What stocks does Seth Klarman own?

As of the Q4 2025 filing, Seth Klarman's largest disclosed holdings are Restaurant Brands Intl Inc, Amazon.com, Inc. (AMZN), Willis Towers Watson Public Limited Company (WTW). The table shows 9 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.

What did Seth Klarman sell last quarter?

The biggest reductions in Q4 2025 were Alphabet Inc. (GOOG), Dollar General Corporation (DG), WESCO International, Inc. (WCC). The filing comparison contains 1 full exits, summarized in the activity view above.

How big is Seth Klarman's portfolio?

The latest 13F discloses $5.3B across 22 positions in Q4 2025. 13F filings cover US-listed long positions only; cash and short positions are not disclosed.

How up to date is this?

Funds file 13Fs up to 45 days after each quarter ends, so this portfolio reflects Q4 2025, the latest disclosed quarter. The filing date is shown with every table.

Where does the Baupost Group LLC portfolio data come from?

Non-rejected, non-superseded SEC Form 13F filings for Baupost Group LLC provide the Q4 2025 holdings, disclosed values, and filing date shown here.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.

How is performance calculated?

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.

How did the Baupost Group begin?

Klarman helped start Baupost in 1982 with William Poorvu and several other partners after finishing Harvard Business School. The firm began with $27 million.

What is Seth Klarman's investment style?

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.

What does margin of safety mean for Klarman?

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.

What book did Seth Klarman write?

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.

What is Baupost's verified long-term return?

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.

Does Baupost's 13F show Klarman's whole strategy?

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.

Where did Seth Klarman study?

He earned an economics degree from Cornell University in 1979 and later attended Harvard Business School.

Can the portfolio value here be used as Klarman's net worth?

No. It is the value of covered securities reported by Baupost, not a statement of Klarman's personal assets.

Seth Klarman Portfolio

Name: Seth Klarman Portfolio | WhoBought
Creator: WhoBought
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Stock	%	Avg. buy price	Estimated gain	Quarter-end price	Last transaction
GInformation Technology ServicesGDS Holdings Limited (GDS) 2.0% Avg. buy price $7.28 Estimated gain+379.3%Quarter-end price $34.90 Last transaction Reduced· Q4 2025Sold 6.3% of shares	G Information Technology ServicesGDS Holdings Limited (GDS)	2.0%	$7.28	+379.3%	$34.90	Reduced· Q4 2025Sold 6.3% of shares
GInternet Content & InformationAlphabet Inc. (GOOG) 6.5% Avg. buy price $144.29 Estimated gain+117.9%Quarter-end price $314.35 Last transaction Reduced· Q4 2025Sold 41.5% of shares	G Internet Content & InformationAlphabet Inc. (GOOG)	6.5%	$144.29	+117.9%	$314.35	Reduced· Q4 2025Sold 41.5% of shares
WIndustrial - DistributionWESCO International, Inc. (WCC) 6.6% Avg. buy price $171.41 Estimated gain+42.7%Quarter-end price $244.64 Last transaction Reduced· Q4 2025Sold 5.6% of shares	W Industrial - DistributionWESCO International, Inc. (WCC)	6.6%	$171.41	+42.7%	$244.64	Reduced· Q4 2025Sold 5.6% of shares
WInsurance - BrokersWillis Towers Watson Public Limited Company (WTW) 8.5% Avg. buy price $245.66 Estimated gain+34.7%Quarter-end price $330.92 Last transaction Added· Q4 2025Increased shares by 24.7%	W Insurance - BrokersWillis Towers Watson Public Limited Company (WTW)	8.5%	$245.66	+34.7%	$330.92	Added· Q4 2025Increased shares by 24.7%
DDiscount StoresDollar General Corporation (DG) 5.2% Avg. buy price $106.87 Estimated gain+25.1%Quarter-end price $133.68 Last transaction Reduced· Q4 2025Sold 22.7% of shares	D Discount StoresDollar General Corporation (DG)	5.2%	$106.87	+25.1%	$133.68	Reduced· Q4 2025Sold 22.7% of shares
FIndustrial - DistributionFerguson plc (FERG) 4.8% Avg. buy price $199.16 Estimated gain+11.8%Quarter-end price $222.63 Last transaction Reduced· Q4 2025Sold 1.6% of shares	F Industrial - DistributionFerguson plc (FERG)	4.8%	$199.16	+11.8%	$222.63	Reduced· Q4 2025Sold 1.6% of shares
MMedical - Healthcare PlansMolina Healthcare, Inc. (MOH) 2.1% Avg. buy price $164.24 Estimated gain+6.3%Quarter-end price $174.63 Last transaction New· Q4 2025Opened a new position	M Medical - Healthcare PlansMolina Healthcare, Inc. (MOH)	2.1%	$164.24	+6.3%	$174.63	New· Q4 2025Opened a new position
URailroadsUnion Pacific Corporation (UNP) 7.1% Avg. buy price $225.61 Estimated gain+2.5%Quarter-end price $231.32 Last transaction Added· Q4 2025Increased shares by 8.8%	U RailroadsUnion Pacific Corporation (UNP)	7.1%	$225.61	+2.5%	$231.32	Added· Q4 2025Increased shares by 8.8%
ASpecialty RetailAmazon.com, Inc. (AMZN) 9.3% Avg. buy price $228.76 Estimated gain+1.2%Quarter-end price $231.46 Last transaction New· Q4 2025Opened a new position	A Specialty RetailAmazon.com, Inc. (AMZN)	9.3%	$228.76	+1.2%	$231.46	New· Q4 2025Opened a new position