Baupost Seth Klarman
Holdings as of the end of Q3 2025, reported in its 13F filing on Nov 13, 2025; changes vs Q2 2025. Source
Reported value
$4.8B
at quarter-end prices
Positions
20
top 10 are 77% of it
Bought · Q3 2025
6
3 new, 3 added 20%+
Sold · Q3 2025
7
5 sold out, 2 cut 20%+
Holdings 20
| # | Stock | Company | Shares | Value | Of portfolio | Shares vs Q2 2025 |
|---|---|---|---|---|---|---|
| 1 | QSR | RESTAURANT BRANDS INTL INC | 8,252,862 | $529.3M | 11.1% | +104% |
| 2 | GOOG | ALPHABET INC | 1,858,138 | $452.6M | 9.5% | -29% |
| 3 | ELV | ELEVANCE HEALTH INC FORMERLY | 1,319,000 | $426.2M | 8.9% | +114% |
| 4 | — | CRH PLC | 3,383,395 | $405.7M | 8.5% | -12% |
| 5 | WTW | WILLIS TOWERS WATSON PLC LTD | 1,089,065 | $376.2M | 7.9% | -17% |
| 6 | UNP | UNION PAC CORP | 1,496,204 | $353.7M | 7.4% | new |
| 7 | WCC | WESCO INTL INC | 1,503,180 | $317.9M | 6.7% | -32% |
| 8 | DG | DOLLAR GEN CORP NEW | 2,666,876 | $275.6M | 5.8% | — |
| 9 | FERG | FERGUSON ENTERPRISES INC | 1,155,500 | $259.5M | 5.4% | +2% |
| 10 | — | LIBERTY GLOBAL LTD | 21,657,803 | $254.5M | 5.3% | -12% |
| 11 | FIS | FIDELITY NATL INFORMATION SV | 3,789,711 | $249.9M | 5.2% | — |
| 12 | EXP | EAGLE MATLS INC | 939,660 | $219M | 4.6% | +39% |
| 13 | GPC | GENUINE PARTS CO | 1,395,000 | $193.3M | 4.1% | new |
| 14 | GDS | GDS HLDGS LTD | 3,249,952 | $125.8M | 2.6% | — |
| 15 | FISV | FISERV INC | 895,000 | $115.4M | 2.4% | — |
| 16 | HLF | HERBALIFE LTD | 7,759,844 | $65.5M | 1.4% | — |
| 17 | — | LIBERTY GLOBAL LTD | 5,076,762 | $58.2M | 1.2% | — |
| 18 | COLD | AMERICOLD REALTY TRUST INC | 3,600,000 | $44.1M | 0.93% | new |
| 19 | PAGS | PAGSEGURO DIGITAL LTD | 2,500,000 | $25M | 0.52% | — |
| 20 | TBN | TAMBORAN RES CORP | 570,833 | $15.6M | 0.33% | — |
Sold out in Q3 2025 5
13F filings list US-listed long positions (stocks and ADRs) at the quarter's end: no shorts, cash, bonds or foreign shares; options and principal amounts are left out here. Trades made after the quarter ended don't show until the next filing. Changes compare share counts with the quarter before (splits can show as adds). Not investment advice.