← All Managers

Seth Klarman

Baupost Group

Value investor, Margin of Safety author

📍 Boston, MAEst. 1982💰 ~$30B AUM

$5.28B

Portfolio Value

22

Holdings

Q4 '25

Period

2026-02-13

Filed

📉

Simulated 13F Return

⚠️ Approximation

Total Return

+9.81%

Q1 '24 → Q4 '25

Annualized

+5.49%/yr

S&P: +7.61%/yr

Alpha (vs S&P)

-3.91%

7 quarters tracked

1-Year Return

+15.74%

α +2.03%

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

QSRREDUCED
10.4% of portfolio
-2% shares-0.6pp
AMZNNEW
9.3% of portfolio
New position
WTWINCREASED
8.5% of portfolio
+25% shares+0.6pp
ELVREDUCED
8.4% of portfolio
-4% shares-0.5pp
UNPINCREASED
7.1% of portfolio
+9% shares-0.3pp
WCCREDUCED
6.6% of portfolio
-6% shares-0.1pp
GOOGREDUCED
6.5% of portfolio
-41% shares-3.0pp
FISINCREASED
5.7% of portfolio
+19% shares+0.5pp
DGREDUCED
5.2% of portfolio
-23% shares-0.6pp
FERGREDUCED
4.8% of portfolio
-2% shares-0.6pp
EXPREDUCED
4.6% of portfolio
+26% shares+0.1pp
LBTYKREDUCED
4.4% of portfolio
-4% shares-0.9pp
GPCINCREASED
3.5% of portfolio
+7% shares-0.6pp
FISVREDUCED
2.8% of portfolio
+146% shares+0.4pp
CRHREDUCED
2.5% of portfolio
-68% shares-5.9pp
HLFINCREASED
2.3% of portfolio
+19% shares+0.9pp
MOHNEW
2.1% of portfolio
New position
AERONEW
2.0% of portfolio
New position
GDSREDUCED
2.0% of portfolio
-6% shares-0.6pp
COLDREDUCED
0.8% of portfolio
-3% shares-0.1pp
LBTYKREDUCED
0.4% of portfolio
-59% shares-0.8pp
TBNREDUCED
0.1% of portfolio
-55% shares-0.2pp
PAGSSOLD
was 0.5%
Sold out position
Filing price: $10.00
HLFSOLD
was 0.3%
Sold out position
Filing price: $0.92
CABOSOLD
was 0.3%
Sold out position
Filing price: $0.86

Sold Out (3)

SOLDCABOCABLE ONE INCwas 0.25%@$0.86
SOLDHLFHERBALIFE LTDwas 0.33%@$0.92
SOLDPAGSPAGSEGURO DIGITAL LTDwas 0.52%@$10.00

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 71.2%Technology 15.7%Healthcare 8.4%Materials 4.6%

💼 Holdings

🔍

22 of 22 positions · $5.28B

This quarter: 3 new positions, increased 5, reduced 14, sold 3. Net seller.

QSRREDUCED
10.4%
10.4% of portfolio (was 11.0%, trimmed)
Filed ~$68
—📄
AMZNNEW
9.3%
9.3% of portfolio (new position)
Filed ~$231
—📄
WTWINCREASED
8.5%
8.5% of portfolio (was 7.9%, added)
Filed ~$329
—📄
ELVREDUCED
8.4%
8.4% of portfolio (was 8.9%, trimmed)
Filed ~$351
—📄
UNPINCREASED
7.1%
7.1% of portfolio (was 7.4%, added)
Filed ~$231
—📄
WCCREDUCED
6.6%
6.6% of portfolio (was 6.6%, trimmed)
Filed ~$245
—📄
GOOGREDUCED
6.5%
6.5% of portfolio (was 9.4%, trimmed)
Filed ~$314
—📄
FISINCREASED
5.7%
5.7% of portfolio (was 5.2%, added)
Filed ~$66
—📄
DGREDUCED
5.2%
5.2% of portfolio (was 5.8%, trimmed)
Filed ~$133
—📄
FERGREDUCED
4.8%
4.8% of portfolio (was 5.4%, trimmed)
Filed ~$223
—📄
EXPREDUCED
4.6%
4.6% of portfolio (was 4.6%, trimmed)
Filed ~$207
—📄
LBTYKREDUCED
4.4%
4.4% of portfolio (was 5.3%, trimmed)
Filed ~$11
—📄
GPCINCREASED
3.5%
3.5% of portfolio (was 4.0%, added)
Filed ~$123
—📄
FISVREDUCED
2.8%
2.8% of portfolio (was 2.4%, trimmed)
Filed ~$67
—📄
CRHREDUCED
2.5%
2.5% of portfolio (was 8.5%, trimmed)
Filed ~$125
—📄
HLFINCREASED
2.3%
2.3% of portfolio (was 1.4%, added)
Filed ~$13
—📄
MOHNEW
2.1%
2.1% of portfolio (new position)
Filed ~$174
—📄
AERONEW
2.0%
2.0% of portfolio (new position)
Filed ~$22
—📄
GDSREDUCED
2.0%
2.0% of portfolio (was 2.6%, trimmed)
Filed ~$35
—📄
COLDREDUCED
0.8%
0.8% of portfolio (was 0.9%, trimmed)
Filed ~$13
—📄
LBTYKREDUCED
0.4%
0.4% of portfolio (was 1.2%, trimmed)
Filed ~$11
—📄
TBNREDUCED
0.1%
0.1% of portfolio (was 0.3%, trimmed)
Filed ~$27
—📄

🚫 Sold Out (3 positions)

SOLDCABOCABLE ONE INCwas 0.25%@$0.8614100000 shares · $12.1M
SOLDHLFHERBALIFE LTDwas 0.33%@$0.9217129000 shares · $15.8M
SOLDPAGSPAGSEGURO DIGITAL LTDwas 0.52%@$10.002500000 shares · $25.0M