Not classifiedRestaurant Brands Intl Inc
11.0%
Not classifiedValue$529M
Seth Klarman is closely associated with the Baupost Group.
Baupost Group LLC Holdings · Q3 2025
| Stock | % | Avg. buy price | Estimated gain | Quarter-end price | Last transaction | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Not classifiedRestaurant Brands Intl Inc
11.0%
Not classifiedValue$529M
|
Not classifiedRestaurant Brands Intl Inc | 11.0% | – | – | – | – | |||||
 GInternet Content & InformationAlphabet Inc. (GOOG)
9.4%
Avg. buy price
$144.29
Estimated gain+68.8%Quarter-end price
$243.55
Last transaction
Reduced· Q3 2025Sold 29.5% of shares
|
G
Internet Content & InformationAlphabet Inc. (GOOG)
|
9.4% | $144.29 | +68.8% | $243.55 | Reduced· Q3 2025Sold 29.5% of shares | |||||
 EMedical - Healthcare PlansElevance Health Inc. (ELV)
8.9%
Avg. buy price
$353.47
Estimated gain−8.6%Quarter-end price
$323.12
Last transaction
Added· Q3 2025Increased shares by 114.1%
|
E
Medical - Healthcare PlansElevance Health Inc. (ELV)
|
8.9% | $353.47 | −8.6% | $323.12 | Added· Q3 2025Increased shares by 114.1% | |||||
|
Not classifiedCrh PLC
8.5%
Not classifiedValue$406M
|
Not classifiedCrh PLC | 8.5% | – | – | – | – | |||||
 WInsurance - BrokersWillis Towers Watson Public Limited Company (WTW)
7.9%
Avg. buy price
$225.50
Estimated gain+53.2%Quarter-end price
$345.45
Last transaction
Reduced· Q3 2025Sold 17.1% of shares
|
W
Insurance - BrokersWillis Towers Watson Public Limited Company (WTW)
|
7.9% | $225.50 | +53.2% | $345.45 | Reduced· Q3 2025Sold 17.1% of shares | |||||
 URailroadsUnion Pacific Corporation (UNP)
7.4%
Avg. buy price
$225.38
Estimated gain+4.9%Quarter-end price
$236.37
Last transaction
New· Q3 2025Opened a new position
|
U
RailroadsUnion Pacific Corporation (UNP)
|
7.4% | $225.38 | +4.9% | $236.37 | New· Q3 2025Opened a new position | |||||
 WIndustrial - DistributionWESCO International, Inc. (WCC)
6.6%
Avg. buy price
$171.41
Estimated gain+23.4%Quarter-end price
$211.50
Last transaction
Reduced· Q3 2025Sold 31.9% of shares
|
W
Industrial - DistributionWESCO International, Inc. (WCC)
|
6.6% | $171.41 | +23.4% | $211.50 | Reduced· Q3 2025Sold 31.9% of shares | |||||
 DDiscount StoresDollar General Corporation (DG)
5.8%
Avg. buy price
$106.87
Estimated gain−3.3%Quarter-end price
$103.35
Last transaction
Added· Q2 2025Increased shares by 26.7%
|
D
Discount StoresDollar General Corporation (DG)
|
5.8% | $106.87 | −3.3% | $103.35 | Added· Q2 2025Increased shares by 26.7% | |||||
 FIndustrial - DistributionFerguson plc (FERG)
5.4%
Avg. buy price
$199.16
Estimated gain+12.8%Quarter-end price
$224.58
Last transaction
Added· Q3 2025Increased shares by 2.1%
|
F
Industrial - DistributionFerguson plc (FERG)
|
5.4% | $199.16 | +12.8% | $224.58 | Added· Q3 2025Increased shares by 2.1% | |||||
|
Not classifiedLiberty Global Ltd
5.3%
Not classifiedValue$254M
|
Not classifiedLiberty Global Ltd | 5.3% | – | – | – | – | |||||
 FInformation Technology ServicesFidelity National Information Services, Inc. (FIS)
5.2%
Avg. buy price
$75.39
Estimated gain−12.5%Quarter-end price
$65.94
Last transaction
Added· Q2 2025Increased shares by 8.5%
|
F
Information Technology ServicesFidelity National Information Services, Inc. (FIS)
|
5.2% | $75.39 | −12.5% | $65.94 | Added· Q2 2025Increased shares by 8.5% | |||||
 EConstruction MaterialsEagle Materials Inc. (EXP)
4.6%
Avg. buy price
$241.73
Estimated gain−3.6%Quarter-end price
$233.04
Last transaction
Added· Q3 2025Increased shares by 39.0%
|
E
Construction MaterialsEagle Materials Inc. (EXP)
|
4.6% | $241.73 | −3.6% | $233.04 | Added· Q3 2025Increased shares by 39.0% | |||||
 GSpecialty RetailGenuine Parts Company (GPC)
4.0%
Avg. buy price
$134.14
Estimated gain+3.3%Quarter-end price
$138.60
Last transaction
New· Q3 2025Opened a new position
|
G
Specialty RetailGenuine Parts Company (GPC)
|
4.0% | $134.14 | +3.3% | $138.60 | New· Q3 2025Opened a new position | |||||
 GInformation Technology ServicesGDS Holdings Limited (GDS)
2.6%
Avg. buy price
$7.28
Estimated gain+431.5%Quarter-end price
$38.70
Last transaction
Reduced· Q2 2025Sold 23.5% of shares
|
G
Information Technology ServicesGDS Holdings Limited (GDS)
|
2.6% | $7.28 | +431.5% | $38.70 | Reduced· Q2 2025Sold 23.5% of shares | |||||
|
Not classifiedFiserv Inc
2.4%
Not classifiedValue$115M
|
Not classifiedFiserv Inc | 2.4% | – | – | – | – | |||||
V
Viasat, Inc. (VSAT)
Exited−$220M
G
Alphabet Inc. (GOOG)
−$163M
W
WESCO International, Inc. (WCC)
−$148M
W
Willis Towers Watson Public Limited Company (WTW)
−$73M
A
Amcor plc (AMCR)
Exited−$49M
U
Union Pacific Corporation (UNP)
New+$337M
E
Elevance Health Inc. (ELV)
+$219M
G
Genuine Parts Company (GPC)
New+$187M
E
Eagle Materials Inc. (EXP)
+$60M
C
Americold Realty Trust, Inc. (COLD)
New+$54M
F
Ferguson plc (FERG)
+$5.3M
L
Liberty Broadband Corporation (LBRDK)
Exited−746K
I
ICON Public Limited Company (ICLR)
Exited−405K
L
Liberty Broadband Corporation (LBRDA)
Exited−8K
Largest holdings in Q3 2025, sized by their share of the disclosed portfolio. This shows what is owned, not what changed.
Seth Klarman is closely associated with the Baupost Group. This page shows Baupost's quarterly Form 13F report of certain United States listed long positions, not Klarman's personal account or the firm's complete portfolio. Cash, short positions, private investments, many derivatives, and some foreign securities may be absent.
Profile refreshed July 20, 2026
As of the Q3 2025 filing, Seth Klarman's largest disclosed holdings are Restaurant Brands Intl Inc, Alphabet Inc. (GOOG), Elevance Health Inc. (ELV). The table shows 15 of 22 positions by default, with an exact-count control for the remaining rows. Disclosed shares and values remain visible even when a separate market-price estimate is unavailable.
The biggest disclosed buys in Q3 2025 were Union Pacific Corporation (UNP), Elevance Health Inc. (ELV), Genuine Parts Company (GPC), based on the Baupost Group LLC 13F filing. New positions are marked "new" in the table above.
The biggest reductions in Q3 2025 were Alphabet Inc. (GOOG), WESCO International, Inc. (WCC), Willis Towers Watson Public Limited Company (WTW). The filing comparison contains 5 full exits, summarized in the activity view above.
The latest 13F discloses $4.8B across 22 positions in Q3 2025. 13F filings cover US-listed long positions only; cash and short positions are not disclosed.
Funds file 13Fs up to 45 days after each quarter ends, so this portfolio reflects Q3 2025, the latest disclosed quarter. The filing date is shown with every table.
Non-rejected, non-superseded SEC Form 13F filings for Baupost Group LLC provide the Q3 2025 holdings, disclosed values, and filing date shown here. WhoBought prefers filings whose value units validate and labels a sparse filing when validation is unavailable. Industry labels come from the local company classification record.
Performance uses daily closing prices for holdings with available market-price history. It covers the priced share of disclosed value (87%); holdings without sufficient price history are excluded from the calculation.
Seth Klarman is an American value investor and author who serves as chief executive and portfolio manager of the Baupost Group.
Klarman helped start Baupost in 1982 with William Poorvu and several other partners after finishing Harvard Business School. The firm began with $27 million.
He looks for unpopular or distressed assets trading below his estimate of their worth. Patience, risk control, and buying with room for error are central to the approach.
It means seeking a meaningful discount between an asset's price and its underlying value, so an investment does not depend on everything going exactly right.
He published Margin of Safety in 1991. The book argues for risk-aware value investing and warns against treating price momentum as a substitute for understanding value.
This profile does not publish a single compounded-return figure because Wikipedia marks its prominent 20 percent claim as needing a citation. The performance section here covers only the priced portion of the disclosed 13F portfolio.
No. Baupost has invested across equities, distressed credit, bonds, real estate, cash, and other instruments. The filing view covers only certain US-listed long positions.
He earned an economics degree from Cornell University in 1979 and later attended Harvard Business School.
No. It is the value of covered securities reported by Baupost, not a statement of Klarman's personal assets.