Seth Klarman · quarter digest

What Seth Klarman did in Q3 2025

Baupost Group filed 9 moves in Q3 2025: 1 new, 1 add, 1 trim, 6 exit.

13F filed 2025-11-14. Manager quality score: q9. Philosophy: Margin of safety. Cash is a position. Patience pays.

New positions · 1

Fresh money

NEW·3.8% book·0

“First-time Alphabet position.”

Adds · 1

ADD +30%·9.6% book·+22

“AI data center thesis — big add.”

Trims · 1

TRIM -15%·11.8% book·+6

“Taking Warner Bros. profits.”

Exits · 6

CRHCRH PLC

EXIT·0.0% book·+8

FNFFIDELITY NATL INFORMATION SV

EXIT·0.0% book·+6

QSRRESTAURANT BRANDS INTL INC

EXIT·0.0% book·+12

FEFISERV INC

EXIT·0.0% book·+3

ICONICON PLC

EXIT·0.0% book·−6

AMCORAMCOR PLC

EXIT·0.0% book·−2

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.