13F filing recap · Q3 2025

What did Baupost Group LLC buy in Q3 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$4.76B

Positions

Estimated turnover

44.5%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Baupost Group opened new positions in Union Pacific, Genuine Parts, and Americold Realty Trust, while exiting Liberty Broadband, Viasat, ICON PLC, and Amcor. The firm sharply increased its stakes in Restaurant Brands International and Elevance Health, and substantially added to Eagle Materials. It trimmed Alphabet, CRH, Willis Towers Watson, Wesco International, and Liberty Global, while slightly increasing Ferguson Enterprises.

New positions

UNPUnion Pacific Corp$353.66Mreported value+1.50M shares GPCGenuine Parts Co$193.35Mreported value+1.40M shares COLDAmericold Realty Trust, Inc.$44.06Mreported value+3.60M shares

Increased positions

QSRRestaurant Brands International Inc.$529.34Mreported value+4.20M shares+103.8%ELVElevance Health, Inc.$426.19Mreported value+703.0K shares+114.1%FERGFerguson Enterprises Inc.$259.50Mreported value+23.5K shares+2.1%EXPEagle Materials Inc.$218.98Mreported value+263.4K shares

Reduced positions

GOOGAlphabet Inc.$452.55Mreported value-775.9K shares-29.5%CRHCrh Public Limited Company$405.67Mreported value-442.0K shares-11.6%WTWWillis Towers Watson Plc$376.22Mreported value-225.1K shares-17.1%WCCWesco International, Inc.$317.92Mreported value-704.4K shares

Exited positions

VSATViasat, Inc.$134.19Mprior reported value-9.19M shares-100.0%LBRDKLiberty Broadband Corporation$73.35Mprior reported value-745.6K shares-100.0%ICLRICON PLC$58.91Mprior reported value-405.0K shares-100.0%AMCRAmcor Plc$50.55Mprior reported value-5.50M shares