Data as of Q4 2025 (Dec 31, 2025)

BAUPOST GROUP LLC/MA

Seth Klarman•CIK: 1061768•Filing: Q4 2025

BAUPOST GROUP LLC/MA, managed by Seth Klarman, holds $5.3 billion in assets with a concentrated portfolio of 22 positions, emphasizing value investing and a cautious approach. Recent moves include adding Amazon and ProShares Ultra S&P500, while significantly cutting positions in Bio-Rad and BioLineRx, reflecting Klarman's focus on high-conviction, undervalued opportunities amid market volatility.

Total AUM
$5.3B
QoQ Performance
+10.8%
Positions
21
Top 10 Concentration
72.4%
Latest Filing
Q4 2025

Top Holdings Allocation

QSR
AMZN
WTW
ELV
UNP
WCC
GOOG
FIS
QSR10.4%
AMZN9.3%
WTW8.5%
ELV8.4%
UNP7.1%
WCC6.6%
GOOG6.5%
FIS5.7%

📈 Biggest Buys

AMZN
AMAZON COM INC
NEW
9.3% of portfolio
MOH
MOLINA HEALTHCARE INC
NEW
2.1% of portfolio
AERO
GRUPO AEROMEXICO SAB DE CV
NEW
2.0% of portfolio
WTW
WILLIS TOWERS WATSON PLC LTD
+24.7%
8.5% of portfolio
FISV
FISERV INC
+145.8%
2.8% of portfolio

📉 Biggest Sells

CRH
CRH PLC
-68.3%
2.5% of portfolio
GOOG
ALPHABET INC
-41.5%
6.5% of portfolio
DG
DOLLAR GEN CORP NEW
-22.7%
5.2% of portfolio
—
LIBERTY GLOBAL LTD
-59.0%
0.4% of portfolio
WCC
WESCO INTL INC
-5.6%
6.6% of portfolio

Sector Breakdown

Other64.1%
Consumer19.7%
Industrial7.1%
Technology6.5%
Materials2.5%

🚪 Exited Positionssold since Q3 2025

PAGS
PAGSEGURO DIGITAL LTD
SOLD
$25.0M

Changes from Q3 2025

NEW3 new positions
↑7 increased
↓12 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

QSR10.4%
RESTAURANT BRANDS INTL INC
$551.3M
AMZN9.3%
AMAZON COM INC
$489.7M
WTW8.5%
WILLIS TOWERS WATSON PLC LTD
$446.1M
ELV8.4%
ELEVANCE HEALTH INC FORMERLY
$445.0M
UNP7.1%
UNION PAC CORP
$376.4M

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