In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Seth Klarman's Baupost Group reported 20 stock positions worth $3.5 billion . Its top holding was Liberty Global Class C (LBTYK) at 26.1% of the portfolio, followed by Willis Towers Watson (WTW, 15.0% ) and Clarivate (CLVT, 7.9% ). Compared with Q2 2024, it opened 5 new positions, sold out of 8, added to 4 and reduced 5. The biggest buy was a new position in Dollar General (DG) and the biggest sale Fidelity National Info Serv (FIS, shares −72% ).
Notable People Seth Klarman
Location BOSTON, MA
CIK 0001061768
Portfolio Value $3.5B (Q3 2024) Holdings 20 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 Q2 2024 LBTYK Liberty Global Ltd. Class C 42,311,011 $914.3M No change WTW Willis Towers Watson PLC 1,781,206 $524.6M Add +7.8% CLVT Clarivate PLC 38,929,635 $276.4M No change GOOG Alphabet Inc. Class C 1,465,588 $245.0M Add +37.0% CRH CRH PLC 2,636,602 $244.5M Reduce -37.6% WCC Wesco International Inc. 1,258,000 $211.3M Add +56.7% DG Dollar General Corp. 2,303,800 $194.8M New LBTYA Liberty Global Ltd. Class A 7,194,276 $151.9M No change VSAT Viasat Inc. 12,222,590 $145.9M Reduce -11.2% EXP Eagle Materials Inc. 500,273 $143.9M Add +46.2% SOLV Solventum Corp. 1,820,000 $126.9M No change GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 4,249,952 $86.7M No change FIS Fidelity National Info Serv 971,460 $81.4M Reduce -72.3% J Jacobs Solutions Inc. 350,681 $45.9M Reduce -29.0% FTRE Fortrea Holdings Inc. 2,293,167 $45.9M Reduce -27.0% HLF Herbalife Ltd. 5,124,526 $36.8M No change LBRDK Liberty Broadband-C 170,610 $13.2M New TBN Tamboran Resources Corp. 570,833 $11.6M New QSR Restaurant Brands Intern 28,294 $2.0M New LBRDA Liberty Broadband-A 7,560 $581K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $12.6M (not counted above) Total filed on the 13F, all lines: $3.5B.
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ FIS Fidelity National Info Serv Reduce -72.3% 2.32% −5.17 HUM Humana Inc. Sold out 0.00% −4.44 JAZZ Jazz Pharmaceuticals PLC Sold out 0.00% −3.85 WSC Willscot Holdings Corp. Sold out 0.00% −2.63 CRH CRH PLC Reduce -37.6% 6.98% −2.00 TBPH Theravance Biopharma Inc. Sold out 0.00% −1.01 CPRI Capri Holdings Ltd. Sold out 0.00% −0.94 VSAT Viasat Inc. Reduce -11.2% 4.17% −0.78 FTRE Fortrea Holdings Inc. Reduce -27.0% 1.31% −0.77 LSXMK Liberty Media Corp.-Liber-New Sold out 0.00% −0.66 J Jacobs Solutions Inc. Reduce -29.0% 1.31% −0.65 VRSN Verisign Inc. Sold out 0.00% −0.53 LSXMA Liberty Media Corp. Class A New Sold out 0.00% −0.38
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ DG Dollar General Corp. New 5.56% +5.56 WTW Willis Towers Watson PLC Add +7.8% 14.97% +2.70 WCC Wesco International Inc. Add +56.7% 6.03% +2.43 EXP Eagle Materials Inc. Add +46.2% 4.11% +2.00 GOOG Alphabet Inc. Class C Add +37.0% 6.99% +1.44 LBRDK Liberty Broadband-C New 0.38% +0.38 TBN Tamboran Resources Corp. New 0.33% +0.33 QSR Restaurant Brands Intern New 0.06% +0.06 LBRDA Liberty Broadband-A New 0.02% +0.02
Notes & Other Activity Q2 2024 → Q3 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