Seth Klarman – Baupost Group Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Baupost Group portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 2025. 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 Q2 2025, the filing reported:

New Buys – Amcor (G0250X107), PagSeguro Digital (G68707101), Fiserv, Inc. (FI)

Increases – CRH (CRH), Liberty Broadband Corporation (LBRDK), Dollar General Corporation (DG), Alphabet Inc. (GOOG), Elevance Health, Inc. (ELV), and 4 more

Reductions – Willis Towers Watson (WTW), Eagle Materials Inc (EXP), GDS Holdings Limited (GDS), ViaSat, Inc. (VSAT)

Complete Exits – Tempur Sealy International, Inc (TPX), Solventum Corporation (SOLV)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Baupost Group Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q4 2019Dec 31, 2019	PCG Pacific Gas & Electric Co.	Pacific Gas & Electric Co.	Sell	-5,612,597-22.9%	$205.31K	18,887,403
Q4 2019Dec 31, 2019	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-6,000,000-60.0%	$256.76K	4,000,000
Q4 2019Dec 31, 2019	TAK Takeda Pharmaceutical Company L	Takeda Pharmaceutical Company L	Sell - Position Exit	-9,434,803-100.0%	$0.00	-
Q4 2019Dec 31, 2019	AR Antero Resources Corporation	Antero Resources Corporation	Sell - Position Exit	-21,087,791-100.0%	$0.00	-
Q3 2019Sep 30, 2019	VIST Vista Energy S.A.B. de C.V.	Vista Energy S.A.B. de C.V.	Buy - Position Entry	+6,175,000	$31.93K	6,175,000
Q3 2019Sep 30, 2019	CARS Cars.com Inc.	Cars.com Inc.	Buy - Position Entry	+3,000,000	$26.94K	3,000,000
Q3 2019Sep 30, 2019	NXST Nexstar Media Group, Inc.	Nexstar Media Group, Inc.	Buy	+602,245+43.1%	$204.62K	2,000,000
Q3 2019Sep 30, 2019	TAK Takeda Pharmaceutical Company L	Takeda Pharmaceutical Company L	Sell	-3,200-0.0%	$162.28K	9,434,803
Q3 2019Sep 30, 2019	GOSS Gossamer Bio, Inc.	Gossamer Bio, Inc.	Sell	-300,000-23.7%	$15.87K	967,171
Q3 2019Sep 30, 2019	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Sell	-535,002-5.0%	$639.37K	10,139,133
Q3 2019Sep 30, 2019	COR Cencora, Inc.	Cencora, Inc.	Sell	-1,047,893-47.3%	$96.02K	1,166,299
Q3 2019Sep 30, 2019	MCK McKesson Corporation	McKesson Corporation	Sell	-1,289,000-49.7%	$178.48K	1,306,011
Q3 2019Sep 30, 2019	TMQ Trilogy Metals Inc.	Trilogy Metals Inc.	Sell	-1,458,800-10.7%	$19.96K	12,182,568
Q3 2019Sep 30, 2019	XPO XPO, Inc.	XPO, Inc.	Sell - Position Exit	-1,500,000-100.0%	$0.00	-
Q3 2019Sep 30, 2019	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-3,000,000-23.1%	$507.10K	10,000,000
Q3 2019Sep 30, 2019	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-3,000,000-34.6%	$421.20K	5,681,181
Q3 2019Sep 30, 2019	SYF Synchrony Financial	Synchrony Financial	Sell	-4,256,576-46.0%	$170.59K	5,003,981
Q3 2019Sep 30, 2019	EBAY eBay Inc.	eBay Inc.	Sell	-7,500,000-31.1%	$648.86K	16,646,000
Q3 2019Sep 30, 2019	AR Antero Resources Corporation	Antero Resources Corporation	Sell	-7,500,000-26.2%	$63.69K	21,087,791
Q2 2019Jun 30, 2019	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+9,000,000+225.0%	$589.55K	13,000,000
Q2 2019Jun 30, 2019	XPO XPO, Inc.	XPO, Inc.	Buy - Position Entry	+1,500,000	$86.72K	1,500,000
Q2 2019Jun 30, 2019	TMQ Trilogy Metals Inc.	Trilogy Metals Inc.	Buy	+590,610+4.5%	$39.77K	13,641,368
Q2 2019Jun 30, 2019	NXST Nexstar Media Group, Inc.	Nexstar Media Group, Inc.	Buy	+397,755+39.8%	$141.17K	1,397,755
Q2 2019Jun 30, 2019	COR Cencora, Inc.	Cencora, Inc.	Sell	-190,107-7.9%	$188.78K	2,214,192
Q2 2019Jun 30, 2019	MCK McKesson Corporation	McKesson Corporation	Sell	-220,000-7.8%	$348.74K	2,595,011
Q2 2019Jun 30, 2019	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell - Position Exit	-399,151-100.0%	$0.00	-
Q2 2019Jun 30, 2019	TAK Takeda Pharmaceutical Company L	Takeda Pharmaceutical Company L	Sell	-1,231,018-11.5%	$167.05K	9,438,003
Q2 2019Jun 30, 2019	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-1,907,901-18.0%	$578.25K	8,681,181
Q2 2019Jun 30, 2019	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Sell	-1,944,173-15.4%	$730.64K	10,674,135
Q2 2019Jun 30, 2019	SYF Synchrony Financial	Synchrony Financial	Sell	-5,000,000-35.1%	$321.06K	9,260,557

Page 15 of 21 • 627 total trades

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