Investor: Seth Klarman
Number of Assets: 22
Reporting Period: Q4 - 2025
Holdings at Report: $5,278,590,000
Return Since Report: -$260,294,989
Return Since Report: -4.93%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Alphabet Inc. (GOOG) | Equity | -41.49% | 1,087,181 | 6.46% | $313.80 | $286.39 | $341,157,000 | $311,357,767 | -$29,799,233 | -8.73% |
| Amazon.com Inc. (AMZN) | Equity | +100% | 2,121,391 | 9.28% | $230.82 | $208.30 | $489,659,000 | $441,885,745 | -$47,773,255 | -9.76% |
| Americold Realty Trust Inc. (COLD) | Equity | -3.45% | 3,475,685 | 0.85% | $12.86 | N/A | $44,697,000 | N/A | N/A | N/A |
| CRH PLC (CRH) | Equity | -68.29% | 1,072,957 | 2.54% | $124.80 | $105.35 | $133,905,000 | $113,036,020 | -$20,868,980 | -15.58% |
| Dollar General Corp. (DG) | Equity | -22.65% | 2,062,821 | 5.19% | $132.77 | $118.61 | $273,881,000 | $244,660,885 | -$29,220,115 | -10.67% |
| Eagle Materials Inc. (EXP) | Equity | +26.14% | 1,185,248 | 4.64% | $206.68 | $189.59 | $244,967,000 | $224,711,168 | -$20,255,832 | -8.27% |
| Elevance Health Inc. (ELV) | Equity | -3.77% | 1,269,302 | 8.43% | $350.55 | $293.11 | $444,954,000 | $372,045,109 | -$72,908,891 | -16.39% |
| Ferguson Enterprises Inc. (FERG) | Equity | -1.60% | 1,137,035 | 4.80% | $222.63 | $234.10 | $253,138,000 | $266,174,208 | +$13,036,208 | +5.15% |
| Fidelity National Information Services Inc. (FIS) | Equity | +18.84% | 4,503,801 | 5.67% | $66.46 | $46.89 | $299,323,000 | $211,183,229 | -$88,139,771 | -29.45% |
| Fiserv Inc. (FISV) | Equity | +145.81% | 2,200,000 | 2.80% | $67.17 | $56.04 | $147,774,000 | $123,288,000 | -$24,486,000 | -16.57% |
| GDS Holdings Limited (GDS) | Equity | -6.31% | 3,044,818 | 2.01% | $34.90 | $40.29 | $106,264,000 | $122,675,717 | +$16,411,717 | +15.44% |
| Genuine Parts Company (GPC) | Equity | +6.53% | 1,486,088 | 3.46% | $122.96 | $105.66 | $182,729,000 | $157,020,058 | -$25,708,942 | -14.07% |
| Grupo Aeromexico SAB DE CV | Equity | +100% | 4,855,180 | 2.02% | $21.96 | N/A | $106,620,000 | N/A | N/A | N/A |
| Herbalife Ltd. (HLF) | Equity | +19.33% | 9,259,844 | 2.26% | $12.89 | $14.72 | $119,359,000 | $136,304,904 | +$16,945,904 | +14.20% |
| Liberty Global Ltd. (LBTYA) | Equity | -59.02% | 2,080,456 | 0.44% | $11.14 | $12.09 | $23,176,000 | $25,152,713 | +$1,976,713 | +8.53% |
| Liberty Global Ltd. (LBTYK) | Equity | -3.57% | 20,884,781 | 4.37% | $11.04 | $11.68 | $230,568,000 | $243,829,818 | +$13,261,818 | +5.75% |
| Molina Healthcare Inc. (MOH) | Equity | +100% | 625,000 | 2.05% | $173.54 | $133.35 | $108,463,000 | $83,343,750 | -$25,119,250 | -23.16% |
| Restaurant Brands International Inc. (QSR) | Equity | -2.09% | 8,080,112 | 10.44% | $68.23 | $73.95 | $551,325,000 | $597,483,882 | +$46,158,882 | +8.37% |
| Tamboran Resources Corp. (TBN) | Equity | -54.94% | 257,226 | 0.13% | $27.23 | $50.00 | $7,004,000 | $12,861,300 | +$5,857,300 | +83.63% |
| Union Pacific Corp. (UNP) | Equity | +8.76% | 1,627,254 | 7.13% | $231.32 | $242.22 | $376,416,000 | $394,145,328 | +$17,729,328 | +4.71% |
| Wesco International Inc. (WCC) | Equity | -5.61% | 1,418,831 | 6.58% | $244.64 | $275.46 | $347,103,000 | $390,831,187 | +$43,728,187 | +12.60% |
| Willis Towers Watson Public Limited Company (WTW) | Equity | +24.66% | 1,357,601 | 8.45% | $328.60 | $290.95 | $446,108,000 | $394,987,223 | -$51,120,777 | -11.46% |