Seth Klarman - Baupost Group 13F Activity & Position Changes (Q1 2025)

As of Mar 31, 2025, the Baupost Group portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 14, 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 Q1 2025, the filing reported:

New Buys - Elevance Health, Inc., Fidelity National Information S, ICON, Tempur Sealy International, Inc

Increases - CRH, Dollar General Corporation, Eagle Materials Inc, Alphabet Inc., Restaurant Brands International, and 1 more

Reductions - Liberty Global, Liberty Global, Solventum Corporation, ViaSat, Inc., Willis Towers Watson

Complete Exits - Genuine Parts Company, Humana Inc., Sunrise Communications

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 2025	CRH CRH	CRH	Buy	+52,993	+2.0%	$237.03K	2,694,395
Q1 2025	DG Dollar General Corporation	Dollar General Corporation	Buy	+44,076	+2.1%	$185.08K	2,104,876
Q1 2025	ELV Elevance Health, Inc.	Elevance Health, Inc.	Buy - Position Entry	+246,000	-	$107.00K	246,000
Q1 2025	EXP Eagle Materials Inc	Eagle Materials Inc	Buy	+271,410	+42.5%	$201.88K	909,633
Q1 2025	FIS Fidelity National Information S	Fidelity National Information S	Buy - Position Entry	+3,492,947	-	$260.85K	3,492,947
Q1 2025	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+652,000	+45.7%	$324.64K	2,077,988
Q1 2025	GPC Genuine Parts Company	Genuine Parts Company	Sell - Position Exit	-315,337	-100.0%	$0.00	-
Q1 2025	HUM Humana Inc.	Humana Inc.	Sell - Position Exit	-346,000	-100.0%	$0.00	-
Q1 2025	ICLR ICON	ICON	Buy - Position Entry	+405,000	-	$70.87K	405,000
Q1 2025	LBTYA Liberty Global	Liberty Global	Sell	-124,682	-2.4%	$58.43K	5,076,762
Q1 2025	LBTYK Liberty Global	Liberty Global	Sell	-14,796,040	-37.5%	$295.15K	24,657,803
Q1 2025	QSR Restaurant Brands International	Restaurant Brands International	Buy	+984,862	+33.9%	$259.00K	3,886,562
Q1 2025	SNREV Sunrise Communications	Sunrise Communications	Sell - Position Exit	-2,335,263	-100.0%	$0.00	-
Q1 2025	SOLV Solventum Corporation	Solventum Corporation	Sell	-393,060	-27.2%	$80.09K	1,053,240
Q1 2025	TPX Tempur Sealy International, Inc	Tempur Sealy International, Inc	Buy - Position Entry	+703,349	-	$42.12K	703,349
Q1 2025	VSAT ViaSat, Inc.	ViaSat, Inc.	Sell	-2,031,862	-16.6%	$106.19K	10,190,728
Q1 2025	WCC WESCO International, Inc.	WESCO International, Inc.	Buy	+569,930	+39.7%	$311.47K	2,005,601
Q1 2025	WTW Willis Towers Watson	Willis Towers Watson	Sell	-311,081	-16.9%	$515.60K	1,525,667