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BAUPOST GROUP LLC/MA

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13F filer, CIK 1061768, BOSTON, MA

BAUPOST GROUP LLC/MA reported $5,278,590,000 across 22 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 72.43% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001061768-26-000005

Period
2025-12-31
Reported value
$5.28B
Holdings
22
Top 10 weight
72.43%
New
3
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AMZNnew+2,121,391$490M
MOHnew+625,000$108M
AEROnew+4,855,180$107M
WTWadded+268,536$88.2M
FISVadded+1,305,000$87.7M

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
CRHreduced-2,310,438-$288M
GOOGreduced-770,957-$242M
DGreduced-604,055-$80.2M
LBTYAreduced-2,996,306-$33.4M
PAGSexited-2,500,000-$25M

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, Q4 2025

Share positions as resolved from 13F-HR 0001061768-26-000005, largest first. % of portfolio is the value over $5,278,590,000, 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; 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; 2025Q4: 8,080,112 shares 8,080,112$551M10.44%-172,750Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,121,391 shares 2,121,391$490M9.28%newTimeline
WTWWILLIS TOWERS WATSON PLC LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,357,601 shares 1,357,601$446M8.45%+268,536Timeline
ELVELEVANCE HEALTH INC FORMERLYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 246,000 shares; 2025Q2: 616,000 shares; 2025Q3: 1,319,000 shares; 2025Q4: 1,269,302 shares 1,269,302$445M8.43%-49,698Timeline
UNPUNION PAC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,496,204 shares; 2025Q4: 1,627,254 shares 1,627,254$376M7.13%+131,050Timeline
WCCWESCO INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,418,831 shares 1,418,831$347M6.58%-84,349Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,087,181 shares 1,087,181$341M6.46%-770,957Timeline
FISFIDELITY NATL INFORMATION SVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,503,801 shares 4,503,801$299M5.67%+714,090Timeline
DGDOLLAR GEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,062,821 shares 2,062,821$274M5.19%-604,055Timeline
FERGFERGUSON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,137,035 shares 1,137,035$253M4.8%-18,465Timeline
EXPEAGLE MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,273 shares; 2024Q4: 638,223 shares; 2025Q1: 909,633 shares; 2025Q2: 676,257 shares; 2025Q3: 939,660 shares; 2025Q4: 1,185,248 shares 1,185,248$245M4.64%+245,588Timeline
LBTYKLIBERTY GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 20,884,781 shares 20,884,781$231M4.37%-773,022Timeline
GPCGENUINE PARTS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 315,337 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,395,000 shares; 2025Q4: 1,486,088 shares 1,486,088$183M3.46%+91,088Timeline
FISVFISERV INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 895,000 shares; 2025Q3: 895,000 shares; 2025Q4: 2,200,000 shares 2,200,000$148M2.8%+1,305,000Timeline
CRHCRH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,072,957 shares 1,072,957$134M2.54%-2,310,438Timeline
HLFHERBALIFE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 9,259,844 shares 9,259,844$119M2.26%+1,500,000Timeline
MOHMOLINA HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 625,000 shares 625,000$108M2.05%newTimeline
AEROGRUPO AEROMEXICO SAB DE CVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,855,180 shares 4,855,180$107M2.02%newTimeline
GDSGDS HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,044,818 shares 3,044,818$106M2.01%-205,134Timeline
COLDAMERICOLD REALTY TRUST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,600,000 shares; 2025Q4: 3,475,685 shares 3,475,685$44.7M0.85%-124,315Timeline
LBTYALIBERTY GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,080,456 shares 2,080,456$23.2M0.44%-2,996,306Timeline
TBNTAMBORAN RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 570,833 shares; 2024Q4: 570,833 shares; 2025Q1: 570,833 shares; 2025Q2: 570,833 shares; 2025Q3: 570,833 shares; 2025Q4: 257,226 shares 257,226$7M0.13%-313,607Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
PAGSPAGSEGURO DIGITAL LTD2,500,000$25Mshares
HERBALIFE LTDHERBALIFE LTD17,129,000$15.8Mprincipal
CABLE ONE INCCABLE ONE INC14,100,000$12.1Mprincipal

How Q4 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 0001061768-26-000005 base2026-02-13acceptance time not in the bulk data set