Seth Klarman’s portfolio: Baupost Group 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001061768Latest: Q2 2026
Q1 2026 filing in brief
In its Q1 2026 13F, filed May 14, 2026, Baupost Group reported $5.1B across 22 US positions. The largest: AMZN (12.7%), QSR (11.7%), WCC (7.7%), UNP (7.3%), ELV (7.3%). In the quarter it opened 6 positions, sold out of 6, added to 6 and trimmed 4; positions opened and sold out came to 32.6% of the portfolio's value.
Methodology
Holdings come from the manager’s Form 13F-HR filings on SEC EDGAR, with amendments applied. Values and shares are reported at quarter-end; the filing date is when the report became public. These disclosures show reported long positions and listed options, not the manager’s entire portfolio or its trades since quarter-end.
Quarterly changes compare shares with the immediately preceding quarter on file. New and exited positions appear or disappear; added and trimmed positions change their share count by more than 1%. A share change can also reflect a stock split or other corporate action.
Opened and sold out is the value of new positions plus the prior value of exited positions, divided by the average of the two quarters’ reported portfolio values. It excludes changes to positions still held. Reported value growth includes price changes and is not a measure of investment performance. Largest-five and largest-ten weights exclude options.
Holdings
Filed May 14, 2026
- 6 New
- 6 Added
- 4 Trimmed
- 6 Exited
22 positions at March 31, 2026. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | AMZN | AMAZON COM INC | $650M | 3.1M | 12.70% | +47.0% | Added |
| 2 | QSR | RESTAURANT BRANDS INTL INC | $597M | 8.1M | 11.67% | 0.0% | Held |
| 3 | WCC | WESCO INTL INC | $393M | 1.4M | 7.69% | +1.3% | Added |
| 4 | UNP | UNION PAC CORP | $374M | 1.5M | 7.31% | −5.3% | Trimmed |
| 5 | ELV | ELEVANCE HEALTH INC FORMERLY | $373M | 1.3M | 7.30% | +0.5% | Held |
| 6 | GOOG | ALPHABET INC | $339M | 1.2M | 6.62% | +8.6% | Added |
| 7 | FERG | FERGUSON ENTERPRISES INC | $336M | 1.4M | 6.58% | +26.9% | Added |
| 8 | — | WILLIS TOWERS WATSON PLC LTD | $260M | 893.1K | 5.08% | −34.2% | Trimmed |
| 9 | AON | AON PLC | $248M | 769.0K | 4.85% | — | New |
| 10 | V | VISA INC | $212M | 701.4K | 4.14% | — | New |
| 11 | TFX | TELEFLEX INCORPORATED | $191M | 1.6M | 3.73% | — | New |
| 12 | EXP | EAGLE MATLS INC | $169M | 892.8K | 3.31% | −24.7% | Trimmed |
| 13 | GPC | GENUINE PARTS CO | $158M | 1.5M | 3.08% | +0.3% | Held |
| 14 | — | LIBERTY GLOBAL LTD | $157M | 13.4M | 3.07% | −35.9% | Trimmed |
| 15 | — | HERBALIFE LTD | $136M | 9.3M | 2.66% | 0.0% | Held |
| 16 | GDS | GDS HLDGS LTD | $123M | 3.0M | 2.40% | 0.0% | Held |
| 17 | COLD | AMERICOLD REALTY TRUST INC | $89M | 7.8M | 1.74% | +123.9% | Added |
| 18 | MOH | MOLINA HEALTHCARE INC | $84M | 633.6K | 1.65% | +1.4% | Added |
| 19 | AERO | GRUPO AEROMEXICO SAB DE CV | $68M | 4.9M | 1.34% | +0.5% | Held |
| 20 | — | NORWEGIAN CRUISE LINE HLDGS | $68M | 3.6M | 1.33% | — | New |
| 21 | PCVX | VAXCYTE INC | $46M | 800.0K | 0.91% | — | New |
| 22 | DNOW | DNOW INC | $43M | 3.6M | 0.84% | — | New |
6 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
Every quarter on file (53)
From the manager’s Form 13F-HR filings on SEC EDGAR, amendments applied. Long US positions only; not a recommendation.