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
Q3 2020Sep 30, 2020	SSNC SS&C Technologies Holdings, Inc	SS&C Technologies Holdings, Inc	Buy	+2,887,993+2055.3%	$183.28K	3,028,509
Q3 2020Sep 30, 2020	VSAT ViaSat, Inc.	ViaSat, Inc.	Buy	+2,556,891+18.6%	$560.18K	16,288,959
Q3 2020Sep 30, 2020	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Buy - Position Entry	+2,306,601	$137.13K	2,306,601
Q3 2020Sep 30, 2020	VRNT Verint Systems Inc.	Verint Systems Inc.	Buy	+1,673,672+271.6%	$110.33K	2,290,000
Q3 2020Sep 30, 2020	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-60,100-28.0%	$227.17K	154,580
Q3 2020Sep 30, 2020	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-102,200-3.3%	$382.24K	2,962,886
Q3 2020Sep 30, 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-288,500-33.9%	$147.45K	563,000
Q3 2020Sep 30, 2020	FOXA Fox Corporation	Fox Corporation	Sell	-350,000-1.3%	$750.65K	26,972,720
Q3 2020Sep 30, 2020	COR Cencora, Inc.	Cencora, Inc.	Sell - Position Exit	-468,150-100.0%	$0.00	-
Q3 2020Sep 30, 2020	VTR Ventas, Inc.	Ventas, Inc.	Sell - Position Exit	-550,000-100.0%	$0.00	-
Q3 2020Sep 30, 2020	HCA HCA Healthcare, Inc.	HCA Healthcare, Inc.	Sell - Position Exit	-1,000,000-100.0%	$0.00	-
Q3 2020Sep 30, 2020	VIST Vista Energy S.A.B. de C.V.	Vista Energy S.A.B. de C.V.	Sell	-1,544,809-25.9%	$9.94K	4,416,900
Q3 2020Sep 30, 2020	EBAY eBay Inc.	eBay Inc.	Sell	-1,970,777-6.1%	$1.57M	30,115,223
Q3 2020Sep 30, 2020	HPQ HP Inc.	HP Inc.	Sell	-4,700,681-26.1%	$252.57K	13,300,000
Q3 2020Sep 30, 2020	AKBA Akebia Therapeutics, Inc.	Akebia Therapeutics, Inc.	Sell - Position Exit	-15,000,000-100.0%	$0.00	-
Q2 2020Jun 30, 2020	HCA HCA Healthcare, Inc.	HCA Healthcare, Inc.	Buy - Position Entry	+1,000,000	$97.06K	1,000,000
Q2 2020Jun 30, 2020	VRNT Verint Systems Inc.	Verint Systems Inc.	Buy - Position Entry	+616,328	$27.85K	616,328
Q2 2020Jun 30, 2020	VTR Ventas, Inc.	Ventas, Inc.	Buy - Position Entry	+550,000	$20.14K	550,000
Q2 2020Jun 30, 2020	SSNC SS&C Technologies Holdings, Inc	SS&C Technologies Holdings, Inc	Buy - Position Entry	+140,516	$7.94K	140,516
Q2 2020Jun 30, 2020	QRVO Qorvo, Inc.	Qorvo, Inc.	Buy	+2,600+0.1%	$338.78K	3,065,086
Q2 2020Jun 30, 2020	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-85,820-28.6%	$303.47K	214,680
Q2 2020Jun 30, 2020	VIST Vista Energy S.A.B. de C.V.	Vista Energy S.A.B. de C.V.	Sell	-213,291-3.5%	$18.18K	5,961,709
Q2 2020Jun 30, 2020	COR Cencora, Inc.	Cencora, Inc.	Sell	-468,149-50.0%	$47.17K	468,150
Q2 2020Jun 30, 2020	XPO XPO, Inc.	XPO, Inc.	Sell - Position Exit	-845,877-100.0%	$0.00	-
Q2 2020Jun 30, 2020	SPR Spirit Aerosystems Holdings, In	Spirit Aerosystems Holdings, In	Sell - Position Exit	-1,067,781-100.0%	$0.00	-
Q2 2020Jun 30, 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-1,132,500-57.1%	$193.35K	851,500
Q2 2020Jun 30, 2020	HPQ HP Inc.	HP Inc.	Sell	-1,999,319-10.0%	$313.75K	18,000,681
Q2 2020Jun 30, 2020	AKBA Akebia Therapeutics, Inc.	Akebia Therapeutics, Inc.	Sell	-2,527,968-14.4%	$203.70K	15,000,000
Q2 2020Jun 30, 2020	CARS Cars.com Inc.	Cars.com Inc.	Sell - Position Exit	-3,000,000-100.0%	$0.00	-
Q2 2020Jun 30, 2020	PARA Paramount Global	Paramount Global	Sell	-3,662,415-16.3%	$439.29K	18,837,585

Page 13 of 21 • 627 total trades

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