Baupost Group

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Seth Klarman's Baupost Group reported 20 stock positions worth $4.8 billion. Its top holding was Restaurant Brands Intern (QSR) at 11.1% of the portfolio, followed by Alphabet Class C (GOOG, 9.5%) and Elevance Health (ELV, 8.9%). Compared with Q2 2025, it opened 3 new positions, sold out of 5, added to 4 and reduced 5. The biggest buy was a new position in Union Pacific (UNP) and the biggest sale Wesco International (WCC, shares −32%).

Most Recent 13F: Q2 2026
Notable People: Seth Klarman
Location: BOSTON, MA
CIK: 0001061768
Portfolio Value: $4.8B (Q3 2025)
SEC Filing: 0001061768-25-000007 ↗ filed Nov 13, 2025

Holdings Value

Holdings 20 stocks · $4.8B


QSR Restaurant Brands Intern	11.11%	8,252,862	$529.3M	Add +103.8%
GOOG Alphabet Inc. Class C	9.50%	1,858,138	$452.6M	Reduce -29.5%
ELV Elevance Health Inc.	8.95%	1,319,000	$426.2M	Add +114.1%
CRH CRH PLC	8.52%	3,383,395	$405.7M	Reduce -11.6%
WTW Willis Towers Watson PLC	7.90%	1,089,065	$376.2M	Reduce -17.1%
UNP Union Pacific Corp.	7.43%	1,496,204	$353.7M	New
WCC Wesco International Inc.	6.67%	1,503,180	$317.9M	Reduce -31.9%
DG Dollar General Corp.	5.79%	2,666,876	$275.6M	No change
FERG Ferguson Enterprises Inc.	5.45%	1,155,500	$259.5M	Add +2.1%
LBTYK Liberty Global Ltd. Class C	5.34%	21,657,803	$254.5M	Reduce -12.2%
FIS Fidelity National Info Serv	5.25%	3,789,711	$249.9M	No change
EXP Eagle Materials Inc.	4.60%	939,660	$219.0M	Add +39.0%
GPC Genuine Parts Co.	4.06%	1,395,000	$193.3M	New
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD	2.64%	3,249,952	$125.8M	No change
FISV Fiserv Inc.	2.42%	895,000	$115.4M	No change
HLF Herbalife Ltd.	1.38%	7,759,844	$65.5M	No change
LBTYA Liberty Global Ltd. Class A	1.22%	5,076,762	$58.2M	No change
COLD Americold Realty Trust Inc.	0.93%	3,600,000	$44.1M	New
PAGS Pagseguro Digital Ltd. Class A	0.52%	2,500,000	$25.0M	No change
TBN Tamboran Resources Corp.	0.33%	570,833	$15.6M	No change

Other holdings (2): bonds, preferreds, convertibles and warrants · $27.9M (not counted above)

Security	Class	Shares / Principal	Value	Change
HERBALIFE LTD (HLF 4.25 06/15/28)	NOTE 4.250% 6/1 · principal	17,129,000	$15.8M	No change
CABLE ONE INC (CABO 1.125 03/15/28)	NOTE 1.125% 3/1 · principal	14,100,000	$12.1M	New

Total filed on the 13F, all lines: $4.8B.

Portfolio Sells Q2 2025 → Q3 2025


WCC Wesco International Inc.	Reduce -31.9%	6.67%	−3.26
VSAT Viasat Inc.	Sold out	0.00%	−3.26
WTW Willis Towers Watson PLC	Reduce -17.1%	7.90%	−1.89
GOOG Alphabet Inc. Class C	Reduce -29.5%	9.50%	−1.85
LBRDK Liberty Broadband-C	Sold out	0.00%	−1.78
ICLR Icon PLC	Sold out	0.00%	−1.43
AMCR Amcor PLC	Sold out	0.00%	−1.23
LBTYK Liberty Global Ltd. Class C	Reduce -12.2%	5.34%	−0.84
LBRDA Liberty Broadband-A	Sold out	0.00%	−0.02
CRH CRH PLC	Reduce -11.6%	8.52%	−0.02

Portfolio Buys Q2 2025 → Q3 2025


UNP Union Pacific Corp.	New	7.43%	+7.43
QSR Restaurant Brands Intern	Add +103.8%	11.11%	+4.59
GPC Genuine Parts Co.	New	4.06%	+4.06
ELV Elevance Health Inc.	Add +114.1%	8.95%	+3.12
EXP Eagle Materials Inc.	Add +39.0%	4.60%	+1.28
COLD Americold Realty Trust Inc.	New	0.93%	+0.93
FERG Ferguson Enterprises Inc.	Add +2.1%	5.45%	−0.54

Notes & Other Activity Q2 2025 → Q3 2025


CABLE ONE INC (CABO 1.125 03/15/28)	NOTE 1.125% 3/1 · principal	New	14,100,000	$12.1M

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