Seth Klarman - Baupost Group 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 13, 2026, the Baupost Group portfolio showed several notable changes in holdings as of quarter-end Dec 31, 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 Q4 2025, the filing reported:

New Buys - Amazon.com, Inc., Molina Healthcare Inc

Increases - Eagle Materials Inc, Fiserv, Inc., Fidelity National Information S, Herbalife, Genuine Parts Company, and 2 more

Reductions - Americold Realty Trust, Inc., CRH, Dollar General Corporation, Elevance Health, Inc., Ferguson Enterprises Inc., and 7 more

Complete Exits - PagSeguro Digital

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 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+2,121,391	-	$489.66K	2,121,391
Q4 2025	COLD Americold Realty Trust, Inc.	Americold Realty Trust, Inc.	Sell	-124,315	-3.5%	$44.70K	3,475,685
Q4 2025	CRH CRH	CRH	Sell	-2,310,438	-68.3%	$133.91K	1,072,957
Q4 2025	DG Dollar General Corporation	Dollar General Corporation	Sell	-604,055	-22.7%	$273.88K	2,062,821
Q4 2025	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-49,698	-3.8%	$444.95K	1,269,302
Q4 2025	EXP Eagle Materials Inc	Eagle Materials Inc	Buy	+245,588	+26.1%	$244.97K	1,185,248
Q4 2025	FERG Ferguson Enterprises Inc.	Ferguson Enterprises Inc.	Sell	-18,465	-1.6%	$253.14K	1,137,035
Q4 2025	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+1,305,000	+145.8%	$147.77K	2,200,000
Q4 2025	FIS Fidelity National Information S	Fidelity National Information S	Buy	+714,090	+18.8%	$299.32K	4,503,801
Q4 2025	G4412G101 Herbalife	Herbalife	Buy	+1,500,000	+19.3%	$119.36K	9,259,844
Q4 2025	G68707101 PagSeguro Digital	PagSeguro Digital	Sell - Position Exit	-2,500,000	-100.0%	$0.00	-
Q4 2025	GDS GDS Holdings Limited	GDS Holdings Limited	Sell	-205,134	-6.3%	$106.26K	3,044,818
Q4 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-770,957	-41.5%	$341.16K	1,087,181
Q4 2025	GPC Genuine Parts Company	Genuine Parts Company	Buy	+91,088	+6.5%	$182.73K	1,486,088
Q4 2025	LBTYA Liberty Global	Liberty Global	Sell	-2,996,306	-59.0%	$23.18K	2,080,456
Q4 2025	LBTYK Liberty Global	Liberty Global	Sell	-773,022	-3.6%	$230.57K	20,884,781
Q4 2025	MOH Molina Healthcare Inc	Molina Healthcare Inc	Buy - Position Entry	+625,000	-	$108.46K	625,000
Q4 2025	QSR Restaurant Brands International	Restaurant Brands International	Sell	-172,750	-2.1%	$551.33K	8,080,112
Q4 2025	TBN Tamboran Resources Corporation	Tamboran Resources Corporation	Sell	-313,607	-54.9%	$7.00K	257,226
Q4 2025	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+131,050	+8.8%	$376.42K	1,627,254
Q4 2025	WCC WESCO International, Inc.	WESCO International, Inc.	Sell	-84,349	-5.6%	$347.10K	1,418,831
Q4 2025	WTW Willis Towers Watson	Willis Towers Watson	Buy	+268,536	+24.7%	$446.11K	1,357,601