§ 13F · FUND PROFILE
Baupost Group.
Baupost Group is a prominent hedge fund led by renowned value investor Seth Klarman, known for its disciplined deep value investment approach and contrarian strategies. The firm focuses on identifying undervalued securities across various asset classes while maintaining a strong emphasis on capital preservation and risk management.
AUM · — (13F)Positions · 11Turnover · — · Q4Filed · Feb 17, 2026
CONCENTRATION
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Top 10 holdings
NEW BUYS
0
+$15526.7T deployed
EXITS
0
No exits
SECTOR SHIFT
—
No prior quarter data
3YR HIT RATE
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Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 17, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | BN | BROOKFIELD CORP | 61.40M | $2817.8T | 18.1% | NEW |
| 2 | UBER | UBER TECHNOLOGIES INC | 30.21M | $2468.3T | 15.9% | NEW |
| 3 | AMZN | AMAZON COM INC | 9.61M | $2217.7T | 14.3% | NEW |
| 4 | GOOG | ALPHABET INC | 6.16M | $1934.2T | 12.5% | NEW |
| 5 | META | META PLATFORMS INC | 2.67M | $1764.8T | 11.4% | NEW |
| 6 | QSR | RESTAURANT BRANDS INTL INC | 22.87M | $1560.2T | 10.0% | NEW |
| 7 | HHH | HOWARD HUGHES HOLDINGS INC | 18.85M | $1503.8T | 9.7% | NEW |
| 8 | HLT | HILTON WORLDWIDE HLDGS INC | 3.03M | $870.0T | 5.6% | NEW |
| 9 | GOOGL | ALPHABET INC | 678K | $212.3T | 1.4% | NEW |
| 10 | SEG | SEAPORT ENTMT GROUP INC | 5.02M | $99.3T | 0.6% | NEW |
§ 02 · SECTOR ALLOCATION
Where the money is
Sector data pending
§ 03 · THE BAUPOST SIGNAL
AC read
Baupost Group's latest 13F filing reveals a concentrated portfolio reflecting Seth Klarman's signature value-oriented approach, though the reported position values appear to contain data anomalies with figures in the trillions that likely represent reporting errors. Setting aside these technical issues, the fund's holdings showcase a fascinating blend of traditional value plays and modern technology investments. The portfolio is heavily weighted toward mega-cap technology stocks, with Uber, Amazon, Google, and Meta comprising nearly 55% of reported holdings, suggesting Klarman has found compelling value propositions in these previously high-flying growth names.
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
2 FILINGS
Q4 2025
Steady book
+0 buys · −0 exits · 0 changed
Q4 2024
Steady book
+0 buys · −0 exits · 0 changed