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… | 10.4% | $551,325 | 8.08M | -2.1% | ▼ Trim | 6 |
| 2 | AMZN Amazon.com, Inc. | 9.3% | $489,659 | 2.12M | New | New | 1 |
| 3 | WTW Willis Towers Watson Public… | 8.5% | $446,108 | 1.36M | +24.7% | ▲ Add | 7 |
| 4 | ELV Elevance Health Inc. | 8.4% | $444,954 | 1.27M | -3.8% | ▼ Trim | 4 |
| 5 | UNP Union Pacific Corporation | 7.1% | $376,416 | 1.63M | +8.8% | ▲ Add | 2 |
| 6 | WCC WESCO International, Inc. | 6.6% | $347,103 | 1.42M | -5.6% | ▼ Trim | 7 |
| 7 | GOOG Alphabet Inc. | 6.5% | $341,157 | 1.09M | -41.5% | ▼ Trim | 7 |
| 8 | FIS Fidelity National… | 5.7% | $299,323 | 4.50M | +18.8% | ▲ Add | 4 |
| 9 | DG Dollar General Corporation | 5.2% | $273,881 | 2.06M | -22.6% | ▼ Trim | 6 |
| 10 | FERG Ferguson plc | 4.8% | $253,138 | 1.14M | -1.6% | ▼ Trim | 5 |
| 11 | EXP Eagle Materials Inc. | 4.6% | $244,967 | 1.19M | +26.1% | ▲ Add | 7 |
| 12 | LBTYA Liberty Global plc | 4.8% | $230,568 | 20.88M | -14.1% | ▼ Trim | 7 |
| 13 | GPC Genuine Parts Company | 3.5% | $182,729 | 1.49M | +6.5% | ▲ Add | 2 |
| 14 | FI Fiserv, Inc. | 2.8% | $147,774 | 2.20M | +145.8% | ▲ Add | 3 |
| 15 | RH Rh | 2.5% | $133,905 | 1.07M | -68.3% | ▼ Trim | 7 |
| 16 | HLF Herbalife Nutrition Ltd. | 2.3% | $119,359 | 9.26M | +19.3% | ▲ Add | 7 |
| 17 | MOH Molina Healthcare, Inc. | 2.1% | $108,463 | 625.00K | New | New | 1 |
| 18 | AERO GRUPO AEROMEXICO SAB DE CV | 2.0% | $106,620 | 4.86M | New | New | 1 |
| 19 | GDS GDS Holdings Limited | 2.0% | $106,264 | 3.04M | -6.3% | ▼ Trim | 7 |
| 20 | COLD Americold Realty Trust, Inc. | 0.8% | $44,697 | 3.48M | -3.5% | ▼ Trim | 2 |
| 21 | LBTYA Liberty Global plc | 4.8% | $23,176 | 2.08M | -14.1% | ▼ Trim | 7 |
| 22 | TBN TAMBORAN RES CORP | 0.1% | $7,004 | 257.23K | -54.9% | ▼ Trim | 6 |
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 |
|---|---|---|---|---|---|---|
| AMZN Amazon.com, Inc. | 2.12M | — | New | $489.66M | 9.3% | |
| MOH Molina Healthcare, Inc. | 625.00K | — | New | $108.46M | 2.1% | |
| AERO | 4.86M | — | New | $106.62M | 2.0% |
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| WTW Willis Towers Watson… | 1.36M | 1.09M | +24.7% | $446.11M | 8.5% | |
| UNP Union Pacific… | 1.63M | 1.50M | +8.8% | $376.42M | 7.1% | ●●○○○○ |
| FIS Fidelity National… | 4.50M | 3.79M | +18.8% | $299.32M | 5.7% | |
| EXP Eagle Materials Inc. | 1.19M | 939.66K | +26.1% | $244.97M | 4.6% | ●●○○○○ |
| GPC Genuine Parts Company | 1.49M | 1.40M | +6.5% | $182.73M | 3.5% | ●●○○○○ |
| FI Fiserv, Inc. | 2.20M | 895.00K | +145.8% | $147.77M | 2.8% | |
| HLF Herbalife Nutrition Ltd. | 9.26M | 7.76M | +19.3% | $119.36M | 2.3% |
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| QSR Restaurant Brands… | 8.08M | 8.25M | -2.1% | $551.33M | 10.4% | |
| GOOG Alphabet Inc. | 1.09M | 1.86M | -41.5% | $341.16M | 6.5% | ●●○○○○ |
| ELV Elevance Health Inc. | 1.27M | 1.32M | -3.8% | $444.95M | 8.4% | |
| RH Rh | 1.07M | 3.38M | -68.3% | $133.91M | 2.5% | ●●○○○○ |
| WCC WESCO International… | 1.42M | 1.50M | -5.6% | $347.10M | 6.6% | ●●○○○○ |
| LBTYA Liberty Global plc | 22.97M | 26.73M | -14.1% | $253.74M | 4.8% | ●●○○○○ |
| DG Dollar General… | 2.06M | 2.67M | -22.6% | $273.88M | 5.2% | |
| FERG Ferguson plc | 1.14M | 1.16M | -1.6% | $253.14M | 4.8% | |
| GDS GDS Holdings Limited | 3.04M | 3.25M | -6.3% | $106.26M | 2.0% | |
| COLD Americold Realty Trust… | 3.48M | 3.60M | -3.5% | $44.70M | 0.8% | |
| TBN | 257.23K | 570.83K | -54.9% | $7.00M | 0.1% |
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| PAGS PagSeguro Digital Ltd. | — | 2.50M | Exit | $25.00M | 0.5% |
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 ↗