13F filing recap · Q4 2025

What did Baupost Group LLC buy in Q4 2025?

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

Stock value

$5.28B

Positions

Estimated turnover

35.6%

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 Amazon.com, Molina Healthcare, and Grupo Aeromexico, and exited Pagseguro Digital entirely. The firm substantially trimmed Alphabet and CRH, while dramatically increasing its Fiserv stake. It also added moderately to Willis Towers Watson, Fidelity National Information Services, and Eagle Materials, and trimmed Dollar General.

New positions

AMZNAmazon.com Inc$489.66Mreported value+2.12M shares MOHMolina Healthcare, Inc.$108.46Mreported value+625.0K shares AEROGrupo Aeromexico, S.a.b. De C.v.$106.62Mreported value+4.86M shares

Increased positions

WTWWillis Towers Watson Plc$446.11Mreported value+268.5K shares+24.7%UNPUnion Pacific Corp$376.42Mreported value+131.1K shares+8.8%FISFidelity National Information Services, Inc.$299.32Mreported value+714.1K shares+18.8%EXPEagle Materials Inc.$244.97Mreported value+245.6K shares

Reduced positions

QSRRestaurant Brands International Inc.$551.33Mreported value-172.8K shares-2.1%ELVElevance Health, Inc.$444.95Mreported value-49.7K shares-3.8%WCCWesco International, Inc.$347.10Mreported value-84.3K shares-5.6%GOOGAlphabet Inc.$341.16Mreported value-771.0K shares

Exited positions

PAGSPagseguro Digital Ltd.$25.00Mprior reported value-2.50M shares-100.0%