Baupost Group 13F, Q4 2025
Seth Klarman · quarter ending 31 December 2025 · filed 13 February 2026 · SEC CIK 1061768
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| RESTAURANT BRANDS INTL INC | QSR | $551.33M | 10.4% | -2% shares |
| AMAZON COM INC | AMZN | $489.66M | 9.3% | new |
| WILLIS TOWERS WATSON PLC LTD | $446.11M | 8.4% | +25% shares | |
| ELEVANCE HEALTH INC FORMERLY | ELV | $444.95M | 8.4% | -4% shares |
| UNION PAC CORP | UNP | $376.42M | 7.1% | +9% shares |
| WESCO INTL INC | WCC | $347.10M | 6.6% | -6% shares |
| ALPHABET INC | GOOG | $341.16M | 6.5% | -42% shares |
| FIDELITY NATL INFORMATION SV | FIS | $299.32M | 5.7% | +19% shares |
| DOLLAR GEN CORP NEW | DG | $273.88M | 5.2% | -23% shares |
| FERGUSON ENTERPRISES INC | FERG | $253.14M | 4.8% | unchanged |
| EAGLE MATLS INC | EXP | $244.97M | 4.6% | +26% shares |
| LIBERTY GLOBAL LTD | $230.57M | 4.4% | -4% shares | |
| GENUINE PARTS CO | GPC | $182.73M | 3.5% | +7% shares |
| FISERV INC | FISV | $147.77M | 2.8% | +146% shares |
| CRH PLC | $133.91M | 2.5% | -68% shares | |
| HERBALIFE LTD | $119.36M | 2.3% | +19% shares | |
| MOLINA HEALTHCARE INC | MOH | $108.46M | 2.0% | new |
| GRUPO AEROMEXICO SAB DE CV | AERO | $106.62M | 2.0% | new |
| GDS HLDGS LTD | GDS | $106.26M | 2.0% | -6% shares |
| AMERICOLD REALTY TRUST INC | COLD | $44.70M | 0.8% | -4% shares |
| LIBERTY GLOBAL LTD | $23.18M | 0.4% | -59% shares | |
| TAMBORAN RES CORP | TBN | $7.00M | 0.1% | -55% shares |
What changed since Q3 2025
Against the Q3 2025 filing, Baupost Group opened 3 new positions, added to 7, trimmed 11, left 1 unchanged and exited 3. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Exited
- PAGSEGURO DIGITAL LTDwas $25.00M
- HLF 4.25 06/15/28was $15.83M
- CABO 1.125 03/15/28was $12.07M
Added to
Other quarters
Source: SEC Form 13F-HR, accession 0001061768-26-000005, 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.