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MP

Makaira Partners Portfolio holdings

AUM $128M
1-Year Est. Return 14.03%
This Fund
S&P 500
This Quarter Est. Return
-8.89%
1 Year Est. Return
-14.03%
3 Year Est. Return
+22.03%
5 Year Est. Return
+33.77%
10 Year Est. Return
+242.73%
AUM
$195M
AUM Growth
-$134M
Cap. Flow
-$105M
Cap. Flow %
-54.05%
Top 10 Hldgs %
99.48%
Holding
13
New
–
Increased
–
Reduced
9
Closed
1

Top Buys

No buys this quarter

Top Sells

1
BELFB
Bel Fuse Inc Class B
BELFB
+$18.6M
2
KMX icon
CarMax
KMX
+$18.3M
3
BBWI icon
Bath & Body Works
BBWI
+$13.9M
4
DPZ icon
Domino's
DPZ
+$12.7M
5
CHTR icon
Charter Communications
CHTR
+$10.9M

Sector Composition

1 Consumer Discretionary 42.25%
2 Communication Services 23.17%
3 Technology 15.66%
4 Real Estate 10.69%
5 Energy 5.34%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CHTR icon
1
Charter Communications
CHTR
$16.4B
$45.1M 23.17%
164,000
-36,162
-18% -$10.9M
BBWI icon
2
Bath & Body Works
BBWI
$4.26B
$35.3M 18.12%
1,370,000
-469,039
-26% -$13.9M
LAMR icon
3
Lamar Advertising Co
LAMR
$16.5B
$20.8M 10.69%
170,000
-54,260
-24% -$6.74M
FLUT icon
4
Flutter Entertainment
FLUT
$18.8B
$20.7M 10.62%
81,422
-25,000
-23% -$7.32M
DPZ icon
5
Domino's
DPZ
$11B
$16M 8.2%
37,000
-27,964
-43% -$12.7M
CDW icon
6
CDW
CDW
$17.2B
$15.9M 8.18%
100,000
-55,305
-36% -$9.4M
BELFB
7
Bel Fuse Inc Class B
BELFB
$3.79B
$14.1M 7.24%
100,000
-145,999
-59% -$18.6M
WHD icon
8
Cactus
WHD
$3.73B
$10.4M 5.34%
263,409
-93,621
-26% -$3.94M
SVV icon
9
Savers
SVV
$1.54B
$10.3M 5.31%
780,000
-298,437
-28% -$3.43M
LMB icon
10
Limbach Holdings
LMB
$917M
$5.07M 2.61%
52,239
– –
HEI.A icon
11
HEICO Corp Class A
HEI.A
$35B
$552K 0.28%
2,171
– –
BELFA icon
12
Bel Fuse Inc Class A
BELFA
$3.2B
$466K 0.24%
4,001
– –
KMX icon
13
CarMax
KMX
$8.3B
– –
-272,203
Closed -$18.3M

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Makaira Partners's Q3 2025 Portfolio in Review

As of Q3 2025, Makaira Partners held 13 positions worth $195M, down 41% from $329M the previous quarter. Its ten largest holdings account for 99% of the portfolio.

Makaira Partners withdrew a net $105M in Q3 2025, closing 1 position and reducing 9 holdings. Its most notable exit was CarMax, an estimated $18.3M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 42% of assets, down from 44% a quarter earlier, followed by Communication Services and Technology.

  • Makaira Partners's biggest Q3 2025 reduction was Bel Fuse Inc Class B, cutting an estimated $18.6M.
  • Makaira Partners fully exited CarMax in Q3 2025, selling an estimated $18.3M.
  • Makaira Partners's ten largest holdings make up 99% of its $195M portfolio in Q3 2025.
  • Makaira Partners opened 0 new positions and closed 1 in Q3 2025.
  • Makaira Partners's portfolio value fell 41% quarter-over-quarter to $195M.

Based on Makaira Partners's 13F filing for Q3 2025, filed 17 Nov 2025.