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Baupost Group

Q4 2025 13F · by Seth Klarman, portfolio manager

As of
Dec 31, 2025
Filed
Feb 13, 2026
US stock
$5.3B · prev $4.8B
Positions
22 · prev 20
Options notional
$0
Documents
1· no amendments

Picture100.0% US stock

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

  • US stock listed on a US exchange 100.0%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves23 since the prior filing

The book

Concentrated · behaves like 16 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 57% a year, about 1.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions44% of US stock

  1. QSR Restaurant Brands International Inc. trimmed−0.67 pp trimmed−0.6710.4%
  2. AMZN Amazon.Com Inc new+9.28 pp new+9.289.3%
  3. WTW Willis Towers Watson Public Limited Company added+0.55 pp added+0.558.4%
  4. ELV Elevance Health, Inc. trimmed−0.52 pp trimmed−0.528.4%
  5. UNP Union Pacific Corp. added−0.30 pp added−0.307.1%

Positions22 in this filing · 1 exited

QSRRestaurant Brands International Inc.10.44%8,080,112$551Mtrimmed−2%−0.67 pp6 q
AMZNAmazon.Com Inc9.28%2,121,391$490Mnew+9.28 ppnew
WTWWillis Towers Watson Public Limited Company8.45%1,357,601$446Madded+25%+0.55 pp20 q
ELVElevance Health, Inc.8.43%1,269,302$445Mtrimmed−4%−0.52 pp4 q
UNPUnion Pacific Corp.7.13%1,627,254$376Madded+9%−0.30 pp2 q
WCCWesco International Inc.6.58%1,418,831$347Mtrimmed−6%−0.09 pp8 q
GOOGAlphabet Inc. Class C6.46%1,087,181$341Mtrimmed−41%−3.04 pp24 q
FISFidelity National Information Services, Inc.5.67%4,503,801$299Madded+19%+0.42 pp4 q
DGDollar General Corp.5.19%2,062,821$274Mtrimmed−23%−0.60 pp6 q
FERGFerguson Enterprises Inc.4.80%1,137,035$253Mtrimmed−2%−0.65 pp5 q
EXPEagle Materials, Inc.4.64%1,185,248$245Madded+26%+0.04 pp8 q
LBTYKLiberty Global Ltd. Class C4.37%20,884,781$231Mtrimmed−4%−0.97 pp30 q
GPCGenuine Parts Company3.46%1,486,088$183Madded+7%−0.60 pp2 q
FISVFiserv, Inc.2.80%2,200,000$148Madded×2.5+0.38 pp3 q
CRHCRH Public Limited Company2.54%1,072,957$134Mtrimmed−68%−5.98 pp10 q
HLFHerbalife Ltd.2.26%9,259,844$119Madded+19%+0.88 pp13 q
MOHMolina Healthcare, Inc.2.05%625,000$108Mnew+2.05 ppnew
AEROGrupo Aeromexico, S.A.B. de C.V.2.02%4,855,180$107Mnew+2.02 ppnew
GDSGDS Holdings Limited2.01%3,044,818$106Mtrimmed−6%−0.63 pp8 q
COLDAmericold Realty Trust, Inc.0.85%3,475,685$45Mtrimmed−3%−0.08 pp2 q
LBTYALiberty Global Ltd. Class A0.44%2,080,456$23Mtrimmed−59%−0.78 pp30 q
TBNTamboran Resources Corporation0.13%257,226$7Mtrimmed−55%−0.20 pp6 q
PAGSPagSeguro Digital Ltd.—−2,500,000—exited−0.52 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001061768-26-000005
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet