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Investor profile
Seth Klarman
Baupost Group · CEO · Net worth: ~$1.5B
Author of Margin of Safety — the most cited value-investing book never reprinted. Famous for holding 30%+ cash for years.
"Margin of safety. Cash is a position. Patience pays."
Today — 2026-04-21
All movers →Positions: Q4 2025 13F · Prices: EOD 2026-04-21
Tracked positions
10
Top concentration
73%
Longest holding
Liberty Global (since 2014)
Concentration profile
BalancedTop 1 · QSR
10.4%
Top 5 combined
43.7%
Top 10 combined
72.5%
Tracked positions
10
QSRTop-5 zoneTop-10Seth's single largest bet is QSR at 10.4% of tracked positions. Exposure is spread across a broader basket, reducing single-name risk.
Realized 10-year track record
Baupost Group letters (private)
10y CAGR
5.4%
net of fees
Alpha vs S&P
-7.7%
vs 13.1% benchmark
Win rate
20%
years beating S&P
Quality score
2.2
computed 0–10
Best year
+13%
Worst year
-3%
Cumulative 10y
1.7×
Volatility
5%
Recent moves
Manager quality score: 2.2/10
Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.
Q4 2025
16 buys · 1 sell
| Ticker | Activity | % portfolio |
|---|---|---|
| QSR | Buy (new) | 10.40% |
| AMZN | Buy (new) | 9.30% |
| WTW | Buy (new) | 8.50% |
| ELV | Buy (new) | 8.40% |
| UNP | Buy (new) | 7.10% |
| WCC | Buy (new) | 6.60% |
| FNF | Buy (new) | 5.70% |
| DG | Buy (new) | 5.20% |
| FERG | Buy (new) | 4.80% |
| LBTYK | Buy (new) | 4.80% |
| FE | Buy (new) | 2.80% |
| CRH | Buy (new) | 2.50% |
| HLF | Buy (new) | 2.30% |
| MOH | Buy (new) | 2.10% |
| GOOG | Add 40% Building out new Alphabet position. | 5.20% |
| VST | Add 25% Aggressive Vistra add — AI data center demand thesis. | 11.40% |
| WBD | Reduce 12% Continued Warner Bros. profit-taking. | 10.20% |
Q3 2025
2 buys · 15 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| VST | Add 30% AI data center thesis — big add. | 9.60% |
| GOOG | Buy (new) First-time Alphabet position. | 3.80% |
| WCC | Sell (exit) | 0.00% |
| WTW | Sell (exit) | 0.00% |
| CRH | Sell (exit) | 0.00% |
| FNF | Sell (exit) | 0.00% |
| DG | Sell (exit) | 0.00% |
| LBTYK | Sell (exit) | 0.00% |
| QSR | Sell (exit) | 0.00% |
| FERG | Sell (exit) | 0.00% |
| ELV | Sell (exit) | 0.00% |
| FE | Sell (exit) | 0.00% |
| VSAT | Sell (exit) | 0.00% |
| HLF | Sell (exit) | 0.00% |
| ICON | Sell (exit) | 0.00% |
| AMCOR | Sell (exit) | 0.00% |
| WBD | Reduce 15% Taking Warner Bros. profits. | 11.80% |
Q2 2025
9 buys · 4 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| ELV | Add 150% | 5.80% |
| FE | Buy (new) | 3.70% |
| AMCOR | Buy (new) | 1.20% |
| CRH | Add 42% | 8.50% |
| GOOG | Add 27% | 11.30% |
| DG | Add 27% | 7.40% |
| VST | Add 22% First of three consecutive quarters building Vistra. | 7.20% |
| WCC | Add 10% | 9.90% |
| FNF | Add 8% | 7.50% |
| CLVT | Sell (exit) | 0.00% |
| WTW | Reduce 14% | 9.80% |
| WBD | Reduce 10% Starting the Warner Bros. exit. | 13.00% |
| VSAT | Reduce 10% | 3.20% |
Q1 2025
7 buys · 4 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| FNF | Buy (new) | 7.50% |
| ELV | Buy (new) | 3.10% |
| ICON | Buy (new) | 2.00% |
| GOOG | Add 46% | 9.30% |
| WCC | Add 40% | 8.90% |
| QSR | Add 34% | 7.40% |
| VST | Buy (new) Klarman's first Vistra position — start of the 3 Q build. | 5.90% |
| CLVT | Reduce 70% | 1.20% |
| LBTYK | Reduce 33% | 10.10% |
| WTW | Reduce 17% | 14.70% |
| VSAT | Reduce 17% | 3.00% |
Q4 2024
5 buys · 6 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| QSR | Add 10156% | 5.50% |
| FERG | Buy (new) | 5.70% |
| VST | Add 28% Major Vistra add — start of the multi-quarter build. | 5.00% |
| WCC | Add 14% | 7.60% |
| HLF | Add 11% | 1.90% |
| FNF | Sell (exit) | 0.00% |
| J | Sell (exit) | 0.00% |
| DG | Reduce 11% | 4.50% |
| LBTYK | Reduce 10% | 17.00% |
| WBD | Reduce 8% Small Warner Bros trim. | 13.50% |
| CLVT | Reduce 7% | 5.40% |
Q3 2024
7 buys · 7 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| HLF | Add 334% | 1.40% |
| DG | Buy (new) | 5.50% |
| QSR | Buy (new) | 0.10% |
| WCC | Add 57% | 6.00% |
| GOOG | Add 37% | 7.00% |
| WTW | Add 8% | 14.90% |
| VST | Buy (new) First Vistra position — start of multi-Q build. | 4.00% |
| LSXMA | Sell (exit) | 0.00% |
| VRSN | Sell (exit) | 0.00% |
| FNF | Reduce 72% | 2.30% |
| CRH | Reduce 38% | 7.00% |
| J | Reduce 29% | 1.30% |
| VSAT | Reduce 11% | 4.20% |
| WBD | Reduce 10% WBD reduction. | 14.50% |
Q2 2024
6 buys · 5 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| WCC | Add 290% | 3.50% |
| HLF | Add 128% | 1.50% |
| VRSN | Buy (new) | 0.50% |
| CRH | Add 56% | 8.70% |
| CLVT | Add 27% | 6.10% |
| WTW | Add 6% | 11.90% |
| LSXMA | Reduce 76% | 1.00% |
| GOOG | Reduce 64% | 5.40% |
| FNF | Reduce 37% | 7.30% |
| WBD | Reduce 12% WBD reduction. | 16.00% |
| VSAT | Reduce 8% | 4.80% |
Q1 2024
1 buy · 0 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| WBD | Add 8% WBD initial conviction. | 18.00% |
Seth's sector breakdown
How the top 10 positions are diversified across 4 sectors. Weighted by stated portfolio percentage.
Other
6 positions · WTW, ELV, UNP, WCC, DG, FERG
56.0%
40.6% of AUM
Technology
2 positions · AMZN, GOOG
21.8%
15.8% of AUM
Consumer Discretionary
1 position · QSR
14.3%
10.4% of AUM
Financials
1 position · FNF
7.9%
5.7% of AUM
Top holdings
| Ticker | Company | % Portfolio |
|---|---|---|
| QSR | RESTAURANT BRANDS INTL INC | 10.4% |
 AMZN | AMAZON COM INC | 9.3% |
 WTW | WILLIS TOWERS WATSON PLC LTD | 8.5% |
 ELV | ELEVANCE HEALTH INC FORMERLY | 8.4% |
 UNP | UNION PAC CORP | 7.1% |
 WCC | WESCO INTL INC | 6.6% |
 GOOG | ALPHABET INC | 6.5% |
 FNF | FIDELITY NATL INFORMATION SV Title insurance — long compounder. | 5.7% |
 DG | DOLLAR GEN CORP NEW | 5.2% |
 FERG | FERGUSON ENTERPRISES INC | 4.8% |
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Dividend tax by country
Estimate your withholding on cross-border dividends
Withholding rate
0%
Domestic (no cross-border)
Tax withheld
$0.00
You'd receive
$1000.00
Of $1000 gross
Source & treaty reference
Treaty: Domestic — no cross-border withholding
Citation: IRC §§ 1441–1446 (withholding applies to foreign persons; US residents not subject to WHT on US-source dividends)
U.S. residents receiving U.S.-source dividends: no cross-border withholding; taxed on return at qualified (0/15/20%) or ordinary rates.
Estimates for educational purposes only. Tax rules change; consult a qualified tax professional for your specific situation. Dividend-tax treatment depends on holding period, account type (taxable vs. retirement), investor type (individual vs. pension vs. mutual fund), limitation-on-benefits tests, and other factors not modeled here.
Want Seth move-alerts?
One email per 13F filing. Summarizes every new position, exit, and trim.
Similar investors
Tracked managers whose top positions overlap with Seth's portfolio.
Per-quarter digests
What Seth Klarman did, quarter by quarter
Full move-by-move breakdown for each of the last 8 filed quarters.
Data sourced from Baupost Group 13F filings with the SEC. Approximate snapshot. Not investment advice.