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 |
FISV
Fiserv Inc
FISV
|
+$162M |
| 2 |
Elevance Health
ELV
|
+$149M |
| 3 |
CRH
CRH
|
+$103M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$91.9M |
| 5 |
Dollar General
DG
|
+$55.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Solventum
SOLV
|
+$80.1M |
| 2 |
Willis Towers Watson
WTW
|
+$65.6M |
| 3 |
Eagle Materials
EXP
|
+$50.3M |
| 4 |
Clarivate
CLVT
|
+$42.4M |
| 5 |
SGI
Somnigroup International
SGI
|
+$42.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 20.49% |
| 2 | Technology | 17.44% |
| 3 | Industrials | 15.87% |
| 4 | Materials | 11.81% |
| 5 | Financials | 9.75% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Alphabet (Google) Class C
GOOG
$4.18T
| $467M | 11.31% |
2,633,988
+556,000
| +27% | +$91.9M |
|
|
WCC
2
WESCO International
WCC
$17B
| $409M | 9.9% |
2,207,601
+202,000
| +10% | +$33.3M |
|
|
3
Willis Towers Watson
WTW
$31.8B
| $403M | 9.75% |
1,314,184
-211,483
| -14% | -$65.6M |
|
|
4
CRH
CRH
$63.2B
| $351M | 8.5% |
3,825,395
+1,131,000
| +42% | +$103M |
|
5
Fidelity National Information Services
FIS
$21.3B
| $309M | 7.47% |
3,789,711
+296,764
| +8% | +$23.1M |
|
|
6
Dollar General
DG
$27.2B
| $305M | 7.39% |
2,666,876
+562,000
| +27% | +$55.8M |
|
7
Restaurant Brands International
QSR
$28.2B
| $268M | 6.5% |
4,049,562
+163,000
| +4% | +$10.9M |
|
8
Liberty Global Class C
LBTYK
$3.55B
| $254M | 6.16% |
24,657,803
| – | – |
|
9
Ferguson
FERG
$46.9B
| $246M | 5.97% |
1,132,000
| – | – |
|
|
10
Elevance Health
ELV
$86.9B
| $240M | 5.8% |
616,000
+370,000
| +150% | +$149M |
|
|
FISV
11
Fiserv Inc
FISV
$28B
| $154M | 3.74% |
+895,000
| New | +$162M |
|
|
12
Eagle Materials
EXP
$6.35B
| $137M | 3.31% |
676,257
-233,376
| -26% | -$50.3M |
|
13
Viasat
VSAT
$10.3B
| $134M | 3.25% |
9,190,728
-1,000,000
| -10% | -$10.1M |
|
14
GDS Holdings
GDS
$6.58B
| $99.4M | 2.41% |
3,249,952
-1,000,000
| -24% | -$25.4M |
|
|
LBRDK
15
DELISTED
Liberty Broadband Class C
LBRDK
| $73.4M | 1.78% |
745,610
+575,000
| +337% | +$51.5M |
|
16
Herbalife
HLF
$1.33B
| $66.9M | 1.62% |
7,759,844
+159,318
| +2% | +$1.18M |
|
17
Icon
ICLR
$13.3B
| $58.9M | 1.43% |
405,000
| – | – |
|
18
Liberty Global Class A
LBTYA
$3.63B
| $50.8M | 1.23% |
5,076,762
| – | – |
|
19
Amcor
AMCR
$22.5B
| $50.5M | 1.22% |
+1,100,000
| New | +$50.7M |
|
20
PagSeguro Digital
PAGS
$2.38B
| $24.1M | 0.58% |
+2,500,000
| New | +$22.5M |
|
|
TBN
21
Tamboran Resources
TBN
$1.32B
| $12.2M | 0.29% |
570,833
| – | – |
|
|
LBRDA
22
DELISTED
Liberty Broadband Class A
LBRDA
| $740K | 0.02% |
7,560
| – | – |
|
|
23
Clarivate
CLVT
$1.33B
| – | – |
-10,777,863
| Closed | -$42.4M |
|
|
24
Solventum
SOLV
$15.2B
| – | – |
-1,053,240
| Closed | -$80.1M |
|
|
SGI
25
Somnigroup International
SGI
$13.6B
| – | – |
-703,349
| Closed | -$42.1M |
|
Similar funds
Seth Klarman's Q2 2025 Portfolio in Review
As of Q2 2025, Seth Klarman held 26 positions worth $4.13B, up 18% from $3.5B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Seth Klarman deployed $425M of net new capital in Q2 2025, opening 3 new positions and adding to 9 existing holdings. Its largest new stake was Fiserv Inc: 895,000 shares worth $154M.
By sector, the portfolio is most concentrated in Communication Services at 20% of assets, up from 20% a quarter earlier, followed by Technology and Industrials.
On the sell side, the largest reduction was Willis Towers Watson, an estimated $65.6M trimmed.
- Seth Klarman's largest Q2 2025 buy was Fiserv Inc: 895,000 shares worth $154M.
- Seth Klarman added most to Elevance Health in Q2 2025, an estimated $149M increase.
- Seth Klarman's biggest Q2 2025 reduction was Willis Towers Watson, cutting an estimated $65.6M.
- Seth Klarman fully exited Solventum in Q2 2025, selling an estimated $80.1M.
- Seth Klarman's ten largest holdings make up 79% of its $4.13B portfolio in Q2 2025.
- Seth Klarman opened 3 new positions and closed 3 in Q2 2025.
- Seth Klarman's portfolio value rose 18% quarter-over-quarter to $4.13B.
Based on Baupost Group's 13F filing for Q2 2025, filed 13 Aug 2025.