PaperPanda Fund Terminal
Seth Klarman
BAUPOST GROUP LLC/MA · CIK: 1061768 · Report Period: 2025-12-31 · Filed: 2026-02-13
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $5,278,590,000 · 22 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 QSR
|
RESTAURANT BRANDS INTL INC | COM | 10.4% | $551,325,000 | 8,080,112 | REDUCE | -172,750 |
| 2 |
 AMZN
|
AMAZON COM INC | COM | 9.3% | $489,659,000 | 2,121,391 | NEW BUY | +2,121,391 |
| 3 |
 WTW
|
WILLIS TOWERS WATSON PLC LTD | COM | 8.4% | $446,108,000 | 1,357,601 | ADD | +268,536 |
| 4 |
 ELV
|
ELEVANCE HEALTH INC FORMERLY | COM | 8.4% | $444,954,000 | 1,269,302 | REDUCE | -49,698 |
| 5 |
 UNP
|
UNION PAC CORP | COM | 7.1% | $376,416,000 | 1,627,254 | ADD | +131,050 |
| 6 |
 WCC
|
WESCO INTL INC | COM | 6.6% | $347,103,000 | 1,418,831 | REDUCE | -84,349 |
| 7 |
 GOOG
|
ALPHABET INC | COM | 6.5% | $341,157,000 | 1,087,181 | REDUCE | -770,957 |
| 8 |
 FIS
|
FIDELITY NATL INFORMATION SV | COM | 5.7% | $299,323,000 | 4,503,801 | ADD | +714,090 |
| 9 |
 DG
|
DOLLAR GEN CORP NEW | COM | 5.2% | $273,881,000 | 2,062,821 | REDUCE | -604,055 |
| 10 |
 FERG
|
FERGUSON ENTERPRISES INC | COM | 4.8% | $253,138,000 | 1,137,035 | REDUCE | -18,465 |
| 11 |
 EXP
|
EAGLE MATLS INC | COM | 4.6% | $244,967,000 | 1,185,248 | ADD | +245,588 |
| 12 |
 LBTYK
|
LIBERTY GLOBAL LTD | COM | 4.4% | $230,568,000 | 20,884,781 | REDUCE | -773,022 |
| 13 |
 GPC
|
GENUINE PARTS CO | COM | 3.5% | $182,729,000 | 1,486,088 | ADD | +91,088 |
| 14 |
 FISV
|
FISERV INC | COM | 2.8% | $147,774,000 | 2,200,000 | ADD | +1,305,000 |
| 15 |
 CRH
|
CRH PLC | COM | 2.5% | $133,905,000 | 1,072,957 | REDUCE | -2,310,438 |
| 16 |
 HLF
|
HERBALIFE LTD | COM | 2.3% | $119,359,000 | 9,259,844 | ADD | +1,500,000 |
| 17 |
 MOH
|
MOLINA HEALTHCARE INC | COM | 2.0% | $108,463,000 | 625,000 | NEW BUY | +625,000 |
| 18 |
 AERO
|
GRUPO AEROMEXICO SAB DE CV | COM | 2.0% | $106,620,000 | 4,855,180 | NEW BUY | +4,855,180 |
| 19 |
 GDS
|
GDS HLDGS LTD | COM | 2.0% | $106,264,000 | 3,044,818 | REDUCE | -205,134 |
| 20 |
 COLD
|
AMERICOLD REALTY TRUST INC | COM | 0.8% | $44,697,000 | 3,475,685 | REDUCE | -124,315 |
| 21 |
 LBTYA
|
LIBERTY GLOBAL LTD | COM | 0.4% | $23,176,000 | 2,080,456 | REDUCE | -2,996,306 |
| 22 |
 TBN
|
TAMBORAN RES CORP | COM | 0.1% | $7,004,000 | 257,226 | REDUCE | -313,607 |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | ELV | ELEVANCE HEALTH INC FORMERLY | REDUCE | -49,698 | -3.8% | 1,269,302 | $444,954,000 |
| 2 | DG | DOLLAR GEN CORP NEW | REDUCE | -604,055 | -22.7% | 2,062,821 | $273,881,000 |
| 3 | WTW | WILLIS TOWERS WATSON PLC LTD | ADD | +268,536 | +24.7% | 1,357,601 | $446,108,000 |
| 4 | UNP | UNION PAC CORP | ADD | +131,050 | +8.8% | 1,627,254 | $376,416,000 |
| 5 | GDS | GDS HLDGS LTD | REDUCE | -205,134 | -6.3% | 3,044,818 | $106,264,000 |
| 6 | FIS | FIDELITY NATL INFORMATION SV | ADD | +714,090 | +18.8% | 4,503,801 | $299,323,000 |
| 7 | WCC | WESCO INTL INC | REDUCE | -84,349 | -5.6% | 1,418,831 | $347,103,000 |
| 8 | COLD | AMERICOLD REALTY TRUST INC | REDUCE | -124,315 | -3.5% | 3,475,685 | $44,697,000 |
| 9 | GOOG | ALPHABET INC | REDUCE | -770,957 | -41.5% | 1,087,181 | $341,157,000 |
| 10 | GPC | GENUINE PARTS CO | ADD | +91,088 | +6.5% | 1,486,088 | $182,729,000 |
| 11 | FISV | FISERV INC | ADD | +1,305,000 | +145.8% | 2,200,000 | $147,774,000 |
| 12 | LBTYA | LIBERTY GLOBAL LTD | REDUCE | -2,996,306 | -59.0% | 2,080,456 | $23,176,000 |
| 13 | MOH | MOLINA HEALTHCARE INC | NEW BUY | +625,000 | New | 625,000 | $108,463,000 |
| 14 | FERG | FERGUSON ENTERPRISES INC | REDUCE | -18,465 | -1.6% | 1,137,035 | $253,138,000 |
| 15 | TBN | TAMBORAN RES CORP | REDUCE | -313,607 | -54.9% | 257,226 | $7,004,000 |
| 16 | - | CABLE ONE INC | SOLD | -14,100,000 | Exit | - | - |
| 17 | AMZN | AMAZON COM INC | NEW BUY | +2,121,391 | New | 2,121,391 | $489,659,000 |
| 18 | EXP | EAGLE MATLS INC | ADD | +245,588 | +26.1% | 1,185,248 | $244,967,000 |
| 19 | CRH | CRH PLC | REDUCE | -2,310,438 | -68.3% | 1,072,957 | $133,905,000 |
| 20 | - | HERBALIFE LTD | SOLD | -17,129,000 | Exit | - | - |
| 21 | - | PAGSEGURO DIGITAL LTD | SOLD | -2,500,000 | Exit | - | - |
| 22 | HLF | HERBALIFE LTD | ADD | +1,500,000 | +19.3% | 9,259,844 | $119,359,000 |
| 23 | AERO | GRUPO AEROMEXICO SAB DE CV | NEW BUY | +4,855,180 | New | 4,855,180 | $106,620,000 |
| 24 | QSR | RESTAURANT BRANDS INTL INC | REDUCE | -172,750 | -2.1% | 8,080,112 | $551,325,000 |
| 25 | LBTYK | LIBERTY GLOBAL LTD | REDUCE | -773,022 | -3.6% | 20,884,781 | $230,568,000 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | LBTYK | LIBERTY GLOBAL LTD | REDUCE | -3,000,000 | -12.2% | 21,657,803 | $254,479,000 |
| 2 | ELV | ELEVANCE HEALTH INC FORMERLY | ADD | +703,000 | +114.1% | 1,319,000 | $426,195,000 |
| 3 | - | LIBERTY BROADBAND CORP | SOLD | -7,560 | Exit | - | - |
| 4 | WTW | WILLIS TOWERS WATSON PLC LTD | REDUCE | -225,119 | -17.1% | 1,089,065 | $376,218,000 |
| 5 | UNP | UNION PAC CORP | NEW BUY | +1,496,204 | New | 1,496,204 | $353,658,000 |
| 6 | WCC | WESCO INTL INC | REDUCE | -704,421 | -31.9% | 1,503,180 | $317,923,000 |
| 7 | COLD | AMERICOLD REALTY TRUST INC | NEW BUY | +3,600,000 | New | 3,600,000 | $44,064,000 |
| 8 | GOOG | ALPHABET INC | REDUCE | -775,850 | -29.5% | 1,858,138 | $452,550,000 |
| 9 | GPC | GENUINE PARTS CO | NEW BUY | +1,395,000 | New | 1,395,000 | $193,347,000 |
| 10 | FERG | FERGUSON ENTERPRISES INC | ADD | +23,500 | +2.1% | 1,155,500 | $259,502,000 |
| 11 | - | CABLE ONE INC | NEW BUY | +14,100,000 | New | 14,100,000 | $12,068,000 |
| 12 | - | LIBERTY BROADBAND CORP | SOLD | -745,610 | Exit | - | - |
| 13 | - | VIASAT INC | SOLD | -9,190,728 | Exit | - | - |
| 14 | CRH | CRH PLC | REDUCE | -442,000 | -11.6% | 3,383,395 | $405,669,000 |
| 15 | - | AMCOR PLC | SOLD | -5,500,000 | Exit | - | - |
| 16 | - | ICON PLC | SOLD | -405,000 | Exit | - | - |
| 17 | QSR | RESTAURANT BRANDS INTL INC | ADD | +4,203,300 | +103.8% | 8,252,862 | $529,337,000 |
| 18 | EXP | EAGLE MATLS INC | ADD | +263,403 | +39.0% | 939,660 | $218,978,000 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | DG | DOLLAR GEN CORP NEW | ADD | +562,000 | +26.7% | 2,666,876 | $305,037,000 |
| 2 | ELV | ELEVANCE HEALTH INC | ADD | +370,000 | +150.4% | 616,000 | $239,599,000 |
| 3 | WTW | WILLIS TOWERS WATSON PLC LTD | REDUCE | -211,483 | -13.9% | 1,314,184 | $402,797,000 |
| 4 | GDS | GDS HLDGS LTD | REDUCE | -1,000,000 | -23.5% | 3,249,952 | $99,351,000 |
| 5 | FIS | FIDELITY NATL INFORMATION SV | ADD | +296,764 | +8.5% | 3,789,711 | $308,520,000 |
| 6 | WCC | WESCO INTL INC | ADD | +202,000 | +10.1% | 2,207,601 | $408,848,000 |
| 7 | GOOG | ALPHABET INC | ADD | +556,000 | +26.8% | 2,633,988 | $467,243,000 |
| 8 | FISV | FISERV INC | NEW BUY | +895,000 | New | 895,000 | $154,307,000 |
| 9 | - | CLARIVATE PLC | SOLD | -10,777,863 | Exit | - | - |
| 10 | - | LIBERTY BROADBAND CORP | ADD | +575,000 | +337.0% | 745,610 | $73,353,000 |
| 11 | - | SOLVENTUM CORP | SOLD | -1,053,240 | Exit | - | - |
| 12 | - | VIASAT INC | REDUCE | -1,000,000 | -9.8% | 9,190,728 | $134,185,000 |
| 13 | CRH | CRH PLC | ADD | +1,131,000 | +42.0% | 3,825,395 | $351,171,000 |
| 14 | - | SOMNIGROUP INTERNATIONAL INC | SOLD | -703,349 | Exit | - | - |
| 15 | - | AMCOR PLC | NEW BUY | +5,500,000 | New | 5,500,000 | $50,545,000 |
| 16 | - | PAGSEGURO DIGITAL LTD | NEW BUY | +2,500,000 | New | 2,500,000 | $24,100,000 |
| 17 | HLF | HERBALIFE LTD | ADD | +159,318 | +2.1% | 7,759,844 | $66,890,000 |
| 18 | QSR | RESTAURANT BRANDS INTL INC | ADD | +163,000 | +4.2% | 4,049,562 | $268,445,000 |
| 19 | EXP | EAGLE MATLS INC | REDUCE | -233,376 | -25.7% | 676,257 | $136,678,000 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | LBTYK | LIBERTY GLOBAL LTD | REDUCE | -14,796,040 | -37.5% | 24,657,803 | $295,154,000 |
| 2 | DG | DOLLAR GEN CORP NEW | ADD | +44,076 | +2.1% | 2,104,876 | $185,082,000 |
| 3 | ELV | ELEVANCE HEALTH INC | NEW BUY | +246,000 | New | 246,000 | $107,000,000 |
| 4 | WTW | WILLIS TOWERS WATSON PLC LTD | REDUCE | -311,081 | -16.9% | 1,525,667 | $515,599,000 |
| 5 | FIS | FIDELITY NATL INFORMATION SV | NEW BUY | +3,492,947 | New | 3,492,947 | $260,853,000 |
| 6 | WCC | WESCO INTL INC | ADD | +569,930 | +39.7% | 2,005,601 | $311,470,000 |
| 7 | GOOG | ALPHABET INC | ADD | +652,000 | +45.7% | 2,077,988 | $324,644,000 |
| 8 | GPC | GENUINE PARTS CO | SOLD | -315,337 | Exit | - | - |
| 9 | LBTYA | LIBERTY GLOBAL LTD | REDUCE | -124,682 | -2.4% | 5,076,762 | $58,434,000 |
| 10 | - | CLARIVATE PLC | REDUCE | -25,501,342 | -70.3% | 10,777,863 | $42,357,000 |
| 11 | - | SOLVENTUM CORP | REDUCE | -393,060 | -27.2% | 1,053,240 | $80,088,000 |
| 12 | - | SUNRISE COMMUNICATIONS AG | SOLD | -2,335,263 | Exit | - | - |
| 13 | - | HUMANA INC | SOLD | -346,000 | Exit | - | - |
| 14 | - | VIASAT INC | REDUCE | -2,031,862 | -16.6% | 10,190,728 | $106,187,000 |
| 15 | CRH | CRH PLC | ADD | +52,993 | +2.0% | 2,694,395 | $237,026,000 |
| 16 | - | SOMNIGROUP INTERNATIONAL INC | NEW BUY | +703,349 | New | 703,349 | $42,117,000 |
| 17 | - | ICON PLC | NEW BUY | +405,000 | New | 405,000 | $70,871,000 |
| 18 | QSR | RESTAURANT BRANDS INTL INC | ADD | +984,862 | +33.9% | 3,886,562 | $259,000,000 |
| 19 | EXP | EAGLE MATLS INC | ADD | +271,410 | +42.5% | 909,633 | $201,875,000 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | LBTYK | LIBERTY GLOBAL LTD | REDUCE | -2,857,168 | -6.8% | 39,453,843 | $518,423,000 |
| 2 | DG | DOLLAR GEN CORP NEW | REDUCE | -243,000 | -10.5% | 2,060,800 | $156,250,000 |
| 3 | - | JACOBS SOLUTIONS INC | SOLD | -350,681 | Exit | - | - |
| 4 | WTW | WILLIS TOWERS WATSON PLC LTD | ADD | +55,542 | +3.1% | 1,836,748 | $575,343,000 |
| 5 | FIS | FIDELITY NATL INFORMATION SV | SOLD | -971,460 | Exit | - | - |
| 6 | WCC | WESCO INTL INC | ADD | +177,671 | +14.1% | 1,435,671 | $259,799,000 |
| 7 | GOOG | ALPHABET INC | REDUCE | -39,600 | -2.7% | 1,425,988 | $271,565,000 |
| 8 | GPC | GENUINE PARTS CO | NEW BUY | +315,337 | New | 315,337 | $36,819,000 |
| 9 | LBTYA | LIBERTY GLOBAL LTD | REDUCE | -1,992,832 | -27.7% | 5,201,444 | $66,370,000 |
| 10 | FERG | FERGUSON ENTERPRISES INC | NEW BUY | +1,132,000 | New | 1,132,000 | $196,481,000 |
| 11 | - | CLARIVATE PLC | REDUCE | -2,650,430 | -6.8% | 36,279,205 | $184,298,000 |
| 12 | - | SUNRISE COMMUNICATIONS AG | NEW BUY | +2,335,263 | New | 2,335,263 | $100,603,000 |
| 13 | - | SOLVENTUM CORP | REDUCE | -373,700 | -20.5% | 1,446,300 | $95,543,000 |
| 14 | - | HUMANA INC | NEW BUY | +346,000 | New | 346,000 | $87,784,000 |
| 15 | - | FORTREA HLDGS INC | SOLD | -2,293,167 | Exit | - | - |
| 16 | CRH | CRH PLC | ADD | +4,800 | +0.2% | 2,641,402 | $244,383,000 |
| 17 | HLF | HERBALIFE LTD | ADD | +2,476,000 | +48.3% | 7,600,526 | $50,848,000 |
| 18 | QSR | RESTAURANT BRANDS INTL INC | ADD | +2,873,406 | +10155.5% | 2,901,700 | $189,133,000 |
| 19 | EXP | EAGLE MATLS INC | ADD | +137,950 | +27.6% | 638,223 | $157,488,000 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | DG | DOLLAR GEN CORP NEW | NEW BUY | +2,303,800 | New | 2,303,800 | $194,832,000 |
| 2 | - | JACOBS SOLUTIONS INC | REDUCE | -143,537 | -29.0% | 350,681 | $45,904,000 |
| 3 | - | LIBERTY BROADBAND CORP | NEW BUY | +7,560 | New | 7,560 | $581,000 |
| 4 | WTW | WILLIS TOWERS WATSON PLC LTD | ADD | +128,558 | +7.8% | 1,781,206 | $524,619,000 |
| 5 | FIS | FIDELITY NATL INFORMATION SV | REDUCE | -2,537,794 | -72.3% | 971,460 | $81,360,000 |
| 6 | WCC | WESCO INTL INC | ADD | +455,000 | +56.7% | 1,258,000 | $211,319,000 |
| 7 | GOOG | ALPHABET INC | ADD | +396,000 | +37.0% | 1,465,588 | $245,032,000 |
| 8 | TBN | TAMBORAN RES CORP | NEW BUY | +570,833 | New | 570,833 | $11,599,000 |
| 9 | - | VERISIGN INC | SOLD | -105,764 | Exit | - | - |
| 10 | - | LIBERTY BROADBAND CORP | NEW BUY | +170,610 | New | 170,610 | $13,186,000 |
| 11 | - | OUTBRAIN INC | SOLD | -118,000,000 | Exit | - | - |
| 12 | - | THERAVANCE BIOPHARMA INC | SOLD | -4,200,021 | Exit | - | - |
| 13 | - | HUMANA INC | SOLD | -420,000 | Exit | - | - |
| 14 | - | WILLSCOT MOBIL MINI HLDNG CO | SOLD | -2,470,000 | Exit | - | - |
| 15 | - | CAPRI HOLDINGS LIMITED | SOLD | -1,000,000 | Exit | - | - |
| 16 | - | LIBERTY MEDIA CORP DEL | SOLD | -600,194 | Exit | - | - |
| 17 | - | VIASAT INC | REDUCE | -1,536,774 | -11.2% | 12,222,590 | $145,938,000 |
| 18 | - | FORTREA HLDGS INC | REDUCE | -847,193 | -27.0% | 2,293,167 | $45,863,000 |
| 19 | CRH | CRH PLC | REDUCE | -1,590,000 | -37.6% | 2,636,602 | $244,518,000 |
| 20 | - | HERBALIFE LTD | NEW BUY | +17,129,000 | New | 17,129,000 | $12,557,000 |
| 21 | - | JAZZ PHARMACEUTICALS PLC | SOLD | -1,274,248 | Exit | - | - |
| 22 | - | LIBERTY MEDIA CORP DEL | SOLD | -1,058,616 | Exit | - | - |
| 23 | QSR | RESTAURANT BRANDS INTL INC | NEW BUY | +28,294 | New | 28,294 | $2,041,000 |
| 24 | EXP | EAGLE MATLS INC | ADD | +158,171 | +46.2% | 500,273 | $143,904,000 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | JACOBS SOLUTIONS INC | REDUCE | -12,568 | -2.5% | 494,218 | $69,047,000 |
| 2 | WTW | WILLIS TOWERS WATSON PLC LTD | ADD | +96,981 | +6.2% | 1,652,648 | $433,225,000 |
| 3 | GDS | GDS HLDGS LTD | ADD | +1,649,952 | +63.5% | 4,249,952 | $39,482,000 |
| 4 | FIS | FIDELITY NATL INFORMATION SV | REDUCE | -2,069,715 | -37.1% | 3,509,254 | $264,457,000 |
| 5 | WCC | WESCO INTL INC | ADD | +597,276 | +290.3% | 803,000 | $127,292,000 |
| 6 | GOOG | ALPHABET INC | REDUCE | -1,888,064 | -63.8% | 1,069,588 | $196,184,000 |
| 7 | - | SOUNDHOUND AI INC | SOLD | -1,130,636 | Exit | - | - |
| 8 | - | VERISIGN INC | NEW BUY | +105,764 | New | 105,764 | $18,805,000 |
| 9 | - | CLARIVATE PLC | ADD | +8,331,233 | +27.2% | 38,929,635 | $221,510,000 |
| 10 | - | THERAVANCE BIOPHARMA INC | REDUCE | -2,394,105 | -36.3% | 4,200,021 | $35,616,000 |
| 11 | - | HUMANA INC | NEW BUY | +420,000 | New | 420,000 | $156,933,000 |
| 12 | - | SOLVENTUM CORP | NEW BUY | +1,820,000 | New | 1,820,000 | $96,242,000 |
| 13 | - | WARNER BROS DISCOVERY INC | SOLD | -3,713,930 | Exit | - | - |
| 14 | - | WILLSCOT MOBIL MINI HLDNG CO | NEW BUY | +2,470,000 | New | 2,470,000 | $92,971,000 |
| 15 | - | CAPRI HOLDINGS LIMITED | NEW BUY | +1,000,000 | New | 1,000,000 | $33,080,000 |
| 16 | - | LIBERTY MEDIA CORP DEL | REDUCE | -2,077,462 | -77.6% | 600,194 | $13,294,000 |
| 17 | - | VIASAT INC | REDUCE | -1,271,474 | -8.5% | 13,759,364 | $174,744,000 |
| 18 | - | FORTREA HLDGS INC | ADD | +2,836,563 | +933.7% | 3,140,360 | $73,296,000 |
| 19 | CRH | CRH PLC | ADD | +1,517,059 | +56.0% | 4,226,602 | $316,911,000 |
| 20 | - | ALTICE USA INC | SOLD | -4,774,615 | Exit | - | - |
| 21 | - | JAZZ PHARMACEUTICALS PLC | ADD | +440,552 | +52.8% | 1,274,248 | $136,000,000 |
| 22 | - | LIBERTY MEDIA CORP DEL | REDUCE | -3,292,432 | -75.7% | 1,058,616 | $23,459,000 |
| 23 | HLF | HERBALIFE LTD | ADD | +2,879,603 | +128.3% | 5,124,526 | $53,244,000 |
| 24 | EXP | EAGLE MATLS INC | ADD | +80,102 | +30.6% | 342,102 | $74,394,000 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | JACOBS SOLUTIONS INC | REDUCE | -221,000 | -30.4% | 506,786 | $77,908,000 |
| 2 | - | GARRETT MOTION INC | SOLD | -2,994,289 | Exit | - | - |
| 3 | GDS | GDS HLDGS LTD | NEW BUY | +2,600,000 | New | 2,600,000 | $17,290,000 |
| 4 | FIS | FIDELITY NATL INFORMATION SV | REDUCE | -781,750 | -12.3% | 5,578,969 | $413,848,000 |
| 5 | WCC | WESCO INTL INC | NEW BUY | +205,724 | New | 205,724 | $35,236,000 |
| 6 | GOOG | ALPHABET INC | ADD | +8,114 | +0.3% | 2,957,652 | $450,332,000 |
| 7 | - | SOUNDHOUND AI INC | NEW BUY | +1,130,636 | New | 1,130,636 | $5,554,000 |
| 8 | - | GRAY TELEVISION INC | SOLD | -3,760,000 | Exit | - | - |
| 9 | - | LIBERTY MEDIA CORP DEL | SOLD | -718,270 | Exit | - | - |
| 10 | - | CLARIVATE PLC | ADD | +5,098,402 | +20.0% | 30,598,402 | $227,346,000 |
| 11 | - | FINCH THERAPEUTICS GROUP INC | SOLD | -67,296 | Exit | - | - |
| 12 | - | OUTBRAIN INC | NEW BUY | +118,000,000 | New | 118,000,000 | $102,550,000 |
| 13 | - | THERAVANCE BIOPHARMA INC | REDUCE | -825,100 | -11.1% | 6,594,126 | $59,149,000 |
| 14 | - | WARNER BROS DISCOVERY INC | REDUCE | -21,521,164 | -85.3% | 3,713,930 | $32,423,000 |
| 15 | - | LIBERTY MEDIA CORP DEL | REDUCE | -5,500,000 | -67.3% | 2,677,656 | $79,526,000 |
| 16 | - | VIASAT INC | REDUCE | -1,144,001 | -7.1% | 15,030,838 | $271,908,000 |
| 17 | - | FORTREA HLDGS INC | NEW BUY | +303,797 | New | 303,797 | $12,194,000 |
| 18 | CRH | CRH PLC | REDUCE | -636,000 | -19.0% | 2,709,543 | $233,725,000 |
| 19 | - | SS&C TECHNOLOGIES HLDGS INC | SOLD | -1,028,545 | Exit | - | - |
| 20 | - | LIBERTY MEDIA CORP DEL | SOLD | -1,899,547 | Exit | - | - |
| 21 | - | LIBERTY MEDIA CORP DEL | REDUCE | -10,500,000 | -70.7% | 4,351,048 | $129,270,000 |
| 22 | HLF | HERBALIFE LTD | ADD | +565,124 | +33.6% | 2,244,923 | $22,561,000 |
| 23 | - | TOWER SEMICONDUCTOR LTD | SOLD | -2,710,852 | Exit | - | - |
| 24 | EXP | EAGLE MATLS INC | NEW BUY | +262,000 | New | 262,000 | $71,199,000 |
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