Seth Klarman - Baupost Group 13F Activity & Position Changes (Q4 2015)

According to the SEC 13F filed on Aug 13, 2026, the Baupost Group portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2015. 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 Q4 2015, the filing reported:

New Buys - None reported

Increases - Antero Resources Corporation, Cheniere Energy, Inc., PayPal Holdings, Inc., Sunrun Inc.

Reductions - Novagold Resources Inc.

Complete Exits - AerCap, eBay 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
Q4 2015	AER AerCap	AerCap	Sell - Position Exit	-2,450,000	-100.0%	$0.00	-
Q4 2015	AR Antero Resources Corporation	Antero Resources Corporation	Buy	+3,068,181	+19.1%	$417.86K	19,167,944
Q4 2015	EBAY eBay Inc.	eBay Inc.	Sell - Position Exit	-9,315,000	-100.0%	$0.00	-
Q4 2015	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy	+3,419,939	+15.1%	$971.84K	26,089,669
Q4 2015	NG Novagold Resources Inc.	Novagold Resources Inc.	Sell	-2,710,851	-12.5%	$79.89K	18,977,449
Q4 2015	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+204,426	+1.9%	$402.16K	11,109,278
Q4 2015	RUN Sunrun Inc.	Sunrun Inc.	Buy	+1,677,172	+143.2%	$33.52K	2,848,082