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← Seth Klarman

Seth Klarman's 2025Q3 portfolio

Seth Klarman (Baupost Group) held 13 positions as of Sep 30, 2025, with the largest position at 11.0% of the portfolio.

Showing positions still held at the most recent quarter so their historical weights can be reconstructed. Positions that were held in 2025Q3but have since been exited aren't included in this table — for a full point-in-time reconstruction, use the SEC EDGAR filing directly.

Holdings as of Sep 30, 2025 (13)

  1. 1QSRRestaurant Brands Intern
    % port
    11.0%
    +4.5pp vs prior Qnow 11.7%
  2. 2GOOGAlphabet Inc-cl C
    % port
    9.4%
    -1.9pp vs prior Qnow 6.6%
  3. 3ELVElevance Health Inc
    % port
    8.9%
    +3.1pp vs prior Qnow 7.3%
  4. 4WTWWillis Towers Watson Plc Ltd
    % port
    7.9%
    -1.9pp vs prior Qnow 5.1%
  5. 5UNPUnion Pacific Corp
    % port
    7.4%
  6. 6WCCWesco International Inc
    % port
    6.6%
    -3.3pp vs prior Qnow 7.7%
  7. 7FERGFerguson Enterprises Inc
    % port
    5.4%
    -0.6pp vs prior Qnow 6.6%
  8. 8LBTYALiberty Global Ltd
    % port
    5.3%
    -0.8pp vs prior Qnow 3.1%
  9. 9EXPEagle Materials Inc
    % port
    4.6%
    +1.3pp vs prior Qnow 3.3%
  10. 10GPCGenuine Parts CO
    % port
    4.0%
    now 3.1%
  11. 11GDSGds Holdings Ltd - Adr
    % port
    2.6%
    +0.2pp vs prior Qnow 2.4%
  12. 12HLFHerbalife Ltd
    % port
    1.4%
    -0.3pp vs prior Qnow 2.7%
  13. 13COLDAmericold Realty Trust Inc
    % port
    0.9%
    now 1.7%

13F-HR filings disclose long US-equity positions only. 13Fs don't cover shorts, bonds, derivatives, or non-US listings, so the picture here is the public part of the portfolio — not the whole.

Not investment advice.