Baupost Seth Klarman
Holdings as of the end of Q4 2025, reported in its 13F filing on Feb 13, 2026; changes vs Q3 2025. Source
Reported value
$5.3B
at quarter-end prices
Positions
22
top 10 are 72% of it
Bought · Q4 2025
6
3 new, 3 added 20%+
Sold · Q4 2025
6
1 sold out, 5 cut 20%+
Holdings 22
| # | Stock | Company | Shares | Value | Of portfolio | Shares vs Q3 2025 |
|---|---|---|---|---|---|---|
| 1 | QSR | RESTAURANT BRANDS INTL INC | 8,080,112 | $551.3M | 10.4% | -2% |
| 2 | AMZN | AMAZON COM INC | 2,121,391 | $489.7M | 9.3% | new |
| 3 | WTW | WILLIS TOWERS WATSON PLC LTD | 1,357,601 | $446.1M | 8.5% | +25% |
| 4 | ELV | ELEVANCE HEALTH INC FORMERLY | 1,269,302 | $445M | 8.4% | -4% |
| 5 | UNP | UNION PAC CORP | 1,627,254 | $376.4M | 7.1% | +9% |
| 6 | WCC | WESCO INTL INC | 1,418,831 | $347.1M | 6.6% | -6% |
| 7 | GOOG | ALPHABET INC | 1,087,181 | $341.2M | 6.5% | -41% |
| 8 | FIS | FIDELITY NATL INFORMATION SV | 4,503,801 | $299.3M | 5.7% | +19% |
| 9 | DG | DOLLAR GEN CORP NEW | 2,062,821 | $273.9M | 5.2% | -23% |
| 10 | FERG | FERGUSON ENTERPRISES INC | 1,137,035 | $253.1M | 4.8% | -2% |
| 11 | EXP | EAGLE MATLS INC | 1,185,248 | $245M | 4.6% | +26% |
| 12 | — | LIBERTY GLOBAL LTD | 20,884,781 | $230.6M | 4.4% | -4% |
| 13 | GPC | GENUINE PARTS CO | 1,486,088 | $182.7M | 3.5% | +7% |
| 14 | FISV | FISERV INC | 2,200,000 | $147.8M | 2.8% | +146% |
| 15 | — | CRH PLC | 1,072,957 | $133.9M | 2.5% | -68% |
| 16 | HLF | HERBALIFE LTD | 9,259,844 | $119.4M | 2.3% | +19% |
| 17 | MOH | MOLINA HEALTHCARE INC | 625,000 | $108.5M | 2.1% | new |
| 18 | AERO | GRUPO AEROMEXICO SAB DE CV | 4,855,180 | $106.6M | 2.0% | new |
| 19 | GDS | GDS HLDGS LTD | 3,044,818 | $106.3M | 2.0% | -6% |
| 20 | COLD | AMERICOLD REALTY TRUST INC | 3,475,685 | $44.7M | 0.85% | -3% |
| 21 | — | LIBERTY GLOBAL LTD | 2,080,456 | $23.2M | 0.44% | -59% |
| 22 | TBN | TAMBORAN RES CORP | 257,226 | $7M | 0.13% | -55% |
Sold out in Q4 2025 1
| Stock | Company | Shares held in Q3 2025 | Value then | Of portfolio then |
|---|---|---|---|---|
| PAGS | PAGSEGURO DIGITAL LTD | 2,500,000 | $25M | 0.52% |
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.