13F-HR 5/15/2026 000154086626000002
2025 Q4 11 $128M −34.4% 13F-HR 2/11/2026 000142050626000298
2025 Q3 12 $195M −40.7% 13F-HR 11/17/2025 000154086625000008
2025 Q2 13 $329M +10.4% 13F-HR 8/14/2025 000154086625000007
2025 Q1 13 $298M −49.2% 13F-HR 5/14/2025 000154086625000005
2024 Q4 12 $641M — RESTATEMENT 2/26/2025 000154086625000003
2024 Q4 12 $587M −24.6% 13F-HR 2/14/2025 000154086625000002
2024 Q3 12 $778M +0.9% 13F-HR 11/14/2024 000154086624000006
2024 Q2 11 $771M −7.0% 13F-HR 8/15/2024 000154086624000004
2024 Q1 10 $829M +9.2% 13F-HR 5/14/2024 000154086624000003
2023 Q4 10 $759M −1.0% 13F-HR 2/14/2024 000154086624000002
2023 Q3 10 $767M +3.8% 13F-HR 11/14/2023 000154086623000005
2023 Q2 10 $739M −3.5% 13F-HR 8/14/2023 000154086623000004
2023 Q1 10 $766M +11.2% 13F-HR 5/15/2023 000154086623000003
2022 Q4 11 $689M +14.1% 13F-HR 2/14/2023 000154086623000002
2022 Q3 10 $604M +36.3% 13F-HR 11/14/2022 000154086622000007
2022 Q2 9 $443M +2.8% 13F-HR 8/15/2022 000154086622000006
2022 Q1 8 $431M −21.4% 13F-HR 5/17/2022 000154086622000004
2022 Q1 1 $56M — new holds 5/17/2022 000154086622000005
2021 Q4 11 $548M +15.9% 13F-HR 2/14/2022 000154086622000002
2021 Q3 10 $473M — 13F-HR 11/15/2021 000154086621000006

About

Makaira Partners LLC

21 processed 13Fs on this site, 2021 Q3 to 2026 Q1

Notable person
Tom Bancroft
SEC filing name
Makaira Partners LLC
Location
La Jolla, CA
All SEC filings
View on sec.gov