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← Seth Klarman

Seth Klarman's 2025Q4 portfolio

Seth Klarman (Baupost Group) held 16 positions as of Dec 31, 2025, with the largest position at 10.4% of the portfolio.

Showing positions still held at the most recent quarter so their historical weights can be reconstructed. Positions that were held in 2025Q4but 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 Dec 31, 2025 (16)

  1. 1QSRRestaurant Brands Intern
    % port
    10.4%
    -0.6pp vs prior Qnow 11.7%
  2. 2AMZNAmazon.com Inc
    % port
    9.3%
    now 12.7%
  3. 3WTWWillis Towers Watson Plc Ltd
    % port
    8.5%
    +0.6pp vs prior Qnow 5.1%
  4. 4ELVElevance Health Inc
    % port
    8.4%
    -0.5pp vs prior Qnow 7.3%
  5. 5UNPUnion Pacific Corp
    % port
    7.1%
    -0.3pp vs prior Qnow 7.3%
  6. 6WCCWesco International Inc
    % port
    6.6%
    now 7.7%
  7. 7GOOGAlphabet Inc-cl C
    % port
    6.5%
    -3.0pp vs prior Qnow 6.6%
  8. 8FERGFerguson Enterprises Inc
    % port
    4.8%
    -0.6pp vs prior Qnow 6.6%
  9. 9EXPEagle Materials Inc
    % port
    4.6%
    now 3.3%
  10. 10LBTYALiberty Global Ltd
    % port
    4.4%
    -0.9pp vs prior Qnow 3.1%
  11. 11GPCGenuine Parts CO
    % port
    3.5%
    -0.6pp vs prior Qnow 3.1%
  12. 12HLFHerbalife Ltd
    % port
    2.3%
    +0.9pp vs prior Qnow 2.7%
  13. 13MOHMolina Healthcare Inc
    % port
    2.1%
    now 1.7%
  14. 14AEROGrupo Aeromexico Sab DE CV
    % port
    2.0%
    now 1.3%
  15. 15GDSGds Holdings Ltd - Adr
    % port
    2.0%
    -0.6pp vs prior Qnow 2.4%
  16. 16COLDAmericold Realty Trust Inc
    % port
    0.8%
    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.