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

As of Dec 31, 2025, the Baupost Group portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 13, 2026. 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