Latest Transactions of Seth Klarman Q1 2025

Highlights

Biggest Buys

1. Fidelity National Information Services Inc. (FIS) Baupost Group initiated a new position in Fidelity National Information Services, acquiring 3,492,947 shares at an average purchase price of approximately $75 per share. FIS is a leading provider of technology solutions for merchants, banks, and capital markets firms globally. This new investment suggests Klarman may identify untapped value, a turnaround opportunity following industry shifts, or a mispricing in the evolving financial technology landscape that meets Baupost's stringent criteria.

2. Elevance Health Inc. (ELV) The firm also established a new holding in Elevance Health Inc., purchasing 246,000 shares at an average purchase price of around $398 per share. Elevance Health (formerly Anthem) is a major U.S. health benefits company. This move into the healthcare sector could indicate Baupost's view on the long-term value, defensive characteristics, and stability offered by established players in this industry, potentially acquired at an attractive valuation.

3. Alphabet Inc. CL C (GOOG) Klarman increased Baupost's stake in Alphabet Inc. (Class C) by 652,000 shares, representing a 45.72% increase, at an average purchase price of approximately $185 per share. Alphabet, the parent company of Google, is a global technology behemoth. Significantly adding to this position underscores a continued belief in its intrinsic value, robust growth prospects, or enduring market dominance, even at its substantial market capitalization.

Biggest Sells

1. Liberty Global Ltd Cl C (LBTYK) Baupost Group sold 14,796,040 Class C shares of Liberty Global Ltd, reducing its position by 37.50%, at an average selling price of approximately $12 per share. Liberty Global is an international television and broadband company with complex operations across various markets. This substantial reduction might reflect profit-taking, a change in outlook for its specific European assets or markets, or a re-evaluation of its risk/reward profile within Baupost's portfolio.

2. Willis Towers Watson plc (WTW) The firm trimmed its holding in Willis Towers Watson plc by 311,081 shares, a 16.94% decrease, at an average selling price of around $325 per share. Willis Towers Watson is a global advisory, broking, and solutions company. This sale could indicate a decision to reduce exposure to the financial and professional services sector, a realization of value after a period of holding, or reallocation of capital to more compelling opportunities.

3. Sunrise Communications Group AG Cl A (SNRE) Baupost Group sold 311,081 Class A shares of Sunrise Communications, completely liquidating its position, at an average selling price of approximately $4 per share. Sunrise Communications is a Swiss telecommunications provider. This complete exit, especially at a relatively low average price, could be related to specific corporate developments, its past acquisition by Liberty Global (a company Baupost is also trimming), or a decision to fully divest from a situation that no longer meets Baupost's investment criteria or margin of safety requirements.

Seth Klarman's Baupost Group's Q1 2025 moves show a clear focus on identifying value in fintech (FIS) and U.S. healthcare (Elevance Health), while also increasing conviction in mega-cap tech (Alphabet). The sales activity, including significant trims in international telecom (Liberty Global) and advisory services (Willis Towers Watson), and an exit from European telecom (Sunrise), reflect Baupost's disciplined, value-oriented approach to capital allocation and its willingness to patiently seek out and adjust holdings based on evolving opportunities and rigorous risk assessments.

All Transactions

The information is provided for educational purposes only and does not constitute financial advice or recommendation and should not be considered as such. Do your own research.