Baupost Group 13F, Q3 2025
Seth Klarman · quarter ending 30 September 2025 · filed 13 November 2025 · SEC CIK 1061768
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| RESTAURANT BRANDS INTL INC | QSR | $529.34M | 11.1% | +104% shares |
| ALPHABET INC | GOOG | $452.55M | 9.4% | -30% shares |
| ELEVANCE HEALTH INC FORMERLY | ELV | $426.19M | 8.9% | +114% shares |
| CRH PLC | $405.67M | 8.5% | -12% shares | |
| WILLIS TOWERS WATSON PLC LTD | $376.22M | 7.8% | -17% shares | |
| UNION PAC CORP | UNP | $353.66M | 7.4% | new |
| WESCO INTL INC | WCC | $317.92M | 6.6% | -32% shares |
| DOLLAR GEN CORP NEW | DG | $275.62M | 5.8% | unchanged |
| FERGUSON ENTERPRISES INC | FERG | $259.50M | 5.4% | +2% shares |
| LIBERTY GLOBAL LTD | $254.48M | 5.3% | -12% shares | |
| FIDELITY NATL INFORMATION SV | FIS | $249.89M | 5.2% | unchanged |
| EAGLE MATLS INC | EXP | $218.98M | 4.6% | +39% shares |
| GENUINE PARTS CO | GPC | $193.35M | 4.0% | new |
| GDS HLDGS LTD | GDS | $125.77M | 2.6% | unchanged |
| FISERV INC | FISV | $115.39M | 2.4% | unchanged |
| HERBALIFE LTD | $65.49M | 1.4% | unchanged | |
| LIBERTY GLOBAL LTD | $58.18M | 1.2% | unchanged | |
| AMERICOLD REALTY TRUST INC | COLD | $44.06M | 0.9% | new |
| PAGSEGURO DIGITAL LTD | $25.00M | 0.5% | unchanged | |
| HERBALIFE LTD | HLF 4.25 06/15/28 | $15.83M | 0.3% | unchanged |
| TAMBORAN RES CORP | TBN | $15.63M | 0.3% | unchanged |
| CABLE ONE INC | CABO 1.125 03/15/28 | $12.07M | 0.3% | new |
What changed since Q2 2025
Against the Q2 2025 filing, Baupost Group opened 4 new positions, added to 4, trimmed 5, left 9 unchanged and exited 5. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001061768-25-000007, filed by BAUPOST GROUP LLC/MA. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.