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BAUPOST GROUP LLC/MA

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13F filer, CIK 1061768, BOSTON, MA

BAUPOST GROUP LLC/MA reported $4,790,804,000 across 22 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13. Its ten largest share positions make up 76.21% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001061768-25-000007

Period
2025-09-30
Reported value
$4.79B
Holdings
22
Top 10 weight
76.21%
New
4
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
UNPnew+1,496,204$354M
QSRadded+4,203,300$270M
ELVadded+703,000$227M
GPCnew+1,395,000$193M
EXPadded+263,403$61.4M

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
GOOGreduced-775,850-$189M
WCCreduced-704,421-$149M
VSATexited-9,190,728-$134M
WTWreduced-225,119-$77.8M
LBRDKexited-745,610-$73.4M

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, Q3 2025

Share positions as resolved from 13F-HR 0001061768-25-000007, largest first. % of portfolio is the value over $4,790,804,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
QSRRESTAURANT BRANDS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 8,252,862 shares 8,252,862$529M11.05%+4,203,300Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,858,138 shares 1,858,138$453M9.45%-775,850Timeline
ELVELEVANCE HEALTH INC FORMERLYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 246,000 shares; 2025Q2: 616,000 shares; 2025Q3: 1,319,000 shares 1,319,000$426M8.9%+703,000Timeline
CRHCRH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,383,395 shares 3,383,395$406M8.47%-442,000Timeline
WTWWILLIS TOWERS WATSON PLC LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,089,065 shares 1,089,065$376M7.85%-225,119Timeline
UNPUNION PAC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,496,204 shares 1,496,204$354M7.38%newTimeline
WCCWESCO INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,503,180 shares 1,503,180$318M6.64%-704,421Timeline
DGDOLLAR GEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,666,876 shares 2,666,876$276M5.75%0Timeline
FERGFERGUSON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,132,000 shares; 2025Q1: 1,132,000 shares; 2025Q2: 1,132,000 shares; 2025Q3: 1,155,500 shares 1,155,500$260M5.42%+23,500Timeline
LBTYKLIBERTY GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 21,657,803 shares 21,657,803$254M5.31%-3,000,000Timeline
FISFIDELITY NATL INFORMATION SVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 971,460 shares; 2024Q4: not reported; 2025Q1: 3,492,947 shares; 2025Q2: 3,789,711 shares; 2025Q3: 3,789,711 shares 3,789,711$250M5.22%0Timeline
EXPEAGLE MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,273 shares; 2024Q4: 638,223 shares; 2025Q1: 909,633 shares; 2025Q2: 676,257 shares; 2025Q3: 939,660 shares 939,660$219M4.57%+263,403Timeline
GPCGENUINE PARTS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 315,337 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,395,000 shares 1,395,000$193M4.04%newTimeline
GDSGDS HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,249,952 shares 3,249,952$126M2.63%0Timeline
FISVFISERV INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 895,000 shares; 2025Q3: 895,000 shares 895,000$115M2.41%0Timeline
HLFHERBALIFE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 7,759,844 shares 7,759,844$65.5M1.37%0Timeline
LBTYALIBERTY GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 5,076,762 shares 5,076,762$58.2M1.21%0Timeline
COLDAMERICOLD REALTY TRUST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,600,000 shares 3,600,000$44.1M0.92%newTimeline
PAGSPAGSEGURO DIGITAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,500,000 shares; 2025Q3: 2,500,000 shares 2,500,000$25M0.52%0Timeline
TBNTAMBORAN RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 570,833 shares; 2024Q4: 570,833 shares; 2025Q1: 570,833 shares; 2025Q2: 570,833 shares; 2025Q3: 570,833 shares 570,833$15.6M0.33%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$15.8M0
CABLE ONE INCCABLE ONE INC NOTEprincipal14,100,000$12.1Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
VSATVIASAT INC9,190,728$134Mshares
LBRDKLIBERTY BROADBAND CORP745,610$73.4Mshares
ICLRICON PUB LTD CO405,000$58.9Mshares
AMCOR PLCAMCOR PLC5,500,000$50.5Mshares
LBRDALIBERTY BROADBAND CORP7,560$740Kshares

How Q3 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 0001061768-25-000007 base2025-11-13acceptance time not in the bulk data set