Great investors · Seth Klarman · Q4 2025
What Seth Klarman bought and sold in Q4 2025
Baupost Group 13F portfolio as of Dec 31, 2025: 22 positions worth $5.3 bn. Largest: QSR, AMZN, WTW, ELV. Filed with the SEC on Feb 13, 2026.
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 2025
- NewAmazon.comAMZN+9.3 pp
- NewMolina HealthcareMOH+2.1 pp
- IncreasedWillis Towers WatsonWTW+1.7 pp
- IncreasedFiservFISV+1.7 pp
- IncreasedEagle MaterialsEXP+1.0 pp
- IncreasedFidelity National Information ServicesFIS+0.9 pp
- IncreasedUnion PacificUNP+0.6 pp
Sells in Q4 2025
- ReducedCRH publicCRH−5.5 pp
- ReducedAlphabetGOOG−4.6 pp
- ReducedDollar GeneralDG−1.5 pp
- ReducedLiberty GlobalLBTYA−0.6 pp
11 companies with material moves, out of 22 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 2025 13F lists 22 lines of US-listed securities worth $5.3 bn; the largest is QSR at 10.4% of the portfolio. It was accepted by the SEC on Feb 13, 2026 at 4:16 PM ET.
Against the previous quarter, it opened 3 positions (AMZN, MOH and AERO), closed 1 (PAGS), added to 7 (FISV, WTW, EXP and FIS and 3 more) and trimmed 12 (GOOG, CRH, DG and WCC and 8 more).
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Restaurant Brands International QSR | 8.1 M | $551M | 10.4% | −2.1% |
| 2 | Amazon.com AMZN | 2.1 M | $490M | 9.28% | new |
| 3 | Willis Towers Watson WTW | 1.4 M | $446M | 8.45% | +25% |
| 4 | Elevance Health ELV | 1.3 M | $445M | 8.43% | −3.8% |
| 5 | Union Pacific UNP | 1.6 M | $376M | 7.13% | +8.8% |
| 6 | WESCO International WCC | 1.4 M | $347M | 6.58% | −5.6% |
| 7 | Alphabet GOOG | 1.1 M | $341M | 6.46% | −41% |
| 8 | Fidelity National Information Services FIS | 4.5 M | $299M | 5.67% | +19% |
| 9 | Dollar General DG | 2.1 M | $274M | 5.19% | −23% |
| 10 | Ferguson Enterprises FERG | 1.1 M | $253M | 4.80% | −1.6% |
| 11 | Eagle Materials EXP | 1.2 M | $245M | 4.64% | +26% |
| 12 | Liberty Global LBTYK | 20.9 M | $231M | 4.37% | −3.6% |
| 13 | Genuine Parts GPC | 1.5 M | $183M | 3.46% | +6.5% |
| 14 | Fiserv FISV | 2.2 M | $148M | 2.80% | +146% |
| 15 | CRH public CRH | 1.1 M | $134M | 2.54% | −68% |
| 16 | Herbalife HLF | 9.3 M | $119M | 2.26% | +19% |
| 17 | Molina Healthcare MOH | 625,000 | $108M | 2.05% | new |
| 18 | Grupo Aeromexico, S.A.B. de C.V. AERO | 4.9 M | $107M | 2.02% | new |
| 19 | GDS Holdings GDS | 3.0 M | $106M | 2.01% | −6.3% |
| 20 | Americold Realty Trust COLD | 3.5 M | $44.7M | 0.85% | −3.5% |
| 21 | Liberty Global LBTYA | 2.1 M | $23.2M | 0.44% | −59% |
| 22 | Tamboran Resources TBN | 257,226 | $7.0M | 0.13% | −55% |
Positions it closed (1)
- Pagseguro Digital PAGSwas 0.52% · 2.5 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) ↗
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.