The Baupost Group and related entities filed an amended Schedule 13G reporting a passive stake in Sunrise Communications AG. They report beneficial ownership of 2,169,198 shares of common stock, representing 3.13% of the class as of the reporting date. The Baupost Group, Baupost Group GP, L.L.C. and Seth A. Klarman share voting and dispositive power over these shares, which were purchased on behalf of various private investment limited partnerships. They certify the holdings are in the ordinary course of business and not for the purpose of changing or influencing control of Sunrise Communications.
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FAQ
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What ownership stake in Sunrise Communications does Baupost report in this Schedule 13G/A for SNNRF?
Baupost and related entities report beneficial ownership of 2,169,198 Sunrise Communications common shares, equal to 3.13% of the class. This stake is reported on an amended Schedule 13G as a passive investment held for various private investment limited partnerships.
Who are the reporting persons in the Sunrise Communications (SNNRF) Schedule 13G/A filing?
The reporting persons are The Baupost Group, L.L.C., Baupost Group GP, L.L.C., and Seth A. Klarman. Each is deemed to beneficially own the same 2,169,198 Sunrise Communications common shares, with shared voting and dispositive power and no sole authority over the position.
Is Baupost’s Sunrise Communications (SNNRF) stake disclosed as a passive investment?
Yes. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The filing is made on Schedule 13G, which is used for qualified passive ownership reporting.
How much voting power does Baupost have over Sunrise Communications (SNNRF) shares?
The Baupost Group, Baupost Group GP, L.L.C., and Seth A. Klarman each report zero sole voting power and shared voting power over 2,169,198 shares. They likewise report shared dispositive power over the same shares and no sole dispositive authority for this position.
Why does the Sunrise Communications (SNNRF) filing state ownership of 5 percent or less?
Item 5 notes ownership of 5 percent or less of the class, consistent with the 3.13% stake reported. This indicates their beneficial ownership has fallen to or remains below the 5% threshold that typically triggers Schedule 13D reporting obligations for non-passive investors.
On whose behalf does Baupost hold the Sunrise Communications (SNNRF) shares?
The filing explains the securities reported as beneficially owned by The Baupost Group, L.L.C. were purchased on behalf of various private investment limited partnerships. These partnerships are investment vehicles advised and, in some cases, managed by Baupost as part of its advisory business.
(1) The Baupost Group, L.L.C.
(2) Baupost Group GP, L.L.C.
(3) Seth A. Klarman
(b)
Address or principal business office or, if none, residence:
(1) The Baupost Group, L.L.C.
10 St. James Avenue, Suite 1700
Boston, Massachusetts 02116
(2) Baupost Group GP, L.L.C.
10 St. James Avenue, Suite 1700
Boston, Massachusetts 02116
(3) Seth A. Klarman
10 St. James Avenue, Suite 1700
Boston, Massachusetts 02116
(c)
Citizenship:
(1) The Baupost Group, L.L.C.: State of Delaware
(2) Baupost Group GP, L.L.C.: State of Delaware
(3) Seth A. Klarman: The United States of America
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
867975104
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
(1) The Baupost Group, L.L.C.: 2,169,198
(2) Baupost Group GP, L.L.C.: 2,169,198
(3) Seth A. Klarman: 2,169,198
(b)
Percent of class:
(1) The Baupost Group, L.L.C.: 3.13%
(2) Baupost Group GP, L.L.C.: 3.13%
(3) Seth A. Klarman: 3.13%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
(1) The Baupost Group, L.L.C.: 0
(2) Baupost Group GP, L.L.C.: 0
(3) Seth A. Klarman: 0
(ii) Shared power to vote or to direct the vote:
(1) The Baupost Group, L.L.C.: 2,169,198
(2) Baupost Group GP, L.L.C.: 2,169,198
(3) Seth A. Klarman: 2,169,198
(iii) Sole power to dispose or to direct the disposition of:
(1) The Baupost Group, L.L.C.: 0
(2) Baupost Group GP, L.L.C.: 0
(3) Seth A. Klarman: 0
(iv) Shared power to dispose or to direct the disposition of:
(1) The Baupost Group, L.L.C.: 2,169,198
(2) Baupost Group GP, L.L.C.: 2,169,198
(3) Seth A. Klarman: 2,169,198
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Securities reported on this statement on Schedule 13G as being beneficially owned by The Baupost Group, L.L.C. were purchased on behalf of various private investment limited partnerships.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See footnote.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
BAUPOST GROUP LLC/MA
Signature:
Seth A. Klarman
Name/Title:
Chief Executive Officer
Date:
02/04/2026
Baupost Group GP, L.L.C.
Signature:
Seth A. Klarman
Name/Title:
Managing Member
Date:
02/04/2026
Seth A. Klarman
Signature:
Seth A. Klarman
Name/Title:
Seth A. Klarman
Date:
02/04/2026
Comments accompanying signature: Footnotes: Item 3, Item 4 and Item 7
This statement on Schedule 13G is being jointly filed by The Baupost Group, L.L.C. ("Baupost"), Baupost Group GP, L.L.C. ("BG GP") and Seth A. Klarman. Baupost is a registered investment adviser and acts as an investment adviser and general partner to various private investment limited partnerships. Securities reported on this statement on Schedule 13G as being beneficially owned by Baupost were purchased on behalf of certain of such partnerships. BG GP, as the Manager of Baupost, and Seth A. Klarman, as the Managing Member of BG GP and a controlling person of Baupost, may be deemed to have beneficial ownership under Section 13 of the Securities Exchange Act of 1934, as amended, of the securities beneficially owned by Baupost.
Pursuant to Rule 13d-4, Seth A. Klarman and BG GP declare that the filing of this statement on Schedule 13G shall not be deemed an admission by either or both of them that they are, for the purposes of Section 13 of the Securities Exchange Act of 1934, as amended, the beneficial owner of any securities covered by this statement on Schedule 13G.
