Makaira Partners portfolio holdings — 2025Q4

Holdings

Sorted by value · 2024Q1

Sector10 positions

PGRPROGRESSIVE CORP

Financial Services·Insurance - Property & Casualty

18.55%

of portfolio

Number of shares

743,315 sh

Holdings current value

$153.73M

Avg closing price

$206.82

-0.7%

Last action

Exited

2025Q2

Current $205.33

BBWIBATH & BODY WORKS INC

Consumer Cyclical·Specialty Retail

14.93%

of portfolio

Number of shares

2,474,352 sh

Holdings current value

$123.77M

Avg closing price

$47.84

-57.1%

Last action

Trimmed 20.4%

2025Q4

Current $20.50

CDWCDW CORP

Technology·Information Technology Services

13.69%

of portfolio

Number of shares

443,504 sh

Holdings current value

$113.44M

Avg closing price

$255.78

-46.6%

Last action

Trimmed 11.1%

2025Q3

Current $136.47

CHTRCHARTER COMMUNICATIONS INC N

Communication Services·Telecom Services

13.36%

of portfolio

Number of shares

380,922 sh

Holdings current value

$110.71M

Avg closing price

$292.66

-17.4%

Last action

Trimmed 8.7%

2025Q3

Current $241.78

LAMRLAMAR ADVERTISING CO NEWREIT

Real Estate·REIT - Specialty

13.27%

of portfolio

Number of shares

921,092 sh

Holdings current value

$109.99M

Avg closing price

$119.41

+11.6%

Last action

Trimmed 5.1%

2025Q4

Current $133.23

KMXCARMAX INC

Consumer Cyclical·Auto & Truck Dealerships

12.33%

of portfolio

Number of shares

1,172,755 sh

Holdings current value

$102.16M

Avg closing price

$87.11

-55.7%

Last action

Exited

2025Q3

Current $38.55

DPZDOMINOS PIZZA INC

Consumer Cyclical·Restaurants

10.25%

of portfolio

Number of shares

170,991 sh

Holdings current value

$84.96M

Avg closing price

$496.88

-25.1%

Last action

Trimmed 14.1%

2025Q3

Current $372.39

LBRDKLIBERTY BROADBAND CORP

Communication Services·Telecom Services

2.93%

of portfolio

Number of shares

423,914 sh

Holdings current value

$24.26M

Avg closing price

$57.23

-1.3%

Last action

Exited

2025Q1

Current $56.47

WHDCACTUS INC

Energy·Oil & Gas Equipment & Services

0.60%

of portfolio

Number of shares

100,000 sh

Holdings current value

$5.01M

Avg closing price

$49.36

+12.2%

Last action

Trimmed 55.0%

2025Q4

Current $55.37

HEI/AHEICO CORP NEW

0.09%

of portfolio

Number of shares

4,674 sh

Holdings current value

$719.5K

Avg closing price

$153.94

Last action

Trimmed 33.0%

2025Q1

Current —

Portfolio heatmap

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

Sector exposure

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

Consumer Cyclical3 pos$310.9M37.5%
Financial Services1 pos$153.7M18.6%
Communication Services2 pos$135.0M16.3%
Technology1 pos$113.4M13.7%
Real Estate1 pos$110.0M13.3%
Energy1 pos$5.0M0.6%

Holdings

Sorted by value · 2024Q1

Sector10 positions

PGRPROGRESSIVE CORP

Financial Services·Insurance - Property & Casualty

18.55%

of portfolio

Number of shares

743,315 sh

Holdings current value

$153.73M

Avg closing price

$206.82

-0.7%

Last action

Exited

2025Q2

Current $205.33

BBWIBATH & BODY WORKS INC

Consumer Cyclical·Specialty Retail

14.93%

of portfolio

Number of shares

2,474,352 sh

Holdings current value

$123.77M

Avg closing price

$47.84

-57.1%

Last action

Trimmed 20.4%

2025Q4

Current $20.50

CDWCDW CORP

Technology·Information Technology Services

13.69%

of portfolio

Number of shares

443,504 sh

Holdings current value

$113.44M

Avg closing price

$255.78

-46.6%

Last action

Trimmed 11.1%

2025Q3

Current $136.47

CHTRCHARTER COMMUNICATIONS INC N

Communication Services·Telecom Services

13.36%

of portfolio

Number of shares

380,922 sh

Holdings current value

$110.71M

Avg closing price

$292.66

-17.4%

Last action

Trimmed 8.7%

2025Q3

Current $241.78

LAMRLAMAR ADVERTISING CO NEWREIT

Real Estate·REIT - Specialty

13.27%

of portfolio

Number of shares

921,092 sh

Holdings current value

$109.99M

Avg closing price

$119.41

+11.6%

Last action

Trimmed 5.1%

2025Q4

Current $133.23

KMXCARMAX INC

Consumer Cyclical·Auto & Truck Dealerships

12.33%

of portfolio

Number of shares

1,172,755 sh

Holdings current value

$102.16M

Avg closing price

$87.11

-55.7%

Last action

Exited

2025Q3

Current $38.55

DPZDOMINOS PIZZA INC

Consumer Cyclical·Restaurants

10.25%

of portfolio

Number of shares

170,991 sh

Holdings current value

$84.96M

Avg closing price

$496.88

-25.1%

Last action

Trimmed 14.1%

2025Q3

Current $372.39

LBRDKLIBERTY BROADBAND CORP

Communication Services·Telecom Services

2.93%

of portfolio

Number of shares

423,914 sh

Holdings current value

$24.26M

Avg closing price

$57.23

-1.3%

Last action

Exited

2025Q1

Current $56.47

WHDCACTUS INC

Energy·Oil & Gas Equipment & Services

0.60%

of portfolio

Number of shares

100,000 sh

Holdings current value

$5.01M

Avg closing price

$49.36

+12.2%

Last action

Trimmed 55.0%

2025Q4

Current $55.37

HEI/AHEICO CORP NEW

0.09%

of portfolio

Number of shares

4,674 sh

Holdings current value

$719.5K

Avg closing price

$153.94

Last action

Trimmed 33.0%

2025Q1

Current —

Portfolio heatmap

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

Sector exposure

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

Consumer Cyclical3 pos$310.9M37.5%
Financial Services1 pos$153.7M18.6%
Communication Services2 pos$135.0M16.3%
Technology1 pos$113.4M13.7%
Real Estate1 pos$110.0M13.3%
Energy1 pos$5.0M0.6%