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 2014Mar 31, 2014	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy - Position Entry	+5,660,000	$313.28K	5,660,000
Q1 2014Mar 31, 2014	PBF PBF Energy Inc.	PBF Energy Inc.	Buy	+3,440,000+174.0%	$139.75K	5,416,606
Q1 2014Mar 31, 2014	VSAT ViaSat, Inc.	ViaSat, Inc.	Buy	+266,700+2.4%	$786.77K	11,395,900
Q1 2014Mar 31, 2014	BP BP p.l.c.	BP p.l.c.	Sell	-2,500,000-44.1%	$152.30K	3,166,413
Q4 2013Dec 31, 2013	PBF PBF Energy Inc.	PBF Energy Inc.	Buy	+1,021,466+106.9%	$62.18K	1,976,606
Q4 2013Dec 31, 2013	VSAT ViaSat, Inc.	ViaSat, Inc.	Buy	+129,200+1.2%	$697.24K	11,129,200
Q4 2013Dec 31, 2013	BP BP p.l.c.	BP p.l.c.	Buy	+68,931+1.2%	$275.44K	5,666,413
Q4 2013Dec 31, 2013	M6158M104 Ituran	Ituran	Sell - Position Exit	-476,341-100.0%	$0.00	-
Q4 2013Dec 31, 2013	CPF Central Pacific Financial Corp	Central Pacific Financial Corp	Sell - Position Exit	-779,715-100.0%	$0.00	-
Q4 2013Dec 31, 2013	ORCL Oracle Corporation	Oracle Corporation	Sell - Position Exit	-2,386,890-100.0%	$0.00	-
Q4 2013Dec 31, 2013	MU Micron Technology, Inc.	Micron Technology, Inc.	Sell	-12,344,566-19.3%	$1.12M	51,655,434
Q3 2013Sep 30, 2013	MU Micron Technology, Inc.	Micron Technology, Inc.	Buy	+22,500,000+54.2%	$1.12M	64,000,000
Q3 2013Sep 30, 2013	PBF PBF Energy Inc.	PBF Energy Inc.	Buy - Position Entry	+955,140	$21.44K	955,140
Q3 2013Sep 30, 2013	M6158M104 Ituran	Ituran	Sell	-562,001-54.1%	$8.79K	476,341
Q3 2013Sep 30, 2013	CPF Central Pacific Financial Corp	Central Pacific Financial Corp	Sell	-712,016-47.7%	$13.80K	779,715
Q3 2013Sep 30, 2013	KGC Kinross Gold Corporation	Kinross Gold Corporation	Sell - Position Exit	-2,102,700-100.0%	$0.00	-
Q3 2013Sep 30, 2013	AIG American International Group, I	American International Group, I	Sell - Position Exit	-10,120,227-100.0%	$0.00	-
Q3 2013Sep 30, 2013	BP BP p.l.c.	BP p.l.c.	Sell	-13,000,000-69.9%	$235.26K	5,597,482
Q2 2013Jun 30, 2013	MU Micron Technology, Inc.	Micron Technology, Inc.	Buy - Position Entry	+41,500,000	$594.70K	41,500,000
Q2 2013Jun 30, 2013	NG Novagold Resources Inc.	Novagold Resources Inc.	Buy - Position Entry	+21,688,300	$45.76K	21,688,300
Q2 2013Jun 30, 2013	BP BP p.l.c.	BP p.l.c.	Buy - Position Entry	+18,597,482	$776.26K	18,597,482
Q2 2013Jun 30, 2013	VSAT ViaSat, Inc.	ViaSat, Inc.	Buy - Position Entry	+11,000,000	$786.06K	11,000,000
Q2 2013Jun 30, 2013	AIG American International Group, I	American International Group, I	Buy - Position Entry	+10,120,227	$452.37K	10,120,227
Q2 2013Jun 30, 2013	ORCL Oracle Corporation	Oracle Corporation	Buy - Position Entry	+2,386,890	$73.30K	2,386,890
Q2 2013Jun 30, 2013	KGC Kinross Gold Corporation	Kinross Gold Corporation	Buy - Position Entry	+2,102,700	$10.72K	2,102,700
Q2 2013Jun 30, 2013	CPF Central Pacific Financial Corp	Central Pacific Financial Corp	Buy - Position Entry	+1,491,731	$26.85K	1,491,731
Q2 2013Jun 30, 2013	M6158M104 Ituran	Ituran	Buy - Position Entry	+1,038,342	$17.52K	1,038,342

Page 21 of 21 • 627 total trades

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