BAUPOST GROUP LLC/MA Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AON	AON PLC	769,000	$248	4.9%	$336.05	0.0%	SHS CL A	G0403H108
V	VISA INC	701,355	$212	4.1%	$329.17	0.0%	COM CL A	92826C839
TFX	TELEFLEX INCORPORATED	1,595,000	$191	3.7%	$108.70	0.0%	COM	879369106
NCLH	NORWEGIAN CRUISE LINE HLDGS	3,630,000	$68	1.3%	$22.86	0.0%	SHS	G66721104
PCVX	VAXCYTE INC	800,000	$46	0.9%	$52.77	0.0%	COM	92243G108
DNOW	DNOW INC	3,625,000	$43	0.8%	$14.59	0.0%	COM	67011P100

Increased Positions (6)

AMZN AMAZON COM INC 12.7%

Value ($000) $650 (+32.7%) Shares 3,118,754 (+47.0%) Est. Cost $228.16 Unrealized -0.6%

FERG FERGUSON ENTERPRISES INC 6.6%

Value ($000) $336 (+32.9%) Shares 1,442,411 (+26.9%) Est. Cost $206.95 Unrealized +21.3%

WCC WESCO INTL INC 7.7%

Value ($000) $393 (+13.3%) Shares 1,436,881 (+1.3%) Est. Cost $170.80 Unrealized +68.8%

COLD AMERICOLD REALTY TRUST INC 1.7%

Value ($000) $89 (+99.5%) Shares 7,780,800 (+123.9%) Est. Cost $0.01 Unrealized —

MOH MOLINA HEALTHCARE INC 1.7%

Value ($000) $84 (-22.1%) Shares 633,609 (+1.4%) Est. Cost $164.43 Unrealized +2.6%

GOOG ALPHABET INC 6.6%

Value ($000) $339 (-0.7%) Shares 1,181,131 (+8.6%) Est. Cost $157.77 Unrealized +105.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	3,118,754 (+47.0%)	$650 (+32.7%)	12.7%	$228.16	-0.6%	COM	023135106
FERG	FERGUSON ENTERPRISES INC	1,442,411 (+26.9%)	$336 (+32.9%)	6.6%	$206.95	+21.3%	COMMON STOCK NEW	31488V107
WCC	WESCO INTL INC	1,436,881 (+1.3%)	$393 (+13.3%)	7.7%	$170.80	+68.8%	COM	95082P105
COLD	AMERICOLD REALTY TRUST INC	7,780,800 (+123.9%)	$89 (+99.5%)	1.7%	$0.01	—	COM	03064D108
MOH	MOLINA HEALTHCARE INC	633,609 (+1.4%)	$84 (-22.1%)	1.7%	$164.43	+2.6%	COM	60855R100
GOOG	ALPHABET INC	1,181,131 (+8.6%)	$339 (-0.7%)	6.6%	$157.77	+105.2%	CAP STK CL C	02079K107

Exited Positions (6)

FIS FIDELITY NATL INFORMATION SV 5.9%

Value ($000) $299 Shares 4,503,801 Est. Cost $72.55 Unrealized -22.3%

DG DOLLAR GEN CORP NEW 5.4%

Value ($000) $274 Shares 2,062,821 Est. Cost $103.88 Unrealized +42.2%

FISV FISERV INC 2.9%

Value ($000) $148 Shares 2,200,000 Est. Cost $123.52 Unrealized -48.2%

CRH CRH PLC 2.6%

Value ($000) $134 Shares 1,072,957 Est. Cost $71.74 Unrealized +73.3%

LBTYA LIBERTY GLOBAL LTD 0.5%

Value ($000) $23 Shares 2,080,456 Est. Cost $8.35 Unrealized +34.8%

TBN TAMBORAN RES CORP 0.1%

Value ($000) $7 Shares 257,226 Est. Cost $21.79 Unrealized +29.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FIS	FIDELITY NATL INFORMATION SV	4,503,801	$299	5.9%	$72.55	-22.3%	—	31620M106
DG	DOLLAR GEN CORP NEW	2,062,821	$274	5.4%	$103.88	+42.2%	—	256677105
FISV	FISERV INC	2,200,000	$148	2.9%	$123.52	-48.2%	—	337738108
CRH	CRH PLC	1,072,957	$134	2.6%	$71.74	+73.3%	—	G25508105
LBTYA	LIBERTY GLOBAL LTD	2,080,456	$23	0.5%	$8.35	+34.8%	—	G61188101
TBN	TAMBORAN RES CORP	257,226	$7	0.1%	$21.79	+29.4%	—	87507T101

Decreased Positions (4)

WTW WILLIS TOWERS WATSON PLC LTD 5.1%

Value ($000) $260 (-41.8%) Shares 893,126 (-34.2%) Est. Cost $238.22 Unrealized +32.2%

EXP EAGLE MATLS INC 3.3%

Value ($000) $169 (-31.0%) Shares 892,763 (-24.7%) Est. Cost $236.35 Unrealized -4.8%

LBTYK LIBERTY GLOBAL LTD 3.1%

Value ($000) $157 (-31.8%) Shares 13,397,247 (-35.9%) Est. Cost $9.07 Unrealized +23.0%

UNP UNION PAC CORP 7.3%

Value ($000) $374 (-0.7%) Shares 1,540,995 (-5.3%) Est. Cost $223.49 Unrealized +8.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WTW	WILLIS TOWERS WATSON PLC LTD	893,126 (-34.2%)	$260 (-41.8%)	5.1%	$238.22	+32.2%	SHS	G96629103
EXP	EAGLE MATLS INC	892,763 (-24.7%)	$169 (-31.0%)	3.3%	$236.35	-4.8%	COM	26969P108
LBTYK	LIBERTY GLOBAL LTD	13,397,247 (-35.9%)	$157 (-31.8%)	3.1%	$9.07	+23.0%	COM CL C	G61188127
UNP	UNION PAC CORP	1,540,995 (-5.3%)	$374 (-0.7%)	7.3%	$223.49	+8.9%	COM	907818108

Unchanged Positions (6)

ELV ELEVANCE HEALTH INC FORMERLY 7.3%

Value ($000) $373 Shares 1,275,154 Est. Cost $349.03 Unrealized +0.7%

QSR RESTAURANT BRANDS INTL INC 11.7%

Value ($000) $597 Shares 8,080,112 Est. Cost $66.91 Unrealized +2.2%

AERO GRUPO AEROMEXICO SAB DE CV 1.3%

Value ($000) $68 Shares 4,880,188 Est. Cost $0.02 Unrealized —

GPC GENUINE PARTS CO 3.1%

Value ($000) $158 Shares 1,490,348 Est. Cost $132.17 Unrealized +1.0%

HLF HERBALIFE LTD 2.7%

Value ($000) $136 Shares 9,259,844 Est. Cost $10.75 Unrealized +55.0%

GDS GDS HLDGS LTD 2.4%

Value ($000) $123 Shares 3,044,818 Est. Cost $0.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELV	ELEVANCE HEALTH INC FORMERLY	1,275,154	$373	7.3%	$349.03	+0.7%	COM	036752103
QSR	RESTAURANT BRANDS INTL INC	8,080,112	$597	11.7%	$66.91	+2.2%	COM	76131D103
AERO	GRUPO AEROMEXICO SAB DE CV	4,880,188	$68	1.3%	$0.02	—	SPONSORED ADS	40054J109
GPC	GENUINE PARTS CO	1,490,348	$158	3.1%	$132.17	+1.0%	COM	372460105
HLF	HERBALIFE LTD	9,259,844	$136	2.7%	$10.75	+55.0%	COM SHS	G4412G101
GDS	GDS HLDGS LTD	3,044,818	$123	2.4%	$0.01	—	SPONSORED ADS	36165L108