Seth Klarman recent buys & sells (2025 Q3)
Baupost Group
Baupost Group Portfolio Changes
Purchase & sale details
- Portfolio value:
- $4.79B (+$661M)
- Previous value:
- $4.13B
- # of changes:
- 17
- New positions:
- 3
- Reported for:
- 30 Sep 2025 (Q3)
- Latest filing date:
- 13 Nov 2025
Baupost Group has disclosed a total of 17 changes to the portfolio in the (2025 Q3) SEC report(s): increased the number of shares of 4, bought 3 totally new, decreased the number of shares of 5 and completely sold out 5 position(s).
What stocks did Seth Klarman buy in 2025 Q3?
During 2025 Q3 Seth Klarman has bought 7 securities out of which top 5 purchases (by % change to portfolio) were (QSR) Restaurant Brands International Inc (added shares +103.80%), (ELV) Elevance Health Inc (added shares +114.12%), (UNP) Union Pacific Corp (new buy), (FERG) Ferguson Plc (added shares +2.08%) and (EXP) Eagle Materials Inc (added shares +38.95%).
In the 2025 Q3 report(s) the following changes have been made to the top investments: (QSR) Restaurant Brands International Inc (added shares +103.80%), (GOOG) Alphabet Inc, CL-C (reduced shares -29.46%), (ELV) Elevance Health Inc (added shares +114.12%), (CRH) CRH PLC (reduced shares -11.55%) and (WTW) Willis Towers Watson PLC (reduced shares -17.13%).
17 results
| History | Ticker | Name |
% or activity |
Shares change |
Shares held after* |
% change to portfolio |
Reported price* |
% difference current price* |
% of portfolio |
Held since* | Held for* |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
Americold Realty Trust
|
new
|
+3,600,000
|
3,600,000
|
+0.92%
|
$12.24
|
+11.97%($13.70)
|
0.92%
|
2025 Q3
|
~0.25 years
|
|
|
|
Genuine Parts Co
|
new
|
+1,395,000
|
1,395,000
|
+4.04%
|
$138.60
|
-5.29%($131.26)
|
4.04%
|
2025 Q3
|
~0.25 years
|
|
|
|
Union Pacific Corp
|
new
|
+1,496,204
|
1,496,204
|
+7.38%
|
$236.37
|
+19.82%($283.23)
|
7.38%
|
2025 Q3
|
~0.25 years
|
|
|
|
Elevance Health Inc
|
+114.12%
|
+703,000
|
1,319,000
|
+4.74%
|
$323.12
|
+31.59%($425.19)
|
8.90%
|
2025 Q1
|
~0.75 years
|
|
|
|
Restaurant Brands International Inc
|
+103.80%
|
+4,203,300
|
8,252,862
|
+5.63%
|
$64.14
|
+12.30%($72.03)
|
11.05%
|
2024 Q3
|
~1.25 years
|
|
|
|
Eagle Materials Inc
|
+38.95%
|
+263,403
|
939,660
|
+1.28%
|
$233.04
|
-30.84%($161.16)
|
4.57%
|
2024 Q1
|
~1.75 years
|
|
|
|
Ferguson Plc
|
+2.08%
|
+23,500
|
1,155,500
|
+0.11%
|
$224.58
|
-2.25%($219.53)
|
5.42%
|
2024 Q4
|
~1.00 year
|
|
|
|
CRH PLC
|
-11.55%
|
-442,000
|
3,383,395
|
-1.28%
|
$119.90
|
-34.15%($78.95)
|
8.47%
|
2023 Q3
|
~2.25 years
|
|
|
|
Liberty Global PLC, CL-C
|
-12.17%
|
-3,000,000
|
21,657,803
|
-0.85%
|
$11.75
|
-30.94%($8.12)
|
5.31%
|
2018 Q3
|
~7.25 years
|
|
|
|
Willis Towers Watson PLC
|
-17.13%
|
-225,119
|
1,089,065
|
-1.88%
|
$345.45
|
-13.50%($298.81)
|
7.85%
|
2021 Q1
|
~4.75 years
|
|
* Shares, change to shares, sold shares, shares held after: split-adjusted.
* Reported price: this doesn't represent the actual buy or sell price. It is the split-adjusted price of the security as of the last day of the reported period.
* Current price: this can be a delayed price and may not reflect the real-time market value, however it is too close.
* Value or Price: If the security is completely sold out, we show the reported value (or price) prior to the actual period.
* Held since / Held for: calculated since the latest "new buy" position. If the security was previously exited and re-entered, only the most recent holding period is counted. 2013 Q2 is the earliest period we have data for, so "2013 Q2*" means "2013 Q2 or earlier".