Makaira Partners 13F, Q3 2025
Tom Bancroft · quarter ending 30 September 2025 · filed 17 November 2025 · SEC CIK 1540866
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| CHARTER COMMUNICATIONS CL A ORD | CHTR | $45.12M | 23.2% | -18% shares |
| BATH AND BODY WORKS ORD | BBWI | $35.29M | 18.1% | -26% shares |
| LAMAR ADVERTISING CL A REIT | LAMR | $20.81M | 10.7% | -24% shares |
| FLUTTER ENTERTAINMENT ORD | $20.68M | 10.6% | -24% shares | |
| DOMINOS PIZZA ORD | DPZ | $15.97M | 8.2% | -43% shares |
| CDW ORD | CDW | $15.93M | 8.2% | -36% shares |
| BEL FUSE CL B ORD | BELFB | $14.10M | 7.2% | -59% shares |
| CACTUS CL A ORD | WHD | $10.40M | 5.3% | -26% shares |
| SAVERS VALUE VILLAGE ORD | SVV | $10.34M | 5.3% | -28% shares |
| LIMBACH HOLDINGS ORD | LMB | $5.07M | 2.6% | unchanged |
| HEICO CL A ORD | HEI/A | $551.6K | 0.3% | unchanged |
| BEL FUSE CL A ORD | BELFA | $465.5K | 0.2% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, Makaira Partners opened 0 new positions, added to 0, trimmed 9, left 3 unchanged and exited 1. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001540866-25-000008, filed by Makaira Partners LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.