Acquirersmultiple·2025-10-12 23:12Core Insights - Baupost Group LLC/MA, led by Seth Klarman, reported a portfolio valued at $4.13 billion, with the top five holdings constituting 46.93% of total assets [1] Group 1: Top Holdings Overview - Alphabet Inc. (GOOG): The largest position, with 2.63 million shares valued at $467.24 million, representing 11.31% of the portfolio. The fund increased its stake by 556,000 shares (+26.76%), indicating growing confidence in the company's search franchise and AI opportunities [2] - Wesco International Inc. (WCC): The second-largest position, holding 2.21 million shares worth $408.85 million (9.90% of assets). Baupost raised its stake by 202,000 shares (+10.07%), reflecting confidence in Wesco's industrial distribution leadership [3] - Willis Towers Watson PLC (WTW): Holding 1.31 million shares valued at $402.79 million (9.75% of the portfolio). The fund reduced its position by 211,000 shares (-13.86%), likely for profit-taking after strong performance [4] - CRH PLC (CRH): The fourth-largest holding, with 3.83 million shares valued at $351.17 million (8.50% of assets). Baupost added 1.13 million shares (+41.98%), showing increased conviction in the building materials sector [5] - Fidelity National Information Services (FIS): Rounding out the top five with 3.78 million shares worth $308.52 million (7.47% portfolio weight). The fund increased its holdings by 296,764 shares (+8.50%), indicating confidence in the company's restructuring efforts [6] Group 2: Investment Philosophy - Baupost's portfolio reflects a disciplined value philosophy, selectively adding to undervalued positions while trimming gains in outperformers. The concentration in technology, industrials, and financials highlights a strategy focused on high-quality businesses with strong underlying assets [7]