Baupost Group

Q2 2024 13F · by Seth Klarman, portfolio manager

As of: Jun 30, 2024
Filed: Aug 13, 2024
US stock: $3.5B · prev $3.5B
Positions: 23 · prev 21
Options notional: $0
Documents: 1· no amendments

Picture97.2% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 97.2%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 2.8%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves24 since the prior filing

+20.7 pp in · −21.2 pp out

New 5 +11.27 pp
Added 9 +9.44 pp
Trimmed 7 −19.75 pp
Exited 3 −1.42 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 80% a year, about 1.2 years per position

Low
Moderate
High

Top 5 positions56% of US stock

Positions23 in this filing · 3 exited


LBTYKLiberty Global Ltd. Class C	21.39%	42,311,011	$755M	held	—	24 q
WTWWillis Towers Watson Public Limited Company	12.27%	1,652,648	$433M	added+6%	+0.21 pp	14 q
CRHCRH Public Limited Company	8.98%	4,226,602	$317M	added+56%	+2.39 pp	4 q
FISFidelity National Information Services, Inc.	7.49%	3,509,254	$264M	trimmed−37%	−4.17 pp	8 q
CLVTClarivate Plc	6.27%	38,929,635	$222M	added+27%	−0.14 pp	4 q
GOOGAlphabet Inc. Class C	5.56%	1,069,588	$196M	trimmed−64%	−7.13 pp	18 q
VSATViasat Inc	4.95%	13,759,364	$175M	trimmed−8%	−2.71 pp	45 q
HUMHumana Inc.	4.44%	420,000	$157M	new	+4.44 pp	new
JAZZJazz Pharmaceuticals, Inc.	3.85%	1,274,248	$136M	added+53%	+1.02 pp	6 q
WCCWesco International Inc.	3.61%	803,000	$127M	added×3.9	+2.62 pp	2 q
LBTYALiberty Global Ltd. Class A	3.55%	7,194,276	$125M	held	—	24 q
SOLVSolventum Corporation	2.73%	1,820,000	$96M	new	+2.73 pp	new
WSCWillScot Holdings Corporation Class A	2.63%	2,470,000	$93M	new	+2.63 pp	new
EXPEagle Materials, Inc.	2.11%	342,102	$74M	added+31%	+0.10 pp	2 q
FTREFortrea Holdings Inc.	2.08%	3,140,360	$73M	added×10.3	+1.74 pp	2 q
JJacobs Solutions Inc.	1.96%	494,218	$69M	trimmed−2%	−0.24 pp	4 q
HLFHerbalife Ltd.	1.51%	5,124,526	$53M	added×2.3	+0.87 pp	7 q
GDSGDS Holdings Limited	1.12%	4,249,952	$39M	added+63%	+0.63 pp	2 q
TBPHTheravance Biopharma, Inc.	1.01%	4,200,021	$36M	trimmed−36%	−0.66 pp	41 q
CPRICapri Holdings Limited	0.94%	1,000,000	$33M	new	+0.94 pp	new
LM0CLiberty Media Corp-liber-new	0.66%	1,058,616	$23M	trimmed−76%	−2.98 pp	4 q
VRSNVeriSign Inc	0.53%	105,764	$19M	new	+0.53 pp	new
22941EURLiberty Media Corp-cl A New	0.38%	600,194	$13M	trimmed−78%	−1.86 pp	4 q
WBDWarner Bros. Discovery, Inc. Series A	—	−3,713,930	—	exited	−0.91 pp	—
OPTUOptimum Communications, Inc.	—	−4,774,615	—	exited	−0.35 pp	—
SOUNSoundHound AI, Inc. Class A	—	−1,130,636	—	exited	−0.16 pp	—