Seth Klarman – Baupost Group Portfolio Activity & Recent Trades (Sep 30, 2025)
As of Sep 30, 2025, the Baupost Group portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 13, 2025. 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 Q3 2025, the filing reported:
Increases – Elevance Health, Inc., Eagle Materials Inc, Ferguson Enterprises Inc., Restaurant Brands International
Reductions – CRH, Alphabet Inc., Liberty Global, WESCO International, Inc., Willis Towers Watson
Complete Exits – Amcor, ICON, Liberty Broadband Corporation, Liberty Broadband Corporation, ViaSat, Inc.
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 |
|---|---|---|---|---|---|---|---|
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 |
Q3 2025 | ICLR ICON | ICON | Sell - Position Exit | -405,000 | -100.0% | $0.00 | - |
Q3 2025 | LBRDA Liberty Broadband Corporation | Liberty Broadband Corporation | Sell - Position Exit | -7,560 | -100.0% | $0.00 | - |
Q3 2025 | LBRDK Liberty Broadband Corporation | Liberty Broadband Corporation | Sell - Position Exit | -745,610 | -100.0% | $0.00 | - |
Q3 2025 | LBTYK Liberty Global | Liberty Global | Sell | -3,000,000 | -12.2% | $254.48K | 21,657,803 |
Q3 2025 | QSR Restaurant Brands International | Restaurant Brands International | Buy | +4,203,300 | +103.8% | $529.34K | 8,252,862 |
Q3 2025 | UNP Union Pacific Corporation | Union Pacific Corporation | Buy - Position Entry | +1,496,204 | - | $353.66K | 1,496,204 |
Q3 2025 | VSAT ViaSat, Inc. | ViaSat, Inc. | Sell - Position Exit | -9,190,728 | -100.0% | $0.00 | - |
Q3 2025 | WCC WESCO International, Inc. | WESCO International, Inc. | Sell | -704,421 | -31.9% | $317.92K | 1,503,180 |
Q3 2025 | WTW Willis Towers Watson | Willis Towers Watson | Sell | -225,119 | -17.1% | $376.22K | 1,089,065 |
Q2 2025 | CRH CRH | CRH | Buy | +1,131,000 | +42.0% | $351.17K | 3,825,395 |
Q2 2025 | DG Dollar General Corporation | Dollar General Corporation | Buy | +562,000 | +26.7% | $305.04K | 2,666,876 |
Q2 2025 | ELV Elevance Health, Inc. | Elevance Health, Inc. | Buy | +370,000 | +150.4% | $239.60K | 616,000 |
Q2 2025 | EXP Eagle Materials Inc | Eagle Materials Inc | Sell | -233,376 | -25.7% | $136.68K | 676,257 |
Q2 2025 | FI Fiserv, Inc. | Fiserv, Inc. | Buy - Position Entry | +895,000 | - | $154.31K | 895,000 |
Q2 2025 | FIS Fidelity National Information S | Fidelity National Information S | Buy | +296,764 | +8.5% | $308.52K | 3,789,711 |
Q2 2025 | G0250X107 Amcor | Amcor | Buy - Position Entry | +5,500,000 | - | $50.55K | 5,500,000 |
Q2 2025 | G4412G101 Herbalife | Herbalife | Buy | +159,318 | +2.1% | $66.89K | 7,759,844 |
Q2 2025 | G68707101 PagSeguro Digital | PagSeguro Digital | Buy - Position Entry | +2,500,000 | - | $24.10K | 2,500,000 |
Q2 2025 | GDS GDS Holdings Limited | GDS Holdings Limited | Sell | -1,000,000 | -23.5% | $99.35K | 3,249,952 |
Q2 2025 | GOOG Alphabet Inc. | Alphabet Inc. | Buy | +556,000 | +26.8% | $467.24K | 2,633,988 |
Q2 2025 | LBRDK Liberty Broadband Corporation | Liberty Broadband Corporation | Buy | +575,000 | +337.0% | $73.35K | 745,610 |
Q2 2025 | QSR Restaurant Brands International | Restaurant Brands International | Buy | +163,000 | +4.2% | $268.44K | 4,049,562 |