Seth Klarman - Baupost Group 13F Activity & Position Changes (Q1 2019)

According to the SEC 13F filed on Aug 13, 2026, the Baupost Group portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2019. 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 Q1 2019, the filing reported:

New Buys - Bristol-Myers Squibb Company, Walt Disney Company (The), Fox Corporation, Fox Corporation, Gossamer Bio, Inc., and 1 more

Increases - Cencora, Inc., eBay Inc., McKesson Corporation, Nexstar Media Group, Inc., Pacific Gas & Electric Co.

Reductions - Cheniere Energy, Inc., Qorvo, Inc., Synchrony Financial

Complete Exits - Cardinal Health, Inc., YPF Sociedad Anonima

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
Q1 2019	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy - Position Entry	+4,000,000	-	$190.84K	4,000,000
Q1 2019	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell - Position Exit	-1,467,652	-100.0%	$0.00	-
Q1 2019	COR Cencora, Inc.	Cencora, Inc.	Buy	+390,000	+19.4%	$191.19K	2,404,299
Q1 2019	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy - Position Entry	+399,151	-	$44.32K	399,151
Q1 2019	EBAY eBay Inc.	eBay Inc.	Buy	+8,286,000	+39.5%	$1.09M	29,286,000
Q1 2019	FOX Fox Corporation	Fox Corporation	Buy - Position Entry	+5,680,307	-	$203.81K	5,680,307
Q1 2019	FOXA Fox Corporation	Fox Corporation	Buy - Position Entry	+27,322,720	-	$1.00M	27,322,720
Q1 2019	GOSS Gossamer Bio, Inc.	Gossamer Bio, Inc.	Buy - Position Entry	+1,267,171	-	$26.11K	1,267,171
Q1 2019	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Sell	-1,577,827	-11.1%	$862.59K	12,618,308
Q1 2019	MCK McKesson Corporation	McKesson Corporation	Buy	+1,095,000	+63.7%	$329.52K	2,815,011
Q1 2019	NXST Nexstar Media Group, Inc.	Nexstar Media Group, Inc.	Buy	+50,000	+5.3%	$108.37K	1,000,000
Q1 2019	PCG Pacific Gas & Electric Co.	Pacific Gas & Electric Co.	Buy	+9,025,517	+58.3%	$436.10K	24,500,000
Q1 2019	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-92,099	-0.9%	$759.55K	10,589,082
Q1 2019	SYF Synchrony Financial	Synchrony Financial	Sell	-293,000	-2.0%	$454.91K	14,260,557
Q1 2019	TAK Takeda Pharmaceutical Company L	Takeda Pharmaceutical Company L	Buy - Position Entry	+10,669,021	-	$217.33K	10,669,021
Q1 2019	YPF YPF Sociedad Anonima	YPF Sociedad Anonima	Sell - Position Exit	-6,000,000	-100.0%	$0.00	-