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 | QSR Restaurant Brands… | 11.1% | $529,337 | 8.25M | +103.8% | ▲ Add | 5 |
| 2 | GOOG Alphabet Inc. | 9.5% | $452,550 | 1.86M | -29.5% | ▼ Trim | 6 |
| 3 | ELV Elevance Health Inc. | 8.9% | $426,195 | 1.32M | +114.1% | ▲ Add | 3 |
| 4 | RH Rh | 8.5% | $405,669 | 3.38M | -11.6% | ▼ Trim | 6 |
| 5 | WTW Willis Towers Watson Public… | 7.9% | $376,218 | 1.09M | -17.1% | ▼ Trim | 6 |
| 6 | UNP Union Pacific Corporation | 7.4% | $353,658 | 1.50M | New | New | 1 |
| 7 | WCC WESCO International, Inc. | 6.7% | $317,923 | 1.50M | -31.9% | ▼ Trim | 6 |
| 8 | DG Dollar General Corporation | 5.8% | $275,622 | 2.67M | 0.0% | Held | 5 |
| 9 | FERG Ferguson plc | 5.4% | $259,502 | 1.16M | +2.1% | ▲ Add | 4 |
| 10 | LBTYA Liberty Global plc | 6.6% | $254,479 | 21.66M | -10.1% | ▼ Trim | 6 |
| 11 | FIS Fidelity National… | 5.2% | $249,894 | 3.79M | 0.0% | Held | 3 |
| 12 | EXP Eagle Materials Inc. | 4.6% | $218,978 | 939.66K | +39.0% | ▲ Add | 6 |
| 13 | GPC Genuine Parts Company | 4.1% | $193,347 | 1.40M | New | New | 1 |
| 14 | GDS GDS Holdings Limited | 2.6% | $125,773 | 3.25M | 0.0% | Held | 6 |
| 15 | FI Fiserv, Inc. | 2.4% | $115,392 | 895.00K | 0.0% | Held | 2 |
| 16 | HLF Herbalife Nutrition Ltd. | 1.4% | $65,493 | 7.76M | 0.0% | Held | 6 |
| 17 | LBTYA Liberty Global plc | 6.6% | $58,180 | 5.08M | -10.1% | ▼ Trim | 6 |
| 18 | COLD Americold Realty Trust, Inc. | 0.9% | $44,064 | 3.60M | New | New | 1 |
| 19 | PAGS PagSeguro Digital Ltd. | 0.5% | $25,000 | 2.50M | 0.0% | Held | 2 |
| 20 | TBN TAMBORAN RES CORP | 0.3% | $15,629 | 570.83K | 0.0% | Held | 5 |
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 |
|---|---|---|---|---|---|---|
| UNP Union Pacific… | 1.50M | — | New | $353.66M | 7.4% | |
| GPC Genuine Parts Company | 1.40M | — | New | $193.35M | 4.1% | |
| COLD Americold Realty Trust… | 3.60M | — | New | $44.06M | 0.9% |
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| QSR Restaurant Brands… | 8.25M | 4.05M | +103.8% | $529.34M | 11.1% | ●●●●●○ |
| ELV Elevance Health Inc. | 1.32M | 616.00K | +114.1% | $426.19M | 8.9% | ●●●○○○ |
| FERG Ferguson plc | 1.16M | 1.13M | +2.1% | $259.50M | 5.4% | |
| EXP Eagle Materials Inc. | 939.66K | 676.26K | +39.0% | $218.98M | 4.6% |
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| GOOG Alphabet Inc. | 1.86M | 2.63M | -29.5% | $452.55M | 9.5% | |
| WCC WESCO International… | 1.50M | 2.21M | -31.9% | $317.92M | 6.7% | |
| RH Rh | 3.38M | 3.83M | -11.6% | $405.67M | 8.5% | |
| WTW Willis Towers Watson… | 1.09M | 1.31M | -17.1% | $376.22M | 7.9% | ●●●○○○ |
| LBTYA Liberty Global plc | 26.73M | 29.73M | -10.1% | $312.66M | 6.6% |
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| VSAT Viasat, Inc. | — | 9.19M | Exit | $134.19M | 3.3% | |
| LBRDA Liberty Broadband… | — | 753.17K | Exit | $74.09M | 1.8% | |
| ICLR ICON Public Limited… | — | 405.00K | Exit | $58.91M | 1.4% | |
| AMCR Amcor plc | — | 5.50M | Exit | $50.55M | 1.2% |
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 ↗