Makaira Partners portfolio holdings — 2025Q4

Holdings

Sorted by value · 2025Q4

Sector11 positions

CHTRCHARTER COMMUNICATIONS INC N

Communication Services·Telecom Services

26.77%

of portfolio

Number of shares

164,000 sh

Holdings current value

$34.23M

Avg closing price

$292.66

-17.4%

Last action

Trimmed 18.1%

2025Q3

Current $241.78

DPZDOMINOS PIZZA INC

Consumer Cyclical·Restaurants

12.06%

of portfolio

Number of shares

37,000 sh

Holdings current value

$15.42M

Avg closing price

$496.88

-25.1%

Last action

Trimmed 43.0%

2025Q3

Current $372.39

LAMRLAMAR ADVERTISING CO NEWREIT

Real Estate·REIT - Specialty

11.88%

of portfolio

Number of shares

120,000 sh

Holdings current value

$15.19M

Avg closing price

$119.41

+11.6%

Last action

Trimmed 29.4%

2025Q4

Current $133.23

BBWIBATH & BODY WORKS INC

Consumer Cyclical·Specialty Retail

11.53%

of portfolio

Number of shares

734,355 sh

Holdings current value

$14.75M

Avg closing price

$47.84

-57.1%

Last action

Trimmed 46.4%

2025Q4

Current $20.50

CDWCDW CORP

Technology·Information Technology Services

10.65%

of portfolio

Number of shares

100,000 sh

Holdings current value

$13.62M

Avg closing price

$255.78

-46.6%

Last action

Trimmed 35.6%

2025Q3

Current $136.47

BELFBBEL FUSE INC

Technology·Electronic Components

7.29%

of portfolio

Number of shares

55,000 sh

Holdings current value

$9.33M

Avg closing price

$74.86

+258.4%

Last action

Trimmed 45.0%

2025Q4

Current $268.31

G3643J108FLUTTER ENTMT PLC

6.96%

of portfolio

Number of shares

41,422 sh

Holdings current value

$8.91M

Avg closing price

$237.28

Last action

Trimmed 49.1%

2025Q4

Current —

LMBLIMBACH HLDGS INC

Industrials·Building Products & Equipment

6.22%

of portfolio

Number of shares

102,239 sh

Holdings current value

$7.96M

Avg closing price

$109.66

-9.0%

Last action

Added 95.7%

2025Q4

Current $99.77

WHDCACTUS INC

Energy·Oil & Gas Equipment & Services

5.05%

of portfolio

Number of shares

141,286 sh

Holdings current value

$6.45M

Avg closing price

$49.36

+12.2%

Last action

Trimmed 46.4%

2025Q4

Current $55.37

SVVSAVERS VALUE VLG INC

Consumer Cyclical·Specialty Retail

1.16%

of portfolio

Number of shares

159,110 sh

Holdings current value

$1.49M

Avg closing price

$12.20

-30.5%

Last action

Trimmed 79.6%

2025Q4

Current $8.48

HEI/AHEICO CORP NEW

0.43%

of portfolio

Number of shares

2,171 sh

Holdings current value

$548.0K

Avg closing price

$153.94

Last action

Trimmed 51.5%

2025Q1

Current —

Portfolio heatmap

Box size = % of portfolio · color = return since filing

FLUTTER ENTMT PLC

6.96%

Sector exposure

Share of dollar value across the latest reported portfolio. Unclassified positions excluded.

Communication Services1 pos$34.2M28.9%
Consumer Cyclical3 pos$31.7M26.7%
Technology2 pos$22.9M19.4%
Real Estate1 pos$15.2M12.8%
Industrials1 pos$8.0M6.7%
Energy1 pos$6.5M5.4%

(7.4% unclassified, excluded from %)

Holdings

Sorted by value · 2025Q4

Sector11 positions

CHTRCHARTER COMMUNICATIONS INC N

Communication Services·Telecom Services

26.77%

of portfolio

Number of shares

164,000 sh

Holdings current value

$34.23M

Avg closing price

$292.66

-17.4%

Last action

Trimmed 18.1%

2025Q3

Current $241.78

DPZDOMINOS PIZZA INC

Consumer Cyclical·Restaurants

12.06%

of portfolio

Number of shares

37,000 sh

Holdings current value

$15.42M

Avg closing price

$496.88

-25.1%

Last action

Trimmed 43.0%

2025Q3

Current $372.39

LAMRLAMAR ADVERTISING CO NEWREIT

Real Estate·REIT - Specialty

11.88%

of portfolio

Number of shares

120,000 sh

Holdings current value

$15.19M

Avg closing price

$119.41

+11.6%

Last action

Trimmed 29.4%

2025Q4

Current $133.23

BBWIBATH & BODY WORKS INC

Consumer Cyclical·Specialty Retail

11.53%

of portfolio

Number of shares

734,355 sh

Holdings current value

$14.75M

Avg closing price

$47.84

-57.1%

Last action

Trimmed 46.4%

2025Q4

Current $20.50

CDWCDW CORP

Technology·Information Technology Services

10.65%

of portfolio

Number of shares

100,000 sh

Holdings current value

$13.62M

Avg closing price

$255.78

-46.6%

Last action

Trimmed 35.6%

2025Q3

Current $136.47

BELFBBEL FUSE INC

Technology·Electronic Components

7.29%

of portfolio

Number of shares

55,000 sh

Holdings current value

$9.33M

Avg closing price

$74.86

+258.4%

Last action

Trimmed 45.0%

2025Q4

Current $268.31

G3643J108FLUTTER ENTMT PLC

6.96%

of portfolio

Number of shares

41,422 sh

Holdings current value

$8.91M

Avg closing price

$237.28

Last action

Trimmed 49.1%

2025Q4

Current —

LMBLIMBACH HLDGS INC

Industrials·Building Products & Equipment

6.22%

of portfolio

Number of shares

102,239 sh

Holdings current value

$7.96M

Avg closing price

$109.66

-9.0%

Last action

Added 95.7%

2025Q4

Current $99.77

WHDCACTUS INC

Energy·Oil & Gas Equipment & Services

5.05%

of portfolio

Number of shares

141,286 sh

Holdings current value

$6.45M

Avg closing price

$49.36

+12.2%

Last action

Trimmed 46.4%

2025Q4

Current $55.37

SVVSAVERS VALUE VLG INC

Consumer Cyclical·Specialty Retail

1.16%

of portfolio

Number of shares

159,110 sh

Holdings current value

$1.49M

Avg closing price

$12.20

-30.5%

Last action

Trimmed 79.6%

2025Q4

Current $8.48

HEI/AHEICO CORP NEW

0.43%

of portfolio

Number of shares

2,171 sh

Holdings current value

$548.0K

Avg closing price

$153.94

Last action

Trimmed 51.5%

2025Q1

Current —

Portfolio heatmap

Box size = % of portfolio · color = return since filing

FLUTTER ENTMT PLC

6.96%

Sector exposure

Share of dollar value across the latest reported portfolio. Unclassified positions excluded.

Communication Services1 pos$34.2M28.9%
Consumer Cyclical3 pos$31.7M26.7%
Technology2 pos$22.9M19.4%
Real Estate1 pos$15.2M12.8%
Industrials1 pos$8.0M6.7%
Energy1 pos$6.5M5.4%

(7.4% unclassified, excluded from %)