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 |
Amazon
AMZN
|
+$485M |
| 2 |
FISV
Fiserv Inc
FISV
|
+$109M |
| 3 |
Molina Healthcare
MOH
|
+$103M |
| 4 |
AERO
Grupo Aeromexico SAB de CV
AERO
|
+$93M |
| 5 |
Willis Towers Watson
WTW
|
+$87.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CRH
CRH
|
+$275M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$221M |
| 3 |
Dollar General
DG
|
+$67.4M |
| 4 |
Liberty Global Class A
LBTYA
|
+$33.2M |
| 5 |
PagSeguro Digital
PAGS
|
+$25M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 23.18% |
| 2 | Industrials | 20.52% |
| 3 | Communication Services | 11.27% |
| 4 | Healthcare | 10.48% |
| 5 | Technology | 10.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Restaurant Brands International
QSR
$28.2B
| $551M | 10.44% |
8,080,112
-172,750
| -2% | -$11.9M |
|
|
2
Amazon
AMZN
$2.79T
| $490M | 9.28% |
+2,121,391
| New | +$485M |
|
|
3
Willis Towers Watson
WTW
$31.8B
| $446M | 8.45% |
1,357,601
+268,536
| +25% | +$87.9M |
|
4
Elevance Health
ELV
$86.9B
| $445M | 8.43% |
1,269,302
-49,698
| -4% | -$16.8M |
|
5
Union Pacific
UNP
$183B
| $376M | 7.13% |
1,627,254
+131,050
| +9% | +$29.9M |
|
|
WCC
6
WESCO International
WCC
$17B
| $347M | 6.58% |
1,418,831
-84,349
| -6% | -$20.7M |
|
|
7
Alphabet (Google) Class C
GOOG
$4.18T
| $341M | 6.46% |
1,087,181
-770,957
| -41% | -$221M |
|
8
Fidelity National Information Services
FIS
$21.3B
| $299M | 5.67% |
4,503,801
+714,090
| +19% | +$47.1M |
|
|
9
Dollar General
DG
$27.2B
| $274M | 5.19% |
2,062,821
-604,055
| -23% | -$67.4M |
|
10
Ferguson
FERG
$46.9B
| $253M | 4.8% |
1,137,035
-18,465
| -2% | -$4.41M |
|
11
Eagle Materials
EXP
$6.35B
| $245M | 4.64% |
1,185,248
+245,588
| +26% | +$54.2M |
|
12
Liberty Global Class C
LBTYK
$3.55B
| $231M | 4.37% |
20,884,781
-773,022
| -4% | -$8.6M |
|
13
Genuine Parts
GPC
$18.5B
| $183M | 3.46% |
1,486,088
+91,088
| +7% | +$11.8M |
|
|
FISV
14
Fiserv Inc
FISV
$28B
| $148M | 2.8% |
2,200,000
+1,305,000
| +146% | +$109M |
|
|
15
CRH
CRH
$63.2B
| $134M | 2.54% |
1,072,957
-2,310,438
| -68% | -$275M |
|
16
Herbalife
HLF
$1.33B
| $119M | 2.26% |
9,259,844
+1,500,000
| +19% | +$15.9M |
|
|
17
Molina Healthcare
MOH
$10.5B
| $108M | 2.05% |
+625,000
| New | +$103M |
|
|
AERO
18
Grupo Aeromexico SAB de CV
AERO
$2B
| $107M | 2.02% |
+4,855,180
| New | +$93M |
|
19
GDS Holdings
GDS
$6.58B
| $106M | 2.01% |
3,044,818
-205,134
| -6% | -$7.09M |
|
20
Americold
COLD
$4.35B
| $44.7M | 0.85% |
3,475,685
-124,315
| -3% | -$1.52M |
|
|
21
Liberty Global Class A
LBTYA
$3.63B
| $23.2M | 0.44% |
2,080,456
-2,996,306
| -59% | -$33.2M |
|
|
TBN
22
Tamboran Resources
TBN
$1.32B
| $7M | 0.13% |
257,226
-313,607
| -55% | -$7.97M |
|
|
23
PagSeguro Digital
PAGS
$2.38B
| – | – |
-2,500,000
| Closed | -$25M |
|
Similar funds
Seth Klarman's Q4 2025 Portfolio in Review
As of Q4 2025, Seth Klarman held 23 positions worth $5.28B, up 10% from $4.79B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Seth Klarman deployed $336M of net new capital in Q4 2025, opening 3 new positions and adding to 7 existing holdings. Its largest new stake was Amazon: 2,121,391 shares worth $490M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 23% of assets, up from 15% a quarter earlier, followed by Industrials and Communication Services.
On the sell side, the largest reduction was CRH, an estimated $275M trimmed.
- Seth Klarman's largest Q4 2025 buy was Amazon: 2,121,391 shares worth $490M.
- Seth Klarman added most to Fiserv Inc in Q4 2025, an estimated $109M increase.
- Seth Klarman's biggest Q4 2025 reduction was CRH, cutting an estimated $275M.
- Seth Klarman fully exited PagSeguro Digital in Q4 2025, selling an estimated $25M.
- Seth Klarman's ten largest holdings make up 72% of its $5.28B portfolio in Q4 2025.
- Seth Klarman opened 3 new positions and closed 1 in Q4 2025.
- Seth Klarman's portfolio value rose 10% quarter-over-quarter to $5.28B.
Based on Baupost Group's 13F filing for Q4 2025, filed 13 Feb 2026.