Seth Klarman - Baupost Group Portfolio Balances (Dec 31, 2025)

As of Dec 31, 2025, the Baupost Group portfolio balances reported a total equity value of $5.28M across 22 publicly traded holdings. These balances reflect the most recent SEC 13F filing dated Feb 13, 2026, providing an updated snapshot of assets under management.

The portfolio balances highlight RESTAURANT BRANDS INTL INC (QSR) as the single largest position, accounting for 10.4% of total equity value, followed by AMAZON COM INC (AMZN), WILLIS TOWERS WATSON PLC LTD (WTW), ELEVANCE HEALTH INC FORMERLY (ELV), and others. Collectively, the top five holdings represent 43.7% of the portfolio, showing how capital is distributed among core positions and long-term investments.