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 2015Dec 31, 2015	NG Novagold Resources Inc.	Novagold Resources Inc.	Sell	-2,710,851-12.5%	$79.89K	18,977,449
Q4 2015Dec 31, 2015	EBAY eBay Inc.	eBay Inc.	Sell - Position Exit	-9,315,000-100.0%	$0.00	-
Q3 2015Sep 30, 2015	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy - Position Entry	+10,904,852	$338.49K	10,904,852
Q3 2015Sep 30, 2015	AR Antero Resources Corporation	Antero Resources Corporation	Buy	+8,076,900+100.7%	$340.67K	16,099,763
Q3 2015Sep 30, 2015	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy	+7,304,500+47.5%	$1.09M	22,669,730
Q3 2015Sep 30, 2015	OLN Olin Corporation	Olin Corporation	Buy - Position Entry	+7,000,000	$117.67K	7,000,000
Q3 2015Sep 30, 2015	AER AerCap	AerCap	Buy - Position Entry	+2,450,000	$93.69K	2,450,000
Q3 2015Sep 30, 2015	RUN Sunrun Inc.	Sunrun Inc.	Buy - Position Entry	+1,170,910	$12.14K	1,170,910
Q3 2015Sep 30, 2015	MU Micron Technology, Inc.	Micron Technology, Inc.	Sell	-18,706,035-94.9%	$14.98K	1,000,000
Q2 2015Jun 30, 2015	PBF PBF Energy Inc.	PBF Energy Inc.	Buy	+2,361,886+27.3%	$313.33K	11,025,000
Q2 2015Jun 30, 2015	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy	+1,558,000+11.3%	$1.06M	15,365,230
Q2 2015Jun 30, 2015	AR Antero Resources Corporation	Antero Resources Corporation	Sell	-1,324,837-14.2%	$275.50K	8,022,863
Q1 2015Mar 31, 2015	AR Antero Resources Corporation	Antero Resources Corporation	Buy	+1,499,869+19.1%	$330.16K	9,347,700
Q4 2014Dec 31, 2014	AR Antero Resources Corporation	Antero Resources Corporation	Buy	+5,088,321+184.4%	$318.46K	7,847,831
Q4 2014Dec 31, 2014	EBAY eBay Inc.	eBay Inc.	Buy	+3,218,293+52.8%	$522.76K	9,315,000
Q4 2014Dec 31, 2014	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy	+2,608,200+23.3%	$972.03K	13,807,230
Q4 2014Dec 31, 2014	PBF PBF Energy Inc.	PBF Energy Inc.	Buy	+1,517,696+21.2%	$230.78K	8,663,114
Q4 2014Dec 31, 2014	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell - Position Exit	-979,476-100.0%	$0.00	-
Q4 2014Dec 31, 2014	MU Micron Technology, Inc.	Micron Technology, Inc.	Sell	-31,949,399-61.9%	$689.91K	19,706,035
Q3 2014Sep 30, 2014	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy	+5,211,100+87.0%	$896.26K	11,199,030
Q3 2014Sep 30, 2014	AR Antero Resources Corporation	Antero Resources Corporation	Buy - Position Entry	+2,759,510	$151.47K	2,759,510
Q3 2014Sep 30, 2014	EBAY eBay Inc.	eBay Inc.	Buy	+1,660,407+37.4%	$345.26K	6,096,707
Q3 2014Sep 30, 2014	PBF PBF Energy Inc.	PBF Energy Inc.	Buy	+1,550,132+27.7%	$171.49K	7,145,418
Q3 2014Sep 30, 2014	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-1,815,154-65.0%	$9.95K	979,476
Q2 2014Jun 30, 2014	EBAY eBay Inc.	eBay Inc.	Buy - Position Entry	+4,436,300	$222.08K	4,436,300
Q2 2014Jun 30, 2014	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Buy - Position Entry	+2,794,630	$33.90K	2,794,630
Q2 2014Jun 30, 2014	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy	+327,930+5.8%	$429.33K	5,987,930
Q2 2014Jun 30, 2014	PBF PBF Energy Inc.	PBF Energy Inc.	Buy	+178,680+3.3%	$149.11K	5,595,286
Q2 2014Jun 30, 2014	VSAT ViaSat, Inc.	ViaSat, Inc.	Buy	+137,237+1.2%	$668.46K	11,533,137
Q2 2014Jun 30, 2014	BP BP p.l.c.	BP p.l.c.	Sell - Position Exit	-3,166,413-100.0%	$0.00	-

Page 20 of 21 • 627 total trades

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