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Baupost Group

Seth Klarman · As of 2026 Q2, filed 2026-08-13
Total value
$5.4M
Stocks
23
New positions
3
Sold out
2

At a glance

A value investing firm led by Seth Klarman since 1982, known through his book Margin of Safety. It insists on buying cheaply and often holds a lot of cash. The 13F shows only its listed stocks, not its debt or private investments.

At the end of 2026 Q2, Baupost Group's 13F listed 23 US stocks worth $5.4M. The largest position was Amazon COM at 16.5% of the portfolio, and the top 10 made up 74.9%, a concentrated book. The five biggest holdings were Amazon COM ($892K), Elevance Health INC Formerly ($493K), Restaurant Brands International ($490K), Alphabet ($485K) and Ferguson Enterprises ($344K).

Against 2026 Q1, it opened 3 new positions and sold out of 2. The largest new positions were CME Group ($137K), Axalta Coating Systems ($44K) and Pershing Square ($13K). Among the bigger holdings it added to Amazon COM (+20% shares), Alphabet (+16.2% shares) and Genuine Parts (+89% shares). It trimmed Restaurant Brands International (-16.4%), Union Pacific (-23.1%) and Wesco International (-53.9%). Positions it exited include Willis Towers Watson and Vaxcyte.

Over 8 quarters from 2024 Q3 to 2026 Q2, the reported portfolio went from $3.5M to $5.4M (+54.6%) and from 19 to 23 stocks. The largest holding changed over the period: LBTYA, WTW, GOOGL, QSR and AMZN. New positions and exits added up to 50 over these quarters.

Top 10 by weight

Amazon COM16.5%
Elevance Health INC Formerly9.1%
Restaurant Brands International9.0%
Alphabet9.0%
Ferguson Enterprises6.4%
Genuine Parts6.1%
Union Pacific6.0%
VI4.4%
Wesco International4.2%
Aon4.2%

Quarter by quarter (last 8)

QuarterTotal valueStocksNewExitedLargest
2026 Q2$5.4M2332AMZN
2026 Q1$5.1M2265AMZN
2025 Q4$5.3M2131QSR
2025 Q3$4.8M1946QSR
2025 Q2$4.1M2133GOOGL
2025 Q1$3.5M2143WTW
2024 Q4$3.4M2043LBTYA
2024 Q3$3.5M19--LBTYA

Holdings top 23

StockValueWeightShare change
Amazon COM AMZNAdded$892K16.48%+20.0%
Elevance Health INC Formerly$493K9.11%0.0%
Restaurant Brands International QSRReduced$490K9.04%-16.4%
Alphabet GOOGLAdded$485K8.95%+16.2%
Ferguson Enterprises FERG$344K6.36%+0.6%
Genuine Parts GPCAdded$332K6.13%+89.0%
Union Pacific UNPReduced$322K5.95%-23.1%
VI V$241K4.44%0.0%
Wesco International WCCReduced$229K4.23%-53.9%
Aon AONReduced$228K4.21%-10.7%
Teleflex TFXReduced$179K3.30%-11.7%
Norwegian Cruise Line Holdings NCLHAdded$163K3.01%+112.9%
Molina Healthcare MOH$145K2.68%0.0%
CME Group CMENew$137K2.52%New
Herbalife HLF$122K2.25%0.0%
Eagle Materials EXPReduced$119K2.21%-40.5%
GDS Holdings GDSAdded$113K2.09%+23.8%
Americold Realty Trust COLDReduced$107K1.98%-12.2%
Liberty Global LBTYAReduced$94K1.74%-36.2%
Grupo Aeromexico SAB DE CV$88K1.62%0.0%
Axalta Coating Systems AXTANew$44K0.81%New
Dnow DNOWReduced$36K0.67%-23.1%
Pershing Square PSNew$13K0.24%New

Sold out (vs 2026 Q1)

Willis Towers WatsonWTWwas $260K
VaxcytePCVXwas $46K

Source: SEC Form 13F. Options and bonds are excluded; multiple lines for the same stock are combined. Stocks are matched by their SEC-registered names.