In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Seth Klarman's Baupost Group reported 22 stock positions worth $5.3 billion . Its top holding was Restaurant Brands Intern (QSR) at 10.4% of the portfolio, followed by Amazon.com (AMZN, 9.3% ) and Willis Towers Watson (WTW, 8.5% ). Compared with Q3 2025, it opened 3 new positions, sold out of 1, added to 7 and reduced 12. The biggest buy was a new position in Amazon.com (AMZN) and the biggest sale CRH (CRH, shares −68% ).
Notable People Seth Klarman
Location BOSTON, MA
CIK 0001061768
Portfolio Value $5.3B (Q4 2025) Holdings 22 stocks · $5.3B 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 2025 QSR Restaurant Brands Intern 8,080,112 $551.3M Reduce -2.1% AMZN Amazon.com Inc. 2,121,391 $489.7M New WTW Willis Towers Watson PLC 1,357,601 $446.1M Add +24.7% ELV Elevance Health Inc. 1,269,302 $445.0M Reduce -3.8% UNP Union Pacific Corp. 1,627,254 $376.4M Add +8.8% WCC Wesco International Inc. 1,418,831 $347.1M Reduce -5.6% GOOG Alphabet Inc. Class C 1,087,181 $341.2M Reduce -41.5% FIS Fidelity National Info Serv 4,503,801 $299.3M Add +18.8% DG Dollar General Corp. 2,062,821 $273.9M Reduce -22.6% FERG Ferguson Enterprises Inc. 1,137,035 $253.1M Reduce -1.6% EXP Eagle Materials Inc. 1,185,248 $245.0M Add +26.1% LBTYK Liberty Global Ltd. Class C 20,884,781 $230.6M Reduce -3.6% GPC Genuine Parts Co. 1,486,088 $182.7M Add +6.5% FISV Fiserv Inc. 2,200,000 $147.8M Add +145.8% CRH CRH PLC 1,072,957 $133.9M Reduce -68.3% HLF Herbalife Ltd. 9,259,844 $119.4M Add +19.3% MOH Molina Healthcare Inc. 625,000 $108.5M New AERO Grupo Aeromexico Sab DE CV 4,855,180 $106.6M New GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 3,044,818 $106.3M Reduce -6.3% COLD Americold Realty Trust Inc. 3,475,685 $44.7M Reduce -3.5% LBTYA Liberty Global Ltd. Class A 2,080,456 $23.2M Reduce -59.0% TBN Tamboran Resources Corp. 257,226 $7.0M Reduce -54.9%
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ CRH CRH PLC Reduce -68.3% 2.54% −5.98 GOOG Alphabet Inc. Class C Reduce -41.5% 6.46% −3.04 LBTYK Liberty Global Ltd. Class C Reduce -3.6% 4.37% −0.97 LBTYA Liberty Global Ltd. Class A Reduce -59.0% 0.44% −0.78 QSR Restaurant Brands Intern Reduce -2.1% 10.44% −0.67 FERG Ferguson Enterprises Inc. Reduce -1.6% 4.80% −0.65 GDS GDS Holdings Ltd. - ADR Reduce -6.3% 2.01% −0.63 DG Dollar General Corp. Reduce -22.6% 5.19% −0.60 PAGS Pagseguro Digital Ltd. Class A Sold out 0.00% −0.52 ELV Elevance Health Inc. Reduce -3.8% 8.43% −0.52 TBN Tamboran Resources Corp. Reduce -54.9% 0.13% −0.20 WCC Wesco International Inc. Reduce -5.6% 6.58% −0.10 COLD Americold Realty Trust Inc. Reduce -3.5% 0.85% −0.08
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ AMZN Amazon.com Inc. New 9.28% +9.28 MOH Molina Healthcare Inc. New 2.05% +2.05 AERO Grupo Aeromexico Sab DE CV New 2.02% +2.02 HLF Herbalife Ltd. Add +19.3% 2.26% +0.89 WTW Willis Towers Watson PLC Add +24.7% 8.45% +0.55 FIS Fidelity National Info Serv Add +18.8% 5.67% +0.42 FISV Fiserv Inc. Add +145.8% 2.80% +0.38 EXP Eagle Materials Inc. Add +26.1% 4.64% +0.04 UNP Union Pacific Corp. Add +8.8% 7.13% −0.29 GPC Genuine Parts Co. Add +6.5% 3.46% −0.60
Notes & Other Activity Q3 2025 → Q4 2025 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