Estimated return — disclosed long book
What Makaira Partners LLC’s US-listed long positions did, derived from the share counts and market values in consecutive 13F filings, shown against SPY over exactly the same quarters. This is not the fund’s return. A 13F excludes shorts, bonds, cash, non-US listings and derivatives, says nothing about fees or leverage, and only sees positions held at both quarter ends. The fund figure is a price return while SPY is a total return, so the comparison is tilted against the manager by roughly a dividend yield.
Q4 2025
-12.1%
SPY +2.7%▼ -14.8%
2025 YTD(4Q so far)
-17.2%
SPY +17.7%▼ -35.0%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2024 | +6.0% | +24.9% | -18.9% |
| 2023 | +19.4% | +26.2% | -6.8% |
| 20223/4 Q | -46.6% | -14.2% | -32.4% |
| 2021 | +28.9% | +28.7% | +0.1% |
| 2020 | +32.7% | +18.3% | +14.4% |
| 2019 | +28.6% | +31.2% | -2.6% |
| 2018 | -7.5% | -4.6% | -2.9% |
| 2017 | +8.4% | +21.7% | -13.3% |
| 20163/4 Q | -18.7% | +10.5% | -29.3% |
| 2015 | -4.0% | +1.2% | -5.2% |
| 20142/4 Q | +1.7% | +6.1% | -4.4% |
Years marked n/4 Qare built from fewer than four quarters, and the benchmark shown beside them covers the same partial set — so the difference is like-for-like, but the year is not a full year.