PaperPanda Fund Terminal
Tom Bancroft
Makaira Partners LLC · CIK: 1540866 · Report Period: 2025-12-31 · Filed: Feb 11 2026
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $127,897,188 · 11 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 CHTR
|
CHARTER COMMUNICATIONS INC N | COM | 26.8% | $34,235,000 | 164,000 | - | - |
| 2 |
 DPZ
|
DOMINOS PIZZA INC | COM | 12.1% | $15,422,340 | 37,000 | - | - |
| 3 |
 LAMR
|
LAMAR ADVERTISING CO NEW | COM | 11.9% | $15,189,600 | 120,000 | REDUCE | -50,000 |
| 4 |
 BBWI
|
BATH & BODY WORKS INC | COM | 11.5% | $14,745,848 | 734,355 | REDUCE | -635,645 |
| 5 |
 CDW
|
CDW CORP | COM | 10.7% | $13,620,000 | 100,000 | - | - |
| 6 |
 BELFB
|
BEL FUSE INC | COM | 7.3% | $9,329,650 | 55,000 | REDUCE | -45,000 |
| 7 |
 FLUT
|
FLUTTER ENTMT PLC | COM | 7.0% | $8,907,387 | 41,422 | REDUCE | -40,000 |
| 8 |
 LMB
|
LIMBACH HLDGS INC | COM | 6.2% | $7,959,306 | 102,239 | ADD | +50,000 |
| 9 |
 WHD
|
CACTUS INC | COM | 5.0% | $6,453,944 | 141,286 | REDUCE | -122,123 |
| 10 |
 SVV
|
SAVERS VALUE VLG INC | COM | 1.2% | $1,486,087 | 159,110 | REDUCE | -620,890 |
| 11 |
 HEIA
|
HEICO CORP NEW | COM | 0.4% | $548,026 | 2,171 | - | - |
Position Changes
7 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | WHD | CACTUS INC | REDUCE | -122,123 | -46.4% | 141,286 | $6,453,944 |
| 2 | BBWI | BATH & BODY WORKS INC | REDUCE | -635,645 | -46.4% | 734,355 | $14,745,848 |
| 3 | - | BEL FUSE CL A ORD | SOLD | -4,001 | Exit | - | - |
| 4 | LMB | LIMBACH HLDGS INC | ADD | +50,000 | +95.7% | 102,239 | $7,959,306 |
| 5 | FLUT | FLUTTER ENTMT PLC | REDUCE | -40,000 | -49.1% | 41,422 | $8,907,387 |
| 6 | BELFB | BEL FUSE INC | REDUCE | -45,000 | -45.0% | 55,000 | $9,329,650 |
| 7 | SVV | SAVERS VALUE VLG INC | REDUCE | -620,890 | -79.6% | 159,110 | $1,486,087 |
| 8 | LAMR | LAMAR ADVERTISING CO NEW | REDUCE | -50,000 | -29.4% | 120,000 | $15,189,600 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | WHD | CACTUS CL A ORD | REDUCE | -93,621 | -26.2% | 263,409 | $10,396,753 |
| 2 | CHTR | CHARTER COMMUNICATIONS CL A ORD | REDUCE | -36,162 | -18.1% | 164,000 | $45,117,220 |
| 3 | - | CARMAX ORD | SOLD | -272,203 | Exit | - | - |
| 4 | BBWI | BATH AND BODY WORKS ORD | REDUCE | -469,039 | -25.5% | 1,370,000 | $35,291,200 |
| 5 | FLUT | FLUTTER ENTERTAINMENT ORD | REDUCE | -25,000 | -23.5% | 81,422 | $20,681,188 |
| 6 | BELFB | BEL FUSE CL B ORD | REDUCE | -145,999 | -59.3% | 100,000 | $14,102,000 |
| 7 | CDW | CDW ORD | REDUCE | -55,305 | -35.6% | 100,000 | $15,928,000 |
| 8 | DPZ | DOMINOS PIZZA ORD | REDUCE | -27,964 | -43.0% | 37,000 | $15,973,270 |
| 9 | SVV | SAVERS VALUE VILLAGE ORD | REDUCE | -298,437 | -27.7% | 780,000 | $10,335,000 |
| 10 | LAMR | LAMAR ADVERTISING CL A REIT | REDUCE | -54,260 | -24.2% | 170,000 | $20,811,400 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | WHD | CACTUS CL A ORD | ADD | +120,000 | +50.6% | 357,030 | $15,609,352 |
| 2 | BBWI | BATH AND BODY WORKS ORD | ADD | +200,000 | +12.2% | 1,839,039 | $55,097,608 |
| 3 | LMB | LIMBACH HOLDINGS ORD | NEW BUY | +52,239 | New | 52,239 | $7,318,684 |
| 4 | - | PROGRESSIVE ORD | SOLD | -43,323 | Exit | - | - |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | WHD | CACTUS CL A ORD | REDUCE | -204,934 | -46.4% | 237,030 | $10,863,085 |
| 2 | CHTR | CHARTER COMMUNICATIONS CL A ORD | REDUCE | -173,029 | -46.4% | 200,162 | $73,765,702 |
| 3 | - | CARMAX ORD | REDUCE | -287,181 | -51.3% | 272,203 | $21,210,058 |
| 4 | BBWI | BATH AND BODY WORKS ORD | REDUCE | -623,467 | -27.6% | 1,639,039 | $49,695,662 |
| 5 | HEIA | HEICO CL A ORD | REDUCE | -2,306 | -51.5% | 2,171 | $458,016 |
| 6 | - | BEL FUSE CL A ORD | NEW BUY | +4,001 | New | 4,001 | $288,312 |
| 7 | - | LIBERTY BROADBAND SRS C ORD | SOLD | -1,244,270 | Exit | - | - |
| 8 | - | PROGRESSIVE ORD | REDUCE | -285,920 | -86.8% | 43,323 | $12,260,842 |
| 9 | FLUT | FLUTTER ENTERTAINMENT ORD | REDUCE | -92,013 | -46.4% | 106,422 | $23,577,794 |
| 10 | BELFB | BEL FUSE CL B ORD | NEW BUY | +245,999 | New | 245,999 | $18,415,485 |
| 11 | CDW | CDW ORD | REDUCE | -227,493 | -59.4% | 155,305 | $24,889,179 |
| 12 | DPZ | DOMINOS PIZZA ORD | REDUCE | -73,475 | -53.1% | 64,964 | $29,847,710 |
| 13 | SVV | SAVERS VALUE VILLAGE ORD | REDUCE | -975,493 | -47.5% | 1,078,437 | $7,441,215 |
| 14 | LAMR | LAMAR ADVERTISING CL A REIT | REDUCE | -306,223 | -57.7% | 224,260 | $25,516,303 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | WHD | CACTUS CL A ORD | REDUCE | -39,010 | -8.1% | 441,964 | $25,793,019 |
| 2 | CHTR | CHARTER COMMUNICATIONS CL A ORD | ADD | +14,510 | +4.0% | 373,191 | $127,918,679 |
| 3 | - | CARMAX ORD | REDUCE | -114,750 | -17.0% | 559,384 | $45,735,236 |
| 4 | BBWI | BATH AND BODY WORKS ORD | REDUCE | -40,200 | -1.7% | 2,262,506 | $87,717,358 |
| 5 | - | LIBERTY BROADBAND SRS C ORD | ADD | +854,954 | +219.6% | 1,244,270 | $12,535,832 |
| 6 | - | PROGRESSIVE ORD | REDUCE | -274,360 | -45.5% | 329,243 | $78,889,915 |
| 7 | FLUT | FLUTTER ENTERTAINMENT ORD | REDUCE | -885 | -0.4% | 198,435 | $51,285,526 |
| 8 | CDW | CDW ORD | REDUCE | -1,762 | -0.5% | 382,798 | $66,622,164 |
| 9 | DPZ | DOMINOS PIZZA ORD | REDUCE | -20,690 | -13.0% | 138,439 | $3,572,577 |
| 10 | SVV | SAVERS VALUE VILLAGE ORD | REDUCE | -236,000 | -10.3% | 2,053,930 | $21,052,783 |
| 11 | LAMR | LAMAR ADVERTISING CL A REIT | REDUCE | -188,415 | -26.2% | 530,483 | $64,581,000 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | WHD | CACTUS CL A ORD | REDUCE | -18,607 | -3.7% | 480,974 | $28,699,719 |
| 2 | CHTR | CHARTER COMMUNICATIONS CL A ORD | REDUCE | -14,088 | -3.8% | 358,681 | $116,241,338 |
| 3 | - | CARMAX ORD | REDUCE | -31,080 | -4.4% | 674,134 | $52,164,489 |
| 4 | BBWI | BATH AND BODY WORKS ORD | REDUCE | -118,647 | -4.9% | 2,302,706 | $73,502,376 |
| 5 | HEIA | HEICO CL A ORD | REDUCE | -165 | -3.6% | 4,477 | $912,234 |
| 6 | - | LIBERTY BROADBAND SRS C ORD | REDUCE | -28,619 | -6.8% | 389,316 | $30,090,234 |
| 7 | - | PROGRESSIVE ORD | REDUCE | -123,828 | -17.0% | 603,603 | $153,170,297 |
| 8 | FLUT | FLUTTER ENTERTAINMENT ORD | NEW BUY | +199,320 | New | 199,320 | $47,294,650 |
| 9 | CDW | CDW ORD | REDUCE | -19,838 | -4.9% | 384,560 | $87,025,928 |
| 10 | DPZ | DOMINOS PIZZA ORD | REDUCE | -8,200 | -4.9% | 159,129 | $68,447,748 |
| 11 | SVV | SAVERS VALUE VILLAGE ORD | ADD | +49,930 | +2.2% | 2,289,930 | $24,090,064 |
| 12 | LAMR | LAMAR ADVERTISING CL A REIT | REDUCE | -182,473 | -20.2% | 718,898 | $96,044,773 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | WHD | CACTUS CL A ORD | ADD | +399,581 | +399.6% | 499,581 | $26,347,902 |
| 2 | CHTR | CHARTER COMMUNICATIONS CL A ORD | REDUCE | -8,153 | -2.1% | 372,769 | $111,443,020 |
| 3 | - | CARMAX ORD | REDUCE | -467,541 | -39.9% | 705,214 | $51,720,395 |
| 4 | BBWI | BATH AND BODY WORKS ORD | REDUCE | -52,999 | -2.1% | 2,421,353 | $94,553,835 |
| 5 | HEIA | HEICO CL A ORD | REDUCE | -32 | -0.7% | 4,642 | $824,048 |
| 6 | - | LIBERTY BROADBAND SRS C ORD | REDUCE | -5,979 | -1.4% | 417,935 | $22,911,197 |
| 7 | - | PROGRESSIVE ORD | REDUCE | -15,884 | -2.1% | 727,431 | $151,094,693 |
| 8 | CDW | CDW ORD | REDUCE | -39,106 | -8.8% | 404,398 | $90,520,448 |
| 9 | DPZ | DOMINOS PIZZA ORD | REDUCE | -3,662 | -2.1% | 167,329 | $86,396,983 |
| 10 | SVV | SAVERS VALUE VILLAGE ORD | NEW BUY | +2,240,000 | New | 2,240,000 | $27,417,600 |
| 11 | LAMR | LAMAR ADVERTISING CL A REIT | REDUCE | -19,721 | -2.1% | 901,371 | $107,740,876 |
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