13F filing recap · Q4 2025

What did Makaira Partners buy in Q4 2025?

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

Stock value

$127.90M

Positions

Estimated turnover

31.7%

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 exited Bel Fuse entirely and substantially trimmed several other positions, including Bath & Body Works, Flutter Entertainment, Cactus, and Savers Value Village. It also reduced Lamar Advertising moderately. The firm substantially added to Limbach Holdings.

Increased positions

LMBLimbach Holdings, Inc.$7.96Mreported value+50.0K shares+95.7%

Reduced positions

LAMRLamar Advertising Co/new$15.19Mreported value-50.0K shares-29.4%BBWIBath & Body Works, Inc.$14.75Mreported value-635.6K shares-46.4%BELFBBel Fuse Inc /nj$9.33Mreported value-45.0K shares-45.0%FLUTFlutter Entertainment Plc$8.91Mreported value-40.0K shares

Exited positions

BELFABel Fuse Inc /nj$465.5Kprior reported value-4.0K shares-100.0%