Hedge Fund · CIK 0001061768

Seth Klarman

Baupost Group

Seth Klarman runs Baupost Group, a hedge fund overseeing $5.28B in disclosed equity holdings (SEC CIK 0001061768). The latest portfolio (2025Q4) discloses 22 positions across 8 sectors, with the largest positions in QSR, AMZN and WILLIS TOWERS WATSON PLC LTD. On a mark-to-market basis the tracked portfolio has returned 19.7% over the past year. OpenStocks tracks 40 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.

Track Seth's filings View holdings

Portfolio

$5.28B

Positions

Quarter

2025Q4

Filings tracked

1Y+19.7%3Y+59.6%5Y+50.2%Full performance →

Quarter

2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4 2023Q3 2023Q2 2023Q1

Holdings

Sorted by value · 2025Q4

Sector22 positions

QSRRESTAURANT BRANDS INTL INC

Consumer Cyclical·Restaurants

10.44%

of portfolio

Number of shares

8,080,112 sh

Holdings current value

$551.33M

Avg closing price

$64.87

+19.6%

Last action

Trimmed 2.1%

2025Q4

Current $77.61

AMZNAMAZON COM INC

Consumer Cyclical·Internet Retail

9.28%

of portfolio

Number of shares

2,121,391 sh

Holdings current value

$489.66M

Avg closing price

$166.63

+49.8%

Last action

New holding

2025Q4

Current $249.70

G96629103WILLIS TOWERS WATSON PLC LTD

8.45%

of portfolio

Number of shares

1,357,601 sh

Holdings current value

$446.11M

Avg closing price

$247.73

Last action

Added 24.7%

2025Q4

Current —

ELVANTHEM INC

Healthcare·Healthcare Plans

8.43%

of portfolio

Number of shares

1,269,302 sh

Holdings current value

$444.95M

Avg closing price

$362.45

Last action

Trimmed 3.8%

2025Q4

Current —

UNPUNION PAC CORP

Industrials·Railroads

7.13%

of portfolio

Number of shares

1,627,254 sh

Holdings current value

$376.42M

Avg closing price

$232.55

+8.0%

Last action

Added 8.8%

2025Q4

Current $251.07

WCCWESCO INTL INC

Industrials·Industrial Distribution

6.58%

of portfolio

Number of shares

1,418,831 sh

Holdings current value

$347.10M

Avg closing price

$165.07

+86.5%

Last action

Trimmed 5.6%

2025Q4

Current $307.87

GOOGALPHABET INC

Communication Services·Internet Content & Information

6.46%

of portfolio

Number of shares

1,087,181 sh

Holdings current value

$341.16M

Avg closing price

$158.61

+109.8%

Last action

Trimmed 41.5%

2025Q4

Current $332.77

FISFIDELITY NATL INFORMATION SV

Technology·Information Technology Services

5.67%

of portfolio

Number of shares

4,503,801 sh

Holdings current value

$299.32M

Avg closing price

$70.51

-31.0%

Last action

Added 18.8%

2025Q4

Current $48.62

DGDOLLAR GEN CORP NEW

Consumer Defensive·Discount Stores

5.19%

of portfolio

Number of shares

2,062,821 sh

Holdings current value

$273.88M

Avg closing price

$102.70

+20.2%

Last action

Trimmed 22.7%

2025Q4

Current $123.47

FERGFERGUSON ENTERPRISES INC

Industrials·Industrial Distribution

4.80%

of portfolio

Number of shares

1,137,035 sh

Holdings current value

$253.14M

Avg closing price

$174.61

+47.2%

Last action

Trimmed 1.6%

2025Q4

Current $257.05

EXPEAGLE MATLS INC

Basic Materials·Building Materials

4.64%

of portfolio

Number of shares

1,185,248 sh

Holdings current value

$244.97M

Avg closing price

$237.87

-16.9%

Last action

Added 26.1%

2025Q4

Current $197.56

G61188127LIBERTY GLOBAL LTD

4.37%

of portfolio

Number of shares

20,884,781 sh

Holdings current value

$230.57M

Avg closing price

$18.64

Last action

Trimmed 3.6%

2025Q4

Current —

GPCGENUINE PARTS CO

Consumer Cyclical·Auto Parts

3.46%

of portfolio

Number of shares

1,486,088 sh

Holdings current value

$182.73M

Avg closing price

$133.01

-16.4%

Last action

Added 6.5%

2025Q4

Current $111.18

FISVFISERV INC

2.80%

of portfolio

Number of shares

2,200,000 sh

Holdings current value

$147.77M

Avg closing price

$93.21

-33.0%

Last action

Added 145.8%

2025Q4

Current $62.44

G25508105CRH PLC

2.54%

of portfolio

Number of shares

1,072,957 sh

Holdings current value

$133.91M

Avg closing price

$71.21

Last action

Trimmed 68.3%

2025Q4

Current —

G4412G101HERBALIFE NUTRITION LTD

2.26%

of portfolio

Number of shares

9,259,844 sh

Holdings current value

$119.36M

Avg closing price

$10.57

Last action

Added 19.3%

2025Q4

Current —

MOHMOLINA HEALTHCARE INC

Healthcare·Healthcare Plans

2.05%

of portfolio

Number of shares

625,000 sh

Holdings current value

$108.46M

Avg closing price

$173.54

-14.2%

Last action

New holding

2025Q4

Current $148.87

AEROGRUPO AEROMEXICO SAB DE CVADR

Industrials·Airlines

2.02%

of portfolio

Number of shares

4,855,180 sh

Holdings current value

$106.62M

Avg closing price

$21.96

Last action

New holding

2025Q4

Current —

GDSGDS HLDGS LTDADR

Technology·Information Technology Services

2.01%

of portfolio

Number of shares

3,044,818 sh

Holdings current value

$106.26M

Avg closing price

$7.67

Last action

Trimmed 6.3%

2025Q4

Current —

COLDAMERICOLD RLTY TRREIT

Real Estate·REIT - Industrial

0.85%

of portfolio

Number of shares

3,475,685 sh

Holdings current value

$44.70M

Avg closing price

$12.24

Last action

Trimmed 3.5%

2025Q4

Current —

G61188101LIBERTY GLOBAL LTD

0.44%

of portfolio

Number of shares

2,080,456 sh

Holdings current value

$23.18M

Avg closing price

$17.77

Last action

Trimmed 59.0%

2025Q4

Current —

TBNTAMBORAN RES CORP

0.13%

of portfolio

Number of shares

257,226 sh

Holdings current value

$7.00M

Avg closing price

$20.32

Last action

Trimmed 54.9%

2025Q4

Current —

Portfolio heatmap

Box size = % of portfolio · color = return since filing

WILLIS TOWERS WATSON PLC LTD

8.45%

LIBERTY GLOBAL LTD

4.37%

CRH PLC

2.54%

HERBALIFE NUTRITION LTD

2.26%

LIBERTY GLOBAL LTD

0.44%

TBN

0.13%

Sector exposure

Share of dollar value across the latest reported portfolio. Unclassified positions excluded.

Consumer Cyclical3 pos$1.22B29.3%
Industrials4 pos$1.08B26.0%
Healthcare2 pos$553.4M13.3%
Technology2 pos$405.6M9.7%
Communication Services1 pos$341.2M8.2%
Consumer Defensive1 pos$273.9M6.6%
Basic Materials1 pos$245.0M5.9%
Real Estate1 pos$44.7M1.1%

(21.0% unclassified, excluded from %)