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
≡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
≡EXP – EAGLE MATLS INCReduce 25.00%−292,485−1.33
≡LBTYA – LIBERTY GLOBAL LTDReduce 36.00%−7,487,534−1.30
≡LBTYA – LIBERTY GLOBAL LTDSell−2,080,456−0.44
≡TBN – TAMBORAN RES CORPSell−257,226−0.13
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
≡WCC – WESCO INTL INCReduce 32.00%−704,421−3.26
≡VSAT – VIASAT INCSell−9,190,728−3.25
≡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
≡AMCCD – AMCOR PLCSell−5,500,000−1.22
≡LBTYA – LIBERTY GLOBAL LTDReduce 12.00%−3,000,000−0.84
≡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
≡EXP – EAGLE MATLS INCReduce 26.00%−233,376−2.46
≡SOLV – SOLVENTUM CORPSell−1,053,240−2.29
≡CLVT – CLARIVATE PLCSell−10,777,863−1.21
≡SGI – SOMNIGROUP INTERNATIONAL INCSell−703,349−1.20
≡GDS – GDS HLDGS LTDReduce 24.00%−1,000,000−0.67
≡VSAT – VIASAT INCReduce 10.00%−1,000,0000.21
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
≡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
≡J – JACOBS SOLUTIONS INCSell−350,681−1.31
≡FTRE – FORTREA HLDGS INCSell−2,293,167−1.30
≡DG – DOLLAR GEN CORP NEWReduce 11.00%−243,000−0.99
≡SOLV – SOLVENTUM CORPReduce 21.00%−373,700−0.83
Q3 2024filed Nov 13, 246 new4 added5 reduced9 exited
≡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
≡TEAD – OUTBRAIN INCSell−118,000,000−2.84
≡WSC – WILLSCOT MOBIL MINI HLDNG COSell−2,470,000−2.56
≡CRH – CRH PLCReduce 38.00%−1,590,000−1.77
≡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
≡FWONA – LIBERTY MEDIA CORP DELSell−600,194−0.37
Q2 2024filed Aug 13, 245 new9 added6 reduced3 exited
≡GOOG – ALPHABET INCReduce 64.00%−1,888,064−6.94
≡FIS – FIDELITY NATL INFORMATION SVReduce 37.00%−2,069,715−4.06
≡FWONA – LIBERTY MEDIA CORP DELReduce 76.00%−3,292,432−2.90
≡VSAT – VIASAT INCReduce 8.00%−1,271,474−2.64
≡FWONA – LIBERTY MEDIA CORP DELReduce 78.00%−2,077,462−1.81
≡WBD – WARNER BROS DISCOVERY INCSell−3,713,930−0.89
≡TBPH – THERAVANCE BIOPHARMA INCReduce 36.00%−2,394,105−0.64
≡OPTU – ALTICE USA INCSell−4,774,615−0.34
≡SOUN – SOUNDHOUND AI INCSell−1,130,636−0.15
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
≡VSAT – VIASAT INCReduce 7.00%−1,144,001−2.41
≡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
≡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
≡TBPH – THERAVANCE BIOPHARMA INCReduce 11.00%−825,100−0.20
≡J – JACOBS SOLUTIONS INCReduce 30.00%−221,0000.07
≡FNCH – FINCH THERAPEUTICS GROUP INCSell−67,296−0.01