Overview
Makaira is a Delaware limited liability company that has been in business since 2007. It serves as
a general partner of U.S. investment limited partnerships, as an investment adviser to a Cayman
Islands master fund through which a U.S. investment limited partnership and a Cayman Islands
fund invests substantially all of its assets in (collectively referred to as the “Funds”), and as an
investment adviser to individually managed accounts (the “Separate Accounts”). Makaira’s
managing member, controlling owner and portfolio manager is Thomas M. Bancroft III. As of
December 31, 2023, Makaira had total discretionary assets under management of approximately
$860,477,000. Makaira only manages assets on a discretionary basis.
Makaira invests on behalf of its clients primarily in long positions in publicly traded U.S. and non-
U.S. common stocks, but is authorized to enter into any type of investment
transaction that it deems
appropriate under the terms of the client’s partnership or other account agreement. Accordingly,
client accounts may also be invested in private securities, preferred stocks, warrants and rights,
corporate debt, bonds, notes or other debentures, convertible securities, options, futures,
commodities, forward and other derivative instruments, partnership interests and other securities
or financial instruments including mutual funds.
The investors in the Funds that Makaira manages have no opportunity to select or evaluate any
Fund investments or strategies. Makaira selects all Fund investments and strategies.
Makaira typically does not tailor its services to the needs of any Separate Account but may agree
to comply with certain restrictions on investing as set forth by the account. Makaira’s discretionary
authority is limited, however, as described in Item 16.