Seth Klarman – Baupost Group Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Baupost Group portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Amcor (G0250X107), PagSeguro Digital (G68707101), Fiserv, Inc. (FI)

Increases – CRH (CRH), Liberty Broadband Corporation (LBRDK), Dollar General Corporation (DG), Alphabet Inc. (GOOG), Elevance Health, Inc. (ELV), and 4 more

Reductions – Willis Towers Watson (WTW), Eagle Materials Inc (EXP), GDS Holdings Limited (GDS), ViaSat, Inc. (VSAT)

Complete Exits – Tempur Sealy International, Inc (TPX), Solventum Corporation (SOLV)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Baupost Group Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q1 2021Mar 31, 2021	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+377,000+41.0%	$382.00K	1,297,000
Q1 2021Mar 31, 2021	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+211,350+265.6%	$601.83K	290,930
Q1 2021Mar 31, 2021	MU Micron Technology, Inc.	Micron Technology, Inc.	Buy	+201,416+3.9%	$478.40K	5,423,416
Q1 2021Mar 31, 2021	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-763,065-20.1%	$123.48K	3,036,935
Q1 2021Mar 31, 2021	VIST Vista Energy S.A.B. de C.V.	Vista Energy S.A.B. de C.V.	Sell - Position Exit	-1,951,132-100.0%	$0.00	-
Q1 2021Mar 31, 2021	PARA Paramount Global	Paramount Global	Sell - Position Exit	-4,700,000-100.0%	$0.00	-
Q1 2021Mar 31, 2021	MPC Marathon Petroleum Corporation	Marathon Petroleum Corporation	Sell - Position Exit	-7,690,721-100.0%	$0.00	-
Q1 2021Mar 31, 2021	EBAY eBay Inc.	eBay Inc.	Sell	-12,790,800-41.1%	$1.12M	18,324,423
Q1 2021Mar 31, 2021	FOXA Fox Corporation	Fox Corporation	Sell	-14,576,132-65.7%	$274.83K	7,610,818
Q4 2020Dec 31, 2020	INTC Intel Corporation	Intel Corporation	Buy - Position Entry	+18,185,569	$906.00K	18,185,569
Q4 2020Dec 31, 2020	ADV Advantage Solutions Inc.	Advantage Solutions Inc.	Buy - Position Entry	+12,500,000	$161.22K	12,500,000
Q4 2020Dec 31, 2020	MPC Marathon Petroleum Corporation	Marathon Petroleum Corporation	Buy - Position Entry	+7,690,721	$318.09K	7,690,721
Q4 2020Dec 31, 2020	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Buy - Position Entry	+3,800,000	$148.54K	3,800,000
Q4 2020Dec 31, 2020	QRVO Qorvo, Inc.	Qorvo, Inc.	Buy	+1,477,209+49.9%	$738.25K	4,440,095
Q4 2020Dec 31, 2020	EBAY eBay Inc.	eBay Inc.	Buy	+1,000,000+3.3%	$1.56M	31,115,223
Q4 2020Dec 31, 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+357,000+63.4%	$251.31K	920,000
Q4 2020Dec 31, 2020	SSNC SS&C Technologies Holdings, Inc	SS&C Technologies Holdings, Inc	Buy	+277,275+9.2%	$240.50K	3,305,784
Q4 2020Dec 31, 2020	DOC Healthpeak Properties, Inc.	Healthpeak Properties, Inc.	Buy	+200+0.0%	$120.93K	4,000,200
Q4 2020Dec 31, 2020	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-75,000-48.5%	$139.41K	79,580
Q4 2020Dec 31, 2020	MCK McKesson Corporation	McKesson Corporation	Sell - Position Exit	-1,669,181-100.0%	$0.00	-
Q4 2020Dec 31, 2020	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Sell - Position Exit	-2,306,601-100.0%	$0.00	-
Q4 2020Dec 31, 2020	VIST Vista Energy S.A.B. de C.V.	Vista Energy S.A.B. de C.V.	Sell	-2,465,768-55.8%	$5.00K	1,951,132
Q4 2020Dec 31, 2020	HWM Howmet Aerospace Inc.	Howmet Aerospace Inc.	Sell - Position Exit	-4,603,800-100.0%	$0.00	-
Q4 2020Dec 31, 2020	FOXA Fox Corporation	Fox Corporation	Sell	-4,785,770-17.7%	$646.08K	22,186,950
Q4 2020Dec 31, 2020	HPQ HP Inc.	HP Inc.	Sell - Position Exit	-13,300,000-100.0%	$0.00	-
Q4 2020Dec 31, 2020	PARA Paramount Global	Paramount Global	Sell	-14,137,585-75.0%	$175.12K	4,700,000
Q3 2020Sep 30, 2020	PCG Pacific Gas & Electric Co.	Pacific Gas & Electric Co.	Buy	+25,955,158+552.0%	$287.88K	30,657,601
Q3 2020Sep 30, 2020	MU Micron Technology, Inc.	Micron Technology, Inc.	Buy - Position Entry	+5,222,000	$245.22K	5,222,000
Q3 2020Sep 30, 2020	HWM Howmet Aerospace Inc.	Howmet Aerospace Inc.	Buy - Position Entry	+4,603,800	$76.98K	4,603,800
Q3 2020Sep 30, 2020	DOC Healthpeak Properties, Inc.	Healthpeak Properties, Inc.	Buy - Position Entry	+4,000,000	$108.60K	4,000,000

Page 12 of 21 • 627 total trades

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