Makaira Partners portfolio holdings — 2025Q4

Holdings

Sorted by value · 2024Q2

Sector11 positions

PGRPROGRESSIVE CORP

Financial Services·Insurance - Property & Casualty

19.60%

of portfolio

Number of shares

727,431 sh

Holdings current value

$151.09M

Avg closing price

$206.82

-0.7%

Last action

Exited

2025Q2

Current $205.33

CHTRCHARTER COMMUNICATIONS INC N

Communication Services·Telecom Services

14.45%

of portfolio

Number of shares

372,769 sh

Holdings current value

$111.44M

Avg closing price

$292.66

-17.4%

Last action

Trimmed 8.8%

2025Q3

Current $241.78

LAMRLAMAR ADVERTISING CO NEWREIT

Real Estate·REIT - Specialty

13.97%

of portfolio

Number of shares

901,371 sh

Holdings current value

$107.74M

Avg closing price

$119.41

+11.6%

Last action

Trimmed 5.3%

2025Q4

Current $133.23

BBWIBATH & BODY WORKS INC

Consumer Cyclical·Specialty Retail

12.26%

of portfolio

Number of shares

2,421,353 sh

Holdings current value

$94.55M

Avg closing price

$47.84

-57.1%

Last action

Trimmed 20.8%

2025Q4

Current $20.50

CDWCDW CORP

Technology·Information Technology Services

11.74%

of portfolio

Number of shares

404,398 sh

Holdings current value

$90.52M

Avg closing price

$255.78

-46.6%

Last action

Trimmed 12.0%

2025Q3

Current $136.47

DPZDOMINOS PIZZA INC

Consumer Cyclical·Restaurants

11.21%

of portfolio

Number of shares

167,329 sh

Holdings current value

$86.40M

Avg closing price

$496.88

-25.1%

Last action

Trimmed 14.3%

2025Q3

Current $372.39

KMXCARMAX INC

Consumer Cyclical·Auto & Truck Dealerships

6.71%

of portfolio

Number of shares

705,214 sh

Holdings current value

$51.72M

Avg closing price

$87.11

-55.7%

Last action

Exited

2025Q3

Current $38.55

SVVSAVERS VALUE VLG INC

Consumer Cyclical·Specialty Retail

3.56%

of portfolio

Number of shares

2,240,000 sh

Holdings current value

$27.42M

Avg closing price

$12.20

-30.5%

Last action

Trimmed 21.7%

2025Q4

Current $8.48

WHDCACTUS INC

Energy·Oil & Gas Equipment & Services

3.42%

of portfolio

Number of shares

499,581 sh

Holdings current value

$26.35M

Avg closing price

$49.36

+12.2%

Last action

Trimmed 19.6%

2025Q4

Current $55.37

LBRDKLIBERTY BROADBAND CORP

Communication Services·Telecom Services

2.97%

of portfolio

Number of shares

417,935 sh

Holdings current value

$22.91M

Avg closing price

$57.23

-1.3%

Last action

Exited

2025Q1

Current $56.47

HEI/AHEICO CORP NEW

0.11%

of portfolio

Number of shares

4,642 sh

Holdings current value

$824.0K

Avg closing price

$153.94

Last action

Trimmed 33.2%

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 Cyclical4 pos$260.1M33.8%
Financial Services1 pos$151.1M19.6%
Communication Services2 pos$134.4M17.4%
Real Estate1 pos$107.7M14.0%
Technology1 pos$90.5M11.8%
Energy1 pos$26.3M3.4%

Holdings

Sorted by value · 2024Q2

Sector11 positions

PGRPROGRESSIVE CORP

Financial Services·Insurance - Property & Casualty

19.60%

of portfolio

Number of shares

727,431 sh

Holdings current value

$151.09M

Avg closing price

$206.82

-0.7%

Last action

Exited

2025Q2

Current $205.33

CHTRCHARTER COMMUNICATIONS INC N

Communication Services·Telecom Services

14.45%

of portfolio

Number of shares

372,769 sh

Holdings current value

$111.44M

Avg closing price

$292.66

-17.4%

Last action

Trimmed 8.8%

2025Q3

Current $241.78

LAMRLAMAR ADVERTISING CO NEWREIT

Real Estate·REIT - Specialty

13.97%

of portfolio

Number of shares

901,371 sh

Holdings current value

$107.74M

Avg closing price

$119.41

+11.6%

Last action

Trimmed 5.3%

2025Q4

Current $133.23

BBWIBATH & BODY WORKS INC

Consumer Cyclical·Specialty Retail

12.26%

of portfolio

Number of shares

2,421,353 sh

Holdings current value

$94.55M

Avg closing price

$47.84

-57.1%

Last action

Trimmed 20.8%

2025Q4

Current $20.50

CDWCDW CORP

Technology·Information Technology Services

11.74%

of portfolio

Number of shares

404,398 sh

Holdings current value

$90.52M

Avg closing price

$255.78

-46.6%

Last action

Trimmed 12.0%

2025Q3

Current $136.47

DPZDOMINOS PIZZA INC

Consumer Cyclical·Restaurants

11.21%

of portfolio

Number of shares

167,329 sh

Holdings current value

$86.40M

Avg closing price

$496.88

-25.1%

Last action

Trimmed 14.3%

2025Q3

Current $372.39

KMXCARMAX INC

Consumer Cyclical·Auto & Truck Dealerships

6.71%

of portfolio

Number of shares

705,214 sh

Holdings current value

$51.72M

Avg closing price

$87.11

-55.7%

Last action

Exited

2025Q3

Current $38.55

SVVSAVERS VALUE VLG INC

Consumer Cyclical·Specialty Retail

3.56%

of portfolio

Number of shares

2,240,000 sh

Holdings current value

$27.42M

Avg closing price

$12.20

-30.5%

Last action

Trimmed 21.7%

2025Q4

Current $8.48

WHDCACTUS INC

Energy·Oil & Gas Equipment & Services

3.42%

of portfolio

Number of shares

499,581 sh

Holdings current value

$26.35M

Avg closing price

$49.36

+12.2%

Last action

Trimmed 19.6%

2025Q4

Current $55.37

LBRDKLIBERTY BROADBAND CORP

Communication Services·Telecom Services

2.97%

of portfolio

Number of shares

417,935 sh

Holdings current value

$22.91M

Avg closing price

$57.23

-1.3%

Last action

Exited

2025Q1

Current $56.47

HEI/AHEICO CORP NEW

0.11%

of portfolio

Number of shares

4,642 sh

Holdings current value

$824.0K

Avg closing price

$153.94

Last action

Trimmed 33.2%

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 Cyclical4 pos$260.1M33.8%
Financial Services1 pos$151.1M19.6%
Communication Services2 pos$134.4M17.4%
Real Estate1 pos$107.7M14.0%
Technology1 pos$90.5M11.8%
Energy1 pos$26.3M3.4%