Seth Klarman portfolio
Latest holdings of The Baupost Group as of Q2 2026: 23 positions worth $5.4B, decoded into plain English.
Portfolio summary and charts
- Amazon (AMZN) is the largest position at 16.5% of a $5.4B portfolio.
- Biggest buy: added most to Genuine Parts, about $156M of new money.
- Biggest sale: trimmed Wesco International, about $267M.
- High conviction: the top 10 holdings make up 75%, and the portfolio behaves like 13 equal-sized bets.
Every box is a position, sized by its weight
What this meansAmazon alone is 16% of the portfolio, and the top three make up 35%. Colors show what changed since last quarter, so you can spot fresh conviction at a glance.
Where the money is
What this meansIndustrials is the biggest slice at 28% of the portfolio.
How focused is the portfolio?
What this meansThe steeper the gold curve rises above the dashed line, the more the portfolio depends on a few big bets. It behaves like 13 equal-sized positions.
Biggest buys and sells
What this meansThe largest move was adding to Genuine Parts, worth about $156M. Values are estimated at quarter-end prices.
Two years of reported value
What this meansValue changes with both market prices and new money in or out. It moved from $3.6B to $5.4B over 9 quarters.
How today’s top positions grew over time
What this meansWide, steady bands are long-term core holdings; bands that appear suddenly are recent bets.
All 23 positions
| # | Stock | Sector | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|---|---|
| 1 | AMZN Amazon | Consumer Discretionary | 16.48% | Added +20% | 3,743,854 | $892M |
| 2 | ELV Elevance Health | Financials | 9.11% | Hold | 1,275,154 | $493M |
| 3 | QSR Restaurant Brands International | Consumer Discretionary | 9.04% | Trimmed −16% | 6,753,112 | $490M |
| 4 | GOOG Alphabet (Class C) | Communication | 8.95% | Added +16% | 1,371,931 | $485M |
| 5 | FERG Ferguson Enterprises | Industrials | 6.36% | Added +1% | 1,450,594 | $344M |
| 6 | GPC Genuine Parts | Industrials | 6.13% | Added +89% | 2,816,178 | $332M |
| 7 | UNP Union Pacific | Industrials | 5.95% | Trimmed −23% | 1,185,395 | $322M |
| 8 | V Visa | Financials | 4.44% | Hold | 701,355 | $241M |
| 9 | WCC Wesco International | Industrials | 4.23% | Trimmed −54% | 662,881 | $229M |
| 10 | AON Aon | Financials | 4.21% | Trimmed −11% | 687,000 | $228M |
| 11 | TFX Teleflex | Health Care | 3.30% | Trimmed −12% | 1,409,000 | $179M |
| 12 | NCLH Norwegian Cruise Line | Industrials | 3.01% | Added +113% | 7,730,000 | $163M |
| 13 | MOH Molina Healthcare | Financials | 2.68% | Hold | 633,609 | $145M |
| 14 | CME CME | Financials | 2.52% | New | 619,000 | $137M |
| 15 | HLF Herbalife | Health Care | 2.25% | Hold | 9,259,844 | $122M |
| 16 | EXP Eagle Materials | Materials | 2.21% | Trimmed −41% | 530,763 | $119M |
| 17 | GDS GDS | Technology | 2.09% | Added +24% | 3,769,818 | $113M |
| 18 | COLD Americold Realty Trust | Real Estate | 1.98% | Trimmed −12% | 6,830,230 | $107M |
| 19 | LBTYA Liberty Global (Class C) | Communication | 1.74% | Trimmed −36% | 8,543,161 | $94M |
| 20 | AERO Grupo Aeromexico, S.A.B. de C.V. | Industrials | 1.62% | Hold | 4,880,188 | $88M |
| 21 | Axalta Axalta Coating Sys | Other | 0.81% | New | 1,274,356 | $44M |
| 22 | DNOW DNOW | Industrials | 0.67% | Trimmed −23% | 2,788,000 | $36M |
| 23 | PS Pershing Square | Financials | 0.24% | New | 392,000 | $13M |
Values as reported at quarter end (30 Jun 2026). Activity compares share counts with the Q1 2026 filing. Source: SEC filing 0001061768-26-000010 · all filings on EDGAR.
Positions closed
- WTWWillis Towers Watson$260M at Q1 2026
- PCVXVaxcyte$46M at Q1 2026
Seth Klarman
Seth Klarman leads Baupost, a Boston firm known for patient, risk-averse value investing and a willingness to hold lots of cash. Much of Baupost’s capital sits in private deals, real estate and credit, so the 13F shows only its US-listed stock positions.
Philosophy in brief
- A margin of safety comes first: avoid permanent loss of capital.
- Look where others are forced or unwilling to sell.
- Holding cash is fine when bargains are scarce.
How to read this page
Who else is trading these holdings
- 01AMZN Amazon16 congressional trades disclosed (7 buys)16.5% of portfolio
- 02ELV Elevance Health1 congressional trade disclosed (1 buys) · insiders bought $1M in Q3 20269.1% of portfolio
- 03QSR Restaurant Brands International1 congressional trade disclosed (1 buys)9.0% of portfolio
- 04GOOG Alphabet (Class C)11 congressional trades disclosed (7 buys)9.0% of portfolio
- 05FERG Ferguson Enterprises1 congressional trade disclosed (1 buys)6.4% of portfolio
- 06GPC Genuine Parts1 congressional trade disclosed (1 buys)6.1% of portfolio
- 07UNP Union Pacific1 congressional trade disclosed (1 buys)6.0% of portfolio
- 08V Visa7 congressional trades disclosed (2 buys)4.4% of portfolio
Investors who think alike
Cosine similarity of position weights (100 = identical portfolios). Chips show the biggest shared holdings.
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