Seth Klarman's Top Holdings: QSR, AMZN, WTW and More as of December 31, 2025

Seth Klarman, through his investment firm Baupost Group, maintains a carefully curated portfolio as of December 31, 2025. The fund's holdings demonstrate a focus on established companies across various sectors, with a particular emphasis on value and quality. Understanding the top holdings provides insight into Klarman's investment philosophy.

Restaurant Brands International (QSR) stands as one of Baupost's largest holdings, representing approximately 10.44% of the total portfolio value. The fund held 8,080,112 shares of this fast-food operator. Compared to the previous period, Baupost reduced its stake by 172,750 shares, a 2.09% decrease. This reduction occurred while the stock's value saw fluctuations, but the fund's position remains substantial.

Amazon (AMZN) is another cornerstone holding, accounting for about 9.28% of Baupost's assets. The fund owns 2,121,391 shares of the e-commerce giant. Notably, Baupost significantly increased its position in Amazon, adding 1,157,445 shares, which translates to a substantial 120.07% increase in shares during the period. This marked expansion underscores a strong conviction in the company.

International insurance and professional services company Willis Towers Watson (WTW) holds a significant allocation of 8.45% in the Baupost portfolio. The fund holds 1,357,601 shares. Baupost demonstrated confidence in WTW by increasing its stake by 268,536 shares, a 24.66% rise. This suggests ongoing belief in the company's prospects despite the global economic landscape.

Specializing in in vitro diagnostics and healthcare information systems, Elevance Health (ELV) is allocated 8.43% of Baupost's assets. The fund holds 1,269,302 shares. However, Baupost slightly reduced its position here, cutting 49,698 shares or 3.77% during the period. Despite the minor reduction, the position remains a core part of the portfolio.

Union Pacific Corporation (UNP), the operator of a Class I railroad, is allocated 7.13% of the portfolio. Baupost holds 1,627,254 shares. The fund added 131,050 shares, representing an 8.76% increase, indicating continued support for this infrastructure bellwether.

WESCO International (WCC), a distributor of electrical, electronic, and industrial products, holds a 6.58% allocation. Baupost owns 1,418,831 shares. The fund reduced its stake by 84,349 shares (-5.61%), showing a more cautious stance or a shift in focus for this holding.

Alphabet Inc. (GOOG), the parent company of Google, is allocated 6.46% of the portfolio. Baupost holds 1,087,181 shares. This position saw a dramatic reduction, with the fund cutting 770,957 shares, resulting in a 41.49% decrease. This significant reduction warrants attention, though the position remains substantial.

Fidelity National Information Services (FIS), providing diversified financial services technology, holds a 5.67% allocation. Baupost owns 4,503,801 shares. The fund significantly bolstered its position, adding 714,090 shares for an 18.84% increase, highlighting confidence in this financial technology player.

Dollar General Corporation (DG), operating a chain of discount stores, is allocated 5.19% of the portfolio. Baupost holds 2,062,821 shares. However, the fund substantially reduced its stake, cutting 604,055 shares (-22.65%), signaling a major shift away from this consumer staple.

Ferguson Enterprises (FERG), a diversified industrial services and logistics company, completes the top ten holdings with a 4.8% allocation. Baupost holds 1,137,035 shares. The fund slightly trimmed its position by 18,465 shares (-1.6%), maintaining but not aggressively growing this holding.

For a complete overview of Seth Klarman and Baupost Group's investment strategies and performance, readers can visit the investor profile page. Detailed analysis of each stock holding, including corporate information and financials, can be found by clicking on the respective stock links provided throughout this article.