In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Seth Klarman's Baupost Group reported 22 stock positions worth $4.1 billion . Its top holding was Alphabet Class C (GOOG) at 11.4% of the portfolio, followed by Wesco International (WCC, 9.9% ) and Willis Towers Watson (WTW, 9.8% ). Compared with Q1 2025, it opened 3 new positions, sold out of 3, added to 9 and reduced 4. The biggest buy was a new position in Fiserv (FISV) and the biggest sale Willis Towers Watson (WTW, shares −14% ).
Notable People Seth Klarman
Location BOSTON, MA
CIK 0001061768
Portfolio Value $4.1B (Q2 2025) Holdings 22 stocks · $4.1B 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 Q1 2025 GOOG Alphabet Inc. Class C 2,633,988 $467.2M Add +26.8% WCC Wesco International Inc. 2,207,601 $408.8M Add +10.1% WTW Willis Towers Watson PLC 1,314,184 $402.8M Reduce -13.9% CRH CRH PLC 3,825,395 $351.2M Add +42.0% FIS Fidelity National Info Serv 3,789,711 $308.5M Add +8.5% DG Dollar General Corp. 2,666,876 $305.0M Add +26.7% QSR Restaurant Brands Intern 4,049,562 $268.4M Add +4.2% LBTYK Liberty Global Ltd. Class C 24,657,803 $254.2M No change FERG Ferguson Enterprises Inc. 1,132,000 $246.5M No change ELV Elevance Health Inc. 616,000 $239.6M Add +150.4% FISV Fiserv Inc. 895,000 $154.3M New EXP Eagle Materials Inc. 676,257 $136.7M Reduce -25.7% VSAT Viasat Inc. 9,190,728 $134.2M Reduce -9.8% GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 3,249,952 $99.4M Reduce -23.5% LBRDK Liberty Broadband-C 745,610 $73.4M Add +337.0% HLF Herbalife Ltd. 7,759,844 $66.9M Add +2.1% ICLR Icon PLC 405,000 $58.9M No change LBTYA Liberty Global Ltd. Class A 5,076,762 $50.8M No change AMCR Amcor PLC 5,500,000 $50.5M New PAGS Pagseguro Digital Ltd. Class A 2,500,000 $24.1M New TBN Tamboran Resources Corp. 570,833 $12.2M No change LBRDA Liberty Broadband-A 7,560 $740K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $15.6M (not counted above) Total filed on the 13F, all lines: $4.1B.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ WTW Willis Towers Watson PLC Reduce -13.9% 9.79% −5.02 EXP Eagle Materials Inc. Reduce -25.7% 3.32% −2.48 SOLV Solventum Corp. Sold out 0.00% −2.30 CLVT Clarivate PLC Sold out 0.00% −1.22 SGI Somnigroup International Inc. Sold out 0.00% −1.21 GDS GDS Holdings Ltd. - ADR Reduce -23.5% 2.41% −0.68 VSAT Viasat Inc. Reduce -9.8% 3.26% +0.21
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ FISV Fiserv Inc. New 3.75% +3.75 ELV Elevance Health Inc. Add +150.4% 5.82% +2.75 DG Dollar General Corp. Add +26.7% 7.41% +2.10 GOOG Alphabet Inc. Class C Add +26.8% 11.36% +2.03 CRH CRH PLC Add +42.0% 8.54% +1.73 LBRDK Liberty Broadband-C Add +337.0% 1.78% +1.37 AMCR Amcor PLC New 1.23% +1.23 WCC Wesco International Inc. Add +10.1% 9.94% +0.99 PAGS Pagseguro Digital Ltd. Class A New 0.59% +0.59 FIS Fidelity National Info Serv Add +8.5% 7.50% +0.01 HLF Herbalife Ltd. Add +2.1% 1.63% −0.26 QSR Restaurant Brands Intern Add +4.2% 6.52% −0.92
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