What Seth Klarman bought and sold in Q4 2025

In Q4 2025, Seth Klarman (Baupost Group) opened 3 new positions — including AMZN (9.3%), MOH (2.1%), AERO (2.0%), added to 3, trimmed 4, exited 2 (HLF 4.25 06/15/28, CABO 1.125 03/15/28). The book stood at $5.28B across 22 positions, filed Feb 13, 2026.

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.