Baupost Group

Q4 2024 13F · by Seth Klarman, portfolio manager

As of: Dec 31, 2024
Filed: Feb 13, 2025
US stock: $3.4B · prev $3.5B
Positions: 21 · prev 20
Options notional: $0
Documents: 1· no amendments

Picture99.6% US stock

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

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.4%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves19 since the prior filing

+22.3 pp in · −21.6 pp out

New 4 +12.33 pp
Added 6 +9.97 pp
Trimmed 6 −16.71 pp
Exited 3 −4.94 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions55% of US stock

WTW Willis Towers Watson Public Limited Company added+1.85 pp added+1.8516.8%
LBTYK Liberty Global Ltd. Class C trimmed−10.95 pp trimmed−10.9515.2%
GOOG Alphabet Inc. Class C trimmed+0.95 pp trimmed+0.957.9%
WCC Wesco International Inc. added+1.56 pp added+1.567.6%
CRH CRH Public Limited Company added+0.16 pp added+0.167.1%

Positions21 in this filing · 3 exited


WTWWillis Towers Watson Public Limited Company	16.82%	1,836,748	$575M	added+3%	+1.85 pp	16 q
LBTYKLiberty Global Ltd. Class C	15.15%	39,453,843	$518M	trimmed−7%	−10.95 pp	26 q
GOOGAlphabet Inc. Class C	7.94%	1,425,988	$272M	trimmed−3%	+0.95 pp	20 q
WCCWesco International Inc.	7.59%	1,435,671	$260M	added+14%	+1.56 pp	4 q
CRHCRH Public Limited Company	7.14%	2,641,402	$244M	added0%	+0.16 pp	6 q
FERGFerguson Enterprises Inc.	5.74%	1,132,000	$196M	new	+5.74 pp	new
QSRRestaurant Brands International Inc.	5.53%	2,901,700	$189M	added×102.6	+5.47 pp	2 q
CLVTClarivate Plc	5.39%	36,279,205	$184M	trimmed−7%	−2.50 pp	6 q
EXPEagle Materials, Inc.	4.60%	638,223	$157M	added+28%	+0.49 pp	4 q
DGDollar General Corp.	4.57%	2,060,800	$156M	trimmed−11%	−0.99 pp	2 q
VSATViasat Inc	3.04%	12,222,590	$104M	held	—	47 q
GDSGDS Holdings Limited	2.95%	4,249,952	$101M	held	—	4 q
SNRENSunrise Communicat-cl A	2.94%	2,335,263	$101M	new	+2.94 pp	new
SOLVSolventum Corporation	2.79%	1,446,300	$96M	trimmed−21%	−0.83 pp	3 q
HUMHumana Inc.	2.57%	346,000	$88M	new	+2.57 pp	new
LBTYALiberty Global Ltd. Class A	1.94%	5,201,444	$66M	trimmed−28%	−2.39 pp	26 q
HLFHerbalife Ltd.	1.49%	7,600,526	$51M	added+48%	+0.44 pp	9 q
GPCGenuine Parts Company	1.08%	315,337	$37M	new	+1.08 pp	new
LBRDKLiberty Broadband Corporation Class C	0.37%	170,610	$13M	held	—	2 q
TBNTamboran Resources Corporation	0.35%	570,833	$12M	held	—	2 q
LBRDALiberty Broadband Corporation Class A	0.02%	7,560	$562,000	held	—	2 q
FISFidelity National Information Services, Inc.	—	−971,460	—	exited	−2.32 pp	—
FTREFortrea Holdings Inc.	—	−2,293,167	—	exited	−1.31 pp	—
JJacobs Solutions Inc.	—	−350,681	—	exited	−1.31 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 1

Issue	% of notes	Principal	Value
Herbalife Ltd	100.00%	17,129,000	$13M

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001061768-25-000002
Options: none in this filing
SEC cross-check: SEC data set not published yet

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