Great investors · Seth Klarman · Q3 2025
What Seth Klarman bought and sold in Q3 2025
Baupost Group 13F portfolio as of Sep 30, 2025: 20 positions worth $4.8 bn. Largest: QSR, GOOG, ELV, CRH. Filed with the SEC on Nov 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 Q3 2025
- NewUnion PacificUNP+7.4 pp
- IncreasedRestaurant Brands InternationalQSR+5.7 pp
- IncreasedElevance HealthELV+4.8 pp
- NewGenuine PartsGPC+4.1 pp
- IncreasedEagle MaterialsEXP+1.3 pp
- NewAmericold Realty TrustCOLD+0.9 pp
Sells in Q3 2025
- ReducedAlphabetGOOG−4.0 pp
- ReducedWESCO InternationalWCC−3.1 pp
- Sold outViasatVSAT−2.8 pp
- ReducedWillis Towers WatsonWTW−1.6 pp
- Sold outLiberty BroadbandLBRDK−1.5 pp
- Sold outIconICLR−1.2 pp
- ReducedCRH publicCRH−1.1 pp
- Sold outAmcorAMCR−1.1 pp
- ReducedLiberty GlobalLBTYK−0.7 pp
15 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 Q3 2025 13F lists 20 lines of US-listed securities worth $4.8 bn; the largest is QSR at 11.1% of the portfolio. It was accepted by the SEC on Nov 13, 2025 at 4:56 PM ET.
Against the previous quarter, it opened 3 positions (UNP, GPC and COLD), closed 5 (VSAT, LBRDK, ICLR and AMCR and 1 more), added to 4 (QSR, ELV, EXP and FERG) and trimmed 5 (GOOG, WCC, WTW and CRH and 1 more). 8 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Restaurant Brands International QSR | 8.3 M | $529M | 11.1% | +104% |
| 2 | Alphabet GOOG | 1.9 M | $453M | 9.50% | −29% |
| 3 | Elevance Health ELV | 1.3 M | $426M | 8.95% | +114% |
| 4 | CRH public CRH | 3.4 M | $406M | 8.52% | −12% |
| 5 | Willis Towers Watson WTW | 1.1 M | $376M | 7.90% | −17% |
| 6 | Union Pacific UNP | 1.5 M | $354M | 7.43% | new |
| 7 | WESCO International WCC | 1.5 M | $318M | 6.68% | −32% |
| 8 | Dollar General DG | 2.7 M | $276M | 5.79% | no change |
| 9 | Ferguson Enterprises FERG | 1.2 M | $260M | 5.45% | +2.1% |
| 10 | Liberty Global LBTYK | 21.7 M | $254M | 5.34% | −12% |
| 11 | Fidelity National Information Services FIS | 3.8 M | $250M | 5.25% | no change |
| 12 | Eagle Materials EXP | 939,660 | $219M | 4.60% | +39% |
| 13 | Genuine Parts GPC | 1.4 M | $193M | 4.06% | new |
| 14 | GDS Holdings GDS | 3.2 M | $126M | 2.64% | no change |
| 15 | Fiserv FISV | 895,000 | $115M | 2.42% | no change |
| 16 | Herbalife HLF | 7.8 M | $65.5M | 1.38% | no change |
| 17 | Liberty Global LBTYA | 5.1 M | $58.2M | 1.22% | no change |
| 18 | Americold Realty Trust COLD | 3.6 M | $44.1M | 0.93% | new |
| 19 | Pagseguro Digital PAGS | 2.5 M | $25.0M | 0.52% | no change |
| 20 | Tamboran Resources TBN | 570,833 | $15.6M | 0.33% | no change |
Positions it closed (5)
- Viasat VSATwas 3.26% · 9.2 M shares
- Liberty Broadband LBRDKwas 1.78% · 745,610 shares
- Icon ICLRwas 1.43% · 405,000 shares
- Amcor AMCRwas 1.23% · 5.5 M shares
- Liberty Broadband was 0.02% · 7,560 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.