Investor: Seth Klarman
Number of Assets: 23
Reporting Period: Q2 - 2025
Holdings at Report: $4,130,042,000
Return Since Report: +$375,380,622
Return Since Report: +9.09%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Dollar General Corp. (DG) | Equity | +26.70% | 2,666,876 | 7.41% | $114.38 | $104.63 | $305,037,000 | $279,021,902 | -$26,015,099 | -8.53% |
| Elevance Health Inc. (ELV) | Equity | +150.41% | 616,000 | 5.82% | $388.96 | $314.36 | $239,599,000 | $193,645,144 | -$45,953,856 | -19.18% |
| Ferguson Enterprises Inc. (FERG) | Equity | 0% | 1,132,000 | 5.99% | $217.75 | $226.60 | $246,493,000 | $256,511,200 | +$10,018,200 | +4.06% |
| Fiserv Inc. (FI) | Equity | +100% | 895,000 | 3.75% | $172.41 | $135.93 | $154,307,000 | $121,657,350 | -$32,649,650 | -21.16% |
| Herbalife Ltd. (HLF) | Equity | +2.10% | 7,759,844 | 1.63% | $8.62 | $9.47 | $66,890,000 | $73,485,723 | +$6,595,723 | +9.86% |
| Icon Public Limited Company (ICLR) | Equity | 0% | 405,000 | 1.43% | $145.45 | $169.47 | $58,907,000 | $68,633,325 | +$9,726,325 | +16.51% |
| Liberty Broadband Corp. (LBRDK) | Equity | +337.03% | 745,610 | 1.78% | $98.38 | $60.33 | $73,353,000 | $44,982,651 | -$28,370,349 | -38.68% |
| Liberty Global Ltd. (LBTYK) | Equity | 0% | 24,657,803 | 6.18% | $10.31 | $11.74 | $254,222,000 | $289,359,318 | +$35,137,318 | +13.82% |
| Restaurant Brands International Inc. (QSR) | Equity | +4.19% | 4,049,562 | 6.52% | $66.29 | $61.66 | $268,445,000 | $249,695,993 | -$18,749,007 | -6.98% |
| Viasat Inc. (VSAT) | Equity | -9.81% | 9,190,728 | 3.26% | $14.60 | $30.81 | $134,185,000 | $283,166,330 | +$148,981,330 | +111.03% |
| Tamboran Resources Corp. (TBN) | Equity | 0% | 570,833 | 0.30% | $21.32 | $21.77 | $12,170,000 | $12,427,034 | +$257,034 | +2.11% |
| Wesco International Inc. (WCC) | Equity | +10.07% | 2,207,601 | 9.94% | $185.20 | $212.49 | $408,848,000 | $469,082,098 | +$60,234,098 | +14.73% |
| Willis Towers Watson Public Limited Company (WTW) | Equity | -13.86% | 1,314,184 | 9.79% | $306.50 | $329.50 | $402,797,000 | $433,023,628 | +$30,226,628 | +7.50% |
| Alphabet Inc. (GOOG) | Equity | +26.76% | 2,633,988 | 11.36% | $177.39 | $239.54 | $467,243,000 | $630,945,486 | +$163,702,486 | +35.04% |
| Amcor PLC (AMCR) | Equity | +100% | 5,500,000 | 1.23% | $9.19 | N/A | $50,545,000 | N/A | N/A | N/A |
| CRH PLC (CRH) | Equity | +41.98% | 3,825,395 | 8.54% | $91.80 | $110.81 | $351,171,000 | $423,892,020 | +$72,721,020 | +20.71% |
| Eagle Materials Inc. (EXP) | Equity | -25.66% | 676,257 | 3.32% | $202.11 | $227.64 | $136,678,000 | $153,939,762 | +$17,261,762 | +12.63% |
| Fidelity National Information Services Inc. (FIS) | Equity | +8.50% | 3,789,711 | 7.50% | $81.41 | $69.00 | $308,520,000 | $261,490,059 | -$47,029,941 | -15.24% |
| GDS Holdings Limited (GDS) | Equity | -23.53% | 3,249,952 | 2.41% | $30.57 | $34.12 | $99,351,000 | $110,888,362 | +$11,537,362 | +11.61% |
| Liberty Broadband Corp. (LBRDA) | Equity | 0% | 7,560 | 0.02% | $97.88 | $59.94 | $740,000 | $453,146 | -$286,854 | -38.76% |
| Liberty Global Ltd. (LBTYA) | Equity | 0% | 5,076,762 | 1.24% | $10.01 | $11.62 | $50,818,000 | $58,966,591 | +$8,148,591 | +16.03% |
| Pagseguro Digital Ltd. (PAGS) | Equity | +100% | 2,500,000 | 0.59% | $9.64 | $9.60 | $24,100,000 | $23,987,500 | -$112,500 | -0.47% |