WallStSmart

Seth Klarman - Baupost Group

Baupost Group

Latest 13F filing
Q4 2025
filed Feb 13, 2026
Portfolio value
$5.28M
Positions
22
Top 10 concentration
72.4%
QoQ change
+10.2%
+$487.79K
Activity vs. Q3 2025
3
New positions
7
Added to
0
Unchanged
12
Reduced
33
Exited

Portfolio composition — Q4 2025

  • QSRRESTAURANT BRANDS INTL INC10.4%
  • AMZNAMAZON COM INC9.3%
  • WTWWILLIS TOWERS WATSON PLC LTD8.5%
  • ELVELEVANCE HEALTH INC FORMERLY8.4%
  • UNPUNION PAC CORP7.1%
  • WCCWESCO INTL INC6.6%
  • GOOGALPHABET INC6.5%
  • FISFIDELITY NATL INFORMATION SV5.7%
  • DGDOLLAR GEN CORP NEW5.2%
  • FERGFERGUSON ENTERPRISES INC4.8%
  • Other12 more positions27.6%

Top buys

New & added positions, by size

  • AMZNNEW
    AMAZON COM INC
    $489.66K
    NEW
  • WTWADD
    WILLIS TOWERS WATSON PLC LTD
    $446.11K
    +24.7%
  • UNPADD
    UNION PAC CORP
    $376.42K
    +8.8%
  • FISADD
    FIDELITY NATL INFORMATION SV
    $299.32K
    +18.8%
  • EXPADD
    EAGLE MATLS INC
    $244.97K
    +26.1%

Top sells

Reduced & exited positions, biggest cuts first

  • LBRDKEXIT
    LIBERTY BROADBAND CORP
    -100.0%
    Exited
  • FTREEXIT
    FORTREA HLDGS INC
    -100.0%
    Exited
  • HUMEXIT
    HUMANA INC
    -100.0%
    Exited
  • 22941EUREXIT
    LIBERTY MEDIA CORP DEL
    -100.0%
    Exited
  • CLVTEXIT
    CLARIVATE PLC
    -100.0%
    Exited

Holdings as of Q4 2025

#TickerIssuerSharesValue% PortfolioReported priceActionΔ Shares
1QSRRESTAURANT BRANDS INTL INC8,080,112$551.33K10.44%$0.07REDUCE-2.1%
2AMZNAMAZON COM INC2,121,391$489.66K9.28%$0.23NEW—
3WTWWILLIS TOWERS WATSON PLC LTD1,357,601$446.11K8.45%$0.33ADD+24.7%
4ELVELEVANCE HEALTH INC FORMERLY1,269,302$444.95K8.43%$0.35REDUCE-3.8%
5UNPUNION PAC CORP1,627,254$376.42K7.13%$0.23ADD+8.8%
6WCCWESCO INTL INC1,418,831$347.10K6.58%$0.24REDUCE-5.6%
7GOOGALPHABET INC1,087,181$341.16K6.46%$0.31REDUCE-41.5%
8FISFIDELITY NATL INFORMATION SV4,503,801$299.32K5.67%$0.07ADD+18.8%
9DGDOLLAR GEN CORP NEW2,062,821$273.88K5.19%$0.13REDUCE-22.7%
10FERGFERGUSON ENTERPRISES INC1,137,035$253.14K4.80%$0.22REDUCE-1.6%
11EXPEAGLE MATLS INC1,185,248$244.97K4.64%$0.21ADD+26.1%
12LBTYKLIBERTY GLOBAL LTD20,884,781$230.57K4.37%$0.01REDUCE-3.6%
13GPCGENUINE PARTS CO1,486,088$182.73K3.46%$0.12ADD+6.5%
14FISVFISERV INC2,200,000$147.77K2.80%$0.07ADD+145.8%
15CRHCRH PLC1,072,957$133.91K2.54%$0.12REDUCE-68.3%
16HLFHERBALIFE LTD9,259,844$119.36K2.26%$0.01ADD+19.3%
17MOHMOLINA HEALTHCARE INC625,000$108.46K2.05%$0.17NEW—
18AEROGRUPO AEROMEXICO SAB DE CV4,855,180$106.62K2.02%$0.02NEW—
19GDSGDS HLDGS LTD3,044,818$106.26K2.01%$0.03REDUCE-6.3%
20COLDAMERICOLD REALTY TRUST INC3,475,685$44.70K0.85%$0.01REDUCE-3.5%
21LBTYALIBERTY GLOBAL LTD2,080,456$23.18K0.44%$0.01REDUCE-59.0%
22TBNTAMBORAN RES CORP257,226$7.00K0.13%$0.03REDUCE-54.9%

Positions exited in Q4 2025

TickerIssuerPrior shares
LBRDKLIBERTY BROADBAND CORP0
FTREFORTREA HLDGS INC0
HUMHUMANA INC0
22941EURLIBERTY MEDIA CORP DEL0
CLVTCLARIVATE PLC0
TBPHTHERAVANCE BIOPHARMA INC0
PAGSPAGSEGURO DIGITAL LTD2,500,000
AMCRAMCOR PLC0
ICLRICON PLC0
CPRICAPRI HOLDINGS LIMITED0
WBDWARNER BROS DISCOVERY INC0
TSEMTOWER SEMICONDUCTOR LTD0
OPTUALTICE USA INC0
LBRDALIBERTY BROADBAND CORP0
HLF 4.25 06/15/28HERBALIFE LTD17,129,000
LLYVA*LIBERTY MEDIA CORP DEL0
SGISOMNIGROUP INTERNATIONAL INC0
SOLVSOLVENTUM CORP0
VRSNVERISIGN INC0
OB 2.95 07/27/26OUTBRAIN INC0
SOUNSOUNDHOUND AI INC0
GTXGARRETT MOTION INC0
GTNGRAY TELEVISION INC0
CABO 1.125 03/15/28CABLE ONE INC14,100,000
SSNCSS&C TECHNOLOGIES HLDGS INC0
WSCWILLSCOT MOBIL MINI HLDNG CO0
JJACOBS SOLUTIONS INC0
LLYVK*LIBERTY MEDIA CORP DEL0
VSATVIASAT INC0
JAZZJAZZ PHARMACEUTICALS PLC0
FNCHQFINCH THERAPEUTICS GROUP INC0
LM0CLIBERTY MEDIA CORP DEL0
SNRENSUNRISE COMMUNICATIONS AG0

Source: SEC EDGAR 13F-HR filing Feb 13, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001061768.