Seth Klarman · quarter digest

What Seth Klarman did in Q1 2025

Baupost Group filed 11 moves in Q1 2025: 4 new, 3 add, 4 trim, 0 exit.

13F filed 2025-05-15. Manager quality score: q9. Philosophy: Margin of safety. Cash is a position. Patience pays.

New positions · 4

Fresh money

FNFFIDELITY NATL INFORMATION SV

NEW·7.5% book·−5

NEW·5.9% book·−10

“Klarman's first Vistra position — start of the 3 Q build.”

ELVELEVANCE HEALTH INC

NEW·3.1% book·−6

ICONICON PLC

NEW·2.0% book·−22

Adds · 3

GOOGALPHABET INC

ADD +46%·9.3% book·−13

WCCWESCO INTL INC

ADD +40%·8.9% book·−4

QSRRESTAURANT BRANDS INTL INC

ADD +34%·7.4% book·+4

Trims · 4

WTWWILLIS TOWERS WATSON PLC LTD

TRIM -17%·14.7% book·−8

LBTYKLIBERTY GLOBAL LTD

TRIM -33%·10.1% book·−4

VSATVIASAT INC

TRIM -17%·3.0% book·−9

CLVTCLARIVATE PLC

TRIM -70%·1.2% book·−6

Current top holdings

#	Ticker	Weight	Conviction
1	LBTYK Liberty Global Class C	14.3%	−4
2	WBD Warner Bros. Discovery	11.8%	−4
3	VST Vistra Corp	9.6%	−10
4	FNF Fidelity National Financial	7.1%	−5
5	VTRS Viatris	5.4%	0
6	ALLY Ally Financial	4.8%	−6

Other quarters for Seth Klarman

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