Great investors · Seth Klarman · Q4 2024
What Seth Klarman bought and sold in Q4 2024
Baupost Group 13F portfolio as of Dec 31, 2024: 21 positions worth $3.4 bn. Largest: WTW, LBTYK, GOOG, WCC. Filed with the SEC on Feb 13, 2025.
The 13F is filed by Baupost Group, not by Seth Klarman personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q4 2024
- NewFerguson EnterprisesFERG+5.6 pp
- IncreasedRestaurant Brands InternationalQSR+5.3 pp
- NewHumanaHUM+2.5 pp
- NewGenuine PartsGPC+1.1 pp
- IncreasedEagle MaterialsEXP+1.0 pp
- IncreasedWESCO InternationalWCC+0.9 pp
Sells in Q4 2024
- Sold outFidelity National Information ServicesFIS−2.3 pp
- Sold outJacobs SolutionsJ−1.3 pp
- Sold outFortrea HoldingsFTRE−1.3 pp
- ReducedLiberty GlobalLBTYK−1.8 pp
- ReducedSolventumSOLV−0.7 pp
- ReducedDollar GeneralDG−0.5 pp
13 companies with material moves, out of 17 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Baupost Group's Q4 2024 13F lists 21 lines of US-listed securities worth $3.4 bn; the largest is WTW at 16.8% of the portfolio. It was accepted by the SEC on Feb 13, 2025 at 4:34 PM ET.
Against the previous quarter, it opened 3 positions (FERG, HUM and GPC), closed 3 (FIS, J and FTRE), added to 5 (QSR, EXP, WCC and HLF and 1 more) and trimmed 6 (LBTYK, SOLV, LBTYA and DG and 2 more). 6 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Willis Towers Watson WTW | 1.8 M | $575M | 16.8% | +3.1% |
| 2 | Liberty Global LBTYK | 39.5 M | $518M | 15.2% | −6.8% |
| 3 | Alphabet GOOG | 1.4 M | $272M | 7.94% | −2.7% |
| 4 | WESCO International WCC | 1.4 M | $260M | 7.59% | +14% |
| 5 | CRH public CRH | 2.6 M | $244M | 7.14% | no change |
| 6 | Ferguson Enterprises FERG | 1.1 M | $196M | 5.74% | new |
| 7 | Restaurant Brands International QSR | 2.9 M | $189M | 5.53% | ×103 |
| 8 | Clarivate CLVT | 36.3 M | $184M | 5.39% | −6.8% |
| 9 | Eagle Materials EXP | 638,223 | $157M | 4.60% | +28% |
| 10 | Dollar General DG | 2.1 M | $156M | 4.57% | −11% |
| 11 | Viasat VSAT | 12.2 M | $104M | 3.04% | no change |
| 12 | GDS Holdings GDS | 4.2 M | $101M | 2.95% | no change |
| 13 | Sunrise Communications SNNRF | 2.3 M | $101M | 2.94% | from a spin-off |
| 14 | Solventum SOLV | 1.4 M | $95.5M | 2.79% | −21% |
| 15 | Humana HUM | 346,000 | $87.8M | 2.57% | new |
| 16 | Liberty Global LBTYA | 5.2 M | $66.4M | 1.94% | −28% |
| 17 | Herbalife HLF | 7.6 M | $50.8M | 1.49% | +48% |
| 18 | Genuine Parts GPC | 315,337 | $36.8M | 1.08% | new |
| 19 | Liberty Broadband LBRDK | 170,610 | $12.8M | 0.37% | no change |
| 20 | Tamboran Resources TBN | 570,833 | $12.0M | 0.35% | no change |
| 21 | Liberty Broadband | 7,560 | $562K | 0.02% | no change |
Positions it closed (3)
- Fidelity National Information Services FISwas 2.32% · 971,460 shares
- Jacobs Solutions Jwas 1.31% · 350,681 shares
- Fortrea Holdings FTREwas 1.31% · 2.3 M shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Baupost Group's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.