Seth Klarman
Baupost Group
A patient value investor known for the margin of safety and a willingness to hold cash.
- Period
- Q2 2026 As of Jun 30, 2026
- Filed
- Aug 13, 2026
- Positions
- 23
- Source
- SEC Filing
Largest Positions
AMZNAmazon.com Inc16.5%$892 MAdded+ 20%
ELVElevance Health Inc9.1%$493 MUnchanged- QSRRESTAURANT BRANDS INTL INC9.0%$490 MTrimmed− 16%
GOOGAlphabet Inc9.0%$485 MAdded+ 16%
FERGFerguson Enterprises Inc6.4%$344 MAdded+ 1%
GPCGenuine Parts Co6.1%$332 MAdded+ 89%
UNPUnion Pacific Corporation6.0%$322 MTrimmed− 23%
VVisa Inc.4.4%$241 MUnchanged
Remaining 15 Positions 33.5%
What They Did This Quarter
New3
CMECME Group Inc.$137 M- AXTAAXALTA COATING SYS LTD$43.6 M
PSPershing Square Inc$12.9 M
Added6
Trimmed9
- WCCWESCO INTL INC− 54%$229 M
- QSRRESTAURANT BRANDS INTL INC− 16%$490 M
- UNPUnion Pacific Corporation− 23%$322 M
EXPEagle Materials Inc− 41%$119 M- LBTYKLIBERTY GLOBAL LTD− 36%$94.0 M
- +4 More
Sold Out2
WTWWillis Towers Watson PLC$260 M- PCVXVAXCYTE INC$46.5 M
All Positions · 23
| Rank | Company | Shares | Value | Weight | Change |
|---|---|---|---|---|---|
| 1 | AMZNAmazon.com Inc | 3.74 M | $892 M | 16.5% | Added+ 20% |
| 2 | ELVElevance Health Inc | 1.28 M | $493 M | 9.1% | Unchanged |
| 3 | QSRRESTAURANT BRANDS INTL INC | 6.75 M | $490 M | 9.0% | Trimmed− 16% |
| 4 | GOOGAlphabet Inc | 1.37 M | $485 M | 9.0% | Added+ 16% |
| 5 | FERGFerguson Enterprises Inc | 1.45 M | $344 M | 6.4% | Added+ 1% |
| 6 | GPCGenuine Parts Co | 2.82 M | $332 M | 6.1% | Added+ 89% |
| 7 | UNPUnion Pacific Corporation | 1.19 M | $322 M | 6.0% | Trimmed− 23% |
| 8 | VVisa Inc. | 701,355 | $241 M | 4.4% | Unchanged |
| 9 | WCCWESCO INTL INC | 662,881 | $229 M | 4.2% | Trimmed− 54% |
| 10 |  AONAon PLC | 687,000 | $228 M | 4.2% | Trimmed− 11% |
| 11 | TFXTELEFLEX INCORPORATED | 1.41 M | $179 M | 3.3% | Trimmed− 12% |
| 12 |  NCLHNorwegian Cruise Line Holdings Ltd. | 7.73 M | $163 M | 3.0% | Added+ 113% |
| 13 | MOHMOLINA HEALTHCARE INC | 633,609 | $145 M | 2.7% | Unchanged |
| 14 | CMECME Group Inc. | 619,000 | $137 M | 2.5% | New |
| 15 | HLFHERBALIFE LTD | 9.26 M | $122 M | 2.2% | Unchanged |
| 16 | EXPEagle Materials Inc | 530,763 | $119 M | 2.2% | Trimmed− 41% |
| 17 | GDSGDS HLDGS LTD | 3.77 M | $113 M | 2.1% | Added+ 24% |
| 18 |  COLDAmericold Realty Trust Inc | 6.83 M | $107 M | 2.0% | Trimmed− 12% |
| 19 | LBTYKLIBERTY GLOBAL LTD | 8.54 M | $94.0 M | 1.7% | Trimmed− 36% |
| 20 | AEROGRUPO AEROMEXICO SAB DE CV | 4.88 M | $87.8 M | 1.6% | Unchanged |
| 21 | AXTAAXALTA COATING SYS LTD | 1.27 M | $43.6 M | 0.81% | New |
| 22 |  DNOWDNOW Inc | 2.79 M | $36.2 M | 0.67% | Trimmed− 23% |
| 23 | PSPershing Square Inc | 392,000 | $12.9 M | 0.24% | New |
Recent Quarters
- $3.50 BQ3 202420 Positions
- $3.42 BQ4 202421 Positions
- $3.48 BQ1 202522 Positions
- $4.11 BQ2 202522 Positions
- $4.76 BQ3 202520 Positions
- $5.28 BQ4 202522 Positions
- $5.12 BQ1 202622 Positions
- $5.42 BQ2 202623 Positions
Each bar is the stock portfolio at that quarter's end; options not included.
Not Investment Advice
This screen shows public filings. Copying these investors' trades is not a recommendation; the data is weeks or even months late and does not show the whole position.
A 13F only shows long positions and options traded in the US; short sales, cash and foreign shares are not visible. The filing can come up to 45 days after quarter end.
Buys and sells are computed from the SHARE COUNT difference between two consecutive filings; price changes are not counted as buying. Stock splits are removed from the counts.
This manager reported values in thousands of dollars; they are converted to dollars here.
Photo: Maryland GovPics · CC BY 2.0 · Cropped
SEC EDGARFiled Aug 13, 2026 · As of Jun 30, 2026
To Understand This