Seth Klarman - Baupost Group 13F Activity & Position Changes (Q3 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
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
|