Baupost Group

Q2 2025 13F · by Seth Klarman, portfolio manager

As of: Jun 30, 2025
Filed: Aug 13, 2025
US stock: $4.1B · prev $3.5B
Positions: 22 · prev 22
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

+15.4 pp in · −12.7 pp out

New 3 +5.57 pp
Added 9 +9.79 pp
Trimmed 4 −7.97 pp
Exited 3 −4.73 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions47% of US stock

Positions22 in this filing · 3 exited


GOOGAlphabet Inc. Class C	11.36%	2,633,988	$467M	added+27%	+2.03 pp	22 q
WCCWesco International Inc.	9.94%	2,207,601	$409M	added+10%	+0.99 pp	6 q
WTWWillis Towers Watson Public Limited Company	9.79%	1,314,184	$403M	trimmed−14%	−5.02 pp	18 q
CRHCRH Public Limited Company	8.54%	3,825,395	$351M	added+42%	+1.73 pp	8 q
FISFidelity National Information Services, Inc.	7.50%	3,789,711	$309M	added+9%	+0.01 pp	2 q
DGDollar General Corp.	7.41%	2,666,876	$305M	added+27%	+2.09 pp	4 q
QSRRestaurant Brands International Inc.	6.52%	4,049,562	$268M	added+4%	−0.92 pp	4 q
LBTYKLiberty Global Ltd. Class C	6.18%	24,657,803	$254M	held	—	28 q
FERGFerguson Enterprises Inc.	5.99%	1,132,000	$246M	held	—	3 q
ELVElevance Health, Inc.	5.82%	616,000	$240M	added×2.5	+2.75 pp	2 q
FISVFiserv, Inc.	3.75%	895,000	$154M	new	+3.75 pp	new
EXPEagle Materials, Inc.	3.32%	676,257	$137M	trimmed−26%	−2.48 pp	6 q
VSATViasat Inc	3.26%	9,190,728	$134M	trimmed−10%	+0.21 pp	49 q
GDSGDS Holdings Limited	2.41%	3,249,952	$99M	trimmed−24%	−0.68 pp	6 q
LBRDKLiberty Broadband Corporation Class C	1.78%	745,610	$73M	added×4.4	+1.36 pp	4 q
HLFHerbalife Ltd.	1.63%	7,759,844	$67M	added+2%	−0.25 pp	11 q
ICLRIcon Plc	1.43%	405,000	$59M	held	—	2 q
LBTYALiberty Global Ltd. Class A	1.24%	5,076,762	$51M	held	—	28 q
AMCRAmcor plc	1.23%	5,500,000	$51M	new	+1.23 pp	new
PAGSPagSeguro Digital Ltd.	0.59%	2,500,000	$24M	new	+0.59 pp	new
TBNTamboran Resources Corporation	0.30%	570,833	$12M	held	—	4 q
LBRDALiberty Broadband Corporation Class A	0.02%	7,560	$740,000	held	—	4 q
SOLVSolventum Corporation	—	−1,053,240	—	exited	−2.30 pp	—
CLVTClarivate Plc	—	−10,777,863	—	exited	−1.22 pp	—
SGISomnigroup International Inc.	—	−703,349	—	exited	−1.21 pp	—