Seth Klarman · quarter digest

What Seth Klarman did in Q3 2024

Baupost Group filed 9 moves in Q3 2024: 2 new, 1 add, 4 trim, 2 exit.

13F filed 2024-11-14. Manager quality score: q9. Philosophy: Margin of safety. Cash is a position. Patience pays.

New positions · 2

Fresh money

NEW·4.0% book·+22

“First Vistra position — start of multi-Q build.”

QSRRESTAURANT BRANDS INTL INC

NEW·0.1% book·+12

Adds · 1

GOOGALPHABET INC

ADD +37%·7.0% book·0

Trims · 4

TRIM -10%·14.5% book·+6

“WBD reduction.”

CRHCRH PLC

TRIM -38%·7.0% book·+8

FNFFIDELITY NATL INFORMATION SV

TRIM -72%·2.3% book·+6

JJACOBS SOLUTIONS INC

TRIM -29%·1.3% book·−3

Exits · 2

LSXMALIBERTY MEDIA CORP DEL

EXIT·0.0% book·−11

VRSNVERISIGN INC

EXIT·0.0% book·−1

Current top holdings

#	Ticker	Weight	Conviction
1	LBTYK Liberty Global Class C	14.3%	0
2	WBD Warner Bros. Discovery	11.8%	+6
3	VST Vistra Corp	9.6%	+22
4	FNF Fidelity National Financial	7.1%	+6
5	VTRS Viatris	5.4%	0
6	ALLY Ally Financial	4.8%	+1

Not investment advice. Data from 13F filings with HoldLens parsing. Methodology.