13F filing recap · Q2 2025

What did Makaira Partners buy in Q2 2025?

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

Stock value

$328.74M

Positions

Estimated turnover

9.8%

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 Limbach Holdings and exited Progressive entirely. The firm also added to Bath & Body Works and substantially increased its stake in Cactus.

New positions

LMBLimbach Holdings, Inc.$7.32Mreported value+52.2K shares

Increased positions

BBWIBath & Body Works, Inc.$55.10Mreported value+200.0K shares+12.2%WHDCactus, Inc.$15.61Mreported value+120.0K shares+50.6%

Exited positions

PGRProgressive Corp/oh/$12.26Mprior reported value-43.3K shares-100.0%