Makaira Partners Portfolio in 2026: Top Holdings & Recent Changes
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Makaira Partners continues to showcase its disciplined value investing approach under fund manager Tom Bancroft, emphasizing high-conviction positions in resilient businesses. Their $127.9M portfolio for Q4 2025 reflects aggressive portfolio reconfiguration, with nearly all top holdings showing significant activity amid a portfolio contraction to 11 positions.
Portfolio Overview: Extreme Concentration with Tactical Precision
Portfolio Highlights (Q4’2025): - Market Value: $127.9M - Top 10 Holdings: 99.6% - Portfolio Size: 11 -1 - Average Holding Period: 10 quarters - Turnover: 9.1%
Makaira Partners' Q4 2025 portfolio exemplifies ultra-concentrated investing, where the top 10 holdings command a staggering 99.6% of assets. This structure minimizes diversification in favor of deep conviction in a handful of names, a hallmark of Tom Bancroft's strategy that prioritizes understanding businesses inside out over broad exposure. The slight reduction in portfolio size to 11 positions signals deliberate pruning, likely to focus capital on higher-upside opportunities.
With an average holding period of 10 quarters, the fund demonstrates patience typical of value-oriented managers, avoiding the churn that plagues many active strategies. The 9.1% turnover rate further underscores this discipline—changes are purposeful, not reactive. Accessing the full details on their Makaira Partners portfolio page reveals how these metrics align with a long-term framework, betting on intrinsic value realization over short-term market noise.
This concentration isn't reckless; it's backed by Bancroft's track record of identifying undervalued firms with strong moats. The portfolio's evolution in Q4 2025, captured in 13F filings, shows a pivot toward names with durable cash flows, even as broader markets grapple with volatility.
Top Holdings Breakdown: New Bets Dominate with Strategic Trims
Makaira Partners' portfolio leads with a massive new position in Charter Communications (CHTR) at 26.8% $34.2M, signaling strong conviction in the cable and broadband leader's competitive positioning. This "Buy" move anchors the fund, followed closely by fresh stakes in Domino's Pizza (DPZ) (12.1%, $15.4M) and Lamar Advertising (LAMR) (11.9%, $15.2M), both labeled as "Buy" actions that highlight preferences for consumer-facing businesses with recurring revenue.
Significant reductions stand out amid the buying spree: Bath & Body Works (BBWI) was trimmed by 52.05% to 11.5% $14.7M, while CDW (CDW) saw a drastic 92.21% cut to 10.6% $13.6M, suggesting profit-taking or reevaluation of IT distribution growth prospects. The fund doubled down on smaller, high-potential names like Bel Fuse (BELFB) ("Buy", 7.3%, $9.33M), Flutter Entertainment (FLUT) ("Buy", 7.0%, $8.91M), and Limbach Holdings (LMB) ("Buy", 6.2%, $7.96M).
Rounding out the active changes are Cactus (WHD) ("Buy", 5.0%, $6.45M) and Savers Value Village (SVV) ("Buy", 1.2%, $1.49M), showcasing a tilt toward niche industrials and retail turnaround plays. These 10 holdings with changes represent the portfolio's dynamic core, blending mega-cap stability like CHTR with small-cap upside in BELFB and LMB, all while paring back legacy positions in BBWI and CDW.
What the Portfolio Reveals About Makaira’s Strategy
Makaira Partners' Q4 moves paint a picture of opportunistic value hunting in a high-valuation market, favoring companies with defensible moats and recovery potential over pure growth stories.
- Quality moats in consumer and infrastructure: Heavy initiation into CHTR, DPZ, and LAMR points to bets on essential services—broadband, food delivery, and outdoor advertising—that weather economic cycles.
- Sector diversity with small-cap emphasis: Spans telecom, retail, IT, electronics (BELFB), gaming (FLUT), construction (LMB), energy services (WHD), and thrift retail (SVV), but with outsized small/mid-cap exposure for alpha generation.
- Active risk management via trims: Drastic cuts in BBWI and CDW indicate disciplined exit strategies when valuations stretch or theses evolve.
- Low turnover patience: 10-quarter average hold supports a buy-and-monitor approach, ignoring short-term noise.
This positioning reflects confidence in undervalued assets overlooked by indexes, aligning with Value Sense's focus on intrinsic value.
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Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Charter Communications, Inc. (CHTR) | $34.2M | 26.8% | Buy |
| Domino's Pizza, Inc. (DPZ) | $15.4M | 12.1% | Buy |
| Lamar Advertising Company (LAMR) | $15.2M | 11.9% | Buy |
| Bath & Body Works, Inc. (BBWI) | $14.7M | 11.5% | Reduce 52.05% |
| CDW Corporation (CDW) | $13.6M | 10.6% | Reduce 92.21% |
| Bel Fuse Inc. (BELFB) | $9,329.7K | 7.3% | Buy |
| Flutter Entertainment plc (FLUT) | $8,907.4K | 7.0% | Buy |
| Limbach Holdings, Inc. (LMB) | $7,959.3K | 6.2% | Buy |
| Cactus, Inc. (WHD) | $6,453.9K | 5.0% | Buy |
| Savers Value Village, Inc. (SVV) | $1,486.1K | 1.2% | Buy |
The table underscores Makaira Partners' extreme conviction, with the top position—CHTR—alone comprising over a quarter of the portfolio, and the top five exceeding 72%. This isn't passive indexing; it's a deliberate bet on a concentrated basket where each name carries meaningful weight. The "Buy" actions in seven of ten slots show proactive deployment, while sharp reductions in BBWI and CDW free up capital for perceived better opportunities, maintaining balance without diluting focus.
Such concentration amplifies returns from winners like potential CHTR upside but demands precise stock-picking. With 99.6% in the top 10, the fund's edge lies in Bancroft's ability to identify moats early, as seen in the small-cap cluster (BELFB, LMB, WHD) offering asymmetric reward potential.
Investment Lessons from Makaira Partners’ Approach
Makaira Partners' Q4 2025 13F filing offers timeless principles for value investors tracking via platforms like Value Sense:
- Concentrate heavily when conviction is sky-high: 99.6% in top 10 proves diversification for its own sake dilutes alpha—focus on what you know deeply.
- Trim ruthlessly on thesis shifts: 92%+ cuts in CDW show exits preserve capital without sentimentality.
- Hunt small-cap value amid mega-cap froth: Positions like LMB and BELFB highlight overlooked gems with multibagger potential.
- Favor moat-rich cyclicals: CHTR, DPZ, LAMR bets emphasize durable demand over hype-driven growth.
- Patience pays—10 quarters average: Low 9.1% turnover rewards waiting for intrinsic value to surface.
These lessons, drawn from their portfolio evolution, empower retail investors to mimic superinvestor discipline.
Looking Ahead: What Comes Next?
Makaira Partners enters 2026 lean and focused, with portfolio shrinkage to 11 positions suggesting dry powder for opportunistic buys amid potential market pullbacks. The heavy "Buy" activity in Q4 implies ongoing capital deployment into similar profiles—resilient consumer, infrastructure, and niche industrials—especially if valuations correct.
Current holdings position the fund well for economic uncertainty: CHTR's broadband dominance hedges connectivity demands, while DPZ and LAMR tap steady consumer spending. Small-caps like LMB and WHD could surge on infrastructure tailwinds or energy rebound. Watch for additions in undervalued sectors Value Sense screens highlight, like beaten-down tech distributors post-CDW trim. With low turnover, expect holding through volatility, setting up for multi-year compounding as theses mature.
FAQ about Makaira Partners Portfolio
Q: What are the biggest changes in Makaira Partners' Q4 2025 13F filing?
A: The fund initiated major new "Buy" positions in CHTR 26.8%, DPZ 12.1%, and LAMR 11.9%, while sharply reducing BBWI by 52% and CDW by 92%, reflecting a pivot to higher-conviction names.
Q: Why is Makaira Partners' portfolio so concentrated?
A: With 99.6% in the top 10 holdings across just 11 positions, the strategy maximizes returns from deeply researched ideas, accepting higher volatility for superior upside—a classic high-conviction value approach under Tom Bancroft.
Q: What sectors does Makaira Partners favor in this portfolio?
A: Key exposure includes telecom (CHTR), consumer/retail (DPZ, BBWI, SVV), advertising (LAMR), industrials/energy (LMB, WHD), and electronics/gaming (BELFB, FLUT).
Q: How can I track Makaira Partners' future 13F filings?
A: Use Value Sense's superinvestor tracker at https://valuesense.io/superinvestors/makaira-partners for automated alerts on quarterly updates. Note the 45-day 13F lag means positions are snapshots—combine with Value Sense intrinsic value tools for real-time analysis.
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