Makaira Partners 13F, Q4 2025
Tom Bancroft · quarter ending 31 December 2025 · filed 11 February 2026 · SEC CIK 1540866
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| CHARTER COMMUNICATIONS INC N | CHTR | $34.23M | 26.8% | unchanged |
| DOMINOS PIZZA INC | DPZ | $15.42M | 12.1% | unchanged |
| LAMAR ADVERTISING CO NEW | LAMR | $15.19M | 11.9% | -29% shares |
| BATH & BODY WORKS INC | BBWI | $14.75M | 11.5% | -46% shares |
| CDW CORP | CDW | $13.62M | 10.7% | unchanged |
| BEL FUSE INC | BELFB | $9.33M | 7.3% | -45% shares |
| FLUTTER ENTMT PLC | $8.91M | 7.0% | -49% shares | |
| LIMBACH HLDGS INC | LMB | $7.96M | 6.2% | +96% shares |
| CACTUS INC | WHD | $6.45M | 5.0% | -46% shares |
| SAVERS VALUE VLG INC | SVV | $1.49M | 1.2% | -80% shares |
| HEICO CORP NEW | HEI/A | $548.0K | 0.4% | unchanged |
What changed since Q3 2025
Against the Q3 2025 filing, Makaira Partners opened 0 new positions, added to 1, trimmed 6, left 4 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 0001420506-26-000298, 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.