What Seth Klarman Bought in Q3 2025
Baupost Group · Quarterly 13F recap as filed with the SEC.
Period: 2025-09-30 · Filed · Historical
$4.79B
Total Value
22
Holdings
4
New Buys
6
Reduced
In Q3 2025, Seth Klarman reported 22 long equity positions worth $4.79B in their Baupost Group 13F filing, including 4 new positions (largest: UNION PAC CORP at $353.7M) and 3 increased positions.
| Rank | Ticker | Company | Shares | Value | % Portfolio | Change |
|---|---|---|---|---|---|---|
| 1 | QSR | RESTAURANT BRANDS INTL INC | 8252862 | $529.3M | 11.05% | +103.8% |
| 2 | GOOG | ALPHABET INC | 1858138 | $452.6M | 9.45% | -29.5% |
| 3 | ELV | ELEVANCE HEALTH INC FORMERLY | 1319000 | $426.2M | 8.90% | 114.1% |
| 4 | CRH | CRH PLC | 3383395 | $405.7M | 8.47% | -11.6% |
| 5 | WTW | WILLIS TOWERS WATSON PLC LTD | 1089065 | $376.2M | 7.85% | -17.1% |
| 6 | UNP | UNION PAC CORP | 1496204 | $353.7M | 7.38% | NEW |
| 7 | WCC | WESCO INTL INC | 1503180 | $317.9M | 6.64% | -31.9% |
| 8 | DG | DOLLAR GEN CORP NEW | 2666876 | $275.6M | 5.75% | — |
| 9 | FERG | FERGUSON ENTERPRISES INC | 1155500 | $259.5M | 5.42% | +2.1% |
| 10 | LBTYK | LIBERTY GLOBAL LTD | 21657803 | $254.5M | 5.31% | -12.2% |
| 11 | FIS | FIDELITY NATL INFORMATION SV | 3789711 | $249.9M | 5.22% | — |
| 12 | EXP | EAGLE MATLS INC | 939660 | $219.0M | 4.57% | +39.0% |
| 13 | GPC | GENUINE PARTS CO | 1395000 | $193.3M | 4.04% | NEW |
| 14 | GDHLF | GDS HLDGS LTD | 3249952 | $125.8M | 2.63% | — |
| 15 | FISV | FISERV INC | 895000 | $115.4M | 2.41% | — |
| 16 | HLF | HERBALIFE LTD | 7759844 | $65.5M | 1.37% | — |
| 17 | LBTYK | LIBERTY GLOBAL LTD | 5076762 | $58.2M | 1.21% | — |
| 18 | COLD | AMERICOLD REALTY TRUST INC | 3600000 | $44.1M | 0.92% | NEW |
| 19 | PAGS | PAGSEGURO DIGITAL LTD | 2500000 | $25.0M | 0.52% | — |
| 20 | HLF | HERBALIFE LTD | 17129000 | $15.8M | 0.33% | — |
| 21 | TBNRL | TAMBORAN RES CORP | 570833 | $15.6M | 0.33% | — |
| 22 | CABO | CABLE ONE INC | 14100000 | $12.1M | 0.25% | NEW |