Great investors · Seth Klarman · Q2 2025
What Seth Klarman bought and sold in Q2 2025
Baupost Group 13F portfolio as of Jun 30, 2025: 22 positions worth $4.1 bn. Largest: GOOG, WCC, WTW, CRH. Filed with the SEC on Aug 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 Q2 2025
- NewFiservFISV+3.8 pp
- IncreasedElevance HealthELV+3.5 pp
- IncreasedCRH publicCRH+2.5 pp
- IncreasedAlphabetGOOG+2.4 pp
- IncreasedDollar GeneralDG+1.6 pp
- IncreasedLiberty BroadbandLBRDK+1.4 pp
- NewAmcorAMCR+1.2 pp
- IncreasedWESCO InternationalWCC+0.9 pp
- IncreasedFidelity National Information ServicesFIS+0.6 pp
- NewPagseguro DigitalPAGS+0.6 pp
Sells in Q2 2025
- Sold outSolventumSOLV−1.9 pp
- ReducedWillis Towers WatsonWTW−1.6 pp
- ReducedEagle MaterialsEXP−1.1 pp
- Sold outClarivateCLVT−1.0 pp
- Sold outSomnigroup InternationalSGI−1.0 pp
- ReducedGDS HoldingsGDS−0.7 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 Q2 2025 13F lists 22 lines of US-listed securities worth $4.1 bn; the largest is GOOG at 11.4% of the portfolio. It was accepted by the SEC on Aug 13, 2025 at 4:15 PM ET.
Against the previous quarter, it opened 3 positions (FISV, AMCR and PAGS), closed 3 (SOLV, CLVT and SGI), added to 9 (ELV, LBRDK, CRH and GOOG and 5 more) and trimmed 4 (WTW, EXP, GDS and VSAT). 6 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Alphabet GOOG | 2.6 M | $467M | 11.4% | +27% |
| 2 | WESCO International WCC | 2.2 M | $409M | 9.94% | +10% |
| 3 | Willis Towers Watson WTW | 1.3 M | $403M | 9.79% | −14% |
| 4 | CRH public CRH | 3.8 M | $351M | 8.54% | +42% |
| 5 | Fidelity National Information Services FIS | 3.8 M | $309M | 7.50% | +8.5% |
| 6 | Dollar General DG | 2.7 M | $305M | 7.41% | +27% |
| 7 | Restaurant Brands International QSR | 4.0 M | $268M | 6.52% | +4.2% |
| 8 | Liberty Global LBTYK | 24.7 M | $254M | 6.18% | no change |
| 9 | Ferguson Enterprises FERG | 1.1 M | $246M | 5.99% | no change |
| 10 | Elevance Health ELV | 616,000 | $240M | 5.82% | +150% |
| 11 | Fiserv FISV | 895,000 | $154M | 3.75% | new |
| 12 | Eagle Materials EXP | 676,257 | $137M | 3.32% | −26% |
| 13 | Viasat VSAT | 9.2 M | $134M | 3.26% | −9.8% |
| 14 | GDS Holdings GDS | 3.2 M | $99.4M | 2.41% | −24% |
| 15 | Liberty Broadband LBRDK | 745,610 | $73.4M | 1.78% | +337% |
| 16 | Herbalife HLF | 7.8 M | $66.9M | 1.63% | +2.1% |
| 17 | Icon ICLR | 405,000 | $58.9M | 1.43% | no change |
| 18 | Liberty Global LBTYA | 5.1 M | $50.8M | 1.24% | no change |
| 19 | Amcor AMCR | 5.5 M | $50.5M | 1.23% | new |
| 20 | Pagseguro Digital PAGS | 2.5 M | $24.1M | 0.59% | new |
| 21 | Tamboran Resources TBN | 570,833 | $12.2M | 0.30% | no change |
| 22 | Liberty Broadband | 7,560 | $740K | 0.02% | no change |
Positions it closed (3)
- Solventum SOLVwas 2.30% · 1.1 M shares
- Clarivate CLVTwas 1.22% · 10.8 M shares
- Somnigroup International SGIwas 1.21% · 703,349 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) ↗
Follow Seth Klarman and see their Q3 2026 13F once it is filed
Free. We email you (if you turn it on) and in Following you see what each manager you follow bought and sold.
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.