Great investors · Seth Klarman · Q1 2025
What Seth Klarman bought and sold in Q1 2025
Baupost Group 13F portfolio as of Mar 31, 2025: 22 positions worth $3.5 bn. Largest: WTW, GOOG, WCC, LBTYK. Filed with the SEC on May 14, 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 Q1 2025
- NewFidelity National Information ServicesFIS+7.5 pp
- NewElevance HealthELV+3.1 pp
- IncreasedAlphabetGOOG+2.9 pp
- IncreasedWESCO InternationalWCC+2.5 pp
- NewIconICLR+2.0 pp
- IncreasedRestaurant Brands InternationalQSR+1.9 pp
- IncreasedEagle MaterialsEXP+1.7 pp
- NewSomnigroup InternationalSGI+1.2 pp
Sells in Q1 2025
- ReducedLiberty GlobalLBTYK−5.1 pp
- ReducedWillis Towers WatsonWTW−3.0 pp
- Sold outSunrise CommunicationsSNNRF−2.9 pp
- ReducedClarivateCLVT−2.9 pp
- Sold outHumanaHUM−2.5 pp
- Sold outGenuine PartsGPC−1.1 pp
- ReducedSolventumSOLV−0.9 pp
- ReducedViasatVSAT−0.6 pp
16 companies with material moves, out of 19 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 Q1 2025 13F lists 22 lines of US-listed securities worth $3.5 bn; the largest is WTW at 14.8% of the portfolio. It was accepted by the SEC on May 14, 2025 at 4:30 PM ET.
Against the previous quarter, it opened 4 positions (FIS, ELV, ICLR and SGI), closed 3 (SNNRF, HUM and GPC), added to 6 (GOOG, WCC, QSR and EXP and 2 more) and trimmed 6 (LBTYK, WTW, CLVT and SOLV and 2 more). 6 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Willis Towers Watson WTW | 1.5 M | $516M | 14.8% | −17% |
| 2 | Alphabet GOOG | 2.1 M | $325M | 9.33% | +46% |
| 3 | WESCO International WCC | 2.0 M | $311M | 8.95% | +40% |
| 4 | Liberty Global LBTYK | 24.7 M | $295M | 8.48% | −38% |
| 5 | Fidelity National Information Services FIS | 3.5 M | $261M | 7.49% | new |
| 6 | Restaurant Brands International QSR | 3.9 M | $259M | 7.44% | +34% |
| 7 | CRH public CRH | 2.7 M | $237M | 6.81% | +2% |
| 8 | Eagle Materials EXP | 909,633 | $202M | 5.80% | +43% |
| 9 | Dollar General DG | 2.1 M | $185M | 5.32% | +2.1% |
| 10 | Ferguson Enterprises FERG | 1.1 M | $181M | 5.21% | no change |
| 11 | GDS Holdings GDS | 4.2 M | $108M | 3.09% | no change |
| 12 | Elevance Health ELV | 246,000 | $107M | 3.07% | new |
| 13 | Viasat VSAT | 10.2 M | $106M | 3.05% | −17% |
| 14 | Solventum SOLV | 1.1 M | $80.1M | 2.30% | −27% |
| 15 | Icon ICLR | 405,000 | $70.9M | 2.04% | new |
| 16 | Herbalife HLF | 7.6 M | $65.6M | 1.88% | no change |
| 17 | Liberty Global LBTYA | 5.1 M | $58.4M | 1.68% | −2.4% |
| 18 | Clarivate CLVT | 10.8 M | $42.4M | 1.22% | −70% |
| 19 | Somnigroup International SGI | 703,349 | $42.1M | 1.21% | new |
| 20 | Liberty Broadband LBRDK | 170,610 | $14.5M | 0.42% | no change |
| 21 | Tamboran Resources TBN | 570,833 | $13.7M | 0.39% | no change |
| 22 | Liberty Broadband | 7,560 | $643K | 0.02% | no change |
Positions it closed (3)
- Sunrise Communications SNNRFwas 2.94% · 2.3 M shares
- Humana HUMwas 2.57% · 346,000 shares
- Genuine Parts GPCwas 1.08% · 315,337 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.