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
Q2 2023Jun 30, 2023	GTX Garrett Motion Inc.	Garrett Motion Inc.	Buy	+22,495,589+629.2%	$197.35K	26,070,589
Q2 2023Jun 30, 2023	FIS Fidelity National Information S	Fidelity National Information S	Buy	+1,933,451+39.9%	$370.59K	6,775,000
Q2 2023Jun 30, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+963,946	$125.66K	963,946
Q2 2023Jun 30, 2023	STX Seagate Technology	Seagate Technology	Buy	+463,923+340.9%	$37.12K	600,000
Q2 2023Jun 30, 2023	SSNC SS&C Technologies Holdings, Inc	SS&C Technologies Holdings, Inc	Buy	+446,000+13.6%	$225.46K	3,720,430
Q2 2023Jun 30, 2023	DG Dollar General Corporation	Dollar General Corporation	Buy - Position Entry	+242,000	$41.09K	242,000
Q2 2023Jun 30, 2023	UNP Union Pacific Corporation	Union Pacific Corporation	Buy - Position Entry	+175,000	$35.81K	175,000
Q2 2023Jun 30, 2023	WTW Willis Towers Watson	Willis Towers Watson	Buy	+43,700+5.1%	$212.51K	902,367
Q2 2023Jun 30, 2023	LAD Lithia Motors, Inc.	Lithia Motors, Inc.	Sell - Position Exit	-65,043-100.0%	$0.00	-
Q2 2023Jun 30, 2023	ADV Advantage Solutions Inc.	Advantage Solutions Inc.	Sell	-350,255-3.2%	$24.92K	10,651,369
Q2 2023Jun 30, 2023	FI Fiserv, Inc.	Fiserv, Inc.	Sell - Position Exit	-533,382-100.0%	$0.00	-
Q2 2023Jun 30, 2023	SWKS Skyworks Solutions, Inc.	Skyworks Solutions, Inc.	Sell - Position Exit	-703,865-100.0%	$0.00	-
Q2 2023Jun 30, 2023	TMQ Trilogy Metals Inc.	Trilogy Metals Inc.	Sell	-864,414-20.2%	$2.02K	3,407,128
Q2 2023Jun 30, 2023	DBRG DigitalBridge Group, Inc.	DigitalBridge Group, Inc.	Sell - Position Exit	-1,233,914-100.0%	$0.00	-
Q2 2023Jun 30, 2023	EDU New Oriental Education & Techno	New Oriental Education & Techno	Sell	-1,300,000-24.0%	$162.65K	4,118,784
Q2 2023Jun 30, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-1,732,000-29.6%	$498.37K	4,119,780
Q2 2023Jun 30, 2023	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-2,031,801-43.7%	$267.08K	2,617,703
Q1 2023Mar 31, 2023	FIS Fidelity National Information S	Fidelity National Information S	Buy	+2,686,549+124.7%	$263.04K	4,841,549
Q1 2023Mar 31, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+1,857,500+46.5%	$608.59K	5,851,780
Q1 2023Mar 31, 2023	ATUS Altice USA, Inc.	Altice USA, Inc.	Buy	+894,415+23.1%	$16.33K	4,774,615
Q1 2023Mar 31, 2023	SWKS Skyworks Solutions, Inc.	Skyworks Solutions, Inc.	Buy - Position Entry	+703,865	$83.04K	703,865
Q1 2023Mar 31, 2023	GTN Gray Television, Inc.	Gray Television, Inc.	Buy	+250,000+7.1%	$32.79K	3,760,000
Q1 2023Mar 31, 2023	STX Seagate Technology	Seagate Technology	Buy - Position Entry	+136,077	$9.00K	136,077
Q1 2023Mar 31, 2023	G4412G101 Herbalife	Herbalife	Sell	-45,800-2.3%	$31.46K	1,954,200
Q1 2023Mar 31, 2023	OB Outbrain Inc.	Outbrain Inc.	Sell - Position Exit	-153,231-100.0%	$0.00	-
Q1 2023Mar 31, 2023	LAD Lithia Motors, Inc.	Lithia Motors, Inc.	Sell	-184,957-74.0%	$14.89K	65,043
Q1 2023Mar 31, 2023	EDU New Oriental Education & Techno	New Oriental Education & Techno	Sell	-375,144-6.5%	$209.22K	5,418,784
Q1 2023Mar 31, 2023	WTW Willis Towers Watson	Willis Towers Watson	Sell	-422,241-33.0%	$199.54K	858,667
Q1 2023Mar 31, 2023	SSNC SS&C Technologies Holdings, Inc	SS&C Technologies Holdings, Inc	Sell	-498,319-13.2%	$184.91K	3,274,430
Q1 2023Mar 31, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell - Position Exit	-990,000-100.0%	$0.00	-

Page 6 of 21 • 627 total trades

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