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Seth Klarman
Deep ValueBaupost Group
Deep value investor and author of 'Margin of Safety'.
Portfolio Value
$5.3B
Holdings
22
Top 10 Concentration
72.4%
Latest Period
Q4 2025
Portfolio Holdings
As reported on February 13, 2026 · vs Q3 2025
| # | Security | Value | Shares | % Portfolio | Change |
|---|---|---|---|---|---|
| 1 | RESTAURANT BRANDS INTL INC CUSIP: 76131D103 | $551.3M | 8,080,112 | 10.4% | -2.1% |
| 2 | AMAZON COM INC NEWCUSIP: 023135106 | $489.7M | 2,121,391 | 9.3% | NEW |
| 3 | WILLIS TOWERS WATSON PLC LTD CUSIP: G96629103 | $446.1M | 1,357,601 | 8.5% | +24.7% |
| 4 | ELEVANCE HEALTH INC FORMERLY CUSIP: 036752103 | $445.0M | 1,269,302 | 8.4% | -3.8% |
| 5 | UNION PAC CORP CUSIP: 907818108 | $376.4M | 1,627,254 | 7.1% | +8.8% |
| 6 | WESCO INTL INC CUSIP: 95082P105 | $347.1M | 1,418,831 | 6.6% | -5.6% |
| 7 | ALPHABET INC CUSIP: 02079K107 | $341.2M | 1,087,181 | 6.5% | -41.5% |
| 8 | FIDELITY NATL INFORMATION SV CUSIP: 31620M106 | $299.3M | 4,503,801 | 5.7% | +18.8% |
| 9 | DOLLAR GEN CORP NEW CUSIP: 256677105 | $273.9M | 2,062,821 | 5.2% | -22.7% |
| 10 | FERGUSON ENTERPRISES INC CUSIP: 31488V107 | $253.1M | 1,137,035 | 4.8% | -1.6% |
| 11 | EAGLE MATLS INC CUSIP: 26969P108 | $245.0M | 1,185,248 | 4.6% | +26.1% |
| 12 | LIBERTY GLOBAL LTD CUSIP: G61188127 | $230.6M | 20,884,781 | 4.4% | -3.6% |
| 13 | GENUINE PARTS CO CUSIP: 372460105 | $182.7M | 1,486,088 | 3.5% | +6.5% |
| 14 | FISERV INC CUSIP: 337738108 | $147.8M | 2,200,000 | 2.8% | +145.8% |
| 15 | CRH PLC CUSIP: G25508105 | $133.9M | 1,072,957 | 2.5% | -68.3% |
| 16 | HERBALIFE LTD CUSIP: G4412G101 | $119.4M | 9,259,844 | 2.3% | +19.3% |
| 17 | MOLINA HEALTHCARE INC NEWCUSIP: 60855R100 | $108.5M | 625,000 | 2.1% | NEW |
| 18 | GRUPO AEROMEXICO SAB DE CV NEWCUSIP: 40054J109 | $106.6M | 4,855,180 | 2.0% | NEW |
| 19 | GDS HLDGS LTD CUSIP: 36165L108 | $106.3M | 3,044,818 | 2.0% | -6.3% |
| 20 | AMERICOLD REALTY TRUST INC CUSIP: 03064D108 | $44.7M | 3,475,685 | 0.8% | -3.5% |
| 21 | LIBERTY GLOBAL LTD CUSIP: G61188101 | $23.2M | 2,080,456 | 0.4% | -59.0% |
| 22 | TAMBORAN RES CORP CUSIP: 87507T101 | $7.0M | 257,226 | 0.1% | -54.9% |