What Seth Klarman bought and sold in Q1 2025

In Q1 2025, Seth Klarman (Baupost Group) opened 4 new positions — including FIS (7.5%), ELV (3.1%), ICLR (2.0%), added to 4, trimmed 2, exited 3 (SNREN, HUM, GPC). The book stood at $3.50B across 23 positions, filed May 14, 2025.

Changes vs the prior quarter's 13F, long US equity positions only (no shorts, options, or non-US listings). ADD/TRIM are share- count changes of ±20% or more. Sourced from SEC EDGAR. Not investment advice.