Seth Klarman’s portfolio: Baupost Group 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001061768Latest: Q2 2026
Q1 2025 filing in brief
In its Q1 2025 13F, filed May 14, 2025, Baupost Group reported $3.5B across 23 US positions. The largest: WILLIS TOWERS WATSON PLC LTD (14.8%), GOOG (9.3%), WCC (8.9%), LIBERTY GLOBAL LTD (8.4%), FIS (7.5%). In the quarter it opened 4 positions, sold out of 3, added to 6 and trimmed 6; positions opened and sold out came to 20.4% of the portfolio's value.
Methodology
Holdings come from the manager’s Form 13F-HR filings on SEC EDGAR, with amendments applied. Values and shares are reported at quarter-end; the filing date is when the report became public. These disclosures show reported long positions and listed options, not the manager’s entire portfolio or its trades since quarter-end.
Quarterly changes compare shares with the immediately preceding quarter on file. New and exited positions appear or disappear; added and trimmed positions change their share count by more than 1%. A share change can also reflect a stock split or other corporate action.
Opened and sold out is the value of new positions plus the prior value of exited positions, divided by the average of the two quarters’ reported portfolio values. It excludes changes to positions still held. Reported value growth includes price changes and is not a measure of investment performance. Largest-five and largest-ten weights exclude options.
Holdings
Filed May 14, 2025
- 4 New
- 6 Added
- 6 Trimmed
- 3 Exited
23 positions at March 31, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | — | WILLIS TOWERS WATSON PLC LTD | $516M | 1.5M | 14.75% | −16.9% | Trimmed |
| 2 | GOOG | ALPHABET INC | $325M | 2.1M | 9.29% | +45.7% | Added |
| 3 | WCC | WESCO INTL INC | $311M | 2.0M | 8.91% | +39.7% | Added |
| 4 | — | LIBERTY GLOBAL LTD | $295M | 24.7M | 8.44% | −37.5% | Trimmed |
| 5 | FIS | FIDELITY NATL INFORMATION SV | $261M | 3.5M | 7.46% | — | New |
| 6 | QSR | RESTAURANT BRANDS INTL INC | $259M | 3.9M | 7.41% | +33.9% | Added |
| 7 | — | CRH PLC | $237M | 2.7M | 6.78% | +2.0% | Added |
| 8 | EXP | EAGLE MATLS INC | $202M | 909.6K | 5.77% | +42.5% | Added |
| 9 | DG | DOLLAR GEN CORP NEW | $185M | 2.1M | 5.29% | +2.1% | Added |
| 10 | FERG | FERGUSON ENTERPRISES INC | $181M | 1.1M | 5.19% | 0.0% | Held |
| 11 | GDS | GDS HLDGS LTD | $108M | 4.2M | 3.08% | 0.0% | Held |
| 12 | ELV | ELEVANCE HEALTH INC | $107M | 246.0K | 3.06% | — | New |
| 13 | VSAT | VIASAT INC | $106M | 10.2M | 3.04% | −16.6% | Trimmed |
| 14 | SOLV | SOLVENTUM CORP | $80M | 1.1M | 2.29% | −27.2% | Trimmed |
| 15 | — | ICON PLC | $71M | 405.0K | 2.03% | — | New |
| 16 | — | HERBALIFE LTD | $66M | 7.6M | 1.88% | 0.0% | Held |
| 17 | — | LIBERTY GLOBAL LTD | $58M | 5.1M | 1.67% | −2.4% | Trimmed |
| 18 | — | CLARIVATE PLC | $42M | 10.8M | 1.21% | −70.3% | Trimmed |
| 19 | SGI | SOMNIGROUP INTERNATIONAL INC | $42M | 703.3K | 1.20% | — | New |
| 20 | HLF 4.25 06/15/28 | HERBALIFE LTD | $15M | 17.1M | 0.42% | 0.0% | Held |
| 21 | LBRDK | LIBERTY BROADBAND CORP | $15M | 170.6K | 0.42% | 0.0% | Held |
| 22 | TBN | TAMBORAN RES CORP | $14M | 570.8K | 0.39% | 0.0% | Held |
| 23 | LBRDA | LIBERTY BROADBAND CORP | $643K | 7.6K | 0.02% | 0.0% | Held |
Every quarter on file (53)
From the manager’s Form 13F-HR filings on SEC EDGAR, amendments applied. Long US positions only; not a recommendation.