Makaira Partners portfolio holdings — 2025Q4

Holdings

Sorted by value · 2025Q2

Sector13 positions

CHTRCHARTER COMMUNICATIONS INC N

Communication Services·Telecom Services

24.89%

of portfolio

Number of shares

200,162 sh

Holdings current value

$81.83M

Avg closing price

$292.66

-17.4%

Last action

Trimmed 15.3%

2025Q3

Current $241.78

BBWIBATH & BODY WORKS INC

Consumer Cyclical·Specialty Retail

16.76%

of portfolio

Number of shares

1,839,039 sh

Holdings current value

$55.10M

Avg closing price

$47.84

-57.1%

Last action

Trimmed 25.7%

2025Q4

Current $20.50

G3643J108FLUTTER ENTMT PLC

9.25%

of portfolio

Number of shares

106,422 sh

Holdings current value

$30.41M

Avg closing price

$237.28

Last action

Trimmed 27.3%

2025Q4

Current —

DPZDOMINOS PIZZA INC

Consumer Cyclical·Restaurants

8.90%

of portfolio

Number of shares

64,964 sh

Holdings current value

$29.27M

Avg closing price

$496.88

-25.1%

Last action

Trimmed 30.1%

2025Q3

Current $372.39

CDWCDW CORP

Technology·Information Technology Services

8.44%

of portfolio

Number of shares

155,305 sh

Holdings current value

$27.74M

Avg closing price

$255.78

-46.6%

Last action

Trimmed 26.3%

2025Q3

Current $136.47

LAMRLAMAR ADVERTISING CO NEWREIT

Real Estate·REIT - Specialty

8.28%

of portfolio

Number of shares

224,260 sh

Holdings current value

$27.22M

Avg closing price

$119.41

+11.6%

Last action

Trimmed 18.2%

2025Q4

Current $133.23

BELFBBEL FUSE INC

Technology·Electronic Components

7.31%

of portfolio

Number of shares

245,999 sh

Holdings current value

$24.03M

Avg closing price

$74.86

+258.4%

Last action

Trimmed 15.5%

2025Q4

Current $268.31

KMXCARMAX INC

Consumer Cyclical·Auto & Truck Dealerships

5.57%

of portfolio

Number of shares

272,203 sh

Holdings current value

$18.29M

Avg closing price

$87.11

-55.7%

Last action

Exited

2025Q3

Current $38.55

WHDCACTUS INC

Energy·Oil & Gas Equipment & Services

4.75%

of portfolio

Number of shares

357,030 sh

Holdings current value

$15.61M

Avg closing price

$49.36

+12.2%

Last action

Trimmed 25.5%

2025Q4

Current $55.37

SVVSAVERS VALUE VLG INC

Consumer Cyclical·Specialty Retail

3.35%

of portfolio

Number of shares

1,078,437 sh

Holdings current value

$11.00M

Avg closing price

$12.20

-30.5%

Last action

Trimmed 36.5%

2025Q4

Current $8.48

LMBLIMBACH HLDGS INC

Industrials·Building Products & Equipment

2.23%

of portfolio

Number of shares

52,239 sh

Holdings current value

$7.32M

Avg closing price

$109.66

-9.0%

Last action

Added 2233.1%

2025Q4

Current $99.77

HEI/AHEICO CORP NEW

0.17%

of portfolio

Number of shares

2,171 sh

Holdings current value

$561.7K

Avg closing price

$153.94

Last action

Trimmed 51.5%

2025Q1

Current —

BELFABEL FUSE INC

Technology·Electronic Components

0.11%

of portfolio

Number of shares

4,001 sh

Holdings current value

$359.5K

Avg closing price

$72.06

+241.1%

Last action

Exited

2025Q4

Current $245.81

Portfolio heatmap

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

FLUTTER ENTMT PLC

9.25%

Sector exposure

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

Consumer Cyclical4 pos$113.7M38.2%
Communication Services1 pos$81.8M27.5%
Technology3 pos$52.1M17.5%
Real Estate1 pos$27.2M9.1%
Energy1 pos$15.6M5.2%
Industrials1 pos$7.3M2.5%

(9.4% unclassified, excluded from %)

Holdings

Sorted by value · 2025Q2

Sector13 positions

CHTRCHARTER COMMUNICATIONS INC N

Communication Services·Telecom Services

24.89%

of portfolio

Number of shares

200,162 sh

Holdings current value

$81.83M

Avg closing price

$292.66

-17.4%

Last action

Trimmed 15.3%

2025Q3

Current $241.78

BBWIBATH & BODY WORKS INC

Consumer Cyclical·Specialty Retail

16.76%

of portfolio

Number of shares

1,839,039 sh

Holdings current value

$55.10M

Avg closing price

$47.84

-57.1%

Last action

Trimmed 25.7%

2025Q4

Current $20.50

G3643J108FLUTTER ENTMT PLC

9.25%

of portfolio

Number of shares

106,422 sh

Holdings current value

$30.41M

Avg closing price

$237.28

Last action

Trimmed 27.3%

2025Q4

Current —

DPZDOMINOS PIZZA INC

Consumer Cyclical·Restaurants

8.90%

of portfolio

Number of shares

64,964 sh

Holdings current value

$29.27M

Avg closing price

$496.88

-25.1%

Last action

Trimmed 30.1%

2025Q3

Current $372.39

CDWCDW CORP

Technology·Information Technology Services

8.44%

of portfolio

Number of shares

155,305 sh

Holdings current value

$27.74M

Avg closing price

$255.78

-46.6%

Last action

Trimmed 26.3%

2025Q3

Current $136.47

LAMRLAMAR ADVERTISING CO NEWREIT

Real Estate·REIT - Specialty

8.28%

of portfolio

Number of shares

224,260 sh

Holdings current value

$27.22M

Avg closing price

$119.41

+11.6%

Last action

Trimmed 18.2%

2025Q4

Current $133.23

BELFBBEL FUSE INC

Technology·Electronic Components

7.31%

of portfolio

Number of shares

245,999 sh

Holdings current value

$24.03M

Avg closing price

$74.86

+258.4%

Last action

Trimmed 15.5%

2025Q4

Current $268.31

KMXCARMAX INC

Consumer Cyclical·Auto & Truck Dealerships

5.57%

of portfolio

Number of shares

272,203 sh

Holdings current value

$18.29M

Avg closing price

$87.11

-55.7%

Last action

Exited

2025Q3

Current $38.55

WHDCACTUS INC

Energy·Oil & Gas Equipment & Services

4.75%

of portfolio

Number of shares

357,030 sh

Holdings current value

$15.61M

Avg closing price

$49.36

+12.2%

Last action

Trimmed 25.5%

2025Q4

Current $55.37

SVVSAVERS VALUE VLG INC

Consumer Cyclical·Specialty Retail

3.35%

of portfolio

Number of shares

1,078,437 sh

Holdings current value

$11.00M

Avg closing price

$12.20

-30.5%

Last action

Trimmed 36.5%

2025Q4

Current $8.48

LMBLIMBACH HLDGS INC

Industrials·Building Products & Equipment

2.23%

of portfolio

Number of shares

52,239 sh

Holdings current value

$7.32M

Avg closing price

$109.66

-9.0%

Last action

Added 2233.1%

2025Q4

Current $99.77

HEI/AHEICO CORP NEW

0.17%

of portfolio

Number of shares

2,171 sh

Holdings current value

$561.7K

Avg closing price

$153.94

Last action

Trimmed 51.5%

2025Q1

Current —

BELFABEL FUSE INC

Technology·Electronic Components

0.11%

of portfolio

Number of shares

4,001 sh

Holdings current value

$359.5K

Avg closing price

$72.06

+241.1%

Last action

Exited

2025Q4

Current $245.81

Portfolio heatmap

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

FLUTTER ENTMT PLC

9.25%

Sector exposure

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

Consumer Cyclical4 pos$113.7M38.2%
Communication Services1 pos$81.8M27.5%
Technology3 pos$52.1M17.5%
Real Estate1 pos$27.2M9.1%
Energy1 pos$15.6M5.2%
Industrials1 pos$7.3M2.5%

(9.4% unclassified, excluded from %)