Investor: Seth Klarman
Number of Assets: 22
Reporting Period: Q3 - 2025
Holdings at Report: $4,790,804,000
Return Since Report: +$342,727,315
Return Since Report: +7.15%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Dollar General Corp. (DG) | Equity | 0% | 2,666,876 | 5.79% | $103.35 | $132.23 | $275,622,000 | $352,641,013 | +$77,019,013 | +27.94% |
| Tamboran Resources Corp. (TBN) | Equity | 0% | 570,833 | 0.33% | $27.38 | $25.26 | $15,629,000 | $14,419,242 | -$1,209,758 | -7.74% |
| Elevance Health Inc. (ELV) | Equity | +114.12% | 1,319,000 | 8.95% | $323.12 | $360.56 | $426,195,000 | $475,578,640 | +$49,383,640 | +11.59% |
| GDS Holdings Limited (GDS) | Equity | 0% | 3,249,952 | 2.64% | $38.70 | $36.24 | $125,773,000 | $117,778,260 | -$7,994,740 | -6.36% |
| Wesco International Inc. (WCC) | Equity | -31.91% | 1,503,180 | 6.67% | $211.50 | $260.05 | $317,923,000 | $390,901,959 | +$72,978,959 | +22.95% |
| Americold Realty Trust Inc. (COLD) | Equity | +100% | 3,600,000 | 0.93% | $12.24 | N/A | $44,064,000 | N/A | N/A | N/A |
| Fidelity National Information Services Inc. (FIS) | Equity | 0% | 3,789,711 | 5.25% | $65.94 | $67.13 | $249,894,000 | $254,384,351 | +$4,490,351 | +1.80% |
| Liberty Global Ltd. (LBTYK) | Equity | -12.17% | 21,657,803 | 5.34% | $11.75 | $11.06 | $254,479,000 | $239,427,012 | -$15,051,988 | -5.91% |
| Cable ONE INC | Bond | +100% | 14,100,000 | N/A | $0.86 | N/A | $12,068,000 | N/A | N/A | N/A |
| Herbalife Ltd | Bond | +100% | 17,129,000 | N/A | $0.92 | N/A | $15,833,000 | N/A | N/A | N/A |
| Genuine Parts Company (GPC) | Equity | +100% | 1,395,000 | 4.06% | $138.60 | $132.47 | $193,347,000 | $184,797,045 | -$8,549,955 | -4.42% |
| Willis Towers Watson Public Limited Company (WTW) | Equity | -17.13% | 1,089,065 | 7.90% | $345.45 | $328.45 | $376,218,000 | $357,703,399 | -$18,514,601 | -4.92% |
| Pagseguro Digital Ltd. (PAGS) | Equity | 0% | 2,500,000 | 0.52% | $10.00 | $10.31 | $25,000,000 | $25,762,500 | +$762,500 | +3.05% |
| Alphabet Inc. (GOOG) | Equity | -29.46% | 1,858,138 | 9.50% | $243.55 | $310.80 | $452,550,000 | $577,509,290 | +$124,959,290 | +27.61% |
| Ferguson Enterprises Inc. (FERG) | Equity | +2.08% | 1,155,500 | 5.45% | $224.58 | $223.92 | $259,502,000 | $258,739,560 | -$762,440 | -0.29% |
| Liberty Global Ltd. (LBTYA) | Equity | 0% | 5,076,762 | 1.22% | $11.46 | $11.22 | $58,180,000 | $56,935,886 | -$1,244,114 | -2.14% |
| Eagle Materials Inc. (EXP) | Equity | +38.95% | 939,660 | 4.60% | $233.04 | $225.62 | $218,978,000 | $212,006,089 | -$6,971,911 | -3.18% |
| Fiserv Inc. (FI) | Equity | 0% | 895,000 | 2.42% | $128.93 | $68.16 | $115,392,000 | $61,003,200 | -$54,388,800 | -47.13% |
| Union Pacific Corp. (UNP) | Equity | +100% | 1,496,204 | 7.43% | $236.37 | $238.97 | $353,658,000 | $357,540,389 | +$3,882,389 | +1.10% |
| Herbalife Ltd. (HLF) | Equity | 0% | 7,759,844 | 1.38% | $8.44 | $14.77 | $65,493,000 | $114,612,896 | +$49,119,896 | +75.00% |
| CRH PLC (CRH) | Equity | -11.55% | 3,383,395 | 8.52% | $119.90 | $125.89 | $405,669,000 | $425,935,597 | +$20,266,597 | +5.00% |
| Restaurant Brands International Inc. (QSR) | Equity | +103.80% | 8,252,862 | 11.11% | $64.14 | $70.75 | $529,337,000 | $583,889,987 | +$54,552,986 | +10.31% |