Seth Klarman’s Baupost Group bet big on Restaurant Brands International shares in the third quarter as the fast-food stock slipped. The billionaire hedge fund manager more than doubled his stake in the Burger King and Popeyes parent, regulatory fillings show. Restaurant Brands was the biggest holding in the Boston-based fund at just shy of $530 million, according to InsiderScore. Shares of the quick-service restaurant stock lost more than 3% in the three-month period, bucking the broader market’s uptrend with the S & P 500 gaining almost 8% in the same timeframe. Klarman is known for buying discarded and undervalued stocks similar to Benjamin Graham, which has earned comparisons to Berkshire Hathaway CEO Warren Buffett . Klarman’s bet on Restaurant Brands appeared to pay off: The Tim Hortons parent’s stock has rebounded by more than 7% so far in the fourth quarter. It’s on track to end 2025 higher by more than 5% after losing more than 16% in the prior year. QSR YTD mountain Restaurant Brands, year to date The billionaire hedge fund manager opened stakes in Genuine Parts and Union Pacific during the third quarter. Klarman also increased his position by more than 100% in Elevance Health , pushing the insurer up to the third-place spot on the firm’s holdings list by value, per InsiderScore. But the Harvard and Cornell grad chopped down his Alphabet holding by nearly 30%, a reversal after notably expanding his position in the prior quarter. Klarman appeared to be taking profit amid the Google parent’s nearly 38% run up in the quarter. Alphabet, which is the fund’s second-largest holding, has surged more than 46% in 2025. Klarman also decreased his Wesco International position by around 32% to below $320 million. The business services provider’s stock jumped more than 14% in the third quarter and has soared more than 23% since the start of October. Klarman is known for his big returns since co-founding Baupost in 1982 with just $27 million in assets. But his style of value investing has run in to roadblocks in recent years as technology and other growth-oriented sectors have taken the spotlight. “Margin of Safety,” his first investment book, was published in 1991. Though it has been long out of print, used copies of the fan favorite go for thousands of dollars online.
