The Baupost Group LLC · Holdings as of Dec 31, 2025, filed by Feb 15, 2026 · US long stock positions only
Deep value in unusual places. Much of the book never shows in filings.
Reported value
$5B
22 positions shown
Copycat since 2016
1.43x
4% per year · low coverage
vs SPY
behind
SPY 3.57x same window
Top position
QSR
10% of book
Copying these filings vs SPY
$1 at every deadline since 2016
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.
Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.