Baupost Group
13F Holdings and Portfolio Analysis
Seth Klarman 2025 Q3 13F holdings, quarterly changes, portfolio value trend and position weight distribution.
Baupost Group Overview
Baupost Group held 22 stocks in 2025 Q3, with total market value around $4.79B.
Baupost Group's top five holdings in 2025 Q3: Restaurant Brands International Inc.(QSR) 11.05%, ALPHABET INC CAP STK CL C(GOOG) 9.45%, ELEVANCE HEALTH INC FORMERLY COM(ELV) 8.90%, CRH PLC (CRH) COMMON(CRH) 8.47%, WILLIS TOWERS WATSON PLC LTD SHS(WLTW) 7.85%.
- Portfolio Value
- $4.79B
- Current Holdings
- 22 stocks
- New / Increased
- 4 / 4
- Reduced / Exited
- 5 / 5
Current Holdings
| 1 | Restaurant Brands International Inc.QSR | 0.53 | 11.05% | 8.25 +103.80% | $64.14 | $68.67 +7.06% | $64.87 | +4.20 | 1.25 | +$0.03B+5.86% | Increased |
| 2 | ALPHABET INC CAP STK CL CGOOG | 0.45 | 9.45% | 1.86 -29.46% | $243.55 | $371.98 +52.73% | $229.77 | -0.78 | 5.75 | +$0.26B+61.89% | Reduced |
| 3 | ELEVANCE HEALTH INC FORMERLY COMELV | 0.43 | 8.90% | 1.32 +114.12% | $323.12 | $391.52 +21.17% | $362.45 | +0.70 | 0.75 | +$0.04B+8.02% | Increased |
| 4 | CRH PLC (CRH) COMMONCRH | 0.41 | 8.47% | 3.38 -11.55% | $119.90 | - | $92.57 | -0.44 | 2.25 | +$0.09B+29.52% | Reduced |
| 5 | WILLIS TOWERS WATSON PLC LTD SHSWLTW | 0.38 | 7.85% | 1.09 -17.13% | $345.45 | - | $227.79 | -0.23 | 4.75 | +$0.13B+51.65% | Reduced |
| 6 | Union Pacific Corp (UNP) COMMONUNP | 0.35 | 7.38% | 1.50 | $236.37 | - | $236.37 | +1.50 | 0.25 | $0.00B0.00% | New |
| 7 | WESCO INTL INC COMWCC | 0.32 | 6.64% | 1.50 -31.91% | $211.50 | - | $177.08 | -0.70 | 1.75 | +$0.05B+19.44% | Reduced |
| 8 | DOLLAR GEN CORP NEW COMDG | 0.28 | 5.75% | 2.67 - | $103.35 | - | $90.91 | 0.00 | 1.25 | +$0.03B+13.69% | Held |
| 9 | FERGUSON ENTERPRISES INC COMMON STOCKFERG | 0.26 | 5.42% | 1.16 +2.08% | $224.58 | $220.91 -1.63% | $174.61 | +0.02 | 1.00 | +$0.05B+26.52% | Increased |
| 10 | LIBERTY GLOBAL LTD COM CL CLBTYA | 0.25 | 5.31% | 21.66 -12.17% | $11.75 | - | $18.64 | -3.00 | 2.00 | -$0.15B-36.96% | Reduced |
| 11 | FIDELITY NATL INFORMATION SV COMFIS | 0.25 | 5.22% | 3.79 - | $65.94 | - | $75.21 | 0.00 | 0.75 | -$0.04B-12.32% | Held |
| 12 | EAGLE MATLS INC COMEXP | 0.22 | 4.57% | 0.94 +38.95% | $233.04 | - | $246.02 | +0.26 | 1.75 | -$0.01B-5.28% | Increased |
| 13 | GENUINE PARTS CO COMGPC | 0.19 | 4.04% | 1.40 | $138.60 | - | $138.60 | +1.40 | 0.25 | $0.00B0.00% | New |
| 14 | GDS Holdings LimitedGDS | 0.13 | 2.63% | 3.25 - | $38.70 | $35.45 -8.40% | $7.67 | 0.00 | 1.75 | +$0.09B+361.90% | Held |
| 15 | FISERV INC COMFISV | 0.12 | 2.41% | 0.90 - | $128.93 | - | $172.41 | 0.00 | 0.50 | -$0.04B-25.22% | Held |
| 16 | HERBALIFE LTD COM SHSHLF | 0.07 | 1.37% | 7.76 - | $8.44 | - | $10.12 | 0.00 | 3.00 | -$0.01B-16.60% | Held |
| 17 | LIBERTY GLOBAL LTD COM CL ALBTYA | 0.06 | 1.21% | 5.08 - | $11.46 | - | $17.77 | 0.00 | 2.00 | -$0.03B-35.51% | Held |
| 18 | AMERICOLD REALTY TRUST INC COMCOLD | 0.04 | 0.92% | 3.60 | $12.24 | - | $12.24 | +3.60 | 0.25 | $0.00B0.00% | New |
| 19 | PAGSEGURO DIGITAL LTDPAGS | 0.03 | 0.52% | 2.50 - | $10.00 | - | $9.64 | 0.00 | 0.50 | +$0.00B+3.73% | Held |
| 20 | HERBALIFE LTD Convertible BondCUSIP 42703MAF0可转换债券 | 0.02 | 0.33% | 17.13 - | $0.92 | - | $0.73 | 0.00 | 1.25 | +$0.00B+26.08% | Held |
| 21 | TAMBORAN RES CORP COMTBN | 0.02 | 0.33% | 0.57 - | $27.38 | - | $20.32 | 0.00 | 1.25 | +$0.00B+34.74% | Held |
| 22 | CABLE ONE INCCABO | 0.01 | 0.25% | 14.10 | $0.86 | - | $0.86 | +14.10 | 0.25 | $0.00B0.00% | New |
Showing 1-22 of 22
"Holding Period (yrs)" is the latest uninterrupted holding duration, calculated by dividing continuous reported quarters by 4.
Cost basis is an estimate and can differ materially from the actual cost, especially in edge cases.
Cost basis estimate: from the latest uninterrupted holding period, new or increased shares are added to the cost pool at the report price; reductions remove shares at the then-average cost. Example: buy 100 shares at $10 in Q1 and add 50 shares at $16 in Q2, estimated cost basis is (100 x 10 + 50 x 16) / 150 = $12 per share.
Return shows estimated dollar return on top and percentage return below. It uses current price when available, otherwise report price.
Exited Holdings
Stocks no longer disclosed in the current 13F portfolio for 2025 Q3.
| 1 | VIASAT INCVSAT | 9.19 | 12.25 | $64.69 | $14.60 | -$0.46B-77.43% |
| 2 | LIBERTY BROADBAND CORP COM SER CLBRDK | 0.75 | 1.00 | $93.55 | $63.54 | -$0.02B-32.08% |
| 3 | ICON PLC COMMON STOCKICLR | 0.41 | 0.50 | $174.99 | $175.00 | +$0.00B+0.01% |
| 4 | AMCOR PLCAMCR | 5.50 | 0.25 | $9.19 | $9.19 | $0.00B0.00% |
| 5 | LIBERTY BROADBAND CORP COM SER ALBRDA | 0.01 | 1.00 | $76.85 | $63.33 | -$0.00B-17.59% |
Showing 1-5 of 5
Exited holdings are stocks disclosed in the previous report period but no longer disclosed in the current 13F portfolio.
"Holding Period (yrs)" is the latest uninterrupted holding duration, calculated by dividing continuous reported quarters by 4.
Cost basis uses the same weighted cost-pool method as current holdings. Estimated exit price uses the current report period weighted report price when available, otherwise the previous report price; it does not represent the actual sale price.
Exit return shows estimated dollar return on top and percentage return below.
Portfolio Visuals
Track portfolio value, position weights and Top 10 history.