Seth Klarman portfolio: what Baupost Group holds
Seth Klarman has run Baupost Group since 1982. He is a value investor who stresses the protection of capital and patience. He often holds a large part of the portfolio in cash when he finds no attractive opportunities.
Stock portfolio value
$5.4B
Stock positions
23
Report date
30 June 2026
Filed
13 August 2026
Largest positions
| # | Company | Weight | Value | Last quarter |
|---|---|---|---|---|
| 1 | Amazon Com IncAMZN | 16.5% | $892.3M | Added +20% |
| 2 | Elevance Health Inc FormerlyELV | 9.1% | $493.1M | — |
| 3 | Restaurant Brands Intl IncQSR | 9% | $489.6M | Trimmed -16% |
| 4 | Alphabet IncGOOGL | 9% | $484.7M | Added +16% |
| 5 | Ferguson Enterprises IncFERG | 6.4% | $344.3M | Added +1% |
| 6 | Genuine Parts CoGPC | 6.1% | $332.3M | Added +89% |
| 7 | Union Pac CorpUNP | 6% | $322.4M | Trimmed -23% |
| 8 | Visa IncV | 4.4% | $240.6M | — |
| 9 | Wesco Intl IncWCC | 4.2% | $229.0M | Trimmed -54% |
| 10 | Aon Plc | 4.2% | $227.9M | Trimmed -11% |
| 11 | Teleflex IncorporatedTFX | 3.3% | $178.6M | Trimmed -12% |
| 12 | Norwegian Cruise Line Hldgs | 3% | $163.2M | Added +113% |
| 13 | Molina Healthcare IncMOH | 2.7% | $144.9M | — |
| 14 | Cme Group IncCME | 2.5% | $136.7M | New |
| 15 | Herbalife Ltd | 2.2% | $121.8M | — |
| 16 | Eagle Matls IncEXP | 2.2% | $119.4M | Trimmed -41% |
| 17 | Gds Hldgs LtdGDS | 2.1% | $113.2M | Added +24% |
| 18 | Americold Realty Trust IncCOLD | 2% | $107.4M | Trimmed -12% |
| 19 | Liberty Global Ltd | 1.7% | $94.0M | Trimmed -36% |
| 20 | Grupo Aeromexico Sab De CvAERO | 1.6% | $87.8M | — |
New positions last quarter
- Cme Group Inc$136.7M
- Axalta Coating Sys Ltd$43.6M
- Pershing Square Inc$12.9M
Positions sold
- Willis Towers Watson Plc Ltd$259.6M
- Vaxcyte Inc$46.5M
Source: SEC filing. Values count stock positions only; options are left out of the totals and tables.
About Seth Klarman
- He wrote Margin of Safety (1991), which is out of print in regular sales and sells for high prices at auction.
- He stresses the so-called margin of safety: buying at a sufficient distance from intrinsic value.
- Baupost specialises in unpopular and complex situations other investors do not want to enter.
- He is regarded as one of the most influential modern value investors.
How to use this page
A 13F filing shows what a manager held on the last day of a quarter, published up to 45 days later. It is a snapshot, not a trading signal: the manager may already have bought or sold since. Learn more in How to read 13F filings.
For information only, not investment advice. 13F filings are delayed by up to 45 days and do not show cash, bonds, short positions or non-US stocks.