What Seth Klarman bought and sold in Q3 2025

In Q3 2025, Seth Klarman (Baupost Group) opened 4 new positions — including UNP (7.4%), GPC (4.0%), COLD (0.9%), added to 3, trimmed 2, exited 4 (VSAT, LBRDK, ICLR). The book stood at $4.79B across 22 positions, filed Nov 13, 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.