Seth Klarman - Baupost Group
Period:    Q1 2026
Portfolio date:    31 Mar 2026
No. of stocks:    22
Portfolio value:    $5,115,380,000
Holdings Activity Buys Sells    History
Period Portfolio
Value		 Top 20 holdings history (left to right)
2026   Q1 $5.12 B AMZN QSR WCC UNP ELV GOOG FERG WTW AON V TFX EXP GPC LBTYK HLF GDS COLD MOH AERO NCLH
2025   Q4 $5.28 B QSR AMZN WTW ELV UNP WCC GOOG FIS DG FERG EXP LBTYK GPC FISV CRH HLF MOH AERO GDS COLD
2025   Q3 $4.76 B QSR GOOG ELV CRH WTW UNP WCC DG FERG LBTYK FIS EXP GPC GDS FISV HLF LBTYA COLD PAGS TBN
2025   Q2 $4.11 B GOOG WCC WTW CRH FIS DG QSR LBTYK FERG ELV FISV EXP VSAT GDS LBRDK HLF ICLR LBTYA AMCR PAGS
2025   Q1 $3.48 B WTW GOOG WCC LBTYK FIS QSR CRH EXP DG FERG GDS ELV VSAT SOLV ICLR HLF LBTYA CLVT SGI LBRDK
2024   Q4 $3.42 B WTW LBTYK GOOG WCC CRH FERG QSR CLVT EXP DG VSAT GDS SNREY-OLD SOLV HUM LBTYA HLF GPC LBRDK TBN
2024   Q3 $3.50 B LBTYK WTW CLVT GOOG CRH WCC DG LBTYA VSAT EXP SOLV GDS FIS FTRE J HLF LBRDK TBN QSR LBRDA
2024   Q2 $3.53 B LBTYK WTW CRH FIS CLVT GOOG VSAT HUM JAZZ WCC LBTYA SOLV WSC EXP FTRE J HLF GDS TBPH CPRI
2024   Q1 $3.55 B LBTYK GOOG WTW FIS VSAT CRH CLVT LSXMK LBTYA JAZZ LSXMA J EXP TBPH WCC WBD HLF GDS OPTU FTRE
2023   Q4 $4.59 B LBTYK VSAT LSXMK GOOG FIS WTW WBD CLVT LSXMA CRH LBTYA JAZZ J TBPH TSEM LM0H SSNC GTN GTX LM0G
2023   Q3 $5.13 B LBTYK VRTV GOOG FIS LSXMK WTW VSAT WBD LSXMA CRH CLVT LBTYA SSNC DG QRVO JAZZ TSEM J TBPH LM0H
2023   Q2 $5.51 B LBTYK VSAT GOOG LSXMK VRTV FIS WBD LSXMA QRVO SSNC WTW GTX EDU AMZN LBTYA JAZZ TBPH DG STX UNP
2023   Q1 $5.58 B LBTYK GOOG VSAT QRVO VRTV LSXMK WBD FIS LSXMA EDU WTW SSNC LBTYA TBPH SWKS JAZZ FISV GTN HLF GTX
2022   Q4 $5.87 B LBTYK LSXMK QRVO VSAT VRTV GOOG WTW LSXMA WBD META FISV EDU SSNC MU FIS LBTYA TBPH AMZN LAD GTN
2022   Q3 $5.59 B LBTYK QRVO LSXMK VSAT VRTV WBD FISV LSXMA WTW EDU SSNC MU DBX TBPH EHC GOOG LBTYA META LAD LFG
2022   Q2 $6.49 B LBTYK QRVO VSAT LSXMK VRTV GOOG INTC FISV LSXMA WBD WTW SSNC EHC DBX EDU LBTYA MU TBPH META 6CL
2022   Q1 $8.99 B LBTYK QRVO INTC VSAT GOOG LSXMK VRTV FISV WTW SSNC LSXMA DBX MU NXST META EHC LBTYA 6CL TBPH VRNT
2021   Q4 $9.79 B LBTYK QRVO INTC VSAT GOOG LSXMK VRTV META FISV SSNC MU WTW NXST LSXMA LBTYA DBX VRNT 6CL PSTH TBPH
2021   Q3 $10.75 B LBTYK INTC VSAT QRVO GOOG META MU LSXMK EBAY VRTV NXST DBX SSNC WTW LBTYA SJR LSXMA PSTH IFF VRNT
2021   Q2 $12.17 B LBTYK INTC EBAY QRVO VSAT GOOG MU META TBIO WTW IFF PCG NXST LSXMK SSNC PSTH VRTV SJR LBTYA 6CL
2021   Q1 $12.38 B INTC LBTYK EBAY QRVO VSAT GOOG WTW MU META PCG PSTH TBIO IFF NXST LSXMK FOXA SSNC FOX LBTYA TBPH
2020   Q4 $10.65 B EBAY LBTYK INTC QRVO FOXA VSAT MU PCG PSTH TBIO MPC LSXMK META SSNC NXST LBTYA ATRA PARA FOX TBPH
2020   Q3 $9.23 B EBAY LBTYK FOXA VSAT PARA PSTH QRVO PCG HDS HPQ MCK MU TBIO GOOG LSXMK NXST SSNC LBTYA FOX META
2020   Q2 $7.98 B EBAY LBTYK FOXA VSAT PARA QRVO TBIO HPQ GOOG MCK HDS AKBA TBPH META NXST LBTYA FOX ATRA HCA CLNY
2020   Q1 $6.75 B EBAY LBTYK FOXA VSAT GOOG HPQ META PARA LNG QRVO MCK TBPH HDS TBIO AKBA FOX LBTYA NXST CLNY PCG
2019   Q4 $8.60 B LBTYK FOXA VSAT EBAY PARA LNG QRVO BMY TBPH CLNY NXST UNVR MCK FOX HPQ PCG LBTYA TBIO ATRA AKBA
2019   Q3 $8.01 B LBTYK VSAT FOXA EBAY LNG BMY QRVO CLNY PCG NXST UNVR LBTYA TBPH FOX MCK TBIO SYF TAK NUAN ATRA
2019   Q2 $10.23 B LBTYK VSAT FOXA EBAY LNG AGN BMY QRVO PCG MCK SYF CLNY UNVR FOX LBTYA COR TAK AR TBPH ATRA
2019   Q1 $11.14 B EBAY VSAT FOXA LBTYK LNG QRVO AGN SYF PCG CELG MCK PXD CLNY ATRA AR TAK TBPH UNVR FOX AKBA
2018   Q4 $11.02 B NWS.A LNG NWS VSAT QRVO AGN LBTYK PXD EBAY PCG SYF AR TBPH CLNY ATRA MCK UNVR COR AKBA LBTYA
2018   Q3 $12.71 B NWS.A LNG AGN VSAT PCG QRVO NWS PXD SYF AR LBTYK TBPH CLNY MCK ATRA CAH COR TRCO AABA LBTYA
2018   Q2 $11.10 B NWS.A SYF LNG VSAT QRVO AGN PXD NWS AR CLNY T CAH ATRA MCK TBPH PCG COR VRTV TRCO KERX
2018   Q1 $10.27 B LNG SYF NWS.A VSAT AGN QRVO TWX PXD AR NWS CAH 6CL PBF ATRA MCK TBPH VRTV PCG COR KERX
2017   Q4 $10.04 B SYF LNG VSAT NWS.A TWX AGN QRVO 6CL AR PBF NWS PXD CAH TBPH MCK ESRX COR KERX VRTV ATRA
2017   Q3 $7.87 B LNG SYF VSAT QRVO AGN 6CL NWS.A AR PBF TBPH DVMT NWS KERX CAH ESRX VRTV ATRA MCK PRTK AH9D
2017   Q2 $8.36 B LNG SYF VSAT 6CL AGN QRVO NWS.A AR TBPH PBF DVMT QCOM NWS KERX ESRX CAH VRTV CAR ATRA PRTK
2017   Q1 $8.25 B LNG VSAT NWS.A 6CL SYF AGN QRVO DVMT PBF TBPH AR QCOM NWS INVA KERX VRTV MCK ATRA CAH ESRX
2016   Q4 $7.47 B LNG VSAT SYF AGN NWS.A PBF DVMT AR TBPH NSAM NRF NWS VRTV INVA KERX CFY MCK ATRA CAH BATRK
2016   Q3 $6.78 B LNG VSAT SYF AGN AR PBF DVMT NWS.A TBPH PYPL NWS INVA VRTV KERX NSAM OLN VMW ATRA LVNTA CFY
2016   Q2 $7.15 B EMC LNG VSAT AGN AR OLN PBF C NWS.A PYPL NWS INVA KERX TBPH VMW ATRA VRTV LVNTA CHY1 KLXI
2016   Q1 $6.76 B EMC LNG VSAT AR AGN PBF PYPL INVA NWS.A NWS OLN TBPH KERX VMW VRTV ATRA NG CHY1 KLXI SEMI
2015   Q4 $5.08 B LNG EMC VSAT AR PBF PYPL NWS ATRA KERX OLN NWS.A TBPH VRTV NG CHY1 SEMI KLXI OCN RUN AIG.WS
2015   Q3 $5.59 B LNG VSAT AAGBP PXD AR PYPL PBF EBAY NWS ATRA OLN NWS.A VRTV AER SEMI KERX NG TBPH CHY1 KLXI
2015   Q2 $5.27 B LNG VSAT PXD EBAY MU PBF AR KERX ATRA SEMI VRTV TBPH OCN C.WS.A NG CHY1 KLXI BXE KOS PRTK
2015   Q1 $5.44 B LNG VSAT EBAY MU PXD AR PBF KERX SEMI ATRA TBPH VRTV CHY1 C.WS.A OCN NG KLXI KOS PRTK BXE
2014   Q4 $4.65 B LNG VSAT MU EBAY AR KERX PBF VRTV OCN TBPH C.WS.A CHY1 SEMI BXE NG PRTK KOS ATRA KIN ELOS
2014   Q3 $5.37 B MU LNG VSAT EBAY KERX OCN PBF AR TBPH VRTV C.WS.A RFMD TQNT SEMI CHY1 NG KOS ELOS KIN AIG.WS
2014   Q2 $5.51 B MU IDIX VSAT LNG EBAY TBPH KERX PBF RFMD TQNT NG CHY1 C.WS.A SEMI KOS KIN ELOS BYD AIG.WS AVEO
2014   Q1 $3.47 B MU VSAT LNG IDIX BP PBF KERX NG CHY1 C.WS.A RFMD KIN TQNT ELOS AIG.WS ALDW AVEO
2013   Q4 $2.78 B MU VSAT BP IDIX C.WS.A F1E CHY1 PBF NG ELOS ROVI KIN AIG.WS AVEO ALDW EZ1
2013   Q3 $2.70 B MU VSAT BP IDIX ROVI ORCL C.WS.A CHY1 NG ELOS PBF CPF EZ1 AIG.WS ITRN AVEO
2013   Q2 $3.25 B VSAT BP MU AIG ROVI IDIX C.WS.A ORCL CHY1 NG ELOS AUY CPF ITRN EZ1 AIG.WS KGC AVEO PVG
2013   Q1 $2.69 B BP VSAT AIG ROVI NCRB ORCL ELN IDIX NG MSFT C.WS.A ELOS AVEO EZ1 CPF ITRN DIG1 AIG.WS
2012   Q4 $2.70 B BP VSAT ORCL NCRB AIG NCRA GNW IDIX NG ANVGQ ROVI MSFT AVEO EZ1 ELOS CPF ITRN
2012   Q3 $2.87 B BP ORCL VSAT NCRA 6684 NCRB ANVGQ NG GNW EZ1 ROVI IDIX AVEO MSFT ELOS CPF ITRN SCMR
2012   Q2 $3.42 B BP 6684 ORCL VSAT NCRA NCRB MSFT ANVGQ IDIX GNW NG AVEO EZ1 HES ELOS CPF ITRN SCMR
2012   Q1 $2.59 B VSAT BP 6684 NCRA MSFT NCRB ANVGQ IDIX NG AVEO EZ1 ELOS CPF ITRN SCMR MGAM ALR
2011   Q4 $2.91 B BP VSAT 6684 MSFT NCRA NCRB ANVGQ AVEO GNW NG EZ1 PDLI ALR ELOS IDIX CPF ITRN MGAM SCMR
2011   Q3 $2.66 B BP 6684 VSAT NCRA MSFT ANVGQ PDLI AVEO NCRB EZ1 ALR GNW BBEPQ ELOS NG ITRN CPF IDIX MGAM SCMR
2011   Q2 $2.03 B VSAT NCRA MSFT BP ANVGQ ALR AVEO EZ1 CSE PDLI BBEPQ ELOS CPF ITRN MGAM IDIX SCMR
2011   Q1 $1.35 B VSAT NCRA ALR EZ1 ANVGQ CSE BBEPQ PDLI AVEO ITRN ELOS MGAM SCMR
2010   Q4 $1.31 B VSAT NCRA CSE ALR EZ1 BBEPQ PDLI REGN ITRN AVEO ELOS MGAM
2010   Q3 $1.24 B VSAT NCRA BBEPQ EZ1 CSE UFS ALR SLRC REGN ITRN ELOS MGAM EXXIQ
2010   Q2 $1.11 B VSAT NCRA BBEPQ EZ1 CSE UFS ADU1 SLRC ITRN ELOS MGAM EXXIQ
2010   Q1 $1.33 B NCRA VSAT UFS BBEPQ CSE EZ1 FACT SLRC ADU1 ITRN ELOS MGAM
2009   Q4 $1.09 B NCRA UFS VSAT BBEPQ EZ1 CSE CIT FACT ITRN MGAM ELOS 0000515W
2009   Q3 $945 M NCRA LMDIA UFS BBEPQ VSAT CSE FACT ELOS ITRN EZ1 RHIEQ MGAM 0000515W BPW.WS NLX.WS DSP.WS TGY.WS
2009   Q2 $844 M NCRA CSE LMDIA PDLI BBEPQ UFS FACT VSAT ELOS RHIEQ ITRN MGAM NCRB 0000515W NLX.WS BPW.WS 0000450W DSP.WS TGY.WS
2009   Q1 $693 M NCRA PDLI LMDIA LINEQ BBEPQ FACT NCRB CSE VSAT ELOS ITRN OMN RHIEQ MGAM PYD 0000515W BGPIQ BPW.WS NLX.WS DSP.WS
2008   Q4 $746 M NCRA LINEQ PDLI LMDIA BBEPQ NCRB HNIB RHIEQ VSAT FACT ELOS CSE ITRN MGAM OMN CVP PYD 0000515W BGPIQ DSP.WS
2008   Q3 $1.12 B NCRA LINEQ PDLI LMDIA BBEPQ HNIB RHIEQ FYR ELOS APL VSAT UNH NCRB ITRN 1861963D 9893105Q OMN BGPIQ MGAM PYD
2008   Q2 $1.12 B NCRA PDLI UNH LINEQ LMDIA APL ELOS FYR BGPIQ CSE VSAT MAQ 1008604D OMN 9893105Q ITRN BBEPQ 1861963D PYD MGAM
2008   Q1 $857 M NCRA LINEQ APL ELOS FYR MAQ IP BGPIQ OMN TCW MRA 1008604D 9893105Q MGAM BBEPQ 1861963D ITRN 1647548D LIA CORE
2007   Q4 $1.19 B SLM NCRA LINEQ APL MAQ 1861963D ELOS MRA OMN TCW NFG 9893105Q 1008604D 1647548D MGAM INSP ITRN 4111596Q BBEPQ 1006025D
2007   Q3 $64 M LINEQ
2007   Q2 $783 M SLM HD ELOS 3109386Q NCRA MAQ OMN SCHSQ NFG INSP GAV MGAM 1647548D CORE AII/U 4111596Q 1006025D HAC 1126731D HTX
2007   Q1 $585 M SLM HD NCRA ELOS INSP MAQ OMN NFG GAV MGAM CORE 1647548D 2245550Q 4111596Q 1006025D HAC HTX 1126731D TVH/U ACUS
2006   Q4 $614 M 2304786Q NCRA HD APOL ELOS INSP OMN MAQ NFG GAV CORE 1647548D MGAM 2245550Q 4111596Q 1006025D 1126731D HAC WIRE ACUS
2006   Q3 $547 M HD NCRA 2304786Q ELOS OMN WLTGQ GAV CORE 2245550Q 1647548D 1006025D INSP MGAM 4111596Q ACUS 1126731D HAC JBSS NCRB GFN
2006   Q2 $413 M NCRA NCRB 2304786Q OMN WLTGQ 945171Q 1647548D CORE ELOS JBSS ACUS HAC NVL GAV POR 2245550Q GFN DHP 1006025D DIMEQ
2006   Q1 $424 M NCRA NCRB 2304786Q OMN CORE JBSS 1647548D ACUS NVL DIMEQ
2005   Q4 $307 M NCRA NCRB OMN NVL RVSN ACUS QLT PRSU DIMEQ CORE
2005   Q3 $331 M NCRA NCRB RVSN OMN PRSU NTLIV ACUS QLT DIMEQ
2005   Q2 $315 M NCRA NCRB RVSN OMN QLT PRSU NTLIV HCBK DIMEQ CALGZ
2005   Q1 $113 M RVSN OMN PRSU NTLIV DIMEQ CALGZ
2004   Q4 $120 M RVSN OMN NTLIV PRSU DIMEQ GKIS HBP CALGZ
2004   Q3 $133 M OMN RVSN NTLIV PRSU PMTC HBP DIMEQ CALGZ
2004   Q2 $110 M RVSN OMN HBP PMTC UAIRQ DIMEQ CALGZ
2004   Q1 $99 M RVSN OMN PMTC HBP UAIRQ DIMEQ NTUS CALGZ
2003   Q4 $96 M RVSN OMN PMTC HBP NTUS DIMEQ CALGZ SRNN UAIRQ
2003   Q3 $132 M AYE RVSN PMTC OMN PY9 3520842Q UCOMA HBP NTUS UGCE DIMEQ CALGZ CALGL SRNN BNKUZ
2003   Q2 $149 M AYE RVSN PMTC NTLIV OMN PY9 3520842Q HBP NTUS CALGZ DIMEQ ALDN SRNN CALGL JJZ BNKUZ
2003   Q1 $224 M AYE NHI RVSN USI-W PY9 XEL NTLIV PMTC MHX 3520842Q OMN DJO TSG WBR GRA HBP NTUS BZCG SCMR DIMEQ
2002   Q4 $160 M XEL NHI RVSN USI-W PY9 3520842Q QWC TSG WBR GRA DJO HBP PMTC NTUS OMN SCMR AYE CALGZ BZCG NRGN
2002   Q3 $189 M XEL NHI USI-W RVSN PLCM CMVT WBR 3520842Q HBP DJO EPNY GRA SCMR CIEN MUSE PMTC BZCG RVN AGIL SEBL
2002   Q2 $204 M NHI USI-W QWC WBR RVSN 3520842Q HBP GRA 0112123Q EPNY HST CIEN PMTC DJO BZCG SCMR DIMEQ OWWI ALDN CCPRZ
2000   Q4 $707 M HCBK RTY 189978Q SCZ/A VTR OMN 9489 2309719Q SOLUQ WAB 3520842Q GRA NHI GTIV 2942739Q WLTGQ 599864Q HBP KFBI WBR
2000   Q3 $1.08 B 1669Q HCBK 9489 RTY 6683 SOLUQ SCZ/A VTR PTV OMN 599864Q 2309719Q 189978Q WAB 3520842Q GTIV WLTGQ AMFH BC 2942739Q
2000   Q2 $921 M 1669Q HCBK 9489 SOLUQ PTV RTY SCZ/A 599864Q 2309719Q VTR 2235894Q AMFH UMGI WLTGQ BC OMN WAB HBP NRGN 2942739Q
2000   Q1 $735 M HCBK 1669Q PTV SOLUQ 599864Q 739306Q SCZ/A VTR RTY 2309719Q 2235894Q GLC TEN MNY AMFH 586928Q TGO NRGN UCOMA HBP
1999   Q4 $591 M HCBK PTV 739306Q 599864Q 6683 586928Q STEI VTR TEN WLTGQ SCZ/A 2235894Q SOLUQ AMFH OMN RTY NRGN MXB/U GZSP 2309719Q
1999   Q3 $383 M 2235894Q HCBK STEI WLTGQ 586928Q VTR 739306Q 6683 MXB/U FLYR NRGN SCZ/A MNY SGEEQ EPG OWWI 2309719Q CCPRZ WRO 0112123Q
1999   Q2 $23 M NRGN SCZ/A EPG OWWI WRO 0112123Q 2235894Q 2309719Q EFBC MAXS
1999   Q1 $30 M SCZ/A 2235894Q SGEEQ MXB/U EPG OWWI NRGN 2309719Q
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