Makaira Partners (Tom Bancroft)

Makaira Partners (Tom Bancroft) has filed 13F reports from Q2 2013 through Q4 2025. The portfolio has returned -1.0% annualized over five years, with 19.0% volatility and a maximum drawdown of 85.1%. Across all filing periods, 2.0% included restatements and 3.9% introduced new holdings. Review the fund’s investment style metrics, recent position changes, track record by individual position and sector, and related educational resources below.