Baupost Group
Seth Klarman (CEO) · Boston, MA · CIK 1061768 · EDGAR filings ↗
Value investor; much of the portfolio (cash, credit, private) never appears in a 13F.
Reported 13F portfolio value covers U.S. reportable long positions only — not cash, bonds, shorts or non-U.S. holdings. It is not assets under management. Values normalized from a filing reported in $ thousands — the original filing shows the as-reported figures.
Share of reported common-equity value; (±pp) vs prior quarter.
| # | Security | Weight | Value | Shares | Δ shares | Held | |
|---|---|---|---|---|---|---|---|
| 1 | WTW Willis Towers Watson Public… | 16.8% | $575,343 | 1.84M | +3.1% | ▲ Add | 3 |
| 2 | LBTYA Liberty Global plc | 17.1% | $518,423 | 39.45M | -9.8% | ▼ Trim | 3 |
| 3 | GOOG Alphabet Inc. | 7.9% | $271,565 | 1.43M | -2.7% | ▼ Trim | 3 |
| 4 | WCC WESCO International, Inc. | 7.6% | $259,799 | 1.44M | +14.1% | ▲ Add | 3 |
| 5 | RH Rh | 7.1% | $244,383 | 2.64M | +0.2% | ▲ Add | 3 |
| 6 | FERG Ferguson plc | 5.7% | $196,481 | 1.13M | New | New | 1 |
| 7 | QSR Restaurant Brands… | 5.5% | $189,133 | 2.90M | +10155.5% | ▲ Add | 2 |
| 8 | CLVT Clarivate Plc | 5.4% | $184,298 | 36.28M | -6.8% | ▼ Trim | 3 |
| 9 | EXP Eagle Materials Inc. | 4.6% | $157,488 | 638.22K | +27.6% | ▲ Add | 3 |
| 10 | DG Dollar General Corporation | 4.6% | $156,250 | 2.06M | -10.6% | ▼ Trim | 2 |
| 11 | VSAT Viasat, Inc. | 3.0% | $104,014 | 12.22M | 0.0% | Held | 3 |
| 12 | GDS GDS Holdings Limited | 3.0% | $100,979 | 4.25M | 0.0% | Held | 3 |
| 13 | SNNRF SUNRISE COMMUNICATIONS AG | 2.9% | $100,603 | 2.34M | New | New | 1 |
| 14 | SOLV Solventum Corporation | 2.8% | $95,543 | 1.45M | -20.5% | ▼ Trim | 3 |
| 15 | HUM Humana Inc. | 2.6% | $87,784 | 346.00K | New | New | 1 |
| 16 | LBTYA Liberty Global plc | 17.1% | $66,370 | 5.20M | -9.8% | ▼ Trim | 3 |
| 17 | HLF Herbalife Nutrition Ltd. | 1.5% | $50,848 | 7.60M | +48.3% | ▲ Add | 3 |
| 18 | GPC Genuine Parts Company | 1.1% | $36,819 | 315.34K | New | New | 1 |
| 19 | LBRDA Liberty Broadband… | 0.4% | $12,755 | 170.61K | 0.0% | Held | 2 |
| 20 | TBN TAMBORAN RES CORP | 0.3% | $11,982 | 570.83K | 0.0% | Held | 2 |
| 21 | LBRDA Liberty Broadband… | 0.4% | $562 | 7.56K | 0.0% | Held | 2 |
Common-stock (SH) positions only; option lines are in the Options tab and are never netted. ✂ = change computed against split-adjusted prior shares. “Held N+” = held every quarter in our window, possibly longer.
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| FERG Ferguson plc | 1.13M | — | New | $196.48M | 5.7% | |
| SNNRF | 2.34M | — | New | $100.60M | 2.9% | |
| HUM Humana Inc. | 346.00K | — | New | $87.78M | 2.6% | |
| GPC Genuine Parts Company | 315.34K | — | New | $36.82M | 1.1% |
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| WTW Willis Towers Watson… | 1.84M | 1.78M | +3.1% | $575.34M | 16.8% | ●●○○○○ |
| WCC WESCO International… | 1.44M | 1.26M | +14.1% | $259.80M | 7.6% | ●●○○○○ |
| RH Rh | 2.64M | 2.64M | +0.2% | $244.38M | 7.1% | |
| QSR Restaurant Brands… | 2.90M | 28.29K | +10155.5% | $189.13M | 5.5% | ●●○○○○ |
| EXP Eagle Materials Inc. | 638.22K | 500.27K | +27.6% | $157.49M | 4.6% | ●●○○○○ |
| HLF Herbalife Nutrition Ltd. | 7.60M | 5.12M | +48.3% | $50.85M | 1.5% |
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| LBTYA Liberty Global plc | 44.66M | 49.51M | -9.8% | $584.79M | 17.1% | |
| CLVT Clarivate Plc | 36.28M | 38.93M | -6.8% | $184.30M | 5.4% | |
| GOOG Alphabet Inc. | 1.43M | 1.47M | -2.7% | $271.56M | 7.9% | |
| DG Dollar General… | 2.06M | 2.30M | -10.6% | $156.25M | 4.6% | |
| SOLV Solventum Corporation | 1.45M | 1.82M | -20.5% | $95.54M | 2.8% |
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| FIS Fidelity National… | — | 971.46K | Exit | $81.36M | 2.3% | |
| J Jacobs Solutions Inc. | — | 350.68K | Exit | $45.90M | 1.3% | |
| FTRE Fortrea Holdings Inc. | — | 2.29M | Exit | $45.86M | 1.3% |
Consecutive quarters each current position has been reported, within our data window.
| Manager | Common positions | Name overlap | Weighted similarity | |
|---|---|---|---|---|
| Holocene Advisors, LP | 13 | 1.7% | 0.4374 | Compare ⇄ |
| Soroban Capital Partners LP | 4 | 9.5% | 0.4334 | Compare ⇄ |
| Sanders Capital, LLC | 5 | 7.7% | 0.3767 | Compare ⇄ |
| Arrowstreet Capital | 14 | 0.7% | 0.3416 | Compare ⇄ |
| Blair William & Co/Il | 15 | 0.8% | 0.3349 | Compare ⇄ |
| Markel Group | 8 | 5.5% | 0.3226 | Compare ⇄ |
| Assenagon Asset Management S.A. | 12 | 1.0% | 0.3186 | Compare ⇄ |
| Neuberger Berman Group LLC | 19 | 0.8% | 0.3163 | Compare ⇄ |
Similarity of reported longs only — hedges and non-13F assets are invisible. Methodology
$5.42M · 23 positions · View original SEC filing ↗
$5.12M · 22 positions · View original SEC filing ↗
$5.28M · 22 positions · View original SEC filing ↗
$4.79M · 22 positions · View original SEC filing ↗
$4.13M · 23 positions · View original SEC filing ↗
$3.50M · 23 positions · View original SEC filing ↗
$3.43M · 22 positions · View original SEC filing ↗
$3.52M · 21 positions · View original SEC filing ↗
$3.63M · 24 positions · View original SEC filing ↗