Reported portfolio
Seth Klarman
Baupost Group LLC/MA
Last update 2026-08-13
- Reported portfolio value
- $5,415,853,000
- Current positions
- 23
- Top five concentration
- 49.9%
- Largest position
- 16.5%
- New positions
- 3
- Closed positions
- 2
Reported holdings
25 positions
| Company | Portfolio | Recent activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
AMZN AMAZON COM INC | 16.48% | Added 20.0% | 3,743,854+625,100 | $238 | $892,310,000+$242,767,000 | 13F2026-06-30 ↗ |
ELV ELEVANCE HEALTH INC FORMERLY | 9.11% | Unchanged | 1,275,154 | $387 | $493,140,000+$119,839,000 | 13F2026-06-30 ↗ |
QSR RESTAURANT BRANDS INTL INC | 9.04% | Reduced 16.4% | 6,753,112−1,327,000 | $73 | $489,612,000−$107,596,000 | 13F2026-06-30 ↗ |
GOOG ALPHABET INC | 8.95% | Added 16.2% | 1,371,931+190,800 | $353 | $484,744,000+$145,925,000 | 13F2026-06-30 ↗ |
FERG FERGUSON ENTERPRISES INC | 6.36% | Added 0.6% | 1,450,594+8,183 | $237 | $344,269,000+$7,812,000 | 13F2026-06-30 ↗ |
GPC GENUINE PARTS CO | 6.13% | Added 89.0% | 2,816,178+1,325,830 | $118 | $332,253,000+$174,649,000 | 13F2026-06-30 ↗ |
UNP UNION PAC CORP | 5.95% | Reduced 23.1% | 1,185,395−355,600 | $272 | $322,427,000−$51,449,000 | 13F2026-06-30 ↗ |
V VISA INC | 4.44% | Unchanged | 701,355 | $343 | $240,628,000+$28,650,000 | 13F2026-06-30 ↗ |
WCC WESCO INTL INC | 4.23% | Reduced 53.9% | 662,881−774,000 | $345 | $228,979,000−$164,180,000 | 13F2026-06-30 ↗ |
AON AON PLC | 4.21% | Reduced 10.7% | 687,000−82,000 | $332 | $227,871,000−$20,347,000 | 13F2026-06-30 ↗ |
TFX TELEFLEX INCORPORATED | 3.30% | Reduced 11.7% | 1,409,000−186,000 | $127 | $178,605,000−$12,173,000 | 13F2026-06-30 ↗ |
NCLH NORWEGIAN CRUISE LINE HLDGS | 3.01% | Added 112.9% | 7,730,000+4,100,000 | $21 | $163,180,000+$95,299,000 | 13F2026-06-30 ↗ |
MOH MOLINA HEALTHCARE INC | 2.68% | Unchanged | 633,609 | $229 | $144,906,000+$60,446,000 | 13F2026-06-30 ↗ |
CME CME GROUP INC | 2.52% | New | 619,000+619,000 | $221 | $136,694,000+$136,694,000 | 13F2026-06-30 ↗ |
HLF HERBALIFE LTD | 2.25% | Unchanged | 9,259,844 | $13 | $121,767,000−$14,538,000 | 13F2026-06-30 ↗ |
EXP EAGLE MATLS INC | 2.21% | Reduced 40.5% | 530,763−362,000 | $225 | $119,422,000−$49,712,000 | 13F2026-06-30 ↗ |
GDS GDS HLDGS LTD | 2.09% | Added 23.8% | 3,769,818+725,000 | $30 | $113,208,000−$9,468,000 | 13F2026-06-30 ↗ |
COLD AMERICOLD REALTY TRUST INC | 1.98% | Reduced 12.2% | 6,830,230−950,570 | $16 | $107,371,000+$18,203,000 | 13F2026-06-30 ↗ |
LBTYK LIBERTY GLOBAL LTD | 1.74% | Reduced 36.2% | 8,543,161−4,854,086 | $11 | $93,975,000−$63,175,000 | 13F2026-06-30 ↗ |
AERO GRUPO AEROMEXICO SAB DE CV | 1.62% | Unchanged | 4,880,188 | $18 | $87,843,000+$19,472,000 | 13F2026-06-30 ↗ |
AXTA AXALTA COATING SYS LTD | 0.81% | New | 1,274,356+1,274,356 | $34 | $43,608,000+$43,608,000 | 13F2026-06-30 ↗ |
DNOW DNOW INC | 0.67% | Reduced 23.1% | 2,788,000−837,000 | $13 | $36,160,000−$7,014,000 | 13F2026-06-30 ↗ |
PS PERSHING SQUARE INC | 0.24% | New | 392,000+392,000 | $33 | $12,881,000+$12,881,000 | 13F2026-06-30 ↗ |
WTW WILLIS TOWERS WATSON PLC LTD | 0.00% | Exited | 0−893,126 | $291 | $0−$259,632,000 | 13F2026-06-30 ↗ |
PCVX VAXCYTE INC | 0.00% | Exited | 0−800,000 | $58 | $0−$46,488,000 | 13F2026-06-30 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AMZN | AMAZON COM INC | 16.48% | 3,743,854 | $892,310,000 |
| ELV | ELEVANCE HEALTH INC FORMERLY | 9.11% | 1,275,154 | $493,140,000 |
| QSR | RESTAURANT BRANDS INTL INC | 9.04% | 6,753,112 | $489,612,000 |
| GOOG | ALPHABET INC | 8.95% | 1,371,931 | $484,744,000 |
| FERG | FERGUSON ENTERPRISES INC | 6.36% | 1,450,594 | $344,269,000 |
| GPC | GENUINE PARTS CO | 6.13% | 2,816,178 | $332,253,000 |
| UNP | UNION PAC CORP | 5.95% | 1,185,395 | $322,427,000 |
| V | VISA INC | 4.44% | 701,355 | $240,628,000 |
| WCC | WESCO INTL INC | 4.23% | 662,881 | $228,979,000 |
| AON | AON PLC | 4.21% | 687,000 | $227,871,000 |
| TFX | TELEFLEX INCORPORATED | 3.30% | 1,409,000 | $178,605,000 |
| NCLH | NORWEGIAN CRUISE LINE HLDGS | 3.01% | 7,730,000 | $163,180,000 |
| MOH | MOLINA HEALTHCARE INC | 2.68% | 633,609 | $144,906,000 |
| CME | CME GROUP INC | 2.52% | 619,000 | $136,694,000 |
| HLF | HERBALIFE LTD | 2.25% | 9,259,844 | $121,767,000 |
| EXP | EAGLE MATLS INC | 2.21% | 530,763 | $119,422,000 |
| GDS | GDS HLDGS LTD | 2.09% | 3,769,818 | $113,208,000 |
| COLD | AMERICOLD REALTY TRUST INC | 1.98% | 6,830,230 | $107,371,000 |
| LBTYK | LIBERTY GLOBAL LTD | 1.74% | 8,543,161 | $93,975,000 |
| AERO | GRUPO AEROMEXICO SAB DE CV | 1.62% | 4,880,188 | $87,843,000 |
| AXTA | AXALTA COATING SYS LTD | 0.81% | 1,274,356 | $43,608,000 |
| DNOW | DNOW INC | 0.67% | 2,788,000 | $36,160,000 |
| PS | PERSHING SQUARE INC | 0.24% | 392,000 | $12,881,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AMZN | AMAZON COM INC | 12.70% | 3,118,754 | $649,543,000 |
| QSR | RESTAURANT BRANDS INTL INC | 11.67% | 8,080,112 | $597,208,000 |
| WCC | WESCO INTL INC | 7.69% | 1,436,881 | $393,159,000 |
| UNP | UNION PAC CORP | 7.31% | 1,540,995 | $373,876,000 |
| ELV | ELEVANCE HEALTH INC FORMERLY | 7.30% | 1,275,154 | $373,301,000 |
| GOOG | ALPHABET INC | 6.62% | 1,181,131 | $338,819,000 |
| FERG | FERGUSON ENTERPRISES INC | 6.58% | 1,442,411 | $336,457,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 5.08% | 893,126 | $259,632,000 |
| AON | AON PLC | 4.85% | 769,000 | $248,218,000 |
| V | VISA INC | 4.14% | 701,355 | $211,978,000 |
| TFX | TELEFLEX INCORPORATED | 3.73% | 1,595,000 | $190,778,000 |
| EXP | EAGLE MATLS INC | 3.31% | 892,763 | $169,134,000 |
| GPC | GENUINE PARTS CO | 3.08% | 1,490,348 | $157,604,000 |
| LBTYK | LIBERTY GLOBAL LTD | 3.07% | 13,397,247 | $157,150,000 |
| HLF | HERBALIFE LTD | 2.66% | 9,259,844 | $136,305,000 |
| GDS | GDS HLDGS LTD | 2.40% | 3,044,818 | $122,676,000 |
| COLD | AMERICOLD REALTY TRUST INC | 1.74% | 7,780,800 | $89,168,000 |
| MOH | MOLINA HEALTHCARE INC | 1.65% | 633,609 | $84,460,000 |
| AERO | GRUPO AEROMEXICO SAB DE CV | 1.34% | 4,880,188 | $68,371,000 |
| NCLH | NORWEGIAN CRUISE LINE HLDGS | 1.33% | 3,630,000 | $67,881,000 |
| PCVX | VAXCYTE INC | 0.91% | 800,000 | $46,488,000 |
| DNOW | DNOW INC | 0.84% | 3,625,000 | $43,174,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| QSR | RESTAURANT BRANDS INTL INC | 10.44% | 8,080,112 | $551,325,000 |
| AMZN | AMAZON COM INC | 9.28% | 2,121,391 | $489,659,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 8.45% | 1,357,601 | $446,108,000 |
| ELV | ELEVANCE HEALTH INC FORMERLY | 8.43% | 1,269,302 | $444,954,000 |
| UNP | UNION PAC CORP | 7.13% | 1,627,254 | $376,416,000 |
| WCC | WESCO INTL INC | 6.58% | 1,418,831 | $347,103,000 |
| GOOG | ALPHABET INC | 6.46% | 1,087,181 | $341,157,000 |
| FIS | FIDELITY NATL INFORMATION SV | 5.67% | 4,503,801 | $299,323,000 |
| DG | DOLLAR GEN CORP NEW | 5.19% | 2,062,821 | $273,881,000 |
| FERG | FERGUSON ENTERPRISES INC | 4.80% | 1,137,035 | $253,138,000 |
| EXP | EAGLE MATLS INC | 4.64% | 1,185,248 | $244,967,000 |
| LBTYK | LIBERTY GLOBAL LTD | 4.37% | 20,884,781 | $230,568,000 |
| GPC | GENUINE PARTS CO | 3.46% | 1,486,088 | $182,729,000 |
| FISV | FISERV INC | 2.80% | 2,200,000 | $147,774,000 |
| CRH | CRH PLC | 2.54% | 1,072,957 | $133,905,000 |
| HLF | HERBALIFE LTD | 2.26% | 9,259,844 | $119,359,000 |
| MOH | MOLINA HEALTHCARE INC | 2.05% | 625,000 | $108,463,000 |
| AERO | GRUPO AEROMEXICO SAB DE CV | 2.02% | 4,855,180 | $106,620,000 |
| GDS | GDS HLDGS LTD | 2.01% | 3,044,818 | $106,264,000 |
| COLD | AMERICOLD REALTY TRUST INC | 0.85% | 3,475,685 | $44,697,000 |
| LBTYA | LIBERTY GLOBAL LTD | 0.44% | 2,080,456 | $23,176,000 |
| TBN | TAMBORAN RES CORP | 0.13% | 257,226 | $7,004,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| QSR | RESTAURANT BRANDS INTL INC | 11.05% | 8,252,862 | $529,337,000 |
| GOOG | ALPHABET INC | 9.45% | 1,858,138 | $452,550,000 |
| ELV | ELEVANCE HEALTH INC FORMERLY | 8.90% | 1,319,000 | $426,195,000 |
| CRH | CRH PLC | 8.47% | 3,383,395 | $405,669,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 7.85% | 1,089,065 | $376,218,000 |
| UNP | UNION PAC CORP | 7.38% | 1,496,204 | $353,658,000 |
| WCC | WESCO INTL INC | 6.64% | 1,503,180 | $317,923,000 |
| DG | DOLLAR GEN CORP NEW | 5.75% | 2,666,876 | $275,622,000 |
| FERG | FERGUSON ENTERPRISES INC | 5.42% | 1,155,500 | $259,502,000 |
| LBTYK | LIBERTY GLOBAL LTD | 5.31% | 21,657,803 | $254,479,000 |
| FIS | FIDELITY NATL INFORMATION SV | 5.22% | 3,789,711 | $249,894,000 |
| EXP | EAGLE MATLS INC | 4.57% | 939,660 | $218,978,000 |
| GPC | GENUINE PARTS CO | 4.04% | 1,395,000 | $193,347,000 |
| GDS | GDS HLDGS LTD | 2.63% | 3,249,952 | $125,773,000 |
| FISV | FISERV INC | 2.41% | 895,000 | $115,392,000 |
| HLF | HERBALIFE LTD | 1.37% | 7,759,844 | $65,493,000 |
| LBTYA | LIBERTY GLOBAL LTD | 1.21% | 5,076,762 | $58,180,000 |
| COLD | AMERICOLD REALTY TRUST INC | 0.92% | 3,600,000 | $44,064,000 |
| PAGS | PAGSEGURO DIGITAL LTD | 0.52% | 2,500,000 | $25,000,000 |
| HLF 4.25 06/15/28 | HERBALIFE LTD | 0.33% | 17,129,000 | $15,833,000 |
| TBN | TAMBORAN RES CORP | 0.33% | 570,833 | $15,629,000 |
| CABO 1.125 03/15/28 | CABLE ONE INC | 0.25% | 14,100,000 | $12,068,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GOOG | ALPHABET INC | 11.31% | 2,633,988 | $467,243,000 |
| WCC | WESCO INTL INC | 9.90% | 2,207,601 | $408,848,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 9.75% | 1,314,184 | $402,797,000 |
| CRH | CRH PLC | 8.50% | 3,825,395 | $351,171,000 |
| FIS | FIDELITY NATL INFORMATION SV | 7.47% | 3,789,711 | $308,520,000 |
| DG | DOLLAR GEN CORP NEW | 7.39% | 2,666,876 | $305,037,000 |
| QSR | RESTAURANT BRANDS INTL INC | 6.50% | 4,049,562 | $268,445,000 |
| LBTYK | LIBERTY GLOBAL LTD | 6.16% | 24,657,803 | $254,222,000 |
| FERG | FERGUSON ENTERPRISES INC | 5.97% | 1,132,000 | $246,493,000 |
| ELV | ELEVANCE HEALTH INC | 5.80% | 616,000 | $239,599,000 |
| FISV | FISERV INC | 3.74% | 895,000 | $154,307,000 |
| EXP | EAGLE MATLS INC | 3.31% | 676,257 | $136,678,000 |
| VSAT | VIASAT INC | 3.25% | 9,190,728 | $134,185,000 |
| GDS | GDS HLDGS LTD | 2.41% | 3,249,952 | $99,351,000 |
| LBRDK | LIBERTY BROADBAND CORP | 1.78% | 745,610 | $73,353,000 |
| HLF | HERBALIFE LTD | 1.62% | 7,759,844 | $66,890,000 |
| ICLR | ICON PLC | 1.43% | 405,000 | $58,907,000 |
| LBTYA | LIBERTY GLOBAL LTD | 1.23% | 5,076,762 | $50,818,000 |
| — | AMCOR PLC | 1.22% | 5,500,000 | $50,545,000 |
| PAGS | PAGSEGURO DIGITAL LTD | 0.58% | 2,500,000 | $24,100,000 |
| HLF 4.25 06/15/28 | HERBALIFE LTD | 0.38% | 17,129,000 | $15,623,000 |
| TBN | TAMBORAN RES CORP | 0.29% | 570,833 | $12,170,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.02% | 7,560 | $740,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| WTW | WILLIS TOWERS WATSON PLC LTD | 14.75% | 1,525,667 | $515,599,000 |
| GOOG | ALPHABET INC | 9.29% | 2,077,988 | $324,644,000 |
| WCC | WESCO INTL INC | 8.91% | 2,005,601 | $311,470,000 |
| LBTYK | LIBERTY GLOBAL LTD | 8.44% | 24,657,803 | $295,154,000 |
| FIS | FIDELITY NATL INFORMATION SV | 7.46% | 3,492,947 | $260,853,000 |
| QSR | RESTAURANT BRANDS INTL INC | 7.41% | 3,886,562 | $259,000,000 |
| CRH | CRH PLC | 6.78% | 2,694,395 | $237,026,000 |
| EXP | EAGLE MATLS INC | 5.77% | 909,633 | $201,875,000 |
| DG | DOLLAR GEN CORP NEW | 5.29% | 2,104,876 | $185,082,000 |
| FERG | FERGUSON ENTERPRISES INC | 5.19% | 1,132,000 | $181,380,000 |
| GDS | GDS HLDGS LTD | 3.08% | 4,249,952 | $107,651,000 |
| ELV | ELEVANCE HEALTH INC | 3.06% | 246,000 | $107,000,000 |
| VSAT | VIASAT INC | 3.04% | 10,190,728 | $106,187,000 |
| SOLV | SOLVENTUM CORP | 2.29% | 1,053,240 | $80,088,000 |
| ICLR | ICON PLC | 2.03% | 405,000 | $70,871,000 |
| HLF | HERBALIFE LTD | 1.88% | 7,600,526 | $65,593,000 |
| LBTYA | LIBERTY GLOBAL LTD | 1.67% | 5,076,762 | $58,434,000 |
| CLVT | CLARIVATE PLC | 1.21% | 10,777,863 | $42,357,000 |
| SGI | SOMNIGROUP INTERNATIONAL INC | 1.20% | 703,349 | $42,117,000 |
| HLF 4.25 06/15/28 | HERBALIFE LTD | 0.42% | 17,129,000 | $14,834,000 |
| LBRDK | LIBERTY BROADBAND CORP | 0.42% | 170,610 | $14,510,000 |
| TBN | TAMBORAN RES CORP | 0.39% | 570,833 | $13,694,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.02% | 7,560 | $643,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| WTW | WILLIS TOWERS WATSON PLC LTD | 16.75% | 1,836,748 | $575,343,000 |
| LBTYK | LIBERTY GLOBAL LTD | 15.09% | 39,453,843 | $518,423,000 |
| GOOG | ALPHABET INC | 7.91% | 1,425,988 | $271,565,000 |
| WCC | WESCO INTL INC | 7.56% | 1,435,671 | $259,799,000 |
| CRH | CRH PLC | 7.12% | 2,641,402 | $244,383,000 |
| FERG | FERGUSON ENTERPRISES INC | 5.72% | 1,132,000 | $196,481,000 |
| QSR | RESTAURANT BRANDS INTL INC | 5.51% | 2,901,700 | $189,133,000 |
| CLVT | CLARIVATE PLC | 5.37% | 36,279,205 | $184,298,000 |
| EXP | EAGLE MATLS INC | 4.59% | 638,223 | $157,488,000 |
| DG | DOLLAR GEN CORP NEW | 4.55% | 2,060,800 | $156,250,000 |
| VSAT | VIASAT INC | 3.03% | 12,222,590 | $104,014,000 |
| GDS | GDS HLDGS LTD | 2.94% | 4,249,952 | $100,979,000 |
| — | SUNRISE COMMUNICATIONS AG | 2.93% | 2,335,263 | $100,603,000 |
| SOLV | SOLVENTUM CORP | 2.78% | 1,446,300 | $95,543,000 |
| HUM | HUMANA INC | 2.56% | 346,000 | $87,784,000 |
| LBTYA | LIBERTY GLOBAL LTD | 1.93% | 5,201,444 | $66,370,000 |
| HLF | HERBALIFE LTD | 1.48% | 7,600,526 | $50,848,000 |
| GPC | GENUINE PARTS CO | 1.07% | 315,337 | $36,819,000 |
| HLF 4.25 06/15/28 | HERBALIFE LTD | 0.38% | 17,129,000 | $13,104,000 |
| LBRDK | LIBERTY BROADBAND CORP | 0.37% | 170,610 | $12,755,000 |
| TBN | TAMBORAN RES CORP | 0.35% | 570,833 | $11,982,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.02% | 7,560 | $562,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| LBTYK | LIBERTY GLOBAL LTD | 26.00% | 42,311,011 | $914,341,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 14.92% | 1,781,206 | $524,619,000 |
| CLVT | CLARIVATE PLC | 7.86% | 38,929,635 | $276,400,000 |
| GOOG | ALPHABET INC | 6.97% | 1,465,588 | $245,032,000 |
| CRH | CRH PLC | 6.95% | 2,636,602 | $244,518,000 |
| WCC | WESCO INTL INC | 6.01% | 1,258,000 | $211,319,000 |
| DG | DOLLAR GEN CORP NEW | 5.54% | 2,303,800 | $194,832,000 |
| LBTYA | LIBERTY GLOBAL LTD | 4.32% | 7,194,276 | $151,871,000 |
| VSAT | VIASAT INC | 4.15% | 12,222,590 | $145,938,000 |
| EXP | EAGLE MATLS INC | 4.09% | 500,273 | $143,904,000 |
| SOLV | SOLVENTUM CORP | 3.61% | 1,820,000 | $126,890,000 |
| GDS | GDS HLDGS LTD | 2.47% | 4,249,952 | $86,699,000 |
| FIS | FIDELITY NATL INFORMATION SV | 2.31% | 971,460 | $81,360,000 |
| J | JACOBS SOLUTIONS INC | 1.31% | 350,681 | $45,904,000 |
| FTRE | FORTREA HLDGS INC | 1.30% | 2,293,167 | $45,863,000 |
| HLF | HERBALIFE LTD | 1.05% | 5,124,526 | $36,845,000 |
| LBRDK | LIBERTY BROADBAND CORP | 0.37% | 170,610 | $13,186,000 |
| HLF 4.25 06/15/28 | HERBALIFE LTD | 0.36% | 17,129,000 | $12,557,000 |
| TBN | TAMBORAN RES CORP | 0.33% | 570,833 | $11,599,000 |
| QSR | RESTAURANT BRANDS INTL INC | 0.06% | 28,294 | $2,041,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.02% | 7,560 | $581,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| LBTYK | LIBERTY GLOBAL LTD | 20.78% | 42,311,011 | $755,252,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 11.92% | 1,652,648 | $433,225,000 |
| CRH | CRH PLC | 8.72% | 4,226,602 | $316,911,000 |
| FIS | FIDELITY NATL INFORMATION SV | 7.28% | 3,509,254 | $264,457,000 |
| CLVT | CLARIVATE PLC | 6.10% | 38,929,635 | $221,510,000 |
| GOOG | ALPHABET INC | 5.40% | 1,069,588 | $196,184,000 |
| VSAT | VIASAT INC | 4.81% | 13,759,364 | $174,744,000 |
| HUM | HUMANA INC | 4.32% | 420,000 | $156,933,000 |
| JAZZ | JAZZ PHARMACEUTICALS PLC | 3.74% | 1,274,248 | $136,000,000 |
| WCC | WESCO INTL INC | 3.50% | 803,000 | $127,292,000 |
| LBTYA | LIBERTY GLOBAL LTD | 3.45% | 7,194,276 | $125,396,000 |
| — | OUTBRAIN INC | 2.84% | 118,000,000 | $103,267,000 |
| SOLV | SOLVENTUM CORP | 2.65% | 1,820,000 | $96,242,000 |
| — | WILLSCOT MOBIL MINI HLDNG CO | 2.56% | 2,470,000 | $92,971,000 |
| EXP | EAGLE MATLS INC | 2.05% | 342,102 | $74,394,000 |
| FTRE | FORTREA HLDGS INC | 2.02% | 3,140,360 | $73,296,000 |
| J | JACOBS SOLUTIONS INC | 1.90% | 494,218 | $69,047,000 |
| HLF | HERBALIFE LTD | 1.47% | 5,124,526 | $53,244,000 |
| GDS | GDS HLDGS LTD | 1.09% | 4,249,952 | $39,482,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 0.98% | 4,200,021 | $35,616,000 |
| CPRI | CAPRI HOLDINGS LIMITED | 0.91% | 1,000,000 | $33,080,000 |
| LM0C | LIBERTY MEDIA CORP DEL | 0.65% | 1,058,616 | $23,459,000 |
| VRSN | VERISIGN INC | 0.52% | 105,764 | $18,805,000 |
| 22941EUR | LIBERTY MEDIA CORP DEL | 0.37% | 600,194 | $13,294,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| LBTYK | LIBERTY GLOBAL LTD | 20.44% | 42,311,011 | $746,366,000 |
| GOOG | ALPHABET INC | 12.34% | 2,957,652 | $450,332,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 11.72% | 1,555,667 | $427,808,000 |
| FIS | FIDELITY NATL INFORMATION SV | 11.34% | 5,578,969 | $413,848,000 |
| VSAT | VIASAT INC | 7.45% | 15,030,838 | $271,908,000 |
| CRH | CRH PLC | 6.40% | 2,709,543 | $233,725,000 |
| CLVT | CLARIVATE PLC | 6.23% | 30,598,402 | $227,346,000 |
| LM0C | LIBERTY MEDIA CORP DEL | 3.54% | 4,351,048 | $129,270,000 |
| LBTYA | LIBERTY GLOBAL LTD | 3.33% | 7,194,276 | $121,727,000 |
| — | OUTBRAIN INC | 2.81% | 118,000,000 | $102,550,000 |
| JAZZ | JAZZ PHARMACEUTICALS PLC | 2.75% | 833,696 | $100,394,000 |
| 22941EUR | LIBERTY MEDIA CORP DEL | 2.18% | 2,677,656 | $79,526,000 |
| J | JACOBS SOLUTIONS INC | 2.13% | 506,786 | $77,908,000 |
| EXP | EAGLE MATLS INC | 1.95% | 262,000 | $71,199,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 1.62% | 6,594,126 | $59,149,000 |
| WCC | WESCO INTL INC | 0.97% | 205,724 | $35,236,000 |
| WBD | WARNER BROS DISCOVERY INC | 0.89% | 3,713,930 | $32,423,000 |
| HLF | HERBALIFE LTD | 0.62% | 2,244,923 | $22,561,000 |
| GDS | GDS HLDGS LTD | 0.47% | 2,600,000 | $17,290,000 |
| — | ALTICE USA INC | 0.34% | 4,774,615 | $12,462,000 |
| FTRE | FORTREA HLDGS INC | 0.33% | 303,797 | $12,194,000 |
| SOUN | SOUNDHOUND AI INC | 0.15% | 1,130,636 | $5,554,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| LBTYK | LIBERTY GLOBAL LTD | 17.20% | 42,311,011 | $788,677,000 |
| VSAT | VIASAT INC | 9.86% | 16,174,839 | $452,087,000 |
| LM0C | LIBERTY MEDIA CORP DEL | 9.32% | 14,851,048 | $427,413,000 |
| GOOG | ALPHABET INC | 9.07% | 2,949,538 | $415,678,000 |
| FIS | FIDELITY NATL INFORMATION SV | 8.33% | 6,360,719 | $382,088,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 8.18% | 1,555,667 | $375,227,000 |
| WBD | WARNER BROS DISCOVERY INC | 6.26% | 25,235,094 | $287,175,000 |
| CLVT | CLARIVATE PLC | 5.15% | 25,500,000 | $236,130,000 |
| 22941EUR | LIBERTY MEDIA CORP DEL | 5.13% | 8,177,656 | $235,026,000 |
| CRH | CRH PLC | 5.05% | 3,345,543 | $231,378,000 |
| LBTYA | LIBERTY GLOBAL LTD | 2.79% | 7,194,276 | $127,842,000 |
| JAZZ | JAZZ PHARMACEUTICALS PLC | 2.24% | 833,696 | $102,545,000 |
| J | JACOBS SOLUTIONS INC | 2.06% | 727,786 | $94,467,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 1.82% | 7,419,226 | $83,392,000 |
| TSEM | TOWER SEMICONDUCTOR LTD | 1.80% | 2,710,852 | $82,735,000 |
| LLYVA* | LIBERTY MEDIA CORP DEL | 1.51% | 1,899,547 | $69,428,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 1.37% | 1,028,545 | $62,854,000 |
| — | GRAY TELEVISION INC | 0.73% | 3,760,000 | $33,690,000 |
| GTX | GARRETT MOTION INC | 0.63% | 2,994,289 | $28,955,000 |
| LLYVK* | LIBERTY MEDIA CORP DEL | 0.59% | 718,270 | $26,856,000 |
| HLF | HERBALIFE LTD | 0.56% | 1,679,799 | $25,634,000 |
| — | ALTICE USA INC | 0.34% | 4,774,615 | $15,517,000 |
| FNCHQ | FINCH THERAPEUTICS GROUP INC | 0.01% | 67,296 | $243,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| — | LIBERTY GLOBAL PLC | 15.06% | 42,311,011 | $785,292,000 |
| — | VERITIV CORP | 10.77% | 3,324,324 | $561,478,000 |
| GOOG | ALPHABET INC | 9.69% | 3,831,538 | $505,188,000 |
| FIS | FIDELITY NATL INFORMATION SV | 7.38% | 6,960,219 | $384,691,000 |
| LM0C | LIBERTY MEDIA CORP DEL | 7.25% | 14,851,048 | $378,108,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 6.23% | 1,555,667 | $325,072,000 |
| VSAT | VIASAT INC | 5.73% | 16,174,839 | $298,588,000 |
| WBD | WARNER BROS DISCOVERY INC | 5.26% | 25,235,094 | $274,053,000 |
| 22941EUR | LIBERTY MEDIA CORP DEL | 3.99% | 8,177,656 | $208,121,000 |
| CRH | CRH PLC | 3.51% | 3,345,543 | $183,102,000 |
| CLVT | CLARIVATE PLC | 2.90% | 22,500,000 | $150,975,000 |
| LBTYAUSD | LIBERTY GLOBAL PLC | 2.36% | 7,194,276 | $123,166,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.32% | 2,298,636 | $120,770,000 |
| DG | DOLLAR GEN CORP NEW | 1.88% | 927,000 | $98,077,000 |
| QRVO | QORVO INC | 1.71% | 935,612 | $89,323,000 |
| JAZZ | JAZZ PHARMACEUTICALS PLC | 1.67% | 673,696 | $87,203,000 |
| COIN 0.5 06/01/26 | COINBASE GLOBAL INC | 1.36% | 93,750,000 | $70,664,000 |
| TSEM | TOWER SEMICONDUCTOR LTD | 1.34% | 2,850,000 | $69,996,000 |
| J | JACOBS SOLUTIONS INC | 1.28% | 487,786 | $66,583,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 1.23% | 7,419,226 | $64,028,000 |
| LLYVA* | LIBERTY MEDIA CORP DEL | 1.21% | 1,979,167 | $63,175,000 |
| LLYVK* | LIBERTY MEDIA CORP DEL | 1.17% | 1,902,472 | $61,069,000 |
| — | NEW ORIENTAL ED & TECHNOLOGY | 1.15% | 1,023,272 | $59,913,000 |
| GTX | GARRETT MOTION INC | 0.90% | 5,987,289 | $47,180,000 |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 0.76% | 600,000 | $39,570,000 |
| — | GRAY TELEVISION INC | 0.50% | 3,760,000 | $26,019,000 |
| HLF | HERBALIFE LTD | 0.45% | 1,693,345 | $23,690,000 |
| — | ADVANTAGE SOLUTIONS INC | 0.34% | 6,153,982 | $17,477,000 |
| — | ALTICE USA INC | 0.30% | 4,774,615 | $15,613,000 |
| — | ATARA BIOTHERAPEUTICS INC | 0.28% | 9,773,616 | $14,465,000 |
| TMQ | TRILOGY METALS INC NEW | 0.02% | 2,329,285 | $1,141,000 |
| FNCHQ | FINCH THERAPEUTICS GROUP INC | 0.01% | 67,296 | $349,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| — | LIBERTY GLOBAL PLC | 14.24% | 45,004,310 | $799,727,000 |
| VSAT | VIASAT INC | 11.97% | 16,288,959 | $672,082,000 |
| GOOG | ALPHABET INC | 8.88% | 4,119,780 | $498,370,000 |
| — | LIBERTY MEDIA CORP DEL | 8.66% | 14,851,048 | $486,075,000 |
| — | VERITIV CORP | 7.44% | 3,324,324 | $417,568,000 |
| FIS | FIDELITY NATL INFORMATION SV | 6.60% | 6,775,000 | $370,593,000 |
| WBD | WARNER BROS DISCOVERY INC | 5.64% | 25,235,094 | $316,448,000 |
| — | LIBERTY MEDIA CORP DEL | 4.78% | 8,177,656 | $268,309,000 |
| QRVO | QORVO INC | 4.76% | 2,617,703 | $267,084,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 4.02% | 3,720,430 | $225,458,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 3.78% | 902,367 | $212,507,000 |
| GTX | GARRETT MOTION INC | 3.51% | 26,070,589 | $197,354,000 |
| — | NEW ORIENTAL ED & TECHNOLOGY | 2.90% | 4,118,784 | $162,651,000 |
| AMZN | AMAZON COM INC | 2.24% | 963,946 | $125,660,000 |
| LBTYAUSD | LIBERTY GLOBAL PLC | 2.16% | 7,194,276 | $121,295,000 |
| JAZZ | JAZZ PHARMACEUTICALS PLC | 1.49% | 673,696 | $83,518,000 |
| COIN 0.5 06/01/26 | COINBASE GLOBAL INC | 1.48% | 110,250,000 | $83,110,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 1.37% | 7,419,226 | $76,789,000 |
| DG | DOLLAR GEN CORP NEW | 0.73% | 242,000 | $41,087,000 |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 0.66% | 600,000 | $37,122,000 |
| UNP | UNION PAC CORP | 0.64% | 175,000 | $35,809,000 |
| — | GRAY TELEVISION INC | 0.53% | 3,760,000 | $29,629,000 |
| HLF | HERBALIFE LTD | 0.46% | 1,954,200 | $25,874,000 |
| — | ADVANTAGE SOLUTIONS INC | 0.44% | 10,651,369 | $24,924,000 |
| — | ATARA BIOTHERAPEUTICS INC | 0.28% | 9,773,616 | $15,736,000 |
| — | ALTICE USA INC | 0.26% | 4,774,615 | $14,419,000 |
| — | CRH PLC | 0.06% | 56,543 | $3,151,000 |
| TMQ | TRILOGY METALS INC NEW | 0.04% | 3,407,128 | $2,022,000 |
| FNCHQ | FINCH THERAPEUTICS GROUP INC | 0.01% | 67,296 | $574,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| — | LIBERTY GLOBAL PLC | 16.56% | 47,504,310 | $968,138,000 |
| GOOG | ALPHABET INC | 10.41% | 5,851,780 | $608,585,000 |
| VSAT | VIASAT INC | 9.43% | 16,288,959 | $551,218,000 |
| QRVO | QORVO INC | 8.08% | 4,649,504 | $472,250,000 |
| — | VERITIV CORP | 7.68% | 3,324,324 | $449,249,000 |
| — | LIBERTY MEDIA CORP DEL | 7.11% | 14,851,048 | $415,681,000 |
| WBD | WARNER BROS DISCOVERY INC | 6.52% | 25,235,094 | $381,050,000 |
| FIS | FIDELITY NATL INFORMATION SV | 4.50% | 4,841,549 | $263,041,000 |
| — | LIBERTY MEDIA CORP DEL | 3.93% | 8,177,656 | $229,710,000 |
| GTX 11 PERP A | GARRETT MOTION INC | 3.87% | 25,480,292 | $226,520,000 |
| — | NEW ORIENTAL ED & TECHNOLOGY | 3.58% | 5,418,784 | $209,219,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 3.41% | 858,667 | $199,537,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 3.16% | 3,274,430 | $184,907,000 |
| LBTYAUSD | LIBERTY GLOBAL PLC | 2.40% | 7,194,276 | $140,288,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 1.93% | 10,419,226 | $113,049,000 |
| SWKS | SKYWORKS SOLUTIONS INC | 1.42% | 703,865 | $83,042,000 |
| JAZZ | JAZZ PHARMACEUTICALS PLC | 1.20% | 478,696 | $70,048,000 |
| FISV | FISERV INC | 1.03% | 533,382 | $60,288,000 |
| — | GRAY TELEVISION INC | 0.56% | 3,760,000 | $32,787,000 |
| HLF | HERBALIFE NUTRITION LTD | 0.54% | 1,954,200 | $31,463,000 |
| COIN 0.5 06/01/26 | COINBASE GLOBAL INC | 0.50% | 45,250,000 | $28,960,000 |
| GTX | GARRETT MOTION INC | 0.47% | 3,575,000 | $27,385,000 |
| — | ATARA BIOTHERAPEUTICS INC | 0.45% | 9,123,616 | $26,458,000 |
| — | ADVANTAGE SOLUTIONS INC | 0.29% | 11,001,624 | $17,032,000 |
| — | ALTICE USA INC | 0.28% | 4,774,615 | $16,329,000 |
| LAD | LITHIA MTRS INC | 0.25% | 65,043 | $14,890,000 |
| DBRG | DIGITALBRIDGE GROUP INC | 0.25% | 1,233,914 | $14,795,000 |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 0.15% | 136,077 | $8,997,000 |
| TMQ | TRILOGY METALS INC NEW | 0.04% | 4,271,542 | $2,277,000 |
| — | FINCH THERAPEUTICS GROUP INC | 0.01% | 2,019,008 | $793,000 |
| — | HORIZON ACQUISITION CORPORAT | 0.00% | 2 | $0 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| — | LIBERTY GLOBAL PLC | 15.05% | 47,504,310 | $923,009,000 |
| — | LIBERTY MEDIA CORP DEL | 8.71% | 13,651,048 | $534,166,000 |
| QRVO | QORVO INC | 8.47% | 5,731,657 | $519,517,000 |
| VSAT | VIASAT INC | 8.41% | 16,288,959 | $515,546,000 |
| — | VERITIV CORP | 6.60% | 3,324,324 | $404,603,000 |
| GOOG | ALPHABET INC | 5.78% | 3,994,280 | $354,412,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 5.11% | 1,280,908 | $313,284,000 |
| — | LIBERTY MEDIA CORP DEL | 4.92% | 7,677,656 | $301,809,000 |
| WBD | WARNER BROS DISCOVERY INC | 4.79% | 31,000,000 | $293,880,000 |
| GTX 11 PERP A | GARRETT MOTION INC | 3.62% | 25,480,292 | $221,679,000 |
| META | META PLATFORMS INC | 3.39% | 1,727,851 | $207,930,000 |
| FISV | FISERV INC | 3.30% | 2,002,391 | $202,382,000 |
| — | NEW ORIENTAL ED & TECHNOLOGY | 3.29% | 5,793,928 | $201,745,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 3.20% | 3,772,749 | $196,409,000 |
| MU | MICRON TECHNOLOGY INC | 2.68% | 3,285,974 | $164,233,000 |
| FIS | FIDELITY NATL INFORMATION SV | 2.38% | 2,155,000 | $146,217,000 |
| LBTYAUSD | LIBERTY GLOBAL PLC | 2.22% | 7,194,276 | $136,188,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 2.09% | 11,419,226 | $128,124,000 |
| AMZN | AMAZON COM INC | 1.36% | 990,000 | $83,160,000 |
| LAD | LITHIA MTRS INC | 0.83% | 250,000 | $51,185,000 |
| — | GRAY TELEVISION INC | 0.64% | 3,510,000 | $39,277,000 |
| DBRG | DIGITALBRIDGE GROUP INC | 0.57% | 3,201,713 | $35,027,000 |
| HLF | HERBALIFE NUTRITION LTD | 0.49% | 2,000,000 | $29,760,000 |
| GTX | GARRETT MOTION INC | 0.44% | 3,575,000 | $27,242,000 |
| — | ATARA BIOTHERAPEUTICS INC | 0.43% | 8,123,616 | $26,645,000 |
| — | ADVANTAGE SOLUTIONS INC | 0.37% | 11,001,624 | $22,477,000 |
| — | ALTICE USA INC | 0.29% | 3,880,200 | $17,849,000 |
| COIN 0.5 06/01/26 | COINBASE GLOBAL INC | 0.23% | 25,250,000 | $14,014,000 |
| NUVB | NUVATION BIO INC | 0.15% | 4,808,194 | $9,232,000 |
| RDFN 0 10/15/25 | REDFIN CORP | 0.08% | 8,480,000 | $4,971,000 |
| TMQ | TRILOGY METALS INC NEW | 0.07% | 7,990,481 | $4,395,000 |
| — | OUTBRAIN INC | 0.01% | 153,231 | $555,000 |
| — | FINCH THERAPEUTICS GROUP INC | 0.01% | 1,019,008 | $489,000 |
| — | HORIZON ACQUISITION CORPORAT | 0.00% | 2 | $0 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| — | LIBERTY GLOBAL PLC | 13.63% | 47,850,310 | $789,530,000 |
| QRVO | QORVO INC | 9.29% | 6,775,916 | $538,075,000 |
| — | LIBERTY MEDIA CORP DEL | 8.97% | 13,778,048 | $519,570,000 |
| VSAT | VIASAT INC | 8.50% | 16,288,959 | $492,415,000 |
| — | VERITIV CORP | 5.80% | 3,436,660 | $336,002,000 |
| WBD | WARNER BROS DISCOVERY INC | 5.76% | 29,000,000 | $333,500,000 |
| FISV | FISERV INC | 5.71% | 3,532,391 | $330,526,000 |
| — | LIBERTY MEDIA CORP DEL | 5.05% | 7,677,656 | $292,288,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 4.46% | 1,285,428 | $258,294,000 |
| — | NEW ORIENTAL ED & TECHNOLOGY | 3.18% | 7,685,706 | $184,226,000 |
| GTX 11 PERP A | GARRETT MOTION INC | 3.13% | 25,480,292 | $181,165,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 3.11% | 3,772,749 | $180,149,000 |
| MU | MICRON TECHNOLOGY INC | 2.84% | 3,285,974 | $164,627,000 |
| DBX | DROPBOX INC | 2.80% | 7,819,924 | $162,029,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 2.35% | 13,419,226 | $136,071,000 |
| EHC | ENCOMPASS HEALTH CORP | 2.30% | 2,950,000 | $133,429,000 |
| GOOG | ALPHABET INC | 2.28% | 1,376,280 | $132,329,000 |
| LBTYAUSD | LIBERTY GLOBAL PLC | 1.94% | 7,194,276 | $112,159,000 |
| META | META PLATFORMS INC | 1.61% | 688,851 | $93,463,000 |
| LAD | LITHIA MTRS INC | 0.93% | 250,000 | $53,638,000 |
| LFG1USD | ARCHAEA ENERGY INC | 0.88% | 2,930,297 | $51,241,000 |
| — | GRAY TELEVISION INC | 0.81% | 3,260,000 | $46,683,000 |
| FIS | FIDELITY NATL INFORMATION SV | 0.80% | 615,000 | $46,476,000 |
| DBRG | DIGITALBRIDGE GROUP INC | 0.71% | 3,289,713 | $41,154,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.54% | 3,156,598 | $31,377,000 |
| — | ATARA BIOTHERAPEUTICS INC | 0.53% | 8,123,616 | $30,707,000 |
| AMZN | AMAZON COM INC | 0.48% | 248,000 | $28,024,000 |
| — | ADVANTAGE SOLUTIONS INC | 0.43% | 11,841,327 | $24,665,000 |
| NUVB | NUVATION BIO INC | 0.40% | 10,418,194 | $23,337,000 |
| GTX | GARRETT MOTION INC | 0.35% | 3,575,000 | $20,199,000 |
| — | ENHABIT INC | 0.11% | 437,287 | $6,140,000 |
| TMQ | TRILOGY METALS INC NEW | 0.10% | 9,892,451 | $6,003,000 |
| — | CULLINAN ONCOLOGY INC | 0.10% | 429,646 | $5,508,000 |
| — | OUTBRAIN INC | 0.05% | 792,000 | $2,891,000 |
| — | FINCH THERAPEUTICS GROUP INC | 0.03% | 1,123,108 | $1,876,000 |
| — | ERMENEGILDO ZEGNA N V | 0.02% | 698,199 | $1,306,000 |
| EVTWF | VERTICAL AEROSPACE LTD | 0.02% | 1,462,477 | $1,082,000 |
| JOBY/WS | JOBY AVIATION INC | 0.01% | 861,419 | $724,000 |
| AUROW | AURORA INNOVATION INC | 0.01% | 736,550 | $346,000 |
| — | HORIZON ACQUISITION CORPORAT | 0.00% | 1,166,666 | $163,000 |
| CZOWF | CAZOO GROUP LTD | 0.00% | 1,250,000 | $67,000 |
| — | AVANTI ACQUISITION CORP | 0.00% | 2,000,000 | $46,000 |
| — | HIPPO HLDGS INC | 0.00% | 199,485 | $34,000 |
| — | SVF INVESTMENT CORP | 0.00% | 197,853 | $34,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.00% | 631,320 | $2,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| — | LIBERTY GLOBAL PLC | 15.80% | 48,419,805 | $1,069,593,000 |
| QRVO | QORVO INC | 9.71% | 6,967,036 | $657,131,000 |
| VSAT | VIASAT INC | 7.37% | 16,288,959 | $498,931,000 |
| — | LIBERTY MEDIA CORP DEL | 7.06% | 13,245,642 | $477,505,000 |
| — | VERITIV CORP | 5.72% | 3,564,439 | $386,920,000 |
| GOOG | ALPHABET INC | 5.46% | 168,814 | $369,272,000 |
| INTC | INTEL CORP | 4.82% | 8,724,431 | $326,381,000 |
| FISV | FISERV INC | 4.64% | 3,532,391 | $314,277,000 |
| — | LIBERTY MEDIA CORP DEL | 3.90% | 7,324,854 | $263,988,000 |
| WBD | WARNER BROS DISCOVERY INC | 3.57% | 18,000,000 | $241,560,000 |
| GTX 11 PERP A | GARRETT MOTION INC | 3.09% | 25,480,292 | $209,448,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 2.70% | 926,966 | $182,974,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.54% | 2,962,749 | $172,047,000 |
| EHC | ENCOMPASS HEALTH CORP | 2.44% | 2,950,000 | $165,348,000 |
| DBX | DROPBOX INC | 2.43% | 7,819,924 | $164,140,000 |
| — | NEW ORIENTAL ED & TECHNOLOGY | 2.41% | 8,000,000 | $162,880,000 |
| LBTYAUSD | LIBERTY GLOBAL PLC | 2.24% | 7,194,276 | $151,440,000 |
| MU | MICRON TECHNOLOGY INC | 2.23% | 2,735,974 | $151,245,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 1.80% | 13,419,226 | $121,578,000 |
| META | META PLATFORMS INC | 1.64% | 688,851 | $111,077,000 |
| CLNSEUR | DIGITALBRIDGE GROUP INC | 0.95% | 13,158,855 | $64,215,000 |
| AMZN | AMAZON COM INC | 0.94% | 598,000 | $63,514,000 |
| — | ATARA BIOTHERAPEUTICS INC | 0.94% | 8,123,616 | $63,283,000 |
| NXST | NEXSTAR MEDIA GROUP INC | 0.67% | 277,811 | $45,250,000 |
| — | ADVANTAGE SOLUTIONS INC | 0.64% | 11,841,327 | $43,643,000 |
| LFG1USD | ARCHAEA ENERGY INC | 0.64% | 2,930,297 | $43,626,000 |
| — | GRAY TELEVISION INC | 0.56% | 2,260,000 | $38,171,000 |
| NUVB | NUVATION BIO INC | 0.50% | 10,418,194 | $33,755,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.46% | 3,156,598 | $31,061,000 |
| GTX | GARRETT MOTION INC | 0.41% | 3,575,000 | $27,635,000 |
| TBPH 3.25 11/01/23 | THERAVANCE BIOPHARMA INC | 0.38% | 28,104,000 | $25,912,000 |
| — | CULLINAN ONCOLOGY INC | 0.29% | 1,535,560 | $19,686,000 |
| GRAB | GRAB HOLDINGS LIMITED | 0.21% | 6,105,101 | $14,391,000 |
| IS5EUR | IRONSOURCE LTD | 0.21% | 5,854,496 | $13,934,000 |
| BRBR | BELLRING BRANDS INC | 0.18% | 479,583 | $11,937,000 |
| — | VERINT SYS INC | 0.12% | 199,531 | $8,450,000 |
| TMQ | TRILOGY METALS INC NEW | 0.12% | 10,514,566 | $7,955,000 |
| — | OUTBRAIN INC | 0.06% | 792,000 | $3,984,000 |
| — | FINCH THERAPEUTICS GROUP INC | 0.05% | 1,123,108 | $3,190,000 |
| NE1USD | NOBLE CORP NEW | 0.02% | 66,719 | $1,691,000 |
| — | ERMENEGILDO ZEGNA N V | 0.02% | 698,199 | $1,075,000 |
| JOBY/WS | JOBY AVIATION INC | 0.01% | 861,419 | $935,000 |
| — | PERSHING SQUARE TONTINE HLDG | 0.01% | 1,898,711 | $817,000 |
| EVTWF | VERTICAL AEROSPACE LTD | 0.01% | 1,462,477 | $570,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.00% | 631,320 | $315,000 |
| AUROW | AURORA INNOVATION INC | 0.00% | 736,550 | $295,000 |
| — | HORIZON ACQUISITION CORPORAT | 0.00% | 1,166,666 | $181,000 |
| — | AVANTI ACQUISITION CORP | 0.00% | 2,000,000 | $140,000 |
| CZOWF | CAZOO GROUP LTD | 0.00% | 1,250,000 | $113,000 |
| — | REDBALL ACQUISITION CORP | 0.00% | 1,636,173 | $54,000 |
| — | SVF INVESTMENT CORP | 0.00% | 197,853 | $47,000 |
| — | HIPPO HLDGS INC | 0.00% | 199,485 | $38,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| — | LIBERTY GLOBAL PLC | 15.03% | 53,971,307 | $1,398,397,000 |
| QRVO | QORVO INC | 8.87% | 6,645,712 | $824,733,000 |
| INTC | INTEL CORP | 8.84% | 16,592,431 | $822,321,000 |
| VSAT | VIASAT INC | 8.55% | 16,288,959 | $794,901,000 |
| GOOG | ALPHABET INC | 7.32% | 243,890 | $681,182,000 |
| — | LIBERTY MEDIA CORP DEL | 5.49% | 11,161,589 | $510,419,000 |
| — | VERITIV CORP | 5.12% | 3,564,439 | $476,173,000 |
| FISV | FISERV INC | 4.35% | 3,988,391 | $404,423,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 3.13% | 1,230,966 | $290,779,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 3.04% | 3,767,449 | $282,634,000 |
| — | LIBERTY MEDIA CORP DEL | 2.76% | 5,619,936 | $256,887,000 |
| DBX | DROPBOX INC | 2.64% | 10,571,046 | $245,777,000 |
| MU | MICRON TECHNOLOGY INC | 2.61% | 3,110,974 | $242,314,000 |
| NXST | NEXSTAR MEDIA GROUP INC | 2.33% | 1,147,692 | $216,317,000 |
| META | META PLATFORMS INC | 2.32% | 969,911 | $215,669,000 |
| EHC | ENCOMPASS HEALTH CORP | 2.29% | 3,000,000 | $213,330,000 |
| GTX 11 PERP A | GARRETT MOTION INC | 2.27% | 25,480,292 | $210,722,000 |
| LBTYAUSD | LIBERTY GLOBAL PLC | 2.10% | 7,657,205 | $195,335,000 |
| CLNSEUR | DIGITALBRIDGE GROUP INC | 1.42% | 18,366,359 | $132,238,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 1.40% | 13,643,333 | $130,430,000 |
| — | VERINT SYS INC | 1.23% | 2,207,576 | $114,132,000 |
| — | ATARA BIOTHERAPEUTICS INC | 0.81% | 8,123,616 | $75,468,000 |
| — | ADVANTAGE SOLUTIONS INC | 0.80% | 12,039,952 | $74,285,000 |
| LFG1USD | ARCHAEA ENERGY INC | 0.70% | 3,121,503 | $65,488,000 |
| NUVB | NUVATION BIO INC | 0.59% | 10,443,494 | $54,933,000 |
| — | AVANTI ACQUISITION CORP | 0.42% | 4,000,000 | $39,440,000 |
| IS5EUR | IRONSOURCE LTD | 0.41% | 7,936,988 | $38,098,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.34% | 3,156,598 | $31,282,000 |
| TBPH 3.25 11/01/23 | THERAVANCE BIOPHARMA INC | 0.31% | 30,000,000 | $28,562,000 |
| — | GRAY TELEVISION INC | 0.31% | 1,290,916 | $28,491,000 |
| POST | POST HOLDINGS PARTNERING COR | 0.28% | 378,284 | $26,200,000 |
| GTX | GARRETT MOTION INC | 0.28% | 3,575,000 | $25,704,000 |
| — | ALTIMETER GROWTH CORP 2 | 0.26% | 2,473,180 | $24,287,000 |
| GRAB | GRAB HOLDINGS LIMITED | 0.22% | 6,105,101 | $20,431,000 |
| — | DRAGONEER GROWTH OPT CORP II | 0.21% | 1,964,288 | $19,250,000 |
| — | CULLINAN ONCOLOGY INC | 0.17% | 1,535,560 | $16,077,000 |
| JOBY | JOBY AVIATION INC | 0.14% | 1,967,244 | $13,023,000 |
| TMQ | TRILOGY METALS INC NEW | 0.13% | 11,125,566 | $11,682,000 |
| BRBR | BELLRING BRANDS INC | 0.12% | 479,583 | $11,069,000 |
| — | SVF INVESTMENT CORP | 0.10% | 989,267 | $9,695,000 |
| — | OUTBRAIN INC | 0.09% | 792,000 | $8,498,000 |
| — | FINCH THERAPEUTICS GROUP INC | 0.06% | 1,123,108 | $5,649,000 |
| NE1USD | NOBLE CORP NEW | 0.04% | 104,928 | $3,463,000 |
| — | PERSHING SQUARE TONTINE HLDG | 0.02% | 1,898,711 | $1,785,000 |
| — | ERMENEGILDO ZEGNA N V | 0.02% | 698,199 | $1,564,000 |
| JOBY/WS | JOBY AVIATION INC | 0.02% | 867,896 | $1,432,000 |
| — | REDBALL ACQUISITION CORP | 0.01% | 1,636,173 | $1,391,000 |
| EVTWF | VERTICAL AEROSPACE LTD | 0.01% | 1,462,477 | $1,148,000 |
| AUROW | AURORA INNOVATION INC | 0.01% | 736,550 | $1,090,000 |
| — | HORIZON ACQUISITION CORPORAT | 0.01% | 1,166,666 | $770,000 |
| — | AVANTI ACQUISITION CORP | 0.01% | 2,000,000 | $520,000 |
| CZOWF | CAZOO GROUP LTD | 0.01% | 1,250,000 | $475,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.00% | 631,320 | $423,000 |
| — | SVF INVESTMENT CORP | 0.00% | 197,853 | $111,000 |
| — | HIPPO HLDGS INC | 0.00% | 199,485 | $68,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| — | LIBERTY GLOBAL PLC | 14.97% | 53,971,307 | $1,516,054,000 |
| QRVO | QORVO INC | 9.18% | 5,945,744 | $929,855,000 |
| INTC | INTEL CORP | 9.17% | 18,036,950 | $928,903,000 |
| VSAT | VIASAT INC | 7.16% | 16,288,959 | $725,510,000 |
| GOOG | ALPHABET INC | 6.52% | 228,230 | $660,404,000 |
| — | LIBERTY MEDIA CORP DEL | 5.28% | 10,509,867 | $534,427,000 |
| — | VERITIV CORP | 4.31% | 3,564,439 | $436,893,000 |
| META | META PLATFORMS INC | 3.27% | 984,500 | $331,137,000 |
| FISV | FISERV INC | 3.13% | 3,050,000 | $316,560,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 3.09% | 3,816,892 | $312,909,000 |
| MU | MICRON TECHNOLOGY INC | 2.99% | 3,250,416 | $302,776,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 2.93% | 1,250,000 | $296,863,000 |
| NXST | NEXSTAR MEDIA GROUP INC | 2.55% | 1,712,092 | $258,492,000 |
| — | LIBERTY MEDIA CORP DEL | 2.50% | 4,975,000 | $252,979,000 |
| GTX 11 PERP A | GARRETT MOTION INC | 2.11% | 25,480,292 | $213,525,000 |
| LBTYAUSD | LIBERTY GLOBAL PLC | 2.10% | 7,657,205 | $212,411,000 |
| DBX | DROPBOX INC | 1.96% | 8,095,025 | $198,652,000 |
| — | VERINT SYS INC | 1.95% | 3,754,965 | $197,173,000 |
| CLNSEUR | DIGITALBRIDGE GROUP INC | 1.88% | 22,877,059 | $190,566,000 |
| PSTHUSD | PERSHING SQUARE TONTINE HLDG | 1.86% | 9,550,504 | $188,336,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 1.49% | 13,660,168 | $150,945,000 |
| — | NORTONLIFELOCK INC | 1.48% | 5,780,000 | $150,164,000 |
| — | ATARA BIOTHERAPEUTICS INC | 1.32% | 8,477,488 | $133,605,000 |
| — | ADVANTAGE SOLUTIONS INC | 0.94% | 12,195,000 | $95,550,000 |
| NUVB | NUVATION BIO INC | 0.72% | 8,623,021 | $72,957,000 |
| JOBY | JOBY AVIATION INC | 0.69% | 9,620,793 | $70,232,000 |
| LFG1USD | ARCHAEA ENERGY INC | 0.61% | 3,500,000 | $62,164,000 |
| EHC | ENCOMPASS HEALTH CORP | 0.46% | 716,100 | $46,733,000 |
| GRAB | GRAB HOLDINGS LIMITED | 0.43% | 6,402,221 | $43,372,000 |
| — | AVANTI ACQUISITION CORP | 0.39% | 4,000,000 | $39,280,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.32% | 3,200,000 | $32,896,000 |
| IS5EUR | IRONSOURCE LTD | 0.31% | 4,000,000 | $30,960,000 |
| TBPH 3.25 11/01/23 | THERAVANCE BIOPHARMA INC | 0.28% | 30,000,000 | $28,783,000 |
| GTX | GARRETT MOTION INC | 0.28% | 3,575,000 | $28,707,000 |
| — | ALTIMETER GROWTH CORP 2 | 0.24% | 2,500,000 | $24,650,000 |
| — | CULLINAN ONCOLOGY INC | 0.22% | 1,535,560 | $22,509,000 |
| — | DRAGONEER GROWTH OPT CORP II | 0.19% | 2,000,000 | $19,540,000 |
| TMQ | TRILOGY METALS INC NEW | 0.19% | 11,708,547 | $19,319,000 |
| — | FINCH THERAPEUTICS GROUP INC | 0.11% | 1,132,253 | $11,289,000 |
| — | OUTBRAIN INC | 0.11% | 792,000 | $11,088,000 |
| — | SVF INVESTMENT CORP | 0.10% | 1,000,000 | $10,040,000 |
| — | PERSHING SQUARE TONTINE HLDG | 0.03% | 1,944,444 | $2,567,000 |
| NE1USD | NOBLE CORP NEW | 0.02% | 104,928 | $2,467,000 |
| AUROW | AURORA INNOVATION INC | 0.02% | 750,000 | $2,333,000 |
| — | REDBALL ACQUISITION CORP | 0.02% | 1,650,000 | $2,050,000 |
| — | ERMENEGILDO ZEGNA N V | 0.01% | 700,000 | $1,407,000 |
| JOBY/WS | JOBY AVIATION INC | 0.01% | 875,000 | $1,365,000 |
| — | AVANTI ACQUISITION CORP | 0.01% | 2,000,000 | $1,184,000 |
| CZOWF | CAZOO GROUP LTD | 0.01% | 1,250,000 | $1,125,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.01% | 640,000 | $1,120,000 |
| — | HORIZON ACQUISITION CORPORAT | 0.01% | 1,166,666 | $1,085,000 |
| EVTWF | VERTICAL AEROSPACE LTD | 0.01% | 1,485,000 | $1,010,000 |
| — | SVF INVESTMENT CORP | 0.00% | 200,000 | $260,000 |
| — | HIPPO HLDGS INC | 0.00% | 200,000 | $96,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| — | LIBERTY GLOBAL PLC | 14.61% | 53,971,307 | $1,589,995,000 |
| INTC | INTEL CORP | 9.66% | 19,744,950 | $1,052,011,000 |
| VSAT | VIASAT INC | 8.24% | 16,288,959 | $897,033,000 |
| QRVO | QORVO INC | 7.81% | 5,084,466 | $850,072,000 |
| GOOG | ALPHABET INC | 7.12% | 290,930 | $775,419,000 |
| META | FACEBOOK INC | 4.82% | 1,547,000 | $525,036,000 |
| MU | MICRON TECHNOLOGY INC | 4.67% | 7,163,416 | $508,459,000 |
| — | LIBERTY MEDIA CORP DEL | 3.96% | 9,084,867 | $431,259,000 |
| EBAY | EBAY INC. | 3.83% | 5,982,667 | $416,812,000 |
| — | VERITIV CORP | 2.93% | 3,564,439 | $319,231,000 |
| NXST | NEXSTAR MEDIA GROUP INC | 2.86% | 2,046,000 | $310,910,000 |
| DBX | DROPBOX INC | 2.49% | 9,287,500 | $271,381,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.43% | 3,816,892 | $264,892,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 2.14% | 1,000,000 | $232,460,000 |
| LBTYAUSD | LIBERTY GLOBAL PLC | 2.10% | 7,657,205 | $228,185,000 |
| — | SHAW COMMUNICATIONS INC | 2.01% | 7,530,807 | $218,678,000 |
| — | LIBERTY MEDIA CORP DEL | 1.91% | 4,400,000 | $207,548,000 |
| PSTHUSD | PERSHING SQUARE TONTINE HLDG | 1.73% | 9,550,504 | $188,145,000 |
| IFF | INTERNATIONAL FLAVORS&FRAGRA | 1.53% | 1,242,483 | $166,145,000 |
| — | VERINT SYS INC | 1.45% | 3,528,484 | $158,041,000 |
| — | ATARA BIOTHERAPEUTICS INC | 1.39% | 8,477,488 | $151,747,000 |
| CLNSEUR | DIGITALBRIDGE GROUP INC | 1.27% | 22,877,059 | $137,949,000 |
| — | ADVANTAGE SOLUTIONS INC | 0.95% | 12,195,000 | $103,687,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 0.93% | 13,660,168 | $101,085,000 |
| JOBY | JOBY AVIATION INC | 0.88% | 10,000,000 | $96,052,000 |
| IS5EUR | IRONSOURCE LTD | 0.80% | 8,000,000 | $86,960,000 |
| NUVB | NUVATION BIO INC | 0.78% | 8,623,021 | $85,368,000 |
| PCG | PG&E CORP | 0.64% | 7,216,458 | $69,278,000 |
| LFG1USD | ARCHAEA ENERGY INC | 0.54% | 3,500,000 | $58,967,000 |
| — | CULLINAN ONCOLOGY INC | 0.37% | 1,835,560 | $40,237,000 |
| — | AVANTI ACQUISITION CORP | 0.36% | 4,000,000 | $39,160,000 |
| — | HORIZON ACQUISITION CORPORAT | 0.32% | 3,499,998 | $34,300,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.30% | 3,200,000 | $32,256,000 |
| — | BROADSTONE ACQUISITION CORP | 0.27% | 2,970,000 | $29,552,000 |
| TBPH 3.25 11/01/23 | THERAVANCE BIOPHARMA INC | 0.25% | 30,000,000 | $27,640,000 |
| GTX | GARRETT MOTION INC | 0.24% | 3,575,000 | $26,348,000 |
| — | ALTIMETER GROWTH CORP 2 | 0.23% | 2,500,000 | $24,725,000 |
| TMQ | TRILOGY METALS INC NEW | 0.21% | 12,182,568 | $22,538,000 |
| — | INVESTINDUSTRIAL ACQUISITION | 0.19% | 2,100,000 | $20,853,000 |
| — | DRAGONEER GROWTH OPT CORP II | 0.18% | 2,000,000 | $19,600,000 |
| — | FINCH THERAPEUTICS GROUP INC | 0.14% | 1,208,159 | $15,706,000 |
| — | OUTBRAIN INC | 0.11% | 792,000 | $11,722,000 |
| — | DRAGONEER GROWTH OPPTY CORP | 0.09% | 1,000,000 | $9,950,000 |
| — | SVF INVESTMENT CORP | 0.09% | 1,000,000 | $9,760,000 |
| NE1USD | NOBLE CORP NEW | 0.02% | 104,928 | $2,709,000 |
| — | PERSHING SQUARE TONTINE HLDG | 0.02% | 1,944,444 | $2,508,000 |
| JOBY/WS | JOBY AVIATION INC | 0.02% | 875,000 | $1,969,000 |
| CZOWF | CAZOO GROUP LTD | 0.02% | 1,250,000 | $1,863,000 |
| — | BROADSTONE ACQUISITION CORP | 0.01% | 1,485,000 | $1,604,000 |
| — | REDBALL ACQUISITION CORP | 0.01% | 1,650,000 | $1,327,000 |
| — | AVANTI ACQUISITION CORP | 0.01% | 2,000,000 | $1,308,000 |
| — | REINVENT TECHNOLOGY PARTNERS | 0.01% | 750,000 | $1,125,000 |
| — | HORIZON ACQUISITION CORPORAT | 0.01% | 1,166,666 | $1,050,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.01% | 640,000 | $928,000 |
| — | INVESTINDUSTRIAL ACQUISITION | 0.01% | 700,000 | $903,000 |
| — | SVF INVESTMENT CORP | 0.00% | 200,000 | $200,000 |
| — | HIPPO HLDGS INC | 0.00% | 200,000 | $184,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| — | LIBERTY GLOBAL PLC | 11.84% | 53,971,307 | $1,459,384,000 |
| INTC | INTEL CORP | 9.90% | 21,744,950 | $1,220,761,000 |
| EBAY | EBAY INC. | 8.48% | 14,890,623 | $1,045,471,000 |
| QRVO | QORVO INC | 8.47% | 5,334,466 | $1,043,688,000 |
| VSAT | VIASAT INC | 6.59% | 16,288,959 | $811,842,000 |
| GOOG | ALPHABET INC | 5.92% | 290,930 | $729,164,000 |
| MU | MICRON TECHNOLOGY INC | 4.94% | 7,163,416 | $608,747,000 |
| META | FACEBOOK INC | 4.36% | 1,547,000 | $537,907,000 |
| — | TRANSLATE BIO INC | 4.00% | 18,044,239 | $493,500,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 3.53% | 1,891,526 | $435,089,000 |
| IFF | INTERNATIONAL FLAVORS&FRAGRA | 2.55% | 2,100,000 | $313,740,000 |
| PCG | PG&E CORP | 2.53% | 30,657,601 | $311,788,000 |
| NXST | NEXSTAR MEDIA GROUP INC | 2.45% | 2,046,000 | $302,562,000 |
| — | LIBERTY MEDIA CORP DEL | 2.44% | 6,484,867 | $300,833,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 1.94% | 3,316,892 | $239,015,000 |
| PSTHUSD | PERSHING SQUARE TONTINE HLDG | 1.86% | 10,090,655 | $229,663,000 |
| — | VERITIV CORP | 1.78% | 3,564,439 | $218,928,000 |
| — | SHAW COMMUNICATIONS INC | 1.77% | 7,530,807 | $218,125,000 |
| LBTYAUSD | LIBERTY GLOBAL PLC | 1.69% | 7,657,205 | $207,970,000 |
| CLNSEUR | DIGITALBRIDGE GROUP INC | 1.47% | 22,877,059 | $180,729,000 |
| — | LIBERTY MEDIA CORP DEL | 1.32% | 3,500,000 | $163,030,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 1.17% | 9,910,168 | $143,896,000 |
| — | VERINT SYS INC | 1.11% | 3,039,798 | $137,004,000 |
| — | ATARA BIOTHERAPEUTICS INC | 1.07% | 8,477,488 | $131,825,000 |
| — | ADVANTAGE SOLUTIONS INC | 1.05% | 12,195,000 | $129,556,000 |
| IS5EUR | IRONSOURCE LTD | 0.65% | 8,000,000 | $80,066,000 |
| NUVB | NUVATION BIO INC | 0.63% | 8,623,021 | $77,143,000 |
| — | REINVENT TECHNOLOGY PARTNERS | 0.48% | 6,000,000 | $59,339,000 |
| — | CULLINAN ONCOLOGY INC | 0.38% | 1,835,560 | $46,277,000 |
| — | AJAX I | 0.34% | 4,223,918 | $42,070,000 |
| — | AVANTI ACQUISITION CORP | 0.32% | 4,000,000 | $38,960,000 |
| — | REINVENT TECHNOLOGY PARTNERS | 0.28% | 3,500,000 | $34,930,000 |
| — | HORIZON ACQUISITION CORPORAT | 0.28% | 3,499,998 | $34,195,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.26% | 3,200,000 | $32,576,000 |
| TMQ | TRILOGY METALS INC NEW | 0.25% | 12,182,568 | $30,578,000 |
| — | BROADSTONE ACQUISITION CORP | 0.24% | 2,970,000 | $29,344,000 |
| TBPH 3.25 11/01/23 | THERAVANCE BIOPHARMA INC | 0.23% | 30,000,000 | $28,559,000 |
| GTX | GARRETT MOTION INC | 0.23% | 3,575,000 | $28,529,000 |
| — | ALTIMETER GROWTH CORP 2 | 0.21% | 2,500,000 | $25,625,000 |
| — | INVESTINDUSTRIAL ACQUISITION | 0.17% | 2,100,000 | $20,496,000 |
| — | DRAGONEER GROWTH OPT CORP II | 0.16% | 2,000,000 | $20,000,000 |
| — | FINCH THERAPEUTICS GROUP INC | 0.14% | 1,208,159 | $16,693,000 |
| — | PERSHING SQUARE TONTINE HLDG | 0.10% | 1,944,444 | $12,250,000 |
| — | DRAGONEER GROWTH OPPTY CORP | 0.08% | 1,000,000 | $10,100,000 |
| — | REINVENT TECHNOLOGY PARTNERS | 0.08% | 1,000,000 | $9,930,000 |
| — | SVF INVESTMENT CORP | 0.08% | 1,000,000 | $9,880,000 |
| — | THE BEAUTY HEALTH COMPANY | 0.05% | 898,981 | $5,753,000 |
| NE1USD | NOBLE CORP NEW | 0.02% | 104,928 | $2,481,000 |
| — | AJAX I | 0.02% | 1,250,000 | $2,338,000 |
| — | AVANTI ACQUISITION CORP | 0.02% | 2,000,000 | $2,080,000 |
| — | BROADSTONE ACQUISITION CORP | 0.01% | 1,485,000 | $1,782,000 |
| — | REDBALL ACQUISITION CORP | 0.01% | 1,650,000 | $1,782,000 |
| — | REINVENT TECHNOLOGY PARTNERS | 0.01% | 875,000 | $1,711,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.01% | 640,000 | $1,403,000 |
| — | HORIZON ACQUISITION CORPORAT | 0.01% | 1,166,666 | $1,365,000 |
| — | REINVENT TECHNOLOGY PARTNERS | 0.01% | 750,000 | $1,350,000 |
| — | INVESTINDUSTRIAL ACQUISITION | 0.01% | 700,000 | $707,000 |
| — | REINVENT TECHNOLOGY PARTNERS | 0.00% | 200,000 | $362,000 |
| — | SVF INVESTMENT CORP | 0.00% | 200,000 | $308,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| INTC | INTEL CORP | 11.88% | 23,305,334 | $1,491,541,000 |
| — | LIBERTY GLOBAL PLC | 11.10% | 54,555,407 | $1,393,345,000 |
| EBAY | EBAY INC. | 8.94% | 18,324,423 | $1,122,188,000 |
| QRVO | QORVO INC | 7.60% | 5,224,466 | $954,510,000 |
| VSAT | VIASAT INC | 6.24% | 16,288,959 | $783,010,000 |
| GOOG | ALPHABET INC | 4.79% | 290,930 | $601,827,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 4.56% | 2,500,000 | $572,200,000 |
| MU | MICRON TECHNOLOGY INC | 3.81% | 5,423,416 | $478,400,000 |
| META | FACEBOOK INC | 3.04% | 1,297,000 | $382,005,000 |
| PCG | PG&E CORP | 2.86% | 30,657,601 | $359,001,000 |
| PSTHUSD | PERSHING SQUARE TONTINE HLDG | 2.43% | 12,707,924 | $305,117,000 |
| — | TRANSLATE BIO INC | 2.36% | 18,044,239 | $295,810,000 |
| IFF | INTERNATIONAL FLAVORS&FRAGRA | 2.33% | 2,100,000 | $293,181,000 |
| NXST | NEXSTAR MEDIA GROUP INC | 2.33% | 2,085,000 | $292,797,000 |
| — | LIBERTY MEDIA CORP DEL | 2.28% | 6,484,867 | $286,047,000 |
| FOXA | FOX CORP | 2.19% | 7,610,818 | $274,827,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.12% | 3,806,892 | $265,988,000 |
| FOX | FOX CORP | 1.58% | 5,680,307 | $198,413,000 |
| LBTYAUSD | LIBERTY GLOBAL PLC | 1.56% | 7,657,205 | $196,484,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 1.42% | 8,735,168 | $178,285,000 |
| DOC | HEALTHPEAK PROPERTIES INC | 1.26% | 4,966,911 | $157,650,000 |
| — | COLONY CAP INC NEW | 1.25% | 24,212,959 | $156,900,000 |
| — | LIBERTY MEDIA CORP DEL | 1.23% | 3,500,000 | $154,280,000 |
| — | VERITIV CORP | 1.21% | 3,564,439 | $151,631,000 |
| — | ADVANTAGE SOLUTIONS INC | 1.14% | 12,500,000 | $143,610,000 |
| — | VERINT SYS INC | 1.10% | 3,039,798 | $138,280,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 0.98% | 3,036,935 | $123,482,000 |
| — | ATARA BIOTHERAPEUTICS INC | 0.97% | 8,477,488 | $121,737,000 |
| NUVB | NUVATION BIO INC | 0.66% | 8,623,021 | $82,384,000 |
| — | CULLINAN ONCOLOGY INC | 0.57% | 1,835,560 | $71,699,000 |
| — | REINVENT TECHNOLOGY PARTNERS | 0.48% | 6,000,000 | $60,240,000 |
| — | AJAX I | 0.41% | 5,000,000 | $51,300,000 |
| TBA | THOMA BRAVO ADVANTAGE | 0.33% | 4,000,000 | $41,800,000 |
| — | AVANTI ACQUISITION CORP | 0.31% | 4,000,000 | $39,080,000 |
| — | HORIZON ACQUISITION CORPORAT | 0.28% | 3,499,998 | $35,700,000 |
| — | REINVENT TECHNOLOGY PARTNERS | 0.28% | 3,500,000 | $35,525,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.26% | 3,200,000 | $32,352,000 |
| TBPH 3.25 11/01/23 | THERAVANCE BIOPHARMA INC | 0.24% | 30,000,000 | $30,580,000 |
| — | BROADSTONE ACQUISITION CORP | 0.23% | 2,970,000 | $29,076,000 |
| TMQ | TRILOGY METALS INC NEW | 0.21% | 12,182,568 | $26,071,000 |
| — | ALTIMETER GROWTH CORP 2 | 0.21% | 2,500,000 | $25,950,000 |
| — | INVESTINDUSTRIAL ACQUISITION | 0.16% | 2,100,000 | $20,475,000 |
| — | DRAGONEER GROWTH OPT CORP II | 0.16% | 2,000,000 | $20,220,000 |
| — | FINCH THERAPEUTICS GROUP INC | 0.15% | 1,208,159 | $18,870,000 |
| — | PERSHING SQUARE TONTINE HLDG | 0.13% | 1,944,444 | $15,847,000 |
| — | DRAGONEER GROWTH OPPTY CORP | 0.08% | 1,000,000 | $10,280,000 |
| — | SVF INVESTMENT CORP | 0.08% | 1,000,000 | $10,210,000 |
| — | REINVENT TECHNOLOGY PARTNERS | 0.08% | 1,000,000 | $10,010,000 |
| — | VESPER HEALTHCARE ACQSTN COR | 0.02% | 1,320,000 | $2,746,000 |
| — | HORIZON ACQUISITION CORPORAT | 0.02% | 1,166,666 | $2,392,000 |
| — | REDBALL ACQUISITION CORP | 0.02% | 1,650,000 | $2,244,000 |
| — | AJAX I | 0.02% | 1,250,000 | $2,113,000 |
| — | AVANTI ACQUISITION CORP | 0.02% | 2,000,000 | $2,100,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.02% | 640,000 | $1,933,000 |
| — | REINVENT TECHNOLOGY PARTNERS | 0.01% | 875,000 | $1,768,000 |
| — | BROADSTONE ACQUISITION CORP | 0.01% | 1,485,000 | $1,025,000 |
| — | INVESTINDUSTRIAL ACQUISITION | 0.00% | 700,000 | $574,000 |
| — | SVF INVESTMENT CORP | 0.00% | 200,000 | $414,000 |
| — | REINVENT TECHNOLOGY PARTNERS | 0.00% | 200,000 | $316,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| EBAY | EBAY INC. | 14.43% | 31,115,223 | $1,563,540,000 |
| — | LIBERTY GLOBAL PLC | 11.91% | 54,555,407 | $1,290,235,000 |
| INTC | INTEL CORP | 8.36% | 18,185,569 | $906,005,000 |
| QRVO | QORVO INC | 6.81% | 4,440,095 | $738,255,000 |
| FOXA | FOX CORP | 5.96% | 22,186,950 | $646,084,000 |
| VSAT | VIASAT INC | 4.91% | 16,288,959 | $531,834,000 |
| MU | MICRON TECHNOLOGY INC | 3.62% | 5,222,000 | $392,590,000 |
| PCG | PG&E CORP | 3.53% | 30,657,601 | $381,993,000 |
| PSTHUSD | PERSHING SQUARE TONTINE HLDG | 3.25% | 12,707,924 | $352,264,000 |
| — | TRANSLATE BIO INC | 3.01% | 18,044,239 | $326,236,000 |
| MPC | MARATHON PETE CORP | 2.94% | 7,690,721 | $318,088,000 |
| — | LIBERTY MEDIA CORP DEL | 2.60% | 6,484,867 | $282,157,000 |
| META | FACEBOOK INC | 2.32% | 920,000 | $251,307,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.22% | 3,305,784 | $240,496,000 |
| NXST | NEXSTAR MEDIA GROUP INC | 2.10% | 2,085,000 | $227,661,000 |
| LBTYAUSD | LIBERTY GLOBAL PLC | 1.71% | 7,657,205 | $185,458,000 |
| — | ATARA BIOTHERAPEUTICS INC | 1.65% | 9,108,988 | $178,809,000 |
| — | VIACOMCBS INC | 1.62% | 4,700,000 | $175,122,000 |
| FOX | FOX CORP | 1.51% | 5,680,307 | $164,047,000 |
| — | ADVANTAGE SOLUTIONS INC | 1.49% | 12,500,000 | $161,216,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 1.43% | 8,735,168 | $155,224,000 |
| — | VERINT SYS INC | 1.42% | 2,290,000 | $153,842,000 |
| — | LIBERTY MEDIA CORP DEL | 1.40% | 3,500,000 | $151,165,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 1.37% | 3,800,000 | $148,542,000 |
| GOOG | ALPHABET INC | 1.29% | 79,580 | $139,415,000 |
| DOC | HEALTHPEAK PROPERTIES INC | 1.12% | 4,000,200 | $120,926,000 |
| — | COLONY CAP INC NEW | 1.07% | 24,212,959 | $116,464,000 |
| — | VERITIV CORP | 0.68% | 3,564,439 | $74,105,000 |
| — | AJAX I | 0.57% | 5,000,000 | $62,050,000 |
| — | REDBALL ACQUISITION CORP | 0.50% | 4,950,000 | $53,906,000 |
| — | VESPER HEALTHCARE ACQSTN COR | 0.41% | 3,960,000 | $44,788,000 |
| — | AVANTI ACQUISITION CORP | 0.40% | 4,000,000 | $43,360,000 |
| RTP/U | REINVENT TECHNOLOGY PARTNERS | 0.40% | 3,500,000 | $42,875,000 |
| — | HORIZON ACQUISITION CORPORAT | 0.35% | 3,500,000 | $37,590,000 |
| BSN/U | BROADSTONE ACQUISITION CORP | 0.29% | 2,970,000 | $31,155,000 |
| TBPH 3.25 11/01/23 | THERAVANCE BIOPHARMA INC | 0.26% | 30,000,000 | $28,396,000 |
| TMQ | TRILOGY METALS INC NEW | 0.22% | 12,182,568 | $24,365,000 |
| IIAC/U | INVESTINDUSTRIAL ACQUISITION | 0.20% | 2,100,000 | $21,588,000 |
| RADIGUSD | RADIUS GLOBAL INFRASTRCTRE I | 0.18% | 1,501,342 | $19,292,000 |
| — | PERSHING SQUARE TONTINE HLDG | 0.17% | 1,944,444 | $18,667,000 |
| — | DRAGONEER GROWTH OPPTY CORP | 0.11% | 1,000,000 | $11,420,000 |
| RTPZ/U | REINVENT TECHNOLOGY PARTNERS | 0.11% | 1,000,000 | $11,380,000 |
| VIST | VISTA OIL & GAS SAB DE CV | 0.05% | 1,951,132 | $4,995,000 |
| — | REDBALL ACQUISITION CORP | 0.03% | 1,650,000 | $3,696,000 |
| — | VESPER HEALTHCARE ACQSTN COR | 0.03% | 1,320,000 | $3,491,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| EBAY | EBAY INC. | 16.96% | 30,115,223 | $1,569,003,000 |
| — | LIBERTY GLOBAL PLC | 12.11% | 54,555,407 | $1,120,295,000 |
| FOXA | FOX CORP | 8.11% | 26,972,720 | $750,651,000 |
| VSAT | VIASAT INC | 6.05% | 16,288,959 | $560,177,000 |
| — | VIACOMCBS INC | 5.70% | 18,837,585 | $527,641,000 |
| PSTHUSD | PERSHING SQUARE TONTINE HLDG | 4.29% | 17,500,000 | $397,075,000 |
| QRVO | QORVO INC | 4.13% | 2,962,886 | $382,242,000 |
| PCG | PG&E CORP | 3.11% | 30,657,601 | $287,875,000 |
| — | HD SUPPLY HLDGS INC | 3.04% | 6,818,119 | $281,179,000 |
| HPQ | HP INC | 2.73% | 13,300,000 | $252,567,000 |
| MCK | MCKESSON CORP | 2.69% | 1,669,181 | $248,591,000 |
| MU | MICRON TECHNOLOGY INC | 2.65% | 5,222,000 | $245,225,000 |
| — | TRANSLATE BIO INC | 2.62% | 18,044,239 | $242,393,000 |
| GOOG | ALPHABET INC | 2.46% | 154,580 | $227,171,000 |
| — | LIBERTY MEDIA CORP DEL | 2.08% | 5,815,276 | $192,369,000 |
| NXST | NEXSTAR MEDIA GROUP INC | 2.03% | 2,085,000 | $187,504,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 1.98% | 3,028,509 | $183,285,000 |
| LBTYAUSD | LIBERTY GLOBAL PLC | 1.74% | 7,657,205 | $160,878,000 |
| FOX | FOX CORP | 1.72% | 5,680,307 | $158,878,000 |
| META | FACEBOOK INC | 1.59% | 563,000 | $147,450,000 |
| AMAT | APPLIED MATLS INC | 1.48% | 2,306,601 | $137,127,000 |
| TBPH | THERAVANCE BIOPHARMA INC | 1.40% | 8,735,168 | $129,149,000 |
| — | ATARA BIOTHERAPEUTICS INC | 1.39% | 9,922,030 | $128,590,000 |
| — | VERINT SYS INC | 1.19% | 2,290,000 | $110,332,000 |
| DOC | HEALTHPEAK PROPERTIES INC | 1.17% | 4,000,000 | $108,600,000 |
| — | LIBERTY MEDIA CORP DEL | 1.05% | 2,923,048 | $96,958,000 |
| HWM | HOWMET AEROSPACE INC | 0.83% | 4,603,800 | $76,976,000 |
| — | COLONY CAP INC NEW | 0.67% | 22,622,503 | $61,759,000 |
| — | REDBALL ACQUISITION CORP | 0.57% | 4,950,000 | $52,322,000 |
| — | VERITIV CORP | 0.49% | 3,564,439 | $45,126,000 |
| — | VESPER HEALTHCARE ACQSTN COR | 0.44% | 3,960,000 | $40,630,000 |
| RTP/U | REINVENT TECHNOLOGY PARTNERS | 0.43% | 3,500,000 | $40,215,000 |
| BSN/U | BROADSTONE ACQUISITION CORP | 0.32% | 2,970,000 | $29,611,000 |
| TBPH 3.25 11/01/23 | THERAVANCE BIOPHARMA INC | 0.28% | 30,000,000 | $26,281,000 |
| TMQ | TRILOGY METALS INC NEW | 0.24% | 12,182,568 | $21,807,000 |
| — | PERSHING SQUARE TONTINE HLDG | 0.15% | 1,944,444 | $13,942,000 |
| VIST | VISTA OIL & GAS S A B DE C V | 0.11% | 4,416,900 | $9,938,000 |
Investor background
Seth Klarman
“Value investing is a marriage of a contrarian streak and a calculator.”
Seth Klarman is the Chief Executive Officer and Portfolio Manager of The Baupost Group, a Boston-based investment firm formed in 1982 by four founding families. After graduating in economics from Cornell University, Klarman worked at Mutual Shares Corporation before earning an MBA as a Baker Scholar at Harvard Business School. He has overseen Baupost’s investments since the firm’s inception.
Klarman practices absolute-return value investing rather than conventional stock selection. Baupost can invest across public equities and debt, distressed securities, private credit, private equity and real estate. The common requirement is a meaningful discount to conservatively estimated value and a structure that limits the possibility of permanent capital loss.
His success rests on patience, analytical conservatism and institutional flexibility. Klarman is willing to hold substantial cash when opportunities are scarce, because he views cash as an option on future distress rather than a benchmark-relative failure. He also distinguishes genuine contrarian investing from reflexively opposing consensus: an unpopular asset becomes attractive only when careful calculation demonstrates that it is mispriced.
Historical public descriptions reported net annualized returns of approximately 19–20% for Baupost’s oldest or largest partnership over earlier periods. However, Baupost does not publish an up-to-date, complete audited composite, so those figures should not be projected mechanically to the present.
Klarman qualifies as a super investor because he has combined more than four decades of investment responsibility with downside discipline, an unusually broad opportunity set and a stable absolute-value philosophy.
- The Baupost Group — Official Company Profile ↗
- The Baupost Group — Seth Klarman Official Biography ↗
- Capital Allocators — Seth Klarman: Timeless Value Investing ↗
- Bloomberg Masters in Business — Seth Klarman Interview Transcript, 2026 ↗
- Columbia Business School — Graham & Doddsville, Klarman Quote and Symposium ↗
- Ivey Business School — Seth Klarman Profile and Historical Record ↗