Seth Klarman - Baupost Group Portfolio Balances (Sep 30, 2025)

As of Sep 30, 2025, the Baupost Group portfolio balances reported a total equity value of $4.79M across 22 publicly traded holdings. These balances reflect the most recent SEC 13F filing dated Nov 13, 2025, providing an updated snapshot of assets under management.

The portfolio balances highlight RESTAURANT BRANDS INTL INC (QSR) as the single largest position, accounting for 11.0% of total equity value, followed by ALPHABET INC (GOOG), ELEVANCE HEALTH INC FORMERLY (ELV), CRH PLC (CRH), and others. Collectively, the top five holdings represent 45.7% of the portfolio, showing how capital is distributed among core positions and long-term investments.