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 |
Fidelity National Information Services
FIS
|
+$263M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$119M |
| 3 |
WCC
WESCO International
WCC
|
+$102M |
| 4 |
Elevance Health
ELV
|
+$98.8M |
| 5 |
Icon
ICLR
|
+$78.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Liberty Global Class C
LBTYK
|
+$178M |
| 2 |
Clarivate
CLVT
|
+$121M |
| 3 |
Willis Towers Watson
WTW
|
+$101M |
| 4 |
SNRE
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
|
+$101M |
| 5 |
Humana
HUM
|
+$87.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 19.83% |
| 2 | Technology | 14.79% |
| 3 | Financials | 14.75% |
| 4 | Industrials | 14.1% |
| 5 | Materials | 12.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Willis Towers Watson
WTW
$31.8B
| $516M | 14.75% |
1,525,667
-311,081
| -17% | -$101M |
|
|
2
Alphabet (Google) Class C
GOOG
$4.18T
| $325M | 9.29% |
2,077,988
+652,000
| +46% | +$119M |
|
|
WCC
3
WESCO International
WCC
$17B
| $311M | 8.91% |
2,005,601
+569,930
| +40% | +$102M |
|
|
4
Liberty Global Class C
LBTYK
$3.55B
| $295M | 8.44% |
24,657,803
-14,796,040
| -38% | -$178M |
|
|
5
Fidelity National Information Services
FIS
$21.3B
| $261M | 7.46% |
+3,492,947
| New | +$263M |
|
6
Restaurant Brands International
QSR
$28.2B
| $259M | 7.41% |
3,886,562
+984,862
| +34% | +$63.5M |
|
7
CRH
CRH
$63.2B
| $237M | 6.78% |
2,694,395
+52,993
| +2% | +$5.21M |
|
8
Eagle Materials
EXP
$6.35B
| $202M | 5.77% |
909,633
+271,410
| +43% | +$64.4M |
|
9
Dollar General
DG
$27.2B
| $185M | 5.29% |
2,104,876
+44,076
| +2% | +$3.34M |
|
10
Ferguson
FERG
$46.9B
| $181M | 5.19% |
1,132,000
| – | – |
|
11
GDS Holdings
GDS
$6.58B
| $108M | 3.08% |
4,249,952
| – | – |
|
|
12
Elevance Health
ELV
$86.9B
| $107M | 3.06% |
+246,000
| New | +$98.8M |
|
13
Viasat
VSAT
$10.3B
| $106M | 3.04% |
10,190,728
-2,031,862
| -17% | -$19.6M |
|
14
Solventum
SOLV
$15.2B
| $80.1M | 2.29% |
1,053,240
-393,060
| -27% | -$29.3M |
|
|
15
Icon
ICLR
$13.3B
| $70.9M | 2.03% |
+405,000
| New | +$78.5M |
|
16
Herbalife
HLF
$1.33B
| $65.6M | 1.88% |
7,600,526
| – | – |
|
17
Liberty Global Class A
LBTYA
$3.63B
| $58.4M | 1.67% |
5,076,762
-124,682
| -2% | -$1.45M |
|
|
18
Clarivate
CLVT
$1.33B
| $42.4M | 1.21% |
10,777,863
-25,501,342
| -70% | -$121M |
|
|
SGI
19
Somnigroup International
SGI
$13.6B
| $42.1M | 1.2% |
+703,349
| New | +$42.6M |
|
|
LBRDK
20
DELISTED
Liberty Broadband Class C
LBRDK
| $14.5M | 0.42% |
170,610
| – | – |
|
|
TBN
21
Tamboran Resources
TBN
$1.32B
| $13.7M | 0.39% |
570,833
| – | – |
|
|
LBRDA
22
DELISTED
Liberty Broadband Class A
LBRDA
| $643K | 0.02% |
7,560
| – | – |
|
23
Genuine Parts
GPC
$18.5B
| – | – |
-315,337
| Closed | -$36.8M |
|
|
24
Humana
HUM
$45.5B
| – | – |
-346,000
| Closed | -$87.8M |
|
|
SNRE
25
DELISTED
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
| – | – |
-2,335,263
| Closed | -$101M |
|
Similar funds
Seth Klarman's Q1 2025 Portfolio in Review
As of Q1 2025, Seth Klarman held 26 positions worth $3.5B, up 1.8% from $3.43B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Seth Klarman deployed $151M of net new capital in Q1 2025, opening 4 new positions and adding to 6 existing holdings. Its largest new stake was Fidelity National Information Services: 3,492,947 shares worth $261M.
By sector, the portfolio is most concentrated in Communication Services at 20% of assets, down from 28% a quarter earlier, followed by Technology and Financials.
On the sell side, the largest reduction was Liberty Global Class C, an estimated $178M trimmed.
- Seth Klarman's largest Q1 2025 buy was Fidelity National Information Services: 3,492,947 shares worth $261M.
- Seth Klarman added most to Alphabet (Google) Class C in Q1 2025, an estimated $119M increase.
- Seth Klarman's biggest Q1 2025 reduction was Liberty Global Class C, cutting an estimated $178M.
- Seth Klarman fully exited Sunrise Communications AG American Depositary Shares representing Class A shares in Q1 2025, selling an estimated $101M.
- Seth Klarman's ten largest holdings make up 79% of its $3.5B portfolio in Q1 2025.
- Seth Klarman opened 4 new positions and closed 3 in Q1 2025.
- Seth Klarman's portfolio value rose 1.8% quarter-over-quarter to $3.5B.
Based on Baupost Group's 13F filing for Q1 2025, filed 14 May 2025.