Seth Klarman – Baupost Group Portfolio Activity & Recent Trades (Dec 31, 2025)
As of Dec 31, 2025, the Baupost Group portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 13, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.
During Q4 2025, the filing reported:
New Buys – Amazon.com, Inc., Molina Healthcare Inc
Increases – Eagle Materials Inc, Fiserv, Inc., Fidelity National Information S, Herbalife, Genuine Parts Company, and 2 more
Reductions – Americold Realty Trust, Inc., CRH, Dollar General Corporation, Elevance Health, Inc., Ferguson Enterprises Inc., and 7 more
Complete Exits – PagSeguro Digital
These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.
| Date | Symbol | Name | Type | Change Qty | % Change | Value | Remaining |
|---|---|---|---|---|---|---|---|
Q4 2025 | AMZN Amazon.com, Inc. | Amazon.com, Inc. | Buy - Position Entry | +2,121,391 | - | $489.66K | 2,121,391 |
Q4 2025 | COLD Americold Realty Trust, Inc. | Americold Realty Trust, Inc. | Sell | -124,315 | -3.5% | $44.70K | 3,475,685 |
Q4 2025 | CRH CRH | CRH | Sell | -2,310,438 | -68.3% | $133.91K | 1,072,957 |
Q4 2025 | DG Dollar General Corporation | Dollar General Corporation | Sell | -604,055 | -22.7% | $273.88K | 2,062,821 |
Q4 2025 | ELV Elevance Health, Inc. | Elevance Health, Inc. | Sell | -49,698 | -3.8% | $444.95K | 1,269,302 |
Q4 2025 | EXP Eagle Materials Inc | Eagle Materials Inc | Buy | +245,588 | +26.1% | $244.97K | 1,185,248 |
Q4 2025 | FERG Ferguson Enterprises Inc. | Ferguson Enterprises Inc. | Sell | -18,465 | -1.6% | $253.14K | 1,137,035 |
Q4 2025 | FI Fiserv, Inc. | Fiserv, Inc. | Buy | +1,305,000 | +145.8% | $147.77K | 2,200,000 |
Q4 2025 | FIS Fidelity National Information S | Fidelity National Information S | Buy | +714,090 | +18.8% | $299.32K | 4,503,801 |
Q4 2025 | G4412G101 Herbalife | Herbalife | Buy | +1,500,000 | +19.3% | $119.36K | 9,259,844 |
Q4 2025 | G68707101 PagSeguro Digital | PagSeguro Digital | Sell - Position Exit | -2,500,000 | -100.0% | $0.00 | - |
Q4 2025 | GDS GDS Holdings Limited | GDS Holdings Limited | Sell | -205,134 | -6.3% | $106.26K | 3,044,818 |
Q4 2025 | GOOG Alphabet Inc. | Alphabet Inc. | Sell | -770,957 | -41.5% | $341.16K | 1,087,181 |
Q4 2025 | GPC Genuine Parts Company | Genuine Parts Company | Buy | +91,088 | +6.5% | $182.73K | 1,486,088 |
Q4 2025 | LBTYA Liberty Global | Liberty Global | Sell | -2,996,306 | -59.0% | $23.18K | 2,080,456 |
Q4 2025 | LBTYK Liberty Global | Liberty Global | Sell | -773,022 | -3.6% | $230.57K | 20,884,781 |
Q4 2025 | MOH Molina Healthcare Inc | Molina Healthcare Inc | Buy - Position Entry | +625,000 | - | $108.46K | 625,000 |
Q4 2025 | QSR Restaurant Brands International | Restaurant Brands International | Sell | -172,750 | -2.1% | $551.33K | 8,080,112 |
Q4 2025 | TBN Tamboran Resources Corporation | Tamboran Resources Corporation | Sell | -313,607 | -54.9% | $7.00K | 257,226 |
Q4 2025 | UNP Union Pacific Corporation | Union Pacific Corporation | Buy | +131,050 | +8.8% | $376.42K | 1,627,254 |
Q4 2025 | WCC WESCO International, Inc. | WESCO International, Inc. | Sell | -84,349 | -5.6% | $347.10K | 1,418,831 |
Q4 2025 | WTW Willis Towers Watson | Willis Towers Watson | Buy | +268,536 | +24.7% | $446.11K | 1,357,601 |
Q3 2025 | COLD Americold Realty Trust, Inc. | Americold Realty Trust, Inc. | Buy - Position Entry | +3,600,000 | - | $44.06K | 3,600,000 |
Q3 2025 | CRH CRH | CRH | Sell | -442,000 | -11.6% | $405.67K | 3,383,395 |
Q3 2025 | ELV Elevance Health, Inc. | Elevance Health, Inc. | Buy | +703,000 | +114.1% | $426.19K | 1,319,000 |
Q3 2025 | EXP Eagle Materials Inc | Eagle Materials Inc | Buy | +263,403 | +39.0% | $218.98K | 939,660 |
Q3 2025 | FERG Ferguson Enterprises Inc. | Ferguson Enterprises Inc. | Buy | +23,500 | +2.1% | $259.50K | 1,155,500 |
Q3 2025 | G0250X107 Amcor | Amcor | Sell - Position Exit | -5,500,000 | -100.0% | $0.00 | - |
Q3 2025 | GOOG Alphabet Inc. | Alphabet Inc. | Sell | -775,850 | -29.5% | $452.55K | 1,858,138 |
Q3 2025 | GPC Genuine Parts Company | Genuine Parts Company | Buy - Position Entry | +1,395,000 | - | $193.35K | 1,395,000 |