Seth Klarman · quarter digest

What Seth Klarman did in Q4 2025

Baupost Group filed 8 moves in Q4 2025: 5 new, 2 add, 1 trim, 0 exit.

13F filed 2026-02-14. Manager quality score: q9. Philosophy: Margin of safety. Cash is a position. Patience pays.

New positions · 5

Fresh money

QSRRESTAURANT BRANDS INTL INC

NEW·10.4% book·+12

AMZNAMAZON COM INC

NEW·9.3% book·+6

FNFFIDELITY NATL INFORMATION SV

NEW·5.7% book·+6

FEFISERV INC

NEW·2.8% book·+3

CRHCRH PLC

NEW·2.5% book·+8

Adds · 2

ADD +25%·11.4% book·+22

“Aggressive Vistra add — AI data center demand thesis.”

ADD +40%·5.2% book·0

“Building out new Alphabet position.”

Trims · 1

TRIM -12%·10.2% book·+6

“Continued Warner Bros. profit-taking.”

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.