Seth Klarman’s portfolio: Baupost Group 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001061768Latest: Q2 2026
Q3 2025 filing in brief
In its Q3 2025 13F, filed November 13, 2025, Baupost Group reported $4.8B across 22 US positions. The largest: QSR (11.1%), GOOG (9.4%), ELV (8.9%), CRH PLC (8.5%), WILLIS TOWERS WATSON PLC LTD (7.8%). In the quarter it opened 4 positions, sold out of 5, added to 4 and trimmed 5; positions opened and sold out came to 20.6% 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 Nov 13, 2025
- 4 New
- 4 Added
- 5 Trimmed
- 5 Exited
22 positions at September 30, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | QSR | RESTAURANT BRANDS INTL INC | $529M | 8.3M | 11.05% | +103.8% | Added |
| 2 | GOOG | ALPHABET INC | $453M | 1.9M | 9.45% | −29.5% | Trimmed |
| 3 | ELV | ELEVANCE HEALTH INC FORMERLY | $426M | 1.3M | 8.90% | +114.1% | Added |
| 4 | — | CRH PLC | $406M | 3.4M | 8.47% | −11.6% | Trimmed |
| 5 | — | WILLIS TOWERS WATSON PLC LTD | $376M | 1.1M | 7.85% | −17.1% | Trimmed |
| 6 | UNP | UNION PAC CORP | $354M | 1.5M | 7.38% | — | New |
| 7 | WCC | WESCO INTL INC | $318M | 1.5M | 6.64% | −31.9% | Trimmed |
| 8 | DG | DOLLAR GEN CORP NEW | $276M | 2.7M | 5.75% | 0.0% | Held |
| 9 | FERG | FERGUSON ENTERPRISES INC | $260M | 1.2M | 5.42% | +2.1% | Added |
| 10 | — | LIBERTY GLOBAL LTD | $254M | 21.7M | 5.31% | −12.2% | Trimmed |
| 11 | FIS | FIDELITY NATL INFORMATION SV | $250M | 3.8M | 5.22% | 0.0% | Held |
| 12 | EXP | EAGLE MATLS INC | $219M | 939.7K | 4.57% | +39.0% | Added |
| 13 | GPC | GENUINE PARTS CO | $193M | 1.4M | 4.04% | — | New |
| 14 | GDS | GDS HLDGS LTD | $126M | 3.2M | 2.63% | 0.0% | Held |
| 15 | FISV | FISERV INC | $115M | 895.0K | 2.41% | 0.0% | Held |
| 16 | — | HERBALIFE LTD | $65M | 7.8M | 1.37% | 0.0% | Held |
| 17 | — | LIBERTY GLOBAL LTD | $58M | 5.1M | 1.21% | 0.0% | Held |
| 18 | COLD | AMERICOLD REALTY TRUST INC | $44M | 3.6M | 0.92% | — | New |
| 19 | — | PAGSEGURO DIGITAL LTD | $25M | 2.5M | 0.52% | 0.0% | Held |
| 20 | HLF 4.25 06/15/28 | HERBALIFE LTD | $16M | 17.1M | 0.33% | 0.0% | Held |
| 21 | TBN | TAMBORAN RES CORP | $16M | 570.8K | 0.33% | 0.0% | Held |
| 22 | CABO 1.125 03/15/28 | CABLE ONE INC | $12M | 14.1M | 0.25% | — | New |
5 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
| Ticker | Issuer | Previous value | Previous shares |
|---|---|---|---|
| VSAT | VIASAT INC | $134M | 9.2M |
| LBRDK | LIBERTY BROADBAND CORP | $73M | 745.6K |
| — | ICON PLC | $59M | 405.0K |
| — | AMCOR PLC | $51M | 5.5M |
| LBRDA | LIBERTY BROADBAND CORP | $740K | 7.6K |
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.