
	Seth Klarman 13F
	The Baupost Group

	Last update 2025-05-14	22 Stocks (4 new)
	Value $3.48 Bil	Turnover 23 %
	Countries: Top Holdings: WTW(14.81%)GOOG(9.33%)WCC(8.95%)LBTYK(8.48%)FIS(7.49%) SEC Filings Portfolio Report

Seth Klarman Profile

Seth Klarman is a value investor and Portfolio Manager of the investment partnership The Baupost Group, which he founded in 1983. The guru, who authored the $1,000 book "Margin of Safety," received an economics degree at Cornell University and an MBA at Harvard University.

Seth Klarman Investing Philosophy

Seth Klarman invests in a wide array of investments, ranging from fairly traditional value stocks to more esoteric investments like distressed debt, liquidations and foreign equities or bonds. Klarman doesn't mind "doing nothing" on occasion. He is completely unperturbed by the idea of sitting on the sidelines holding cash whenever investment opportunities are scarce. Investing, he cautions, is more than just producing absolute returns. Too often investors focus on that one easy number "return" and ignore the risks incurred to generate that number.

Seth Klarman's Portfolio

Seth Klarman Current Holdings

Ticker
Ticker
FIS
ELV
ICLR
SGI
GOOG
EXP
WCC
QSR
DG
CRH
FERG
GDS
HLF
LBRDK
TBN
LBRDA
LBTYA
VSAT
WTW
SOLV

Ticker	Company	Shares	Value ($1000)	Shares Change %	Weighting %	Trade Impact %	% of Shares outstanding	3M Change %	YTD Change %	Market Cap $Mil	Industry
Ticker	Company	Shares	Value ($1000)	Shares Change %	Weighting %	Trade Impact %	% of Shares outstanding	3M Change %	YTD Change %	Market Cap $Mil	Industry
FIS	Fidelity National Information Services Inc Fidelity National Information Services Inc	3,492,947	260,850.0	New Holding	7.490	+7.49%	0.660	+7.80%	+0.10%	42,031.6	Software
ELV	Elevance Health Inc	246,000	107,000.0	New Holding	3.070	+3.07%	0.110	-12.94%	+2.03%	84,314.3	Healthcare Plans
ICLR	Icon PLC	405,000	70,870.0	New Holding	2.040	+2.04%	0.510	-17.92%	-30.02%	11,664.2	Medical Diagnostics & Research
SGI	Somnigroup International Inc	703,349	42,120.0	New Holding	1.210	+1.21%	0.340	+17.14%	+18.13%	13,902.2	Furnishings, Fixtures & Appliances
GOOG	Alphabet Inc	2,077,988	324,640.0	+45.72%	9.330	+2.93%	0.020	+4.49%	-8.19%	2,110,723.2	Interactive Media
EXP	Eagle Materials Inc	909,633	201,880.0	+42.53%	5.800	+1.73%	2.730	-11.19%	-17.54%	6,623.7	Building Materials
WCC	WESCO International Inc	2,005,601	311,470.0	+39.70%	8.950	+2.54%	4.110	+12.87%	+3.40%	9,082.4	Industrial Distribution
QSR	Restaurant Brands International Inc	3,886,562	259,000.0	+33.94%	7.440	+1.89%	1.190	-2.46%	+2.46%	21,347.6	Restaurants
DG	Dollar General Corp	2,104,876	185,080.0	+2.14%	5.320	+0.11%	0.960	+33.83%	+50.68%	24,786.6	Retail - Defensive
CRH	CRH PLC	2,694,395	237,030.0	+2.01%	6.810	+0.13%	0.400	-5.46%	-2.97%	60,000.7	Building Materials
FERG	Ferguson Enterprises Inc	1,132,000	181,380.0	0%	5.210	0%	0.560	+33.33%	+26.87%	43,797.8	Industrial Distribution
GDS	GDS Holdings Ltd	4,249,952	107,650.0	0%	3.090	0%	2.190	+8.48%	+24.96%	5,685.9	Software
HLF	Herbalife Ltd	7,600,526	65,590.0	0%	1.880	0%	7.460	-0.24%	+24.66%	849.4	Consumer Packaged Goods
LBRDK	Liberty Broadband Corp	170,610	14,510.0	0%	0.420	0%	0.120	+5.36%	+24.92%	13,365.9	Telecommunication Services
TBN	Tamboran Resources Corp	570,833	13,690.0	0%	0.390	0%	3.930	-4.42%	+7.10%	326.8	Oil & Gas
LBRDA	Liberty Broadband Corp	7,560	640.0	0%	0.020	0%	0.010	+4.81%	+24.64%	13,365.9	Telecommunication Services
LBTYA	Liberty Global Ltd	5,076,762	58,430.0	-2.40%	1.680	-0.05%	1.470	-15.98%	-22.96%	3,435.3	Telecommunication Services
VSAT	Viasat Inc	10,190,728	106,190.0	-16.62%	3.050	-0.51%	7.890	+24.33%	+68.74%	1,871.4	Hardware
WTW	Willis Towers Watson PLC	1,525,667	515,600.0	-16.94%	14.810	-2.85%	1.540	-10.62%	-3.39%	29,924.4	Insurance
SOLV	Solventum Corp	1,053,240	80,090.0	-27.18%	2.300	-0.76%	0.610	+0.53%	+12.97%	12,912.0	Medical Devices & Instruments

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