In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Seth Klarman's Baupost Group reported 21 stock positions worth $3.5 billion . Its top holding was Liberty Global Class C (LBTYK) at 21.0% of the portfolio, followed by Alphabet Class C (GOOG, 12.7% ) and Willis Towers Watson (WTW, 12.1% ). Compared with Q4 2023, it opened 5 new positions, sold out of 7, added to 3 and reduced 8. The biggest buy was Alphabet Class C (GOOG, shares +0% ) and the biggest sale Liberty Media Corp.-Liber-New (LSXMK, shares −71% ).
Notable People Seth Klarman
Location BOSTON, MA
CIK 0001061768
Portfolio Value $3.5B (Q1 2024) Holdings 21 stocks · $3.5B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 LBTYK Liberty Global Ltd. Class C 42,311,011 $746.4M No change GOOG Alphabet Inc. Class C 2,957,652 $450.3M Add +0.3% WTW Willis Towers Watson PLC 1,555,667 $427.8M No change FIS Fidelity National Info Serv 5,578,969 $413.8M Reduce -12.3% VSAT Viasat Inc. 15,030,838 $271.9M Reduce -7.1% CRH CRH PLC 2,709,543 $233.7M Reduce -19.0% CLVT Clarivate PLC 30,598,402 $227.3M Add +20.0% LSXMK Liberty Media Corp.-Liber-New 4,351,048 $129.3M Reduce -70.7% LBTYA Liberty Global Ltd. Class A 7,194,276 $121.7M No change JAZZ Jazz Pharmaceuticals PLC 833,696 $100.4M No change LSXMA Liberty Media Corp. Class A New 2,677,656 $79.5M Reduce -67.3% J Jacobs Solutions Inc. 506,786 $77.9M Reduce -30.4% EXP Eagle Materials Inc. 262,000 $71.2M New TBPH Theravance Biopharma Inc. 6,594,126 $59.1M Reduce -11.1% WCC Wesco International Inc. 205,724 $35.2M New WBD Warner Bros Discovery Inc. 3,713,930 $32.4M Reduce -85.3% HLF Herbalife Ltd. 2,244,923 $22.6M Add +33.6% GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 2,600,000 $17.3M New OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 4,774,615 $12.5M No change FTRE Fortrea Holdings Inc. 303,797 $12.2M New SOUN Soundhound AI Inc. Class A 1,130,636 $5.6M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $102.5M (not counted above) Total filed on the 13F, all lines: $3.7B.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ LSXMK Liberty Media Corp.-Liber-New Reduce -70.7% 3.64% −5.68 WBD Warner Bros Discovery Inc. Reduce -85.3% 0.91% −5.35 LSXMA Liberty Media Corp. Class A New Reduce -67.3% 2.24% −2.88 VSAT Viasat Inc. Reduce -7.1% 7.66% −2.20 TSEM Tower Semiconductor Ltd. Sold out 0.00% −1.80 LLYVA Liberty Media Corp.-Liberty-A Sold out 0.00% −1.51 SSNC Ss&c Technologies Holdings Sold out 0.00% −1.37 GTN Gray Media Inc. Sold out 0.00% −0.73 GTX Garrett Motion Inc. Sold out 0.00% −0.63 LLYVK Liberty Media Corp.-Liberty-C Sold out 0.00% −0.59 TBPH Theravance Biopharma Inc. Reduce -11.1% 1.67% −0.15 FNCHQ Finch Therapeutics Group Inc. Sold out 0.00% −0.01 J Jacobs Solutions Inc. Reduce -30.4% 2.20% +0.14 CRH CRH PLC Reduce -19.0% 6.59% +1.54 FIS Fidelity National Info Serv Reduce -12.3% 11.66% +3.33
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ GOOG Alphabet Inc. Class C Add +0.3% 12.69% +3.63 EXP Eagle Materials Inc. New 2.01% +2.01 CLVT Clarivate PLC Add +20.0% 6.41% +1.26 WCC Wesco International Inc. New 0.99% +0.99 GDS GDS Holdings Ltd. - ADR New 0.49% +0.49 FTRE Fortrea Holdings Inc. New 0.34% +0.34 SOUN Soundhound AI Inc. Class A New 0.16% +0.16 HLF Herbalife Ltd. Add +33.6% 0.64% +0.08
Notes & Other Activity Q4 2023 → Q1 2024 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 23 $5.4B AMZN, ELV, QSR, GOOG, FERG Q1 2026 22 $5.1B AMZN, QSR, WCC, UNP, ELV Q4 2025 22 $5.3B QSR, AMZN, WTW, ELV, UNP Q3 2025 20 $4.8B QSR, GOOG, ELV, CRH, WTW Q2 2025 22 $4.1B GOOG, WCC, WTW, CRH, FIS Q1 2025 22 $3.5B WTW, GOOG, WCC, LBTYK, FIS Q4 2024 21 $3.4B WTW, LBTYK, GOOG, WCC, CRH Q3 2024 20 $3.5B LBTYK, WTW, CLVT, GOOG, CRH Q2 2024 23 $3.5B LBTYK, WTW, CRH, FIS, CLVT Q1 2024 21 $3.5B LBTYK, GOOG, WTW, FIS, VSAT