Seth Klarman - Baupost Group Portfolio
Seth Klarman - Baupost Group Q4 2024 Portfolio
Baupost Group, a hedge fund managed by Seth Klarman, disclosed 22 security holdings in their SEC 13F filing for the fourth quarter of 2024, with a total portfolio value of $3,434,526,000
Baupost Group Portfolio Analysis
Based on 13F filing for reporting period: Q4, 2024
Portfolio Manager
Seth Klarman
Filing Date
February 14, 2025
Total Value
$3,434,526,000
Number of Positions
22
Portfolio Allocation
Holdings Breakdown
| Rank | Company Name | Ticker | Shares | Market Value ($) | % of Portfolio |
|---|---|---|---|---|---|
| 1 | WILLIS TOWERS WATSON PLC LTD | WTW | 1,836,748 | $575,343,000 | 16.75% |
| 2 | LIBERTY GLOBAL LTD | LBTYA.C | 39,453,843 | $518,423,000 | 15.09% |
| 3 | ALPHABET INC | GOOG | 1,425,988 | $271,565,000 | 7.91% |
| 4 | WESCO INTL INC | WCC | 1,435,671 | $259,799,000 | 7.56% |
| 5 | CRH PLC | CRH | 2,641,402 | $244,383,000 | 7.12% |
| 6 | FERGUSON ENTERPRISES INC | FERG | 1,132,000 | $196,481,000 | 5.72% |
| 7 | RESTAURANT BRANDS INTL INC | QSR | 2,901,700 | $189,133,000 | 5.51% |
| 8 | CLARIVATE PLC | CLVT | 36,279,205 | $184,298,000 | 5.37% |
| 9 | EAGLE MATLS INC | EXP | 638,223 | $157,488,000 | 4.59% |
| 10 | DOLLAR GEN CORP NEW | DG | 2,060,800 | $156,250,000 | 4.55% |
| 11 | VIASAT INC | VSAT | 12,222,590 | $104,014,000 | 3.03% |
| 12 | GDS HLDGS LTD | GDS | 4,249,952 | $100,979,000 | 2.94% |
| 13 | SUNRISE COMMUNICATIONS AG | SCMN | 2,335,263 | $100,603,000 | 2.93% |
| 14 | SOLVENTUM CORP | SOLV | 1,446,300 | $95,543,000 | 2.78% |
| 15 | HUMANA INC | HUM | 346,000 | $87,784,000 | 2.56% |
| 16 | LIBERTY GLOBAL LTD | LBTYA.A | 5,201,444 | $66,370,000 | 1.93% |
| 17 | HERBALIFE LTD | HLF | 7,600,526 | $50,848,000 | 1.48% |
| 18 | GENUINE PARTS CO | GPC | 315,337 | $36,819,000 | 1.07% |
| 19 | HERBALIFE LTD | HLF-BOND | 17,129,000 | $13,104,000 | 0.38% |
| 20 | LIBERTY BROADBAND CORP | LBRDA.C | 170,610 | $12,755,000 | 0.37% |
| 21 | TAMBORAN RES CORP | TBN | 570,833 | $11,982,000 | 0.35% |
| 22 | LIBERTY BROADBAND CORP | LBRDA.A | 7,560 | $562,000 | 0.02% |
Seth Klarman's Portfolio
As of Q4 2024, Seth Klarman's Baupost Group portfolio reveals a series of strategic adjustments across its top 10 holdings. Below is an overview of the major positions and notable changes from the previous quarter.
Top Holdings
Portfolio Strategy Analysis
Willis Towers Watson has taken the top spot, reflecting heightened conviction in insurance and advisory services. Meanwhile, Klarman trimmed positions in Liberty Global (Class C) and Alphabet, potentially reallocating capital to new or expanding opportunities like Ferguson and Restaurant Brands International.
Significant increases in WESCO, CRH (albeit minor), and Eagle Materials—along with a new stake in Ferguson—point to continued confidence in sectors tied to building, renovation, and infrastructure projects. This focus suggests Klarman anticipates sustained demand in construction-related industries.
A dramatic boost in Restaurant Brands International and the sustained (though reduced) position in Dollar General indicate Klarman's nuanced approach to consumer sectors. He appears to favor companies that can weather economic cycles through broad customer appeal or strong global franchises.
Klarman reduced stakes in Alphabet and Clarivate, indicating a measured stance on certain tech or data-driven businesses. Nonetheless, both remain significant portfolio components, signaling ongoing confidence in long-term digital growth trends despite their modest reductions.
Conclusion
Seth Klarman's Q4 2024 portfolio underscores a dynamic allocation strategy that balances insurance and advisory services (Willis Towers Watson), infrastructure/building materials (WESCO, CRH, Eagle Materials, Ferguson), and select consumer-focused plays (Restaurant Brands, Dollar General).
The slight reductions in Liberty Global (Class C) and Alphabet suggest strategic capital reallocation, while the major addition to Restaurant Brands International reflects a strong bet on consumer demand. Overall, Klarman's moves reveal a continued emphasis on value-oriented growth and defensive positioning, with a clear eye on sectors poised to benefit from both cyclical upswings and consistent consumer needs.
Who is Seth Klarman ?
1957:
Born on May 21, 1957, in New York City, USA.
1979:
Graduates from Cornell University with a degree in economics.
1979-1981:
Works as an analyst at the Mutual Shares fund.
1982:
Founding of Baupost Group: After working at several financial firms, Klarman founded Baupost Group with just $27 million in assets under management.
1991:
Publication of “Margin of Safety”: Seth Klarman authored a book titled “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor.” The book is highly regarded among value investors and became a sought-after, rare collector’s item due to its limited print run.
1995:
Klarman Becomes chair of Facing History and Ourselves, an educational organization that promotes tolerance and understanding.
2008:
Klarman is selected as lead editor of the sixth edition of Security Analysis, a seminal work on value investing by Benjamin Graham and David Dodd.
2008 Financial Crisis:
During the 2008 financial crisis, Baupost Group performed exceptionally well, achieving positive returns while many other funds suffered significant losses.
2011:
Klarman receives the Alumni Achievement Award from Harvard Business School.
2020:
Klarman is elected to the American Academy of Arts and Sciences.
Interesting Facts
Klarman is known for his deep value investing approach, focusing on undervalued assets, distressed securities, and special situations.
He values privacy and operates with a conservative approach in managing Baupost Group.
Seth Klarman is actively involved in philanthropy, supporting various causes and organizations, including education, medical research, and social services.
Klarman is often compared to value investing legends such as Warren Buffett and Benjamin Graham.
Seth Klarman's Investing Principles
The single greatest edge an investor can have is a long-term orientation
Over the long run, the crowd is always wrong
Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon
Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling
Investing is the intersection of economics and psychology
The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions
