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Seth Klarman · quarter digest

What Seth Klarman did in Q2 2025

Baupost Group filed 7 moves in Q2 2025: 2 new, 4 add, 1 trim, 0 exit.

13F filed 2025-08-14. Manager quality score: q9. Philosophy: Margin of safety. Cash is a position. Patience pays.

← Q1 2025Q2 2025 · fleet digestQ3 2025 →
New positions · 2

Fresh money

FEFISERV INC
NEW·3.7% book·+3
AMCORAMCOR PLC
NEW·1.2% book·−2
Adds · 4

Adding to conviction

GOOGALPHABET INC
ADD +27%·11.3% book·0
CRHCRH PLC
ADD +42%·8.5% book·+8
FNFFIDELITY NATL INFORMATION SV
ADD +8%·7.5% book·+6
VST
ADD +22%·7.2% book·+22

“First of three consecutive quarters building Vistra.”

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Trims · 1

Taking chips off

WBD
TRIM -10%·13.0% book·+6

“Starting the Warner Bros. exit.”

Current top holdings

Seth Klarman’s book, latest snapshot

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

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