Baupost Group — FERG

How Baupost Group's position in Ferguson Enterprises Inc. changed quarter by quarter. Change badges compare each quarter to the fund's immediately-prior filing.

Quarter	Shares	Value	% of portfolio	Change
Q1 2026	1,442,411	$336,457,000	6.58%	ADD
Q4 2025	1,137,035	$253,138,000	4.8%	NEW