Seth Klarman’s portfolio: Baupost Group 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001061768Latest: Q2 2026
Q4 2025 filing in brief
In its Q4 2025 13F, filed February 13, 2026, Baupost Group reported $5.3B across 22 US positions. The largest: QSR (10.4%), AMZN (9.3%), WILLIS TOWERS WATSON PLC LTD (8.4%), ELV (8.4%), UNP (7.1%). In the quarter it opened 3 positions, sold out of 3, added to 7 and trimmed 12; positions opened and sold out came to 15% 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 Feb 13, 2026
- 3 New
- 7 Added
- 12 Trimmed
- 3 Exited
22 positions at December 31, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | QSR | RESTAURANT BRANDS INTL INC | $551M | 8.1M | 10.44% | −2.1% | Trimmed |
| 2 | AMZN | AMAZON COM INC | $490M | 2.1M | 9.28% | — | New |
| 3 | — | WILLIS TOWERS WATSON PLC LTD | $446M | 1.4M | 8.45% | +24.7% | Added |
| 4 | ELV | ELEVANCE HEALTH INC FORMERLY | $445M | 1.3M | 8.43% | −3.8% | Trimmed |
| 5 | UNP | UNION PAC CORP | $376M | 1.6M | 7.13% | +8.8% | Added |
| 6 | WCC | WESCO INTL INC | $347M | 1.4M | 6.58% | −5.6% | Trimmed |
| 7 | GOOG | ALPHABET INC | $341M | 1.1M | 6.46% | −41.5% | Trimmed |
| 8 | FIS | FIDELITY NATL INFORMATION SV | $299M | 4.5M | 5.67% | +18.8% | Added |
| 9 | DG | DOLLAR GEN CORP NEW | $274M | 2.1M | 5.19% | −22.7% | Trimmed |
| 10 | FERG | FERGUSON ENTERPRISES INC | $253M | 1.1M | 4.80% | −1.6% | Trimmed |
| 11 | EXP | EAGLE MATLS INC | $245M | 1.2M | 4.64% | +26.1% | Added |
| 12 | — | LIBERTY GLOBAL LTD | $231M | 20.9M | 4.37% | −3.6% | Trimmed |
| 13 | GPC | GENUINE PARTS CO | $183M | 1.5M | 3.46% | +6.5% | Added |
| 14 | FISV | FISERV INC | $148M | 2.2M | 2.80% | +145.8% | Added |
| 15 | — | CRH PLC | $134M | 1.1M | 2.54% | −68.3% | Trimmed |
| 16 | — | HERBALIFE LTD | $119M | 9.3M | 2.26% | +19.3% | Added |
| 17 | MOH | MOLINA HEALTHCARE INC | $108M | 625.0K | 2.05% | — | New |
| 18 | AERO | GRUPO AEROMEXICO SAB DE CV | $107M | 4.9M | 2.02% | — | New |
| 19 | GDS | GDS HLDGS LTD | $106M | 3.0M | 2.01% | −6.3% | Trimmed |
| 20 | COLD | AMERICOLD REALTY TRUST INC | $45M | 3.5M | 0.85% | −3.5% | Trimmed |
| 21 | — | LIBERTY GLOBAL LTD | $23M | 2.1M | 0.44% | −59.0% | Trimmed |
| 22 | TBN | TAMBORAN RES CORP | $7M | 257.2K | 0.13% | −54.9% | Trimmed |
3 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 |
|---|---|---|---|
| — | PAGSEGURO DIGITAL LTD | $25M | 2.5M |
| HLF 4.25 06/15/28 | HERBALIFE LTD | $16M | 17.1M |
| CABO 1.125 03/15/28 | CABLE ONE INC | $12M | 14.1M |
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.