Baupost Group's Top Holdings and Strategic Focus as of September 2025

Portfolio Overview

As of September 30, 2025, Seth Klarman's Baupost Group portfolio is valued at $4,762,903. The portfolio demonstrates a strategic focus on high-growth sectors and significant investments in key companies.

Top Holdings by Total Value

The largest holdings by total stock value are:

• QSR (RESTAURANT BRANDS INTL INC): $529,337 with an increase of 103.8% from prior shares.
• UNION PAC CORP (UNP): $353,658 with a significant increase of 754.97%, reflecting strong performance in the Industrials sector.
• ALPHABET INC (GOOG): $452,550 with a decrease of 29.46% from prior shares.
• ELEVANCE HEALTH INC FORMERLY (ELV): $426,195 with an increase of 114.12%, highlighting growth in the Healthcare sector.
• WESCO INTL INC (WCC): $317,923 with a decrease of 31.91% from prior shares.

Sector Concentrations

The portfolio exhibits the highest concentration in two sectors:

• Industrials: UNP and WCC collectively account for 14.0% of the portfolio.
• Consumer Cyclical: QSR contributes 11.05%, reflecting growth in the restaurant industry.
• Communication Services: GOOG holds 9.45%, indicating a balanced approach to technology companies.
• Healthcare: ELV accounts for 8.9%, showcasing investment in the sector.

Notable Changes

Key changes include:

• UNION PAC CORP (UNP) saw a remarkable increase of 754.97% from prior shares, driven by strong demand in the Industrials sector.
• CRH PLC (CRH) and WILLIS TOWERS WATSON PLC LTD (WTW) experienced decreases of 11.55% and 17.13%, respectively, indicating potential risks in these investments.
• DOLLAR GEN CORP NEW (DG) maintained stable shares with no change from prior periods.

This portfolio strategy underscores a balanced approach across sectors, with significant allocations to high-growth areas while maintaining exposure to key industries like Healthcare and Industrials.