In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Seth Klarman's Baupost Group reported 22 stock positions worth $3.5 billion . Its top holding was Willis Towers Watson (WTW) at 14.8% of the portfolio, followed by Alphabet Class C (GOOG, 9.3% ) and Wesco International (WCC, 8.9% ). Compared with Q4 2024, it opened 4 new positions, sold out of 3, added to 6 and reduced 6. The biggest buy was a new position in Fidelity National Info Serv (FIS) and the biggest sale Liberty Global Class C (LBTYK, shares −38% ).
Notable People Seth Klarman
Location BOSTON, MA
CIK 0001061768
Portfolio Value $3.5B (Q1 2025) Holdings 22 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 2024 WTW Willis Towers Watson PLC 1,525,667 $515.6M Reduce -16.9% GOOG Alphabet Inc. Class C 2,077,988 $324.6M Add +45.7% WCC Wesco International Inc. 2,005,601 $311.5M Add +39.7% LBTYK Liberty Global Ltd. Class C 24,657,803 $295.2M Reduce -37.5% FIS Fidelity National Info Serv 3,492,947 $260.9M New QSR Restaurant Brands Intern 3,886,562 $259.0M Add +33.9% CRH CRH PLC 2,694,395 $237.0M Add +2.0% EXP Eagle Materials Inc. 909,633 $201.9M Add +42.5% DG Dollar General Corp. 2,104,876 $185.1M Add +2.1% FERG Ferguson Enterprises Inc. 1,132,000 $181.4M No change GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 4,249,952 $107.7M No change ELV Elevance Health Inc. 246,000 $107.0M New VSAT Viasat Inc. 10,190,728 $106.2M Reduce -16.6% SOLV Solventum Corp. 1,053,240 $80.1M Reduce -27.2% ICLR Icon PLC 405,000 $70.9M New HLF Herbalife Ltd. 7,600,526 $65.6M No change LBTYA Liberty Global Ltd. Class A 5,076,762 $58.4M Reduce -2.4% CLVT Clarivate PLC 10,777,863 $42.4M Reduce -70.3% SGI Somnigroup International Inc. 703,349 $42.1M New LBRDK Liberty Broadband-C 170,610 $14.5M No change TBN Tamboran Resources Corp. 570,833 $13.7M No change LBRDA Liberty Broadband-A 7,560 $643K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $14.8M (not counted above) Total filed on the 13F, all lines: $3.5B.
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ LBTYK Liberty Global Ltd. Class C Reduce -37.5% 8.48% −6.67 CLVT Clarivate PLC Reduce -70.3% 1.22% −4.17 SNREY Sunrise Communicat Class A Sold out 0.00% −2.94 HUM Humana Inc. Sold out 0.00% −2.57 WTW Willis Towers Watson PLC Reduce -16.9% 14.81% −2.01 GPC Genuine Parts Co. Sold out 0.00% −1.08 SOLV Solventum Corp. Reduce -27.2% 2.30% −0.49 LBTYA Liberty Global Ltd. Class A Reduce -2.4% 1.68% −0.26 VSAT Viasat Inc. Reduce -16.6% 3.05% +0.01
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ FIS Fidelity National Info Serv New 7.49% +7.49 ELV Elevance Health Inc. New 3.07% +3.07 ICLR Icon PLC New 2.04% +2.04 QSR Restaurant Brands Intern Add +33.9% 7.44% +1.91 GOOG Alphabet Inc. Class C Add +45.7% 9.33% +1.39 WCC Wesco International Inc. Add +39.7% 8.95% +1.35 SGI Somnigroup International Inc. New 1.21% +1.21 EXP Eagle Materials Inc. Add +42.5% 5.80% +1.20 DG Dollar General Corp. Add +2.1% 5.32% +0.75 CRH CRH PLC Add +2.0% 6.81% −0.33
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