Seth Klarman - Baupost Group 13F Activity & Position Changes (Q4 2017)

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, 2017. 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 2017, the filing reported:

New Buys - None reported

Increases - Antero Resources Corporation, Cardinal Health, Inc., Cencora, Inc., McKesson Corporation, Novagold Resources Inc., and 1 more

Reductions - PBF Energy Inc.

Complete Exits - Avis Budget Group, 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 2017	AR Antero Resources Corporation	Antero Resources Corporation	Buy	+809,930	+3.4%	$469.72K	24,722,187
Q4 2017	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Buy	+2,570,000	+101.6%	$312.48K	5,100,000
Q4 2017	CAR Avis Budget Group, Inc.	Avis Budget Group, Inc.	Sell - Position Exit	-1,036,900	-100.0%	$0.00	-
Q4 2017	COR Cencora, Inc.	Cencora, Inc.	Buy	+1,245,715	+659.6%	$131.72K	1,434,565
Q4 2017	MCK McKesson Corporation	McKesson Corporation	Buy	+860,000	+172.0%	$212.09K	1,360,000
Q4 2017	NG Novagold Resources Inc.	Novagold Resources Inc.	Buy	+1,242,835	+13.1%	$42.22K	10,742,835
Q4 2017	PBF PBF Energy Inc.	PBF Energy Inc.	Sell	-4,800,000	-30.5%	$387.26K	10,924,175
Q4 2017	QRVO Qorvo, Inc.	Qorvo, Inc.	Buy	+2,000,000	+22.2%	$732.60K	11,000,000