Baupost Group
13F Holdings and Portfolio Analysis
Seth Klarman 2025 Q4 13F holdings, quarterly changes, portfolio value trend and position weight distribution.
Baupost Group Overview
Baupost Group held 22 stocks in 2025 Q4, with total market value around $5.28B.
Baupost Group's top five holdings in 2025 Q4: Restaurant Brands International Inc.(QSR) 10.44%, Amazon.com, Inc.(AMZN) 9.28%, WILLIS TOWERS WATSON PLC LTD SHS(WLTW) 8.45%, ELEVANCE HEALTH INC FORMERLY COM(ELV) 8.43%, Union Pacific Corp (UNP) COMMON(UNP) 7.13%.
- Portfolio Value
- $5.28B
- Current Holdings
- 22 stocks
- New / Increased
- 3 / 7
- Reduced / Exited
- 12 / 3
Current Holdings
| 1 | Restaurant Brands International Inc.QSR | 0.55 | 10.44% | 8.08 -2.09% | $68.23 | $68.67 +0.64% | $64.87 | -0.17 | 1.50 | +$0.03B+5.86% | Reduced |
| 2 | Amazon.com, Inc.AMZN | 0.49 | 9.28% | 2.12 | $230.82 | $264.24 +14.48% | $230.82 | +2.12 | 0.25 | +$0.07B+14.48% | New |
| 3 | WILLIS TOWERS WATSON PLC LTD SHSWLTW | 0.45 | 8.45% | 1.36 +24.66% | $328.60 | - | $247.73 | +0.27 | 5.00 | +$0.11B+32.64% | Increased |
| 4 | ELEVANCE HEALTH INC FORMERLY COMELV | 0.44 | 8.43% | 1.27 -3.77% | $350.55 | $391.52 +11.69% | $362.45 | -0.05 | 1.00 | +$0.04B+8.02% | Reduced |
| 5 | Union Pacific Corp (UNP) COMMONUNP | 0.38 | 7.13% | 1.63 +8.76% | $231.32 | - | $235.96 | +0.13 | 0.50 | -$0.01B-1.97% | Increased |
| 6 | WESCO INTL INC COMWCC | 0.35 | 6.58% | 1.42 -5.61% | $244.64 | - | $177.08 | -0.08 | 2.00 | +$0.10B+38.15% | Reduced |
| 7 | ALPHABET INC CAP STK CL CGOOG | 0.34 | 6.46% | 1.09 -41.49% | $313.80 | $371.98 +18.54% | $229.77 | -0.77 | 6.00 | +$0.15B+61.89% | Reduced |
| 8 | FIDELITY NATL INFORMATION SV COMFIS | 0.30 | 5.67% | 4.50 +18.84% | $66.46 | - | $73.82 | +0.71 | 1.00 | -$0.03B-9.97% | Increased |
| 9 | DOLLAR GEN CORP NEW COMDG | 0.27 | 5.19% | 2.06 -22.65% | $132.77 | - | $90.91 | -0.60 | 1.50 | +$0.09B+46.05% | Reduced |
| 10 | FERGUSON ENTERPRISES INC COMMON STOCKFERG | 0.25 | 4.80% | 1.14 -1.60% | $222.63 | $220.91 -0.77% | $174.61 | -0.02 | 1.25 | +$0.05B+26.52% | Reduced |
| 11 | EAGLE MATLS INC COMEXP | 0.24 | 4.64% | 1.19 +26.14% | $206.68 | - | $237.87 | +0.25 | 2.00 | -$0.04B-13.11% | Increased |
| 12 | LIBERTY GLOBAL LTD COM CL CLBTYA | 0.23 | 4.37% | 20.88 -3.57% | $11.04 | - | $18.64 | -0.77 | 2.25 | -$0.16B-40.77% | Reduced |
| 13 | GENUINE PARTS CO COMGPC | 0.18 | 3.46% | 1.49 +6.53% | $122.96 | - | $137.64 | +0.09 | 0.50 | -$0.02B-10.67% | Increased |
| 14 | FISERV INC COMFISV | 0.15 | 2.80% | 2.20 +145.81% | $67.17 | - | $109.98 | +1.30 | 0.75 | -$0.09B-38.93% | Increased |
| 15 | CRH PLC (CRH) COMMONCRH | 0.13 | 2.54% | 1.07 -68.29% | $124.80 | - | $92.57 | -2.31 | 2.50 | +$0.03B+34.81% | Reduced |
| 16 | HERBALIFE LTD COM SHSHLF | 0.12 | 2.26% | 9.26 +19.33% | $12.89 | - | $10.57 | +1.50 | 3.25 | +$0.02B+21.96% | Increased |
| 17 | MOLINA HEALTHCARE INC COMMOH | 0.11 | 2.05% | 0.63 | $173.54 | - | $173.54 | +0.63 | 0.25 | $0.00B0.00% | New |
| 18 | GRUPO AEROMEXICO SAB DE CVAERO | 0.11 | 2.02% | 4.86 | $21.96 | - | $21.96 | +4.86 | 0.25 | $0.00B0.00% | New |
| 19 | GDS Holdings LimitedGDS | 0.11 | 2.01% | 3.04 -6.31% | $34.90 | $35.45 +1.58% | $7.67 | -0.21 | 2.00 | +$0.08B+361.90% | Reduced |
| 20 | AMERICOLD REALTY TRUST INC COMCOLD | 0.04 | 0.85% | 3.48 -3.45% | $12.86 | - | $12.24 | -0.12 | 0.50 | +$0.00B+5.06% | Reduced |
| 21 | LIBERTY GLOBAL LTD COM CL ALBTYA | 0.02 | 0.44% | 2.08 -59.02% | $11.14 | - | $17.77 | -3.00 | 2.25 | -$0.01B-37.31% | Reduced |
| 22 | TAMBORAN RES CORP COMTBN | 0.01 | 0.13% | 0.26 -54.94% | $27.23 | - | $20.32 | -0.31 | 1.50 | +$0.00B+34.00% | Reduced |
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 Q4.
| 1 | PAGSEGURO DIGITAL LTDPAGS | 2.50 | 0.50 | $9.64 | $10.00 | +$0.00B+3.73% |
| 2 | HERBALIFE LTD Convertible BondCUSIP 42703MAF0可转换债券 | 17.13 | 1.25 | $0.73 | $1.08 | +$0.01B+47.93% |
| 3 | CABLE ONE INCCABO | 14.10 | 0.25 | $0.86 | $0.86 | $0.00B0.00% |
Showing 1-3 of 3
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.