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 |
Union Pacific
UNP
|
+$337M |
| 2 |
Restaurant Brands International
QSR
|
+$277M |
| 3 |
Elevance Health
ELV
|
+$219M |
| 4 |
Genuine Parts
GPC
|
+$187M |
| 5 |
Eagle Materials
EXP
|
+$59.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$163M |
| 2 |
WCC
WESCO International
WCC
|
+$148M |
| 3 |
Viasat
VSAT
|
+$134M |
| 4 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$73.4M |
| 5 |
Willis Towers Watson
WTW
|
+$72.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 19.43% |
| 2 | Communication Services | 15.97% |
| 3 | Consumer Discretionary | 15.08% |
| 4 | Materials | 13.04% |
| 5 | Technology | 10.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Restaurant Brands International
QSR
$28.2B
| $529M | 11.05% |
8,252,862
+4,203,300
| +104% | +$277M |
|
|
2
Alphabet (Google) Class C
GOOG
$4.18T
| $453M | 9.45% |
1,858,138
-775,850
| -29% | -$163M |
|
|
3
Elevance Health
ELV
$86.9B
| $426M | 8.9% |
1,319,000
+703,000
| +114% | +$219M |
|
4
CRH
CRH
$63.2B
| $406M | 8.47% |
3,383,395
-442,000
| -12% | -$46.7M |
|
|
5
Willis Towers Watson
WTW
$31.8B
| $376M | 7.85% |
1,089,065
-225,119
| -17% | -$72.9M |
|
|
6
Union Pacific
UNP
$183B
| $354M | 7.38% |
+1,496,204
| New | +$337M |
|
|
WCC
7
WESCO International
WCC
$17B
| $318M | 6.64% |
1,503,180
-704,421
| -32% | -$148M |
|
8
Dollar General
DG
$27.2B
| $276M | 5.75% |
2,666,876
| – | – |
|
9
Ferguson
FERG
$46.9B
| $260M | 5.42% |
1,155,500
+23,500
| +2% | +$5.32M |
|
10
Liberty Global Class C
LBTYK
$3.55B
| $254M | 5.31% |
21,657,803
-3,000,000
| -12% | -$33.6M |
|
11
Fidelity National Information Services
FIS
$21.3B
| $250M | 5.22% |
3,789,711
| – | – |
|
|
12
Eagle Materials
EXP
$6.35B
| $219M | 4.57% |
939,660
+263,403
| +39% | +$59.7M |
|
|
13
Genuine Parts
GPC
$18.5B
| $193M | 4.04% |
+1,395,000
| New | +$187M |
|
14
GDS Holdings
GDS
$6.58B
| $126M | 2.63% |
3,249,952
| – | – |
|
|
FISV
15
Fiserv Inc
FISV
$28B
| $115M | 2.41% |
895,000
| – | – |
|
16
Herbalife
HLF
$1.33B
| $65.5M | 1.37% |
7,759,844
| – | – |
|
17
Liberty Global Class A
LBTYA
$3.63B
| $58.2M | 1.21% |
5,076,762
| – | – |
|
18
Americold
COLD
$4.35B
| $44.1M | 0.92% |
+3,600,000
| New | +$53.6M |
|
19
PagSeguro Digital
PAGS
$2.38B
| $25M | 0.52% |
2,500,000
| – | – |
|
|
TBN
20
Tamboran Resources
TBN
$1.32B
| $15.6M | 0.33% |
570,833
| – | – |
|
21
Amcor
AMCR
$22.5B
| – | – |
-1,100,000
| Closed | -$50.5M |
|
22
Icon
ICLR
$13.3B
| – | – |
-405,000
| Closed | -$58.9M |
|
|
LBRDA
23
DELISTED
Liberty Broadband Class A
LBRDA
| – | – |
-7,560
| Closed | -$740K |
|
|
LBRDK
24
DELISTED
Liberty Broadband Class C
LBRDK
| – | – |
-745,610
| Closed | -$73.4M |
|
|
25
Viasat
VSAT
$10.3B
| – | – |
-9,190,728
| Closed | -$134M |
|
Similar funds
Seth Klarman's Q3 2025 Portfolio in Review
As of Q3 2025, Seth Klarman held 27 positions worth $4.79B, up 16% from $4.13B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Seth Klarman deployed $341M of net new capital in Q3 2025, opening 3 new positions and adding to 4 existing holdings. Its largest new stake was Union Pacific: 1,496,204 shares worth $354M.
By sector, the portfolio is most concentrated in Industrials at 19% of assets, up from 16% a quarter earlier, followed by Communication Services and Consumer Discretionary.
On the sell side, the largest reduction was Alphabet (Google) Class C, an estimated $163M trimmed.
- Seth Klarman's largest Q3 2025 buy was Union Pacific: 1,496,204 shares worth $354M.
- Seth Klarman added most to Restaurant Brands International in Q3 2025, an estimated $277M increase.
- Seth Klarman's biggest Q3 2025 reduction was Alphabet (Google) Class C, cutting an estimated $163M.
- Seth Klarman fully exited Viasat in Q3 2025, selling an estimated $134M.
- Seth Klarman's ten largest holdings make up 76% of its $4.79B portfolio in Q3 2025.
- Seth Klarman opened 3 new positions and closed 5 in Q3 2025.
- Seth Klarman's portfolio value rose 16% quarter-over-quarter to $4.79B.
Based on Baupost Group's 13F filing for Q3 2025, filed 13 Nov 2025.