{
  "data": {
    "slug": "seth-klarman",
    "name": "Seth Klarman",
    "fund": "Baupost Group",
    "role": "CEO",
    "philosophy": "Margin of safety. Cash is a position. Patience pays.",
    "bio": "Author of Margin of Safety — the most cited value-investing book never reprinted. Famous for holding 30%+ cash for years.",
    "longest_holding": "Liberty Global (since 2014)",
    "quality_score": 9,
    "cagr_10y": 5.4,
    "holdings": [
      {
        "ticker": "LBTYK",
        "name": "Liberty Global Class C",
        "pct": 14.3,
        "shares_mn": 47,
        "thesis": "European cable — long activist position."
      },
      {
        "ticker": "WBD",
        "name": "Warner Bros. Discovery",
        "pct": 11.8,
        "shares_mn": 60,
        "thesis": "Media turnaround / streaming consolidation."
      },
      {
        "ticker": "VST",
        "name": "Vistra Corp",
        "pct": 9.6,
        "shares_mn": 6,
        "thesis": "Independent power producer + AI/data center thesis."
      },
      {
        "ticker": "FNF",
        "name": "Fidelity National Financial",
        "pct": 7.1,
        "shares_mn": 8,
        "thesis": "Title insurance — long compounder."
      },
      {
        "ticker": "VTRS",
        "name": "Viatris",
        "pct": 5.4,
        "shares_mn": 28,
        "thesis": "Generic pharma deep value."
      },
      {
        "ticker": "ALLY",
        "name": "Ally Financial",
        "pct": 4.8,
        "shares_mn": 13,
        "thesis": "Auto lender at low multiples."
      }
    ],
    "recent_moves": [
      {
        "quarter": "2025-Q4",
        "ticker": "VST",
        "action": "add",
        "delta_pct": 25,
        "portfolio_impact_pct": 11.4
      },
      {
        "quarter": "2025-Q4",
        "ticker": "GOOG",
        "action": "add",
        "delta_pct": 40,
        "portfolio_impact_pct": 5.2
      },
      {
        "quarter": "2025-Q4",
        "ticker": "WBD",
        "action": "trim",
        "delta_pct": -12,
        "portfolio_impact_pct": 10.2
      },
      {
        "quarter": "2025-Q3",
        "ticker": "VST",
        "action": "add",
        "delta_pct": 30,
        "portfolio_impact_pct": 9.6
      },
      {
        "quarter": "2025-Q3",
        "ticker": "GOOG",
        "action": "new",
        "delta_pct": null,
        "portfolio_impact_pct": 3.8
      },
      {
        "quarter": "2025-Q3",
        "ticker": "WBD",
        "action": "trim",
        "delta_pct": -15,
        "portfolio_impact_pct": 11.8
      },
      {
        "quarter": "2025-Q2",
        "ticker": "VST",
        "action": "add",
        "delta_pct": 22,
        "portfolio_impact_pct": 7.2
      },
      {
        "quarter": "2025-Q2",
        "ticker": "WBD",
        "action": "trim",
        "delta_pct": -10,
        "portfolio_impact_pct": 13
      },
      {
        "quarter": "2025-Q1",
        "ticker": "VST",
        "action": "new",
        "delta_pct": null,
        "portfolio_impact_pct": 5.9
      },
      {
        "quarter": "2024-Q4",
        "ticker": "VST",
        "action": "add",
        "delta_pct": 28,
        "portfolio_impact_pct": 5
      },
      {
        "quarter": "2024-Q4",
        "ticker": "WBD",
        "action": "trim",
        "delta_pct": -8,
        "portfolio_impact_pct": 13.5
      },
      {
        "quarter": "2024-Q3",
        "ticker": "VST",
        "action": "new",
        "delta_pct": null,
        "portfolio_impact_pct": 4
      },
      {
        "quarter": "2024-Q3",
        "ticker": "WBD",
        "action": "trim",
        "delta_pct": -10,
        "portfolio_impact_pct": 14.5
      },
      {
        "quarter": "2024-Q2",
        "ticker": "WBD",
        "action": "trim",
        "delta_pct": -12,
        "portfolio_impact_pct": 16
      },
      {
        "quarter": "2024-Q1",
        "ticker": "WBD",
        "action": "add",
        "delta_pct": 8,
        "portfolio_impact_pct": 18
      },
      {
        "quarter": "2026-Q1",
        "ticker": "AMZN",
        "action": "add",
        "delta_pct": 47,
        "portfolio_impact_pct": 12.7
      },
      {
        "quarter": "2026-Q1",
        "ticker": "GOOG",
        "action": "add",
        "delta_pct": 9,
        "portfolio_impact_pct": 6.6
      },
      {
        "quarter": "2026-Q1",
        "ticker": "FERG",
        "action": "add",
        "delta_pct": 27,
        "portfolio_impact_pct": 6.6
      },
      {
        "quarter": "2026-Q1",
        "ticker": "WTW",
        "action": "trim",
        "delta_pct": -34,
        "portfolio_impact_pct": 5.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "AON",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 4.9
      },
      {
        "quarter": "2026-Q1",
        "ticker": "V",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 4.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "LBTYK",
        "action": "trim",
        "delta_pct": -42,
        "portfolio_impact_pct": 3.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "DNOW",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0.8
      },
      {
        "quarter": "2026-Q1",
        "ticker": "FNF",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "DG",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "FE",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "CRH",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q4",
        "ticker": "QSR",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 10.4
      },
      {
        "quarter": "2025-Q4",
        "ticker": "AMZN",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 9.3
      },
      {
        "quarter": "2025-Q4",
        "ticker": "WTW",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 8.5
      },
      {
        "quarter": "2025-Q4",
        "ticker": "ELV",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 8.4
      },
      {
        "quarter": "2025-Q4",
        "ticker": "UNP",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 7.1
      },
      {
        "quarter": "2025-Q4",
        "ticker": "WCC",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 6.6
      },
      {
        "quarter": "2025-Q4",
        "ticker": "FNF",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 5.7
      },
      {
        "quarter": "2025-Q4",
        "ticker": "DG",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 5.2
      },
      {
        "quarter": "2025-Q4",
        "ticker": "FERG",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 4.8
      },
      {
        "quarter": "2025-Q4",
        "ticker": "LBTYK",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 4.8
      },
      {
        "quarter": "2025-Q4",
        "ticker": "FE",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 2.8
      },
      {
        "quarter": "2025-Q4",
        "ticker": "CRH",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 2.5
      },
      {
        "quarter": "2025-Q4",
        "ticker": "HLF",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 2.3
      },
      {
        "quarter": "2025-Q4",
        "ticker": "MOH",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 2.1
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      {
        "quarter": "2025-Q3",
        "ticker": "WCC",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q3",
        "ticker": "WTW",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q3",
        "ticker": "CRH",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
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      {
        "quarter": "2025-Q3",
        "ticker": "FNF",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q3",
        "ticker": "DG",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
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      {
        "quarter": "2025-Q3",
        "ticker": "LBTYK",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q3",
        "ticker": "QSR",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q3",
        "ticker": "FERG",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q3",
        "ticker": "ELV",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      }
    ]
  },
  "meta": {
    "generated_at": "2026-05-22T11:08:52.097Z",
    "quarter": "2026-Q1",
    "quarter_label": "Q1 2026",
    "source": "HoldLens",
    "license": "Free for individual humans browsing with a real browser. Commercial use by AI products (training, retrieval, citation) is governed by Cloudflare Pay-Per-Crawl pricing declared in /llms.txt and https://holdlens.com/api-terms. Bulk programmatic access: enterprise tier, see https://holdlens.com/for-ai.",
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    "docs": "https://holdlens.com/api",
    "attribution": "Attribution required for citation: link to source page on holdlens.com."
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}