Baupost Group's Q4 2025 Portfolio Shifts: Major Share Changes Revealed

Baupost Group, managed by Seth Klarman, reported significant changes in its portfolio holdings for the quarter ending December 31, 2025, including notable increases and decreases in stock positions.

By AI Generated.Mar 2, 2026, 9:07 PM

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For the quarter ending December 31, 2025, Baupost Group, the investment firm led by Seth Klarman, saw its portfolio holdings undergo several significant changes. The firm's disclosed actions provide insight into its current investment stance.

Among the most pronounced shifts was the reduction in its stake in QSR, the parent company of Burger King. Baupost decreased its holdings by approximately 0.09 million shares, representing a 2.09% reduction in its stake during the period. This action saw the stock's allocation within the Baupost portfolio decrease slightly to 10.44%.

Conversely, Baupost significantly increased its position in WESCO International (WCC), adding over 0.14 million shares. This resulted in an impressive 18.84% increase in the stake, pushing its portfolio allocation for WCC up to 6.58%. Similarly, the firm bolstered its holdings in Union Pacific (UNP) by over 0.13 million shares, leading to an 8.76% allocation increase to 7.13%.

The firm also trimmed its exposure in several other consumer cyclical stocks. Amazon (AMZN) saw a reduction of over 1.16 million shares, though its portfolio allocation remained substantial at 9.28%. Restaurant Brands International (QSR) experienced a smaller reduction, but its allocation was already down to 10.44%. Dollar Financial (DG) faced a significant reduction, with over 0.60 million shares sold, reducing its allocation to 5.19%.

In the healthcare sector, Baupost maintained its position in Elevance Health (ELV), which now holds an 8.43% allocation. However, the firm sold shares in FIS, the Fidelity National Information Services, reducing its stake by nearly 0.08 million shares and its allocation to 5.67%.

Elsewhere, Baupost sold shares in several industrial companies, including Willis Towers Watson (WTW), WESCO International (WCC - already covered), Ferguson Enterprises (FERG), and Wm. Wrigley Jr. Company (WY). The firm also sold a substantial portion of its Alphabet (GOOG) stake, reducing it by nearly 0.77 million shares and its allocation to 6.46%.

For a complete view of Baupost Group's holdings and performance, visit their profile on Insiderset. Detailed information on each stock position can be found on the respective company pages linked below.

Baupost Group Investor Profile