What stocks does Seth Klarman own? — BAUPOST GROUP LLC/MA portfolio & 13F holdings

Seth Klarman runs BAUPOST GROUP LLC/MA. The other canonical value investor. Obsessed with margin of safety. Very patient, concentrated. As of the Q4 2025 13F filing, the disclosed long-equity portfolio is valued at $5.3B across 21 positions. The largest holdings are RESTAURANT BRANDS INTL INC, AMAZON COM INC, and WILLIS TOWERS WATSON PLC LTD (RESTAURANT BRANDS INTL INC alone is 10.4% of the book).

New positions opened in the latest quarter include AMAZON COM INC, GRUPO AEROMEXICO SAB DE CV, and MOLINA HEALTHCARE INC. Recently exited names: CABLE ONE INC and PAGSEGURO DIGITAL LTD.