Seth Klarman portfolio
Founder of the Baupost Group, a value investor known for caution, large cash balances, and the book Margin of Safety.
Baupost Group's 13F for the quarter ending Jun 30, 2026 (filed Aug 13, 2026) reports 23 positions worth $5.4B. The largest are Amazon.com, Inc. (16.5%), Elevance Health Inc Formerly (9.1%), Restaurant Brands International Inc. (9.0%). The top five make up 50% of the reported portfolio.
Since their last filing
How the stocks in this filing have moved since its quarter ended, weighted by position size. This is not the fund's own return: a 13F leaves out cash, short positions and anything bought or sold since.
Biggest movers
- AMZNAmazon.com, Inc.+6.6%
- NCLHNorwegian Cruise Line Holdings Ltd.−26.6%
- AONAon plc−16.5%
- CMECME Group Inc.+25.2%
What changed in Q2 2026
Compared with the previous 13F. Sorted by how much the share count changed, not by position size.
New 3
| CME CME Group Inc. | New position | 0% to 2.5% |
| AXTA Axalta Coating Sys Ltd | New position | 0% to 0.8% |
| PS Pershing Square Inc | New position | 0% to 0.2% |
Added 6
| NCLH Norwegian Cruise Line Holdings Ltd. | +112.9% shares | 1.3% to 3.0% |
| GPC Genuine Parts Company | +89.0% shares | 3.1% to 6.1% |
| GDS Gds Hldgs Ltd | +23.8% shares | 2.4% to 2.1% on price |
| AMZN Amazon.com, Inc. | +20.0% shares | 12.7% to 16.5% |
| GOOG Alphabet Inc. | +16.2% shares | 6.6% to 8.9% |
| FERG Ferguson Enterprises Inc | +0.6% shares | 6.6% to 6.4% on price |
Trimmed 9
| WCC Wesco Intl Inc | −53.9% shares | 7.7% to 4.2% |
| EXP Eagle Matls Inc | −40.5% shares | 3.3% to 2.2% |
| LBTYK Liberty Global Ltd | −36.2% shares | 3.1% to 1.7% |
| DNOW Dnow Inc | −23.1% shares | 0.8% to 0.7% |
| UNP Union Pacific Corporation | −23.1% shares | 7.3% to 6.0% |
| QSR Restaurant Brands International Inc. | −16.4% shares | 11.7% to 9.0% |
| COLD Americold Realty Trust Inc | −12.2% shares | 1.7% to 2.0% on price |
| TFX Teleflex Incorporated | −11.7% shares | 3.7% to 3.3% |
| AON Aon plc | −10.7% shares | 4.8% to 4.2% |
Sold out 2
| WTW Willis Towers Watson Public Limited Company | Sold out | was 5.1% of portfolio |
| PCVX Vaxcyte Inc | Sold out | was 0.9% of portfolio |
Holdings
| # | Stock | Weight | Value | Shares vs last quarter |
|---|---|---|---|---|
| 1 | AMZN Amazon.com, Inc. | 16.5% | $892.3M | +20.0% |
| 2 | ELV Elevance Health Inc Formerly | 9.1% | $493.1M | No change |
| 3 | QSR Restaurant Brands International Inc. | 9.0% | $489.6M | −16.4% |
| 4 | GOOG Alphabet Inc. | 8.9% | $484.7M | +16.2% |
| 5 | FERG Ferguson Enterprises Inc | 6.4% | $344.3M | +0.6% |
| 6 | GPC Genuine Parts Company | 6.1% | $332.3M | +89.0% |
| 7 | UNP Union Pacific Corporation | 6.0% | $322.4M | −23.1% |
| 8 | V Visa Inc. | 4.4% | $240.6M | No change |
| 9 | WCC Wesco Intl Inc | 4.2% | $229.0M | −53.9% |
| 10 | AON Aon plc | 4.2% | $227.9M | −10.7% |
| 11 | TFX Teleflex Incorporated | 3.3% | $178.6M | −11.7% |
| 12 | NCLH Norwegian Cruise Line Holdings Ltd. | 3.0% | $163.2M | +112.9% |
| 13 | MOH Molina Healthcare, Inc. | 2.7% | $144.9M | No change |
| 14 | CME CME Group Inc. | 2.5% | $136.7M | New |
| 15 | HLF Herbalife Ltd | 2.2% | $121.8M | No change |
| 16 | EXP Eagle Matls Inc | 2.2% | $119.4M | −40.5% |
| 17 | GDS Gds Hldgs Ltd | 2.1% | $113.2M | +23.8% |
| 18 | COLD Americold Realty Trust Inc | 2.0% | $107.4M | −12.2% |
| 19 | LBTYK Liberty Global Ltd | 1.7% | $94.0M | −36.2% |
| 20 | AERO Grupo Aeromexico Sab De Cv | 1.6% | $87.8M | No change |
| 21 | AXTA Axalta Coating Sys Ltd | 0.8% | $43.6M | New |
| 22 | DNOW Dnow Inc | 0.7% | $36.2M | −23.1% |
| 23 | PS Pershing Square Inc | 0.2% | $12.9M | New |
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Questions
What does Seth Klarman own?
As of the 13F for Jun 30, 2026, Baupost Group's largest holdings were Amazon.com, Inc. (16.5%), Elevance Health Inc Formerly (9.1%), Restaurant Brands International Inc. (9.0%), Alphabet Inc. (8.9%), Ferguson Enterprises Inc (6.4%).
What did Seth Klarman buy last quarter?
New positions: CME Group Inc., Axalta Coating Sys Ltd, Pershing Square Inc. Biggest additions by share count: Norwegian Cruise Line Holdings Ltd., Genuine Parts Company, Gds Hldgs Ltd, Amazon.com, Inc., Alphabet Inc..
What did Seth Klarman sell last quarter?
Sold out of: Willis Towers Watson Public Limited Company, Vaxcyte Inc. Biggest reductions by share count: Wesco Intl Inc, Eagle Matls Inc, Liberty Global Ltd, Dnow Inc, Union Pacific Corporation.
When is Seth Klarman's next 13F filing?
Funds file a 13F within 45 days after each quarter ends. The next one, covering the quarter ending Sep 30, 2026, is due by Nov 14, 2026.
What doesn't a 13F show?
A 13F lists US-listed stocks and options a fund held on the last day of the quarter. It leaves out cash, short positions, bonds, most non-US stocks, and any trading since the quarter ended.
Other investors
- Andreas HalvorsenViking Global Investors
- Bill AckmanPershing Square Capital Management
- Bill GatesGates Foundation Trust
- Carl IcahnIcahn Capital
- Cathie WoodARK Investment Management
- Chase ColemanTiger Global Management
- Chris HohnTCI Fund Management
- Chuck AkreAkre Capital Management
- Daniel LoebThird Point
- Daniel SundheimD1 Capital Partners
- David EinhornGreenlight Capital
- David TepperAppaloosa Management
- George SorosSoros Fund Management
- Howard MarksOaktree Capital Management
- Leopold AschenbrennerSituational Awareness LP
- Li LuHimalaya Capital
- Mohnish PabraiPabrai Investment Funds
- Nelson PeltzTrian Partners
- Paul SingerElliott Management
- Philippe LaffontCoatue Management
- Stanley DruckenmillerDuquesne Family Office
- Stephen MandelLone Pine Capital
- Warren BuffettBerkshire Hathaway