Seth Klarman - Baupost Group 13F Activity & Position Changes (Q4 2018)

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, 2018. 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 2018, the filing reported:

New Buys - Akebia Therapeutics, Inc., eBay Inc., Nexstar Media Group, Inc.

Increases - Antero Resources Corporation

Reductions - Cardinal Health, Inc., Cencora, Inc., McKesson Corporation, Pacific Gas & Electric Co., Qorvo, Inc., and 1 more

Complete Exits - Novagold Resources 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 2018	AKBA Akebia Therapeutics, Inc.	Akebia Therapeutics, Inc.	Buy - Position Entry	+24,471,453	-	$135.33K	24,471,453
Q4 2018	AR Antero Resources Corporation	Antero Resources Corporation	Buy	+2,000,000	+7.5%	$268.44K	28,587,791
Q4 2018	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-3,270,833	-69.0%	$65.46K	1,467,652
Q4 2018	COR Cencora, Inc.	Cencora, Inc.	Sell	-736,757	-26.8%	$149.86K	2,014,299
Q4 2018	EBAY eBay Inc.	eBay Inc.	Buy - Position Entry	+21,000,000	-	$589.47K	21,000,000
Q4 2018	MCK McKesson Corporation	McKesson Corporation	Sell	-455,689	-20.9%	$190.01K	1,720,011
Q4 2018	NG Novagold Resources Inc.	Novagold Resources Inc.	Sell - Position Exit	-13,467,145	-100.0%	$0.00	-
Q4 2018	NXST Nexstar Media Group, Inc.	Nexstar Media Group, Inc.	Buy - Position Entry	+950,000	-	$74.71K	950,000
Q4 2018	PCG Pacific Gas & Electric Co.	Pacific Gas & Electric Co.	Sell	-3,505,307	-18.5%	$367.52K	15,474,483
Q4 2018	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-318,819	-2.9%	$648.67K	10,681,181
Q4 2018	SYF Synchrony Financial	Synchrony Financial	Sell	-1,779,372	-10.9%	$341.43K	14,553,557