Baupost Group

Q1 2025 13F · by Seth Klarman, portfolio manager

As of: Mar 31, 2025
Filed: May 14, 2025
US stock: $3.5B · prev $3.4B
Positions: 22 · prev 21
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

+20.1 pp in · −20.2 pp out

New 4 +13.81 pp
Added 6 +6.28 pp
Trimmed 6 −13.59 pp
Exited 3 −6.59 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 76% a year, about 1.3 years per position

Low
Moderate
High

Top 5 positions49% of US stock

Positions22 in this filing · 3 exited


WTWWillis Towers Watson Public Limited Company	14.81%	1,525,667	$516M	trimmed−17%	−2.01 pp	17 q
GOOGAlphabet Inc. Class C	9.33%	2,077,988	$325M	added+46%	+1.39 pp	21 q
WCCWesco International Inc.	8.95%	2,005,601	$311M	added+40%	+1.36 pp	5 q
LBTYKLiberty Global Ltd. Class C	8.48%	24,657,803	$295M	trimmed−38%	−6.67 pp	27 q
FISFidelity National Information Services, Inc.	7.49%	3,492,947	$261M	new	+7.49 pp	new
QSRRestaurant Brands International Inc.	7.44%	3,886,562	$259M	added+34%	+1.91 pp	3 q
CRHCRH Public Limited Company	6.81%	2,694,395	$237M	added+2%	−0.33 pp	7 q
EXPEagle Materials, Inc.	5.80%	909,633	$202M	added+43%	+1.20 pp	5 q
DGDollar General Corp.	5.32%	2,104,876	$185M	added+2%	+0.75 pp	3 q
FERGFerguson Enterprises Inc.	5.21%	1,132,000	$181M	held	—	2 q
GDSGDS Holdings Limited	3.09%	4,249,952	$108M	held	—	5 q
ELVElevance Health, Inc.	3.07%	246,000	$107M	new	+3.07 pp	new
VSATViasat Inc	3.05%	10,190,728	$106M	trimmed−17%	+0.01 pp	48 q
SOLVSolventum Corporation	2.30%	1,053,240	$80M	trimmed−27%	−0.49 pp	4 q
ICLRIcon Plc	2.04%	405,000	$71M	new	+2.04 pp	new
HLFHerbalife Ltd.	1.88%	7,600,526	$66M	held	—	10 q
LBTYALiberty Global Ltd. Class A	1.68%	5,076,762	$58M	trimmed−2%	−0.26 pp	27 q
CLVTClarivate Plc	1.22%	10,777,863	$42M	trimmed−70%	−4.17 pp	7 q
SGISomnigroup International Inc.	1.21%	703,349	$42M	new	+1.21 pp	new
LBRDKLiberty Broadband Corporation Class C	0.42%	170,610	$15M	held	—	3 q
TBNTamboran Resources Corporation	0.39%	570,833	$14M	held	—	3 q
LBRDALiberty Broadband Corporation Class A	0.02%	7,560	$643,000	held	—	3 q
SNRENSunrise Communicat-cl A	—	−2,335,263	—	exited	−2.94 pp	—
HUMHumana Inc.	—	−346,000	—	exited	−2.57 pp	—
GPCGenuine Parts Company	—	−315,337	—	exited	−1.08 pp	—