Baupost Group

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 13, 2024), Seth Klarman's Baupost Group reported 23 stock positions worth $3.5 billion. Its top holding was Liberty Global Class C (LBTYK) at 21.4% of the portfolio, followed by Willis Towers Watson (WTW, 12.3%) and CRH (CRH, 9.0%). Compared with Q1 2024, it opened 5 new positions, sold out of 3, added to 9 and reduced 7. The biggest buy was a new position in Humana (HUM) and the biggest sale Alphabet Class C (GOOG, shares −64%).

Most Recent 13F
Q2 2026
Notable People
Seth Klarman
Location
BOSTON, MA
CIK
0001061768
Portfolio Value
$3.5B (Q2 2024)
SEC Filing
0001567619-24-000363 ↗ filed Aug 13, 2024

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $3.5B Q1 2024 Q2 2024: $3.5B $3.5B Q2 2024 Q3 2024: $3.5B Q3 2024 Q4 2024: $3.4B Q4 2024 Q1 2025: $3.5B Q1 2025 Q2 2025: $4.1B Q2 2025 Q3 2025: $4.8B Q3 2025 Q4 2025: $5.3B Q4 2025 Q1 2026: $5.1B Q1 2026 Q2 2026: $5.4B Q2 2026

Holdings 23 stocks · $3.5B
LBTYK Liberty Global Ltd. Class C 21.39% 42,311,011 $755.3M No change
WTW Willis Towers Watson PLC 12.27% 1,652,648 $433.2M Add +6.2%
CRH CRH PLC 8.98% 4,226,602 $316.9M Add +56.0%
FIS Fidelity National Info Serv 7.49% 3,509,254 $264.5M Reduce -37.1%
CLVT Clarivate PLC 6.27% 38,929,635 $221.5M Add +27.2%
GOOG Alphabet Inc. Class C 5.56% 1,069,588 $196.2M Reduce -63.8%
VSAT Viasat Inc. 4.95% 13,759,364 $174.7M Reduce -8.5%
HUM Humana Inc. 4.44% 420,000 $156.9M New
JAZZ Jazz Pharmaceuticals PLC 3.85% 1,274,248 $136.0M Add +52.8%
WCC Wesco International Inc. 3.61% 803,000 $127.3M Add +290.3%
LBTYA Liberty Global Ltd. Class A 3.55% 7,194,276 $125.4M No change
SOLV Solventum Corp. 2.73% 1,820,000 $96.2M New
WSC Willscot Holdings Corp. 2.63% 2,470,000 $93.0M New
EXP Eagle Materials Inc. 2.11% 342,102 $74.4M Add +30.6%
FTRE Fortrea Holdings Inc. 2.08% 3,140,360 $73.3M Add +933.7%
J Jacobs Solutions Inc. 1.96% 494,218 $69.0M Reduce -2.5%
HLF Herbalife Ltd. 1.51% 5,124,526 $53.2M Add +128.3%
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 1.12% 4,249,952 $39.5M Add +63.5%
TBPH Theravance Biopharma Inc. 1.01% 4,200,021 $35.6M Reduce -36.3%
CPRI Capri Holdings Ltd. 0.94% 1,000,000 $33.1M New
LSXMK Liberty Media Corp.-Liber-New 0.66% 1,058,616 $23.5M Reduce -75.7%
VRSN Verisign Inc. 0.53% 105,764 $18.8M New
LSXMA Liberty Media Corp. Class A New 0.38% 600,194 $13.3M Reduce -77.6%
Other holdings (1): bonds, preferreds, convertibles and warrants · $103.3M (not counted above)
SecurityClassShares / PrincipalValueChange
TEADS HOLDING CO (OB 2.95 07/27/26) NOTE 2.950% 7/2 · principal 118,000,000$103.3MNo change

Total filed on the 13F, all lines: $3.6B.

Portfolio Sells Q1 2024 → Q2 2024
GOOG Alphabet Inc. Class C Reduce -63.8% 5.56% −7.14
FIS Fidelity National Info Serv Reduce -37.1% 7.49% −4.17
LSXMK Liberty Media Corp.-Liber-New Reduce -75.7% 0.66% −2.98
VSAT Viasat Inc. Reduce -8.5% 4.95% −2.71
LSXMA Liberty Media Corp. Class A New Reduce -77.6% 0.38% −1.86
WBD Warner Bros Discovery Inc. Sold out 0.00% −0.91
TBPH Theravance Biopharma Inc. Reduce -36.3% 1.01% −0.66
OPTU Optimum Communications Inc. Class A Sold out 0.00% −0.35
J Jacobs Solutions Inc. Reduce -2.5% 1.96% −0.24
SOUN Soundhound AI Inc. Class A Sold out 0.00% −0.16

Portfolio Buys Q1 2024 → Q2 2024
HUM Humana Inc. New 4.44% +4.44
SOLV Solventum Corp. New 2.73% +2.73
WSC Willscot Holdings Corp. New 2.63% +2.63
WCC Wesco International Inc. Add +290.3% 3.61% +2.61
CRH CRH PLC Add +56.0% 8.98% +2.39
FTRE Fortrea Holdings Inc. Add +933.7% 2.08% +1.73
JAZZ Jazz Pharmaceuticals PLC Add +52.8% 3.85% +1.02
CPRI Capri Holdings Ltd. New 0.94% +0.94
HLF Herbalife Ltd. Add +128.3% 1.51% +0.87
GDS GDS Holdings Ltd. - ADR Add +63.5% 1.12% +0.63
VRSN Verisign Inc. New 0.53% +0.53
WTW Willis Towers Watson PLC Add +6.2% 12.27% +0.21
EXP Eagle Materials Inc. Add +30.6% 2.11% +0.10
CLVT Clarivate PLC Add +27.2% 6.27% −0.13

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 23$5.4BAMZN, ELV, QSR, GOOG, FERG
Q1 2026 22$5.1BAMZN, QSR, WCC, UNP, ELV
Q4 2025 22$5.3BQSR, AMZN, WTW, ELV, UNP
Q3 2025 20$4.8BQSR, GOOG, ELV, CRH, WTW
Q2 2025 22$4.1BGOOG, WCC, WTW, CRH, FIS
Q1 2025 22$3.5BWTW, GOOG, WCC, LBTYK, FIS
Q4 2024 21$3.4BWTW, LBTYK, GOOG, WCC, CRH
Q3 2024 20$3.5BLBTYK, WTW, CLVT, GOOG, CRH
Q2 2024 23$3.5BLBTYK, WTW, CRH, FIS, CLVT
Q1 2024 21$3.5BLBTYK, GOOG, WTW, FIS, VSAT