Seth Klarman’s top 7 positions make up 65.66% of his current portfolio, with a strong concentration in Willis Towers Watson PLC (WTW), which alone accounts for 16.75%. Below is an in-depth look at each holding, analyzing position size, value, percentage of portfolio, and recent changes.
- Willis Towers Watson PLC (WTW)
Shares: 1,836,748
Value: $575.34M
Portfolio %: 16.75%
Change in Shares: +55,542
% Change in Shares: +3.12%
Analysis: As Klarman’s largest position, WTW represents a core belief in the stability and long-term profitability of the insurance and advisory firm. The modest increase in shares shows steady conviction.
- Liberty Global Ltd – Class C (LBTYK)
Shares: 39,453,843
Value: $518.42M
Portfolio %: 15.09%
Change in Shares: −2,857,168
% Change in Shares: −6.75%
Analysis: A long-time holding, Klarman reduced his stake slightly, possibly reflecting valuation concerns or a shift in strategic allocation while still maintaining a significant position.
- Alphabet Inc – Class C (GOOG)
Shares: 1,425,988
Value: $271.57M
Portfolio %: 7.91%
Change in Shares: −39,600
% Change in Shares: −2.70%
Analysis: Alphabet remains a sizable bet on big tech, although the slight trim in shares suggests some profit-taking or risk management amid market shifts.
- WESCO International Inc (WCC)
Shares: 1,435,671
Value: $259.80M
Portfolio %: 7.56%
Change in Shares: +177,671
% Change in Shares: +14.12%
Analysis: The significant boost in holdings indicates strong confidence in the industrial distribution sector and WESCO’s growth trajectory.
- CRH PLC (CRH)
Shares: 2,641,402
Value: $244.38M
Portfolio %: 7.12%
Change in Shares: +4,800
% Change in Shares: +0.18%
Analysis: CRH remains a stable part of the portfolio. The nearly unchanged stake suggests a hold strategy in this construction materials leader.
- Ferguson Enterprises Inc (FERG)
Shares: 1,132,000
Value: $196.48M
Portfolio %: 5.72%
Change in Shares: +1,132,000
% Change in Shares: New position
Analysis: This appears to be a new or fully rebuilt position, signaling fresh interest in the plumbing and building supply sector through Ferguson.
- Restaurant Brands International Inc (QSR)
Shares: 2,901,700
Value: $189.13M
Portfolio %: 5.51%
Change in Shares: +2,873,406
% Change in Shares: +10,155.53%
Analysis: A massive increase in shares marks a bold move into the fast-food sector. This surge suggests Klarman sees undervalued potential in QSR’s global franchise portfolio.
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