In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Seth Klarman's Baupost Group reported 21 stock positions worth $3.4 billion . Its top holding was Willis Towers Watson (WTW) at 16.8% of the portfolio, followed by Liberty Global Class C (LBTYK, 15.2% ) and Alphabet Class C (GOOG, 7.9% ). Compared with Q3 2024, it opened 4 new positions, sold out of 3, added to 6 and reduced 6. The biggest buy was a new position in Ferguson Enterprises (FERG) and the biggest sale Liberty Global Class C (LBTYK, shares −7% ).
Notable People Seth Klarman
Location BOSTON, MA
CIK 0001061768
Portfolio Value $3.4B (Q4 2024) Holdings 21 stocks · $3.4B 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 Q3 2024 WTW Willis Towers Watson PLC 1,836,748 $575.3M Add +3.1% LBTYK Liberty Global Ltd. Class C 39,453,843 $518.4M Reduce -6.8% GOOG Alphabet Inc. Class C 1,425,988 $271.6M Reduce -2.7% WCC Wesco International Inc. 1,435,671 $259.8M Add +14.1% CRH CRH PLC 2,641,402 $244.4M Add +0.2% FERG Ferguson Enterprises Inc. 1,132,000 $196.5M New QSR Restaurant Brands Intern 2,901,700 $189.1M Add +10155.5% CLVT Clarivate PLC 36,279,205 $184.3M Reduce -6.8% EXP Eagle Materials Inc. 638,223 $157.5M Add +27.6% DG Dollar General Corp. 2,060,800 $156.3M Reduce -10.6% VSAT Viasat Inc. 12,222,590 $104.0M No change GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 4,249,952 $101.0M No change SNREY Sunrise Communicat Class A 2,335,263 $100.6M New SOLV Solventum Corp. 1,446,300 $95.5M Reduce -20.5% HUM Humana Inc. 346,000 $87.8M New LBTYA Liberty Global Ltd. Class A 5,201,444 $66.4M Reduce -27.7% HLF Herbalife Ltd. 7,600,526 $50.8M Add +48.3% GPC Genuine Parts Co. 315,337 $36.8M New LBRDK Liberty Broadband-C 170,610 $12.8M No change TBN Tamboran Resources Corp. 570,833 $12.0M No change LBRDA Liberty Broadband-A 7,560 $562K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $13.1M (not counted above) Total filed on the 13F, all lines: $3.4B.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ LBTYK Liberty Global Ltd. Class C Reduce -6.8% 15.15% −10.94 CLVT Clarivate PLC Reduce -6.8% 5.39% −2.50 LBTYA Liberty Global Ltd. Class A Reduce -27.7% 1.94% −2.39 FIS Fidelity National Info Serv Sold out 0.00% −2.32 J Jacobs Solutions Inc. Sold out 0.00% −1.31 FTRE Fortrea Holdings Inc. Sold out 0.00% −1.31 DG Dollar General Corp. Reduce -10.6% 4.57% −0.99 SOLV Solventum Corp. Reduce -20.5% 2.79% −0.83 GOOG Alphabet Inc. Class C Reduce -2.7% 7.94% +0.94
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ FERG Ferguson Enterprises Inc. New 5.74% +5.74 QSR Restaurant Brands Intern Add +10155.5% 5.53% +5.47 SNREY Sunrise Communicat Class A New 2.94% +2.94 HUM Humana Inc. New 2.57% +2.57 WTW Willis Towers Watson PLC Add +3.1% 16.82% +1.84 WCC Wesco International Inc. Add +14.1% 7.59% +1.56 GPC Genuine Parts Co. New 1.08% +1.08 EXP Eagle Materials Inc. Add +27.6% 4.60% +0.50 HLF Herbalife Ltd. Add +48.3% 1.49% +0.43 CRH CRH PLC Add +0.2% 7.14% +0.16
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