Hedge Fund · CIK 0001061768

Seth Klarman

Baupost Group
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Seth Klarman runs Baupost Group, a hedge fund overseeing $5.28B in disclosed equity holdings (SEC CIK 0001061768). The latest portfolio (2025Q4) discloses 22 positions across 8 sectors, with the largest positions in QSR, AMZN and WILLIS TOWERS WATSON PLC LTD. On a mark-to-market basis the tracked portfolio has returned 19.7% over the past year. OpenStocks tracks 40 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.

Track Seth's filingsView holdings
Portfolio
$5.28B
Positions
22
Quarter
2025Q4
Filings tracked
40
1Y+19.7%Since filing+161.8%Full performance →
Quarter
2025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q1

Holdings

Sorted by value · 2025Q4
22 positions
1
QSRRESTAURANT BRANDS INTL INC
Consumer Cyclical·Restaurants
10.44%
of portfolio
Number of shares
8,080,112 sh
Holdings current value
$551.33M
Avg closing price
$64.87
+20.7%
Last action
Trimmed 2.1%
2025Q4
Current $78.32
2
AMZNAMAZON COM INC
Consumer Cyclical·Internet Retail
9.28%
of portfolio
Number of shares
2,121,391 sh
Holdings current value
$489.66M
Avg closing price
$166.63
+50.4%
Last action
New holding
2025Q4
Current $250.56
3
G96629103WILLIS TOWERS WATSON PLC LTD
8.45%
of portfolio
Number of shares
1,357,601 sh
Holdings current value
$446.11M
Avg closing price
$247.73
Last action
Added 24.7%
2025Q4
Current —
4
ELVANTHEM INC
Healthcare·Healthcare Plans
8.43%
of portfolio
Number of shares
1,269,302 sh
Holdings current value
$444.95M
Avg closing price
$362.45
-10.9%
Last action
Trimmed 3.8%
2025Q4
Current $323.05
5
UNPUNION PAC CORP
Industrials·Railroads
7.13%
of portfolio
Number of shares
1,627,254 sh
Holdings current value
$376.42M
Avg closing price
$232.55
+8.0%
Last action
Added 8.8%
2025Q4
Current $251.14
6
WCCWESCO INTL INC
Industrials·Industrial Distribution
6.58%
of portfolio
Number of shares
1,418,831 sh
Holdings current value
$347.10M
Avg closing price
$165.07
+93.3%
Last action
Trimmed 5.6%
2025Q4
Current $319.06
7
GOOGALPHABET INC
Communication Services·Internet Content & Information
6.46%
of portfolio
Number of shares
1,087,181 sh
Holdings current value
$341.16M
Avg closing price
$158.61
+114.0%
Last action
Trimmed 41.5%
2025Q4
Current $339.40
8
FISFIDELITY NATL INFORMATION SV
Technology·Information Technology Services
5.67%
of portfolio
Number of shares
4,503,801 sh
Holdings current value
$299.32M
Avg closing price
$70.51
-31.2%
Last action
Added 18.8%
2025Q4
Current $48.50
9
DGDOLLAR GEN CORP NEW
Consumer Defensive·Discount Stores
5.19%
of portfolio
Number of shares
2,062,821 sh
Holdings current value
$273.88M
Avg closing price
$102.70
+23.3%
Last action
Trimmed 22.7%
2025Q4
Current $126.68
10
FERGFERGUSON ENTERPRISES INC
Industrials·Industrial Distribution
4.80%
of portfolio
Number of shares
1,137,035 sh
Holdings current value
$253.14M
Avg closing price
$174.61
+49.2%
Last action
Trimmed 1.6%
2025Q4
Current $260.49
11
EXPEAGLE MATLS INC
Basic Materials·Building Materials
4.64%
of portfolio
Number of shares
1,185,248 sh
Holdings current value
$244.97M
Avg closing price
$237.87
-15.4%
Last action
Added 26.1%
2025Q4
Current $201.28
12
G61188127LIBERTY GLOBAL LTD
4.37%
of portfolio
Number of shares
20,884,781 sh
Holdings current value
$230.57M
Avg closing price
$18.64
Last action
Trimmed 3.6%
2025Q4
Current —
13
GPCGENUINE PARTS CO
Consumer Cyclical·Auto Parts
3.46%
of portfolio
Number of shares
1,486,088 sh
Holdings current value
$182.73M
Avg closing price
$133.01
-14.4%
Last action
Added 6.5%
2025Q4
Current $113.79
14
FISVFISERV INC
2.80%
of portfolio
Number of shares
2,200,000 sh
Holdings current value
$147.77M
Avg closing price
$93.21
-31.4%
Last action
Added 145.8%
2025Q4
Current $63.97
15
G25508105CRH PLC
2.54%
of portfolio
Number of shares
1,072,957 sh
Holdings current value
$133.91M
Avg closing price
$71.21
Last action
Trimmed 68.3%
2025Q4
Current —
16
G4412G101HERBALIFE NUTRITION LTD
2.26%
of portfolio
Number of shares
9,259,844 sh
Holdings current value
$119.36M
Avg closing price
$10.57
Last action
Added 19.3%
2025Q4
Current —
17
MOHMOLINA HEALTHCARE INC
Healthcare·Healthcare Plans
2.05%
of portfolio
Number of shares
625,000 sh
Holdings current value
$108.46M
Avg closing price
$173.54
-14.2%
Last action
New holding
2025Q4
Current $148.97
18
AEROGRUPO AEROMEXICO SAB DE CVADR
Industrials·Airlines
2.02%
of portfolio
Number of shares
4,855,180 sh
Holdings current value
$106.62M
Avg closing price
$21.96
-25.8%
Last action
New holding
2025Q4
Current $16.29
19
GDSGDS HLDGS LTDADR
Technology·Information Technology Services
2.01%
of portfolio
Number of shares
3,044,818 sh
Holdings current value
$106.26M
Avg closing price
$7.67
+482.4%
Last action
Trimmed 6.3%
2025Q4
Current $44.70
20
COLDAMERICOLD RLTY TRREIT
Real Estate·REIT - Industrial
0.85%
of portfolio
Number of shares
3,475,685 sh
Holdings current value
$44.70M
Avg closing price
$12.24
+4.6%
Last action
Trimmed 3.5%
2025Q4
Current $12.80
21
G61188101LIBERTY GLOBAL LTD
0.44%
of portfolio
Number of shares
2,080,456 sh
Holdings current value
$23.18M
Avg closing price
$17.77
Last action
Trimmed 59.0%
2025Q4
Current —
22
TBNTAMBORAN RES CORP
0.13%
of portfolio
Number of shares
257,226 sh
Holdings current value
$7.00M
Avg closing price
$20.32
+76.0%
Last action
Trimmed 54.9%
2025Q4
Current $35.76

Portfolio heatmap

Box size = % of portfolio · color = return since filing
QSR
10.44% · +14.8%
AMZN
9.28% · +8.6%
WILLIS TOWERS WATSON PLC LTD
8.45%
ELV
8.43% · -7.8%
UNP
7.13% · +8.6%
WCC
6.58% · +30.4%
GOOG
6.46% · +8.2%
FIS
5.67% · -27.0%
DG
5.19% · -4.6%
FERG
4.80% · +17.0%
EXP
4.64% · -2.6%
LIBERTY GLOBAL LTD
4.37%
GPC
3.46% · -7.5%
FISV
2.80% · -4.8%
CRH PLC
2.54%
HERBALIFE NUTRITION LTD
2.26%
MOH
2.05% · -14.2%
AERO
2.02% · -25.8%
GDS
2.01% · +28.1%
COLD
0.85% · -0.5%
LIBERTY GLOBAL LTD
0.44%
TBN
0.13% · +31.3%

Sector exposure

Share of dollar value across the latest reported portfolio. Unclassified positions excluded.
(21.0% unclassified, excluded from %)