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
Q3 2016Sep 30, 2016	TMQ Trilogy Metals Inc.	Trilogy Metals Inc.	Buy - Position Entry	+10,600,758	$5.80K	10,600,758
Q3 2016Sep 30, 2016	PBF PBF Energy Inc.	PBF Energy Inc.	Buy	+5,083,000+47.8%	$356.00K	15,724,175
Q3 2016Sep 30, 2016	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-664,087-11.7%	$204.85K	5,000,000
Q3 2016Sep 30, 2016	CAR Avis Budget Group, Inc.	Avis Budget Group, Inc.	Sell - Position Exit	-1,787,227-100.0%	$0.00	-
Q3 2016Sep 30, 2016	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Sell	-1,998,217-6.7%	$1.21M	27,842,957
Q3 2016Sep 30, 2016	INVA Innoviva, Inc.	Innoviva, Inc.	Sell	-2,678,608-15.2%	$164.10K	14,931,483
Q3 2016Sep 30, 2016	OLN Olin Corporation	Olin Corporation	Sell	-4,557,900-42.4%	$126.84K	6,181,302
Q3 2016Sep 30, 2016	C Citigroup, Inc.	Citigroup, Inc.	Sell - Position Exit	-5,167,000-100.0%	$0.00	-
Q2 2016Jun 30, 2016	C Citigroup, Inc.	Citigroup, Inc.	Buy - Position Entry	+5,167,000	$219.03K	5,167,000
Q2 2016Jun 30, 2016	CAR Avis Budget Group, Inc.	Avis Budget Group, Inc.	Buy - Position Entry	+1,787,227	$57.60K	1,787,227
Q2 2016Jun 30, 2016	CACC Credit Acceptance Corporation	Credit Acceptance Corporation	Buy - Position Entry	+100,000	$18.51K	100,000
Q2 2016Jun 30, 2016	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-1,395,658-19.8%	$206.80K	5,664,087
Q2 2016Jun 30, 2016	GNW Genworth Financial Inc	Genworth Financial Inc	Sell - Position Exit	-1,699,195-100.0%	$0.00	-
Q2 2016Jun 30, 2016	INVA Innoviva, Inc.	Innoviva, Inc.	Sell	-2,205,892-11.1%	$185.43K	17,610,091
Q2 2016Jun 30, 2016	NG Novagold Resources Inc.	Novagold Resources Inc.	Sell	-5,500,000-36.7%	$58.14K	9,500,000
Q2 2016Jun 30, 2016	AR Antero Resources Corporation	Antero Resources Corporation	Sell	-7,000,000-32.5%	$376.86K	14,505,881
Q1 2016Mar 31, 2016	INVA Innoviva, Inc.	Innoviva, Inc.	Buy - Position Entry	+19,815,983	$249.48K	19,815,983
Q1 2016Mar 31, 2016	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy	+3,751,505+14.4%	$1.01M	29,841,174
Q1 2016Mar 31, 2016	OLN Olin Corporation	Olin Corporation	Buy	+3,739,202+53.4%	$186.54K	10,739,202
Q1 2016Mar 31, 2016	AR Antero Resources Corporation	Antero Resources Corporation	Buy	+2,337,937+12.2%	$534.85K	21,505,881
Q1 2016Mar 31, 2016	GNW Genworth Financial Inc	Genworth Financial Inc	Buy - Position Entry	+1,699,195	$4.64K	1,699,195
Q1 2016Mar 31, 2016	PBF PBF Energy Inc.	PBF Energy Inc.	Sell	-383,825-3.5%	$353.29K	10,641,175
Q1 2016Mar 31, 2016	MU Micron Technology, Inc.	Micron Technology, Inc.	Sell - Position Exit	-1,000,000-100.0%	$0.00	-
Q1 2016Mar 31, 2016	NG Novagold Resources Inc.	Novagold Resources Inc.	Sell	-3,977,449-21.0%	$75.60K	15,000,000
Q1 2016Mar 31, 2016	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-4,049,533-36.5%	$272.51K	7,059,745
Q4 2015Dec 31, 2015	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy	+3,419,939+15.1%	$971.84K	26,089,669
Q4 2015Dec 31, 2015	AR Antero Resources Corporation	Antero Resources Corporation	Buy	+3,068,181+19.1%	$417.86K	19,167,944
Q4 2015Dec 31, 2015	RUN Sunrun Inc.	Sunrun Inc.	Buy	+1,677,172+143.2%	$33.52K	2,848,082
Q4 2015Dec 31, 2015	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+204,426+1.9%	$402.16K	11,109,278
Q4 2015Dec 31, 2015	AER AerCap	AerCap	Sell - Position Exit	-2,450,000-100.0%	$0.00	-

Page 19 of 21 • 627 total trades

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