Investor: Seth Klarman
Number of Assets: 23
Reporting Period: Q2 - 2025
Holdings at Report: $4,130,042,000
Return Since Report: +$1,325,933,100
Return Since Report: +32.10%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Ferguson Enterprises Inc. (FERG) | Equity | 0% | 1,132,000 | 5.99% | $217.75 | $238.35 | $246,493,000 | $269,812,200 | +$23,319,200 | +9.46% |
| Alphabet Inc. (GOOG) | Equity | +26.76% | 2,633,988 | 11.36% | $177.39 | $367.46 | $467,243,000 | $967,885,230 | +$500,642,230 | +107.15% |
| Amcor PLC (AMCR) | Equity | +100% | 5,500,000 | 1.23% | $9.19 | $41.08 | $50,545,000 | $225,940,000 | +$175,395,000 | +347.01% |
| Willis Towers Watson Public Limited Company (WTW) | Equity | -13.86% | 1,314,184 | 9.79% | $306.50 | $255.20 | $402,797,000 | $335,379,757 | -$67,417,243 | -16.74% |
| CRH PLC (CRH) | Equity | +41.98% | 3,825,395 | 8.54% | $91.80 | $111.24 | $351,171,000 | $425,536,940 | +$74,365,940 | +21.18% |
| Dollar General Corp. (DG) | Equity | +26.70% | 2,666,876 | 7.41% | $114.38 | $113.45 | $305,037,000 | $302,557,082 | -$2,479,918 | -0.81% |
| Eagle Materials Inc. (EXP) | Equity | -25.66% | 676,257 | 3.32% | $202.11 | $224.58 | $136,678,000 | $151,873,797 | +$15,195,797 | +11.12% |
| Elevance Health Inc. (ELV) | Equity | +150.41% | 616,000 | 5.82% | $388.96 | $388.50 | $239,599,000 | $239,316,000 | -$283,000 | -0.12% |
| Fidelity National Information Services Inc. (FIS) | Equity | +8.50% | 3,789,711 | 7.50% | $81.41 | $38.21 | $308,520,000 | $144,804,857 | -$163,715,143 | -53.06% |
| Fiserv Inc. (FISV) | Equity | +100% | 895,000 | 3.75% | $172.41 | $47.86 | $154,307,000 | $42,834,700 | -$111,472,300 | -72.24% |
| GDS Holdings Limited (GDS) | Equity | -23.53% | 3,249,952 | 2.41% | $30.57 | $31.48 | $99,351,000 | $102,308,489 | +$2,957,489 | +2.98% |
| Herbalife Ltd. (HLF) | Equity | +2.10% | 7,759,844 | 1.63% | $8.62 | $11.90 | $66,890,000 | $92,342,144 | +$25,452,144 | +38.05% |
| Herbalife Ltd | Bond | +100% | 17,129,000 | N/A | $0.91 | N/A | $15,623,000 | N/A | N/A | N/A |
| Icon Public Limited Company (ICLR) | Equity | 0% | 405,000 | 1.43% | $145.45 | $146.00 | $58,907,000 | $59,130,000 | +$223,000 | +0.38% |
| Liberty Broadband Corp. (LBRDA) | Equity | 0% | 7,560 | 0.02% | $97.88 | $29.54 | $740,000 | $223,322 | -$516,678 | -69.82% |
| Liberty Broadband Corp. (LBRDK) | Equity | +337.03% | 745,610 | 1.78% | $98.38 | $29.62 | $73,353,000 | $22,084,968 | -$51,268,032 | -69.89% |
| Liberty Global Ltd. (LBTYA) | Equity | 0% | 5,076,762 | 1.24% | $10.01 | $11.20 | $50,818,000 | $56,859,734 | +$6,041,734 | +11.89% |
| Liberty Global Ltd. (LBTYK) | Equity | 0% | 24,657,803 | 6.18% | $10.31 | $10.79 | $254,222,000 | $266,057,694 | +$11,835,694 | +4.66% |
| Pagseguro Digital Ltd. (PAGS) | Equity | +100% | 2,500,000 | 0.59% | $9.64 | $8.82 | $24,100,000 | $22,050,000 | -$2,050,000 | -8.51% |
| Restaurant Brands International Inc. (QSR) | Equity | +4.19% | 4,049,562 | 6.52% | $66.29 | $73.44 | $268,445,000 | $297,399,833 | +$28,954,833 | +10.79% |
| Tamboran Resources Corp. (TBN) | Equity | 0% | 570,833 | 0.30% | $21.32 | $35.01 | $12,170,000 | $19,984,863 | +$7,814,863 | +64.21% |
| Viasat Inc. (VSAT) | Equity | -9.81% | 9,190,728 | 3.26% | $14.60 | $64.13 | $134,185,000 | $589,401,387 | +$455,216,387 | +339.25% |
| Wesco International Inc. (WCC) | Equity | +10.07% | 2,207,601 | 9.94% | $185.20 | $365.36 | $408,848,000 | $806,569,101 | +$397,721,101 | +97.28% |