Seth Claman’s Baupost Group bet big on Restaurant Brands International in the third quarter as fast-food stocks tumbled. The billionaire hedge fund manager has more than doubled his stake in the parent company of Burger King and Popeyes, according to regulatory filings. Restaurant Brands was the Boston-based fund’s largest holding, valued at just under $530 million, according to Insider Score. Quick-service restaurant stocks have fallen more than 3% in three months, bucking the broader market trend that saw the S&P 500 rise nearly 8% during the same period. Claman, like Benjamin Graham, who has been compared to Berkshire Hathaway CEO Warren Buffett, is known for buying discarded and undervalued stocks. Mr. Klarman’s bet on restaurant brands appears to have paid off, with Tim Hortons’ parent company’s stock rebounding more than 7% so far in the fourth quarter. It fell more than 16% last year, but is expected to end 2025 with a rise of more than 5%. QSR YTD Mountain Restaurant Brand Year-to-date Billionaire hedge fund manager opened Authentic Parts and Union Pacific shares during the third quarter. Klarman also increased his position at Elevance Health by more than 100%, pushing the insurer to No. 3 by value on the company’s holdings list, according to InsiderScore. But the Harvard and Cornell University graduate cut his holdings in Alphabet by nearly 30%, reversing his position after significantly increasing his position last quarter. Claman appears to be taking profits as Google’s parent company rose nearly 38% in the quarter. Alphabet, the fund’s second-largest holding, soared more than 46% in 2025. Klarman also reduced his Wesco International position by about 32% to less than $320 million. The business services provider’s stock rose more than 14% in the third quarter and has soared more than 23% since the beginning of October. Klarman is known for making a fortune after co-founding Beaupost in 1982 with just $27 million in assets. But in recent years, his value investing style has hit a roadblock as technology and other growth-oriented sectors gain traction. His first investment book, Margin of Safety, was published in 1991. Although the book has long been out of print, used copies of the fan favorite are selling for thousands of dollars online.
