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BAUPOST GROUP LLC/MA

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13F filer, CIK 1061768, BOSTON, MA

BAUPOST GROUP LLC/MA reported $4,130,042,000 across 23 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-13. Its ten largest share positions make up 78.75% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001061768-25-000005

Period
2025-06-30
Reported value
$4.13B
Holdings
23
Top 10 weight
78.75%
New
3
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
FISVnew+895,000$154M
ELVadded+370,000$144M
CRHadded+1,131,000$104M
GOOGadded+556,000$98.6M
DGadded+562,000$64.3M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
SOLVexited-1,053,240-$80.1M
WTWreduced-211,483-$64.8M
EXPreduced-233,376-$47.2M
CLVTexited-10,777,863-$42.4M
SGIexited-703,349-$42.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001061768-25-000005, largest first. % of portfolio is the value over $4,130,042,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,465,588 shares; 2024Q4: 1,425,988 shares; 2025Q1: 2,077,988 shares; 2025Q2: 2,633,988 shares 2,633,988$467M11.31%+556,000Timeline
WCCWESCO INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,258,000 shares; 2024Q4: 1,435,671 shares; 2025Q1: 2,005,601 shares; 2025Q2: 2,207,601 shares 2,207,601$409M9.9%+202,000Timeline
WTWWILLIS TOWERS WATSON PLC LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,781,206 shares; 2024Q4: 1,836,748 shares; 2025Q1: 1,525,667 shares; 2025Q2: 1,314,184 shares 1,314,184$403M9.75%-211,483Timeline
CRHCRH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,636,602 shares; 2024Q4: 2,641,402 shares; 2025Q1: 2,694,395 shares; 2025Q2: 3,825,395 shares 3,825,395$351M8.5%+1,131,000Timeline
FISFIDELITY NATL INFORMATION SVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 971,460 shares; 2024Q4: not reported; 2025Q1: 3,492,947 shares; 2025Q2: 3,789,711 shares 3,789,711$309M7.47%+296,764Timeline
DGDOLLAR GEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,303,800 shares; 2024Q4: 2,060,800 shares; 2025Q1: 2,104,876 shares; 2025Q2: 2,666,876 shares 2,666,876$305M7.39%+562,000Timeline
QSRRESTAURANT BRANDS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,294 shares; 2024Q4: 2,901,700 shares; 2025Q1: 3,886,562 shares; 2025Q2: 4,049,562 shares 4,049,562$268M6.5%+163,000Timeline
LBTYKLIBERTY GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,311,011 shares; 2024Q4: 39,453,843 shares; 2025Q1: 24,657,803 shares; 2025Q2: 24,657,803 shares 24,657,803$254M6.16%0Timeline
FERGFERGUSON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,132,000 shares; 2025Q1: 1,132,000 shares; 2025Q2: 1,132,000 shares 1,132,000$246M5.97%0Timeline
ELVELEVANCE HEALTH INC FORMERLYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 246,000 shares; 2025Q2: 616,000 shares 616,000$240M5.8%+370,000Timeline
FISVFISERV INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 895,000 shares 895,000$154M3.74%newTimeline
EXPEAGLE MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,273 shares; 2024Q4: 638,223 shares; 2025Q1: 909,633 shares; 2025Q2: 676,257 shares 676,257$137M3.31%-233,376Timeline
VSATVIASAT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,222,590 shares; 2024Q4: 12,222,590 shares; 2025Q1: 10,190,728 shares; 2025Q2: 9,190,728 shares 9,190,728$134M3.25%-1,000,000Timeline
GDSGDS HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,249,952 shares; 2024Q4: 4,249,952 shares; 2025Q1: 4,249,952 shares; 2025Q2: 3,249,952 shares 3,249,952$99.4M2.41%-1,000,000Timeline
LBRDKLIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 170,610 shares; 2024Q4: 170,610 shares; 2025Q1: 170,610 shares; 2025Q2: 745,610 shares 745,610$73.4M1.78%+575,000Timeline
HLFHERBALIFE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,124,526 shares; 2024Q4: 7,600,526 shares; 2025Q1: 7,600,526 shares; 2025Q2: 7,759,844 shares 7,759,844$66.9M1.62%+159,318Timeline
ICLRICON PUB LTD COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 405,000 shares; 2025Q2: 405,000 shares 405,000$58.9M1.43%0Timeline
LBTYALIBERTY GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,194,276 shares; 2024Q4: 5,201,444 shares; 2025Q1: 5,076,762 shares; 2025Q2: 5,076,762 shares 5,076,762$50.8M1.23%0Timeline
AMCOR PLCAMCOR PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,500,000 shares 5,500,000$50.5M1.22%new
PAGSPAGSEGURO DIGITAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,500,000 shares 2,500,000$24.1M0.58%newTimeline
TBNTAMBORAN RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 570,833 shares; 2024Q4: 570,833 shares; 2025Q1: 570,833 shares; 2025Q2: 570,833 shares 570,833$12.2M0.29%0Timeline
LBRDALIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,560 shares; 2024Q4: 7,560 shares; 2025Q1: 7,560 shares; 2025Q2: 7,560 shares 7,560$740K0.02%0Timeline

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
HERBALIFE LTDHERBALIFE LTD NOTE 4.250% 6/1principal17,129,000$15.6M0

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
SOLVSOLVENTUM CORP1,053,240$80.1Mshares
CLVTCLARIVATE PLC10,777,863$42.4Mshares
SGISOMNIGROUP INTERNATIONAL INC703,349$42.1Mshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001061768-25-000005 base2025-08-13acceptance time not in the bulk data set