Smart Money Radar / Whales / Seth Klarman
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Seth Klarman

The Baupost Group LLC · Holdings as of Sep 30, 2025, filed by Nov 15, 2025 · US long stock positions only

Deep value in unusual places. Much of the book never shows in filings.

Reported value
$5B
20 positions shown
Copycat since 2016
1.43x
4% per year · low coverage
vs SPY
behind
SPY 3.57x same window
Top position
QSR
11% of book

Copying these filings vs SPY

$1 at every deadline since 2016
SPY 3.57x Seth Klarman 1.43x
Price returns, dividends excluded on both lines. A copycat of public filings traded at each deadline, not the fund's actual performance. Only 66% of this book is priceable; read the line loosely.
Mar 2026 Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Sep 2023 Jun 2023

The book

tile = share of the filed book · tap a tile for the ticker · Sep 2025
QSR 11% GOOG 10% ELV 9%
unlisted 9%
WTW 8% UNP 7% WCC 7% DG 6% FERG 5%
unlisted 5%
FIS 5% EXP 5% GPC 4% GDS 3% FISV 2%
+5 more 4%
SymbolValue% of bookvs prior quarter
QSR $529M 11% added
GOOG $453M 10% trimmed
ELV $426M 9% added
unlisted $406M 9% trimmed
WTW $376M 8% trimmed
UNP $354M 7% new
WCC $318M 7% trimmed
DG $276M 6% unchanged
FERG $260M 5% added
unlisted $254M 5% trimmed
FIS $250M 5% unchanged
EXP $219M 5% added
GPC $193M 4% new
GDS $126M 3% unchanged
FISV $115M 2% unchanged
HLF $65M 1% unchanged
unlisted $58M 1% unchanged
COLD $44M 1% new
PAGS $25M 1% unchanged
TBN $16M 0% unchanged
Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.