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Makaira Partners LLC
Makaira Partners LLC is an employee-owned boutique investment firm founded in 2007 and based in La Jolla, California. The firm manages a concentrated public equities portfolio and serves a global client base composed of individuals, family offices, endowments, foundations, and institutions. Led by founder Tom Bancroft, Makaira emphasizes a long-term, value-oriented investment strategy inspired by Bancroft's experience managing GEICO’s equity portfolio at Berkshire Hathaway. The firm operates with a small team of investment professionals and support staff, with an estimated 3 to 5 employees.
Investment Strategy
Makaira Partners runs a concentrated portfolio of public equities, seeking to invest in high-quality businesses that can compound intrinsic value per share over time. The firm employs exhaustive fundamental research to develop a deep understanding of each company's business model, competitive positioning, and culture. With a long-term investment horizon—often five years or more—Makaira focuses on companies with durable competitive advantages and strong management, aiming for attractive long-term returns and outperformance over passive strategies while minimizing the risk of permanent capital loss.
Latest 13F Filing Activity
Makaira Partners LLC filed their most recent 13F report on Jun 30, 2025 disclosing 13 equity positions with a total 13F market value of $329M. The fund increased holdings in Charter Communications CL A Ord, Limbach Holdings Ord, Flutter Entertainment Ord among other positions. Makaira Partners LLC reduced exposure to Progressive Ord, Carmax Ord, Dominos Pizza Ord among others.
Top Holdings
Equity Positions (13)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
C CHTR | CHARTER COMMUNICATIONS CL A ORD | 24.89% | $81.8M | 200,162 | $329.14 | $408.81 | +$8.1M |
B BBWI | BATH AND BODY WORKS ORD | 16.76% | $55.1M | 1,839,039 | $44.31 | $29.96 | +$5.4M |
F FLUT | FLUTTER ENTERTAINMENT ORD | 9.25% | $30.4M | 106,422 | $237.28 | $285.76 | +$6.8M |
D DPZ | DOMINOS PIZZA ORD | 8.90% | $29.3M | 64,964 | $340.10 | $450.60 | -$574.9K |
C CDW | CDW ORD | 8.44% | $27.7M | 155,305 | $94.98 | $178.59 | +$2.8M |
Industry Allocation
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