Seth Klarman Baupost Group
Seth Klarman is the founder and CEO of the Baupost Group, one of the most respected value-oriented investment firms. He is the author of Margin of Safety and is known for patient, opportunistic capital allocation across equities, credit, and special situations. Klarman’s approach emphasizes downside protection, cash when opportunities are scarce, and independent thinking when markets become crowded.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ferguson
FERG
|
+$225M |
| 2 |
Restaurant Brands International
QSR
|
+$199M |
| 3 |
SNRE
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
|
+$107M |
| 4 |
Humana
HUM
|
+$92.8M |
| 5 |
Eagle Materials
EXP
|
+$39.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Fidelity National Information Services
FIS
|
+$81.4M |
| 2 |
Liberty Global Class C
LBTYK
|
+$49.3M |
| 3 |
Jacobs Solutions
J
|
+$45.9M |
| 4 |
Fortrea Holdings
FTRE
|
+$45.9M |
| 5 |
Liberty Global Class A
LBTYA
|
+$33.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 28.25% |
| 2 | Financials | 16.75% |
| 3 | Industrials | 13.29% |
| 4 | Materials | 11.7% |
| 5 | Technology | 11.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Willis Towers Watson
WTW
$31.8B
| $575M | 16.75% |
1,836,748
+55,542
| +3% | +$17M |
|
|
2
Liberty Global Class C
LBTYK
$3.55B
| $518M | 15.09% |
39,453,843
-2,857,168
| -7% | -$49.3M |
|
3
Alphabet (Google) Class C
GOOG
$4.18T
| $272M | 7.91% |
1,425,988
-39,600
| -3% | -$6.99M |
|
|
WCC
4
WESCO International
WCC
$17B
| $260M | 7.56% |
1,435,671
+177,671
| +14% | +$33.6M |
|
5
CRH
CRH
$63.2B
| $244M | 7.12% |
2,641,402
+4,800
| +0.2% | +$462K |
|
|
6
Ferguson
FERG
$46.9B
| $196M | 5.72% |
+1,132,000
| New | +$225M |
|
|
7
Restaurant Brands International
QSR
$28.2B
| $189M | 5.51% |
2,901,700
+2,873,406
| +10,156% | +$199M |
|
8
Clarivate
CLVT
$1.33B
| $184M | 5.37% |
36,279,205
-2,650,430
| -7% | -$15.3M |
|
|
9
Eagle Materials
EXP
$6.35B
| $157M | 4.59% |
638,223
+137,950
| +28% | +$39.8M |
|
10
Dollar General
DG
$27.2B
| $156M | 4.55% |
2,060,800
-243,000
| -11% | -$19.1M |
|
11
Viasat
VSAT
$10.3B
| $104M | 3.03% |
12,222,590
| – | – |
|
12
GDS Holdings
GDS
$6.58B
| $101M | 2.94% |
4,249,952
| – | – |
|
|
SNRE
13
DELISTED
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
| $101M | 2.93% |
+2,335,263
| New | +$107M |
|
14
Solventum
SOLV
$15.2B
| $95.5M | 2.78% |
1,446,300
-373,700
| -21% | -$26.2M |
|
|
15
Humana
HUM
$45.5B
| $87.8M | 2.56% |
+346,000
| New | +$92.8M |
|
|
16
Liberty Global Class A
LBTYA
$3.63B
| $66.4M | 1.93% |
5,201,444
-1,992,832
| -28% | -$33.2M |
|
17
Herbalife
HLF
$1.33B
| $50.8M | 1.48% |
7,600,526
+2,476,000
| +48% | +$18.4M |
|
18
Genuine Parts
GPC
$18.5B
| $36.8M | 1.07% |
+315,337
| New | +$39.3M |
|
|
LBRDK
19
DELISTED
Liberty Broadband Class C
LBRDK
| $12.8M | 0.37% |
170,610
| – | – |
|
|
TBN
20
Tamboran Resources
TBN
$1.32B
| $12M | 0.35% |
570,833
| – | – |
|
|
LBRDA
21
DELISTED
Liberty Broadband Class A
LBRDA
| $562K | 0.02% |
7,560
| – | – |
|
|
22
Fidelity National Information Services
FIS
$21.3B
| – | – |
-971,460
| Closed | -$81.4M |
|
|
23
Fortrea Holdings
FTRE
$1.75B
| – | – |
-2,293,167
| Closed | -$45.9M |
|
|
24
Jacobs Solutions
J
$17.6B
| – | – |
-354,188
| Closed | -$45.9M |
|
Similar funds
Seth Klarman's Q4 2024 Portfolio in Review
As of Q4 2024, Seth Klarman held 25 positions worth $3.43B, down 2.3% from $3.52B the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Seth Klarman deployed $437M of net new capital in Q4 2024, opening 4 new positions and adding to 6 existing holdings. Its largest new stake was Ferguson: 1,132,000 shares worth $196M.
By sector, the portfolio is most concentrated in Communication Services at 28% of assets, down from 38% a quarter earlier, followed by Financials and Industrials.
On the sell side, the largest reduction was Liberty Global Class C, an estimated $49.3M trimmed.
- Seth Klarman's largest Q4 2024 buy was Ferguson: 1,132,000 shares worth $196M.
- Seth Klarman added most to Restaurant Brands International in Q4 2024, an estimated $199M increase.
- Seth Klarman's biggest Q4 2024 reduction was Liberty Global Class C, cutting an estimated $49.3M.
- Seth Klarman fully exited Fidelity National Information Services in Q4 2024, selling an estimated $81.4M.
- Seth Klarman's ten largest holdings make up 80% of its $3.43B portfolio in Q4 2024.
- Seth Klarman opened 4 new positions and closed 3 in Q4 2024.
- Seth Klarman's portfolio value fell 2.3% quarter-over-quarter to $3.43B.
Based on Baupost Group's 13F filing for Q4 2024, filed 13 Feb 2025.