Seth Klarman - Baupost Group 13F Activity & Position Changes (Q3 2025)
According to the SEC 13F filed on Nov 13, 2025, the Baupost Group portfolio showed several notable changes in holdings as of quarter-end Sep 30, 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
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 | Type | Change Qty |
|---|---|---|---|
|
Q3 2025
|
COLD
Americold Realty Trust, Inc.
|
Buy - Position Entry |
+3,600,000
|
|
Q3 2025
|
CRH
CRH
|
Sell |
-442,000
|
|
Q3 2025
|
ELV
Elevance Health, Inc.
|
Buy |
+703,000
|
|
Q3 2025
|
EXP
Eagle Materials Inc
|
Buy |
+263,403
|
|
Q3 2025
|
FERG
Ferguson Enterprises Inc.
|
Buy |
+23,500
|
|
Q3 2025
|
G0250X107
Amcor
|
Sell - Position Exit |
-5,500,000
|
|
Q3 2025
|
GOOG
Alphabet Inc.
|
Sell |
-775,850
|
|
Q3 2025
|
GPC
Genuine Parts Company
|
Buy - Position Entry |
+1,395,000
|
|
Q3 2025
|
ICLR
ICON
|
Sell - Position Exit |
-405,000
|
|
Q3 2025
|
LBRDA
Liberty Broadband Corporation
|
Sell - Position Exit |
-7,560
|
|
Q3 2025
|
LBRDK
Liberty Broadband Corporation
|
Sell - Position Exit |
-745,610
|
|
Q3 2025
|
LBTYK
Liberty Global
|
Sell |
-3,000,000
|
|
Q3 2025
|
QSR
Restaurant Brands International
|
Buy |
+4,203,300
|
|
Q3 2025
|
UNP
Union Pacific Corporation
|
Buy - Position Entry |
+1,496,204
|
|
Q3 2025
|
VSAT
ViaSat, Inc.
|
Sell - Position Exit |
-9,190,728
|
|
Q3 2025
|
WCC
WESCO International, Inc.
|
Sell |
-704,421
|
|
Q3 2025
|
WTW
Willis Towers Watson
|
Sell |
-225,119
|