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.
4New3Added2Trimmed4Exited
New positions (4)
- UNPUnion Pacific Corp7.4% · $354M
- GPCGenuine Parts CO4.0% · $193M
- COLDAmericold Realty Trust Inc0.9% · $44M
- CABO 1.125 03/15/28Cable One Inc0.3% · $12M
Added to (3)
Trimmed (2)
Exited (4)
- VSATViasat Incwas 3.2% of book
- LBRDKLiberty Broadband-cwas 1.8% of book
- ICLRIcon Plcwas 1.4% of book
- LBRDALiberty Broadband-awas <0.1% of book
Seth Klarman's other filings
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.