Seth Klarman – Baupost Group LLC

Period:
Q1 2026
Portfolio date:
Mar 31, 2026
No. of stocks:
22
Portfolio value:
$5,115,380,000
Filed:
May 14, 2026
Style:
Deep Value
HistStockActivityShare change% change to portfolio
Q1 2026filed May 14, 266 new4 added3 reduced6 exited
≡FIS – FIDELITY NATL INFORMATION SVSell−4,503,801−5.67
≡DG – DOLLAR GEN CORP NEWSell−2,062,821−5.19
≡AON – AON PLCBuy769,0004.85
≡V – VISA INCBuy701,3554.14
≡TFX – TELEFLEX INCORPORATEDBuy1,595,0003.73
≡AMZN – AMAZON COM INCAdd 47.00%997,3633.42
≡WTW – WILLIS TOWERS WATSON PLC LTDReduce 34.00%−464,475−3.38
≡FISV – FISERV INCSell−2,200,000−2.80
≡CRH – CRH PLCSell−1,072,957−2.54
≡FERG – FERGUSON ENTERPRISES INCAdd 27.00%305,3761.78
≡EXP – EAGLE MATLS INCReduce 25.00%−292,485−1.33
≡NCLH – NORWEGIAN CRUISE LINE HLDGSBuy3,630,0001.33
≡LBTYA – LIBERTY GLOBAL LTDReduce 36.00%−7,487,534−1.30
≡PCVX – VAXCYTE INCBuy800,0000.91
≡COLD – AMERICOLD REALTY TRUST INCAdd 124.00%4,305,1150.90
≡DNOW – DNOW INCBuy3,625,0000.84
≡LBTYA – LIBERTY GLOBAL LTDSell−2,080,456−0.44
≡GOOG – ALPHABET INCAdd 9.00%93,9500.16
≡TBN – TAMBORAN RES CORPSell−257,226−0.13
Q4 2025filed Feb 13, 2622 new
≡QSR – RESTAURANT BRANDS INTL INCBuy8,080,11210.44
≡AMZN – AMAZON COM INCBuy2,121,3919.28
≡WTW – WILLIS TOWERS WATSON PLC LTDBuy1,357,6018.45
≡ELV – ELEVANCE HEALTH INC FORMERLYBuy1,269,3028.43
≡UNP – UNION PAC CORPBuy1,627,2547.13
≡WCC – WESCO INTL INCBuy1,418,8316.58
≡GOOG – ALPHABET INCBuy1,087,1816.46
≡FIS – FIDELITY NATL INFORMATION SVBuy4,503,8015.67
≡DG – DOLLAR GEN CORP NEWBuy2,062,8215.19
≡FERG – FERGUSON ENTERPRISES INCBuy1,137,0354.80
≡EXP – EAGLE MATLS INCBuy1,185,2484.64
≡LBTYA – LIBERTY GLOBAL LTDBuy20,884,7814.37
≡GPC – GENUINE PARTS COBuy1,486,0883.46
≡FISV – FISERV INCBuy2,200,0002.80
≡CRH – CRH PLCBuy1,072,9572.54
≡HLF – HERBALIFE LTDBuy9,259,8442.26
≡MOH – MOLINA HEALTHCARE INCBuy625,0002.05
≡AERO – GRUPO AEROMEXICO SAB DE CVBuy4,855,1802.02
≡GDS – GDS HLDGS LTDBuy3,044,8182.01
≡COLD – AMERICOLD REALTY TRUST INCBuy3,475,6850.85
≡LBTYA – LIBERTY GLOBAL LTDBuy2,080,4560.44
≡TBN – TAMBORAN RES CORPBuy257,2260.13
Q3 2025filed Nov 13, 2522 exited
≡QSR – RESTAURANT BRANDS INTL INCSell−8,252,862−11.05
≡GOOG – ALPHABET INCSell−1,858,138−9.45
≡ELV – ELEVANCE HEALTH INC FORMERLYSell−1,319,000−8.90
≡CRH – CRH PLCSell−3,383,395−8.47
≡WTW – WILLIS TOWERS WATSON PLC LTDSell−1,089,065−7.85
≡UNP – UNION PAC CORPSell−1,496,204−7.38
≡WCC – WESCO INTL INCSell−1,503,180−6.64
≡DG – DOLLAR GEN CORP NEWSell−2,666,876−5.75
≡FERG – FERGUSON ENTERPRISES INCSell−1,155,500−5.42
≡LBTYA – LIBERTY GLOBAL LTDSell−21,657,803−5.31
≡FIS – FIDELITY NATL INFORMATION SVSell−3,789,711−5.22
≡EXP – EAGLE MATLS INCSell−939,660−4.57
≡GPC – GENUINE PARTS COSell−1,395,000−4.04
≡GDS – GDS HLDGS LTDSell−3,249,952−2.63
≡FISV – FISERV INCSell−895,000−2.41
≡HLF – HERBALIFE LTDSell−7,759,844−1.37
≡LBTYA – LIBERTY GLOBAL LTDSell−5,076,762−1.21
≡COLD – AMERICOLD REALTY TRUST INCSell−3,600,000−0.92
≡PAGS – PAGSEGURO DIGITAL LTDSell−2,500,000−0.52
≡HLF – HERBALIFE LTDSell−17,129,000−0.33
≡TBN – TAMBORAN RES CORPSell−570,833−0.33
≡CABO – CABLE ONE INCSell−14,100,000−0.25
Q3 2025filed Nov 13, 254 new3 added5 reduced5 exited
≡UNP – UNION PAC CORPBuy1,496,2047.38
≡QSR – RESTAURANT BRANDS INTL INCAdd 104.00%4,203,3004.55
≡GPC – GENUINE PARTS COBuy1,395,0004.04
≡WCC – WESCO INTL INCReduce 32.00%−704,421−3.26
≡VSAT – VIASAT INCSell−9,190,728−3.25
≡ELV – ELEVANCE HEALTH INC FORMERLYAdd 114.00%703,0003.09
≡WTW – WILLIS TOWERS WATSON PLC LTDReduce 17.00%−225,119−1.90
≡GOOG – ALPHABET INCReduce 29.00%−775,850−1.87
≡LBRDP – LIBERTY BROADBAND CORPSell−745,610−1.78
≡ICLR – ICON PLCSell−405,000−1.43
≡EXP – EAGLE MATLS INCAdd 39.00%263,4031.26
≡AMCCD – AMCOR PLCSell−5,500,000−1.22
≡COLD – AMERICOLD REALTY TRUST INCBuy3,600,0000.92
≡LBTYA – LIBERTY GLOBAL LTDReduce 12.00%−3,000,000−0.84
≡CABO – CABLE ONE INCBuy14,100,0000.25
≡CRH – CRH PLCReduce 12.00%−442,000−0.04
≡LBRDP – LIBERTY BROADBAND CORPSell−7,560−0.02
Q2 2025filed Aug 13, 253 new7 added4 reduced3 exited
≡WTW – WILLIS TOWERS WATSON PLC LTDReduce 14.00%−211,483−5.00
≡FISV – FISERV INCBuy895,0003.74
≡ELV – ELEVANCE HEALTH INCAdd 150.00%370,0002.74
≡EXP – EAGLE MATLS INCReduce 26.00%−233,376−2.46
≡SOLV – SOLVENTUM CORPSell−1,053,240−2.29
≡DG – DOLLAR GEN CORP NEWAdd 27.00%562,0002.09
≡GOOG – ALPHABET INCAdd 27.00%556,0002.03
≡CRH – CRH PLCAdd 42.00%1,131,0001.72
≡LBRDP – LIBERTY BROADBAND CORPAdd 337.00%575,0001.36
≡AMCCD – AMCOR PLCBuy5,500,0001.22
≡CLVT – CLARIVATE PLCSell−10,777,863−1.21
≡SGI – SOMNIGROUP INTERNATIONAL INCSell−703,349−1.20
≡WCC – WESCO INTL INCAdd 10.00%202,0000.99
≡GDS – GDS HLDGS LTDReduce 24.00%−1,000,000−0.67
≡PAGS – PAGSEGURO DIGITAL LTDBuy2,500,0000.58
≡VSAT – VIASAT INCReduce 10.00%−1,000,0000.21
≡FIS – FIDELITY NATL INFORMATION SVAdd 8.00%296,7640.01
Q1 2025filed May 14, 2523 new
≡WTW – WILLIS TOWERS WATSON PLC LTDBuy1,525,66714.75
≡GOOG – ALPHABET INCBuy2,077,9889.29
≡WCC – WESCO INTL INCBuy2,005,6018.91
≡LBTYA – LIBERTY GLOBAL LTDBuy24,657,8038.44
≡FIS – FIDELITY NATL INFORMATION SVBuy3,492,9477.46
≡QSR – RESTAURANT BRANDS INTL INCBuy3,886,5627.41
≡CRH – CRH PLCBuy2,694,3956.78
≡EXP – EAGLE MATLS INCBuy909,6335.77
≡DG – DOLLAR GEN CORP NEWBuy2,104,8765.29
≡FERG – FERGUSON ENTERPRISES INCBuy1,132,0005.19
≡GDS – GDS HLDGS LTDBuy4,249,9523.08
≡ELV – ELEVANCE HEALTH INCBuy246,0003.06
≡VSAT – VIASAT INCBuy10,190,7283.04
≡SOLV – SOLVENTUM CORPBuy1,053,2402.29
≡ICLR – ICON PLCBuy405,0002.03
≡HLF – HERBALIFE LTDBuy7,600,5261.88
≡LBTYA – LIBERTY GLOBAL LTDBuy5,076,7621.67
≡CLVT – CLARIVATE PLCBuy10,777,8631.21
≡SGI – SOMNIGROUP INTERNATIONAL INCBuy703,3491.20
≡HLF – HERBALIFE LTDBuy17,129,0000.42
≡LBRDP – LIBERTY BROADBAND CORPBuy170,6100.42
≡TBN – TAMBORAN RES CORPBuy570,8330.39
≡LBRDP – LIBERTY BROADBAND CORPBuy7,5600.02
Q4 2024filed Feb 13, 2522 exited
≡WTW – WILLIS TOWERS WATSON PLC LTDSell−1,836,748−16.75
≡LBTYA – LIBERTY GLOBAL LTDSell−39,453,843−15.09
≡GOOG – ALPHABET INCSell−1,425,988−7.91
≡WCC – WESCO INTL INCSell−1,435,671−7.56
≡CRH – CRH PLCSell−2,641,402−7.12
≡FERG – FERGUSON ENTERPRISES INCSell−1,132,000−5.72
≡QSR – RESTAURANT BRANDS INTL INCSell−2,901,700−5.51
≡CLVT – CLARIVATE PLCSell−36,279,205−5.37
≡EXP – EAGLE MATLS INCSell−638,223−4.59
≡DG – DOLLAR GEN CORP NEWSell−2,060,800−4.55
≡VSAT – VIASAT INCSell−12,222,590−3.03
≡GDS – GDS HLDGS LTDSell−4,249,952−2.94
≡SNNRF – SUNRISE COMMUNICATIONS AGSell−2,335,263−2.93
≡SOLV – SOLVENTUM CORPSell−1,446,300−2.78
≡HUM – HUMANA INCSell−346,000−2.56
≡LBTYA – LIBERTY GLOBAL LTDSell−5,201,444−1.93
≡HLF – HERBALIFE LTDSell−7,600,526−1.48
≡GPC – GENUINE PARTS COSell−315,337−1.07
≡HLF – HERBALIFE LTDSell−17,129,000−0.38
≡LBRDP – LIBERTY BROADBAND CORPSell−170,610−0.37
≡TBN – TAMBORAN RES CORPSell−570,833−0.35
≡LBRDP – LIBERTY BROADBAND CORPSell−7,560−0.02
Q4 2024filed Feb 13, 254 new4 added5 reduced3 exited
≡LBTYA – LIBERTY GLOBAL LTDReduce 7.00%−2,857,168−10.91
≡FERG – FERGUSON ENTERPRISES INCBuy1,132,0005.72
≡QSR – RESTAURANT BRANDS INTL INCAdd 10156.00%2,873,4065.45
≡SNNRF – SUNRISE COMMUNICATIONS AGBuy2,335,2632.93
≡HUM – HUMANA INCBuy346,0002.56
≡CLVT – CLARIVATE PLCReduce 7.00%−2,650,430−2.49
≡LBTYA – LIBERTY GLOBAL LTDReduce 28.00%−1,992,832−2.39
≡FIS – FIDELITY NATL INFORMATION SVSell−971,460−2.31
≡WCC – WESCO INTL INCAdd 14.00%177,6711.55
≡J – JACOBS SOLUTIONS INCSell−350,681−1.31
≡FTRE – FORTREA HLDGS INCSell−2,293,167−1.30
≡GPC – GENUINE PARTS COBuy315,3371.07
≡DG – DOLLAR GEN CORP NEWReduce 11.00%−243,000−0.99
≡SOLV – SOLVENTUM CORPReduce 21.00%−373,700−0.83
≡EXP – EAGLE MATLS INCAdd 28.00%137,9500.49
≡HLF – HERBALIFE LTDAdd 48.00%2,476,0000.43
Q3 2024filed Nov 13, 246 new4 added5 reduced9 exited
≡DG – DOLLAR GEN CORP NEWBuy2,303,8005.54
≡FIS – FIDELITY NATL INFORMATION SVReduce 72.00%−2,537,794−4.96
≡HUM – HUMANA INCSell−420,000−4.32
≡JAZZ – JAZZ PHARMACEUTICALS PLCSell−1,274,248−3.74
≡WTW – WILLIS TOWERS WATSON PLC LTDAdd 8.00%128,5583.00
≡TEAD – OUTBRAIN INCSell−118,000,000−2.84
≡WSC – WILLSCOT MOBIL MINI HLDNG COSell−2,470,000−2.56
≡WCC – WESCO INTL INCAdd 57.00%455,0002.51
≡EXP – EAGLE MATLS INCAdd 46.00%158,1712.05
≡CRH – CRH PLCReduce 38.00%−1,590,000−1.77
≡GOOG – ALPHABET INCAdd 37.00%396,0001.57
≡TBPH – THERAVANCE BIOPHARMA INCSell−4,200,021−0.98
≡CPRI – CAPRI HOLDINGS LIMITEDSell−1,000,000−0.91
≡FTRE – FORTREA HLDGS INCReduce 27.00%−847,193−0.71
≡VSAT – VIASAT INCReduce 11.00%−1,536,774−0.66
≡FWONA – LIBERTY MEDIA CORP DELSell−1,058,616−0.65
≡J – JACOBS SOLUTIONS INCReduce 29.00%−143,537−0.59
≡VRSN – VERISIGN INCSell−105,764−0.52
≡LBRDP – LIBERTY BROADBAND CORPBuy170,6100.37
≡FWONA – LIBERTY MEDIA CORP DELSell−600,194−0.37
≡HLF – HERBALIFE LTDBuy17,129,0000.36
≡TBN – TAMBORAN RES CORPBuy570,8330.33
≡QSR – RESTAURANT BRANDS INTL INCBuy28,2940.06
≡LBRDP – LIBERTY BROADBAND CORPBuy7,5600.02
Q2 2024filed Aug 13, 245 new9 added6 reduced3 exited
≡GOOG – ALPHABET INCReduce 64.00%−1,888,064−6.94
≡HUM – HUMANA INCBuy420,0004.32
≡FIS – FIDELITY NATL INFORMATION SVReduce 37.00%−2,069,715−4.06
≡FWONA – LIBERTY MEDIA CORP DELReduce 76.00%−3,292,432−2.90
≡SOLV – SOLVENTUM CORPBuy1,820,0002.65
≡VSAT – VIASAT INCReduce 8.00%−1,271,474−2.64
≡WSC – WILLSCOT MOBIL MINI HLDNG COBuy2,470,0002.56
≡WCC – WESCO INTL INCAdd 290.00%597,2762.54
≡CRH – CRH PLCAdd 56.00%1,517,0592.32
≡FWONA – LIBERTY MEDIA CORP DELReduce 78.00%−2,077,462−1.81
≡FTRE – FORTREA HLDGS INCAdd 934.00%2,836,5631.68
≡JAZZ – JAZZ PHARMACEUTICALS PLCAdd 53.00%440,5520.99
≡CPRI – CAPRI HOLDINGS LIMITEDBuy1,000,0000.91
≡WBD – WARNER BROS DISCOVERY INCSell−3,713,930−0.89
≡HLF – HERBALIFE LTDAdd 128.00%2,879,6030.85
≡TBPH – THERAVANCE BIOPHARMA INCReduce 36.00%−2,394,105−0.64
≡GDS – GDS HLDGS LTDAdd 63.00%1,649,9520.61
≡VRSN – VERISIGN INCBuy105,7640.52
≡OPTU – ALTICE USA INCSell−4,774,615−0.34
≡WTW – WILLIS TOWERS WATSON PLC LTDAdd 6.00%96,9810.20
≡SOUN – SOUNDHOUND AI INCSell−1,130,636−0.15
≡CLVT – CLARIVATE PLCAdd 27.00%8,331,233−0.13
≡EXP – EAGLE MATLS INCAdd 31.00%80,1020.10
Q1 2024filed May 14, 246 new2 added8 reduced7 exited
≡FWONA – LIBERTY MEDIA CORP DELReduce 71.00%−10,500,000−5.78
≡WBD – WARNER BROS DISCOVERY INCReduce 85.00%−21,521,164−5.38
≡FIS – FIDELITY NATL INFORMATION SVReduce 12.00%−781,7503.00
≡FWONA – LIBERTY MEDIA CORP DELReduce 67.00%−5,500,000−2.95
≡TEAD – OUTBRAIN INCBuy118,000,0002.81
≡VSAT – VIASAT INCReduce 7.00%−1,144,001−2.41
≡EXP – EAGLE MATLS INCBuy262,0001.95
≡TSEM – TOWER SEMICONDUCTOR LTDSell−2,710,852−1.80
≡FWONA – LIBERTY MEDIA CORP DELSell−1,899,547−1.51
≡SSNC – SS&C TECHNOLOGIES HLDGS INCSell−1,028,545−1.37
≡CRH – CRH PLCReduce 19.00%−636,0001.36
≡CLVT – CLARIVATE PLCAdd 20.00%5,098,4021.08
≡WCC – WESCO INTL INCBuy205,7240.97
≡GTN – GRAY TELEVISION INCSell−3,760,000−0.73
≡GTX – GARRETT MOTION INCSell−2,994,289−0.63
≡FWONA – LIBERTY MEDIA CORP DELSell−718,270−0.59
≡GDS – GDS HLDGS LTDBuy2,600,0000.47
≡FTRE – FORTREA HLDGS INCBuy303,7970.33
≡TBPH – THERAVANCE BIOPHARMA INCReduce 11.00%−825,100−0.20
≡SOUN – SOUNDHOUND AI INCBuy1,130,6360.15
≡J – JACOBS SOLUTIONS INCReduce 30.00%−221,0000.07
≡HLF – HERBALIFE LTDAdd 34.00%565,1240.06
≡FNCH – FINCH THERAPEUTICS GROUP INCSell−67,296−0.01