13F filing recap · Q1 2025

What did Makaira Partners buy in Q1 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$298.23M

Positions

Estimated turnover

76.5%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Makaira Partners opened a new position in Bel Fuse and exited Liberty Broadband entirely. The firm substantially trimmed Charter Communications, Domino’s Pizza, Lamar Advertising, Cdw Corp, Flutter Entertainment, Carmax, Progressive, Cactus, Savers Value Village, and Heico Corporation. It also reduced Bath & Body Works.

New positions

BELFBBel Fuse Inc /nj$18.42Mreported value+246.0K shares BELFABel Fuse Inc /nj$288.3Kreported value+4.0K shares

Reduced positions

CHTRCharter Communications, Inc.$73.77Mreported value-173.0K shares-46.4%BBWIBath & Body Works, Inc.$49.70Mreported value-623.5K shares-27.6%DPZDomino’s Pizza, Inc.$29.85Mreported value-73.5K shares-53.1%LAMRLamar Advertising Co/new$25.52Mreported value-306.2K shares

Exited positions

LBRDKLiberty Broadband Corporation$12.54Mprior reported value-167.7K shares-100.0%