Q2 2026 · SEC CIK 0001061768
Seth Klarman portfolio
SuperinvestorInvestment managerBaupost Group LLC/MA filed on 2026-08-13. Open SEC filings ↗
- Reported 13F value
- $5.4B
- Reported positions
- 23
- Eligible equities
- 23
- Holdings vs S&P 500, 3 years
- -6.5 pts
Average holding period of the top positions: 1.9 yrs. Holdings vs the S&P 500 over 1 and 5 years: -0.0 pts, -7.0 pts.
In its Q2 2026 13F, filed 2026-08-13, Baupost Group LLC/MA reported 23 positions worth $5.4B. Its largest holdings were AMAZON COM INC (AMZN, 16.5%), ELEVANCE HEALTH INC FORMERLY (ELV, 9.1%), RESTAURANT BRANDS INTL INC (QSR, 9.0%). Over the last 3 years its top holdings ran 6.5 points a year behind the S&P 500.
Reported holdings in the Q2 2026 snapshot.
The portfolio weight uses the full reported share-portfolio denominator. Weight changes compare Q1 2026 to Q2 2026; price moves also change weights, so these are not trade labels. “New” means the position was not in the previous 13F at all; “—” marks a small position the earlier filing data does not cover.
| Stock | % of reported portfolio | Weight change | Reported value |
|---|---|---|---|
| AMZNAMAZON COM INC | 16.5% | +3.78 pp | $892.3M |
| ELVELEVANCE HEALTH INC FORMERLY | 9.1% | +1.81 pp | $493.1M |
| QSRRESTAURANT BRANDS INTL INC | 9.0% | -2.64 pp | $489.6M |
| GOOGALPHABET INC | 8.9% | +2.33 pp | $484.7M |
| FERGFERGUSON ENTERPRISES INC | 6.4% | -0.22 pp | $344.3M |
| GPCGENUINE PARTS CO | 6.1% | +3.05 pp | $332.3M |
| UNPUNION PAC CORP | 6.0% | -1.36 pp | $322.4M |
| VVISA INC | 4.4% | +0.30 pp | $240.6M |
| WCCWESCO INTL INC | 4.2% | -3.46 pp | $229.0M |
| AONAON PLC | 4.2% | -0.65 pp | $227.9M |
| TFXTELEFLEX INCORPORATED | 3.3% | -0.43 pp | $178.6M |
| NCLHNORWEGIAN CRUISE LINE HLDGS | 3.0% | +1.69 pp | $163.2M |
| MOHMOLINA HEALTHCARE INC | 2.7% | +1.03 pp | $144.9M |
| CMECME GROUP INC | 2.5% | New | $136.7M |
| HLFHERBALIFE LTD | 2.2% | -0.42 pp | $121.8M |
| EXPEAGLE MATLS INC | 2.2% | -1.10 pp | $119.4M |
| GDSGDS HLDGS LTD | 2.1% | -0.31 pp | $113.2M |
| COLDAMERICOLD REALTY TRUST INC | 2.0% | +0.24 pp | $107.4M |
| LBTYKLIBERTY GLOBAL LTD | 1.7% | -1.34 pp | $94.0M |
| AEROGRUPO AEROMEXICO SAB DE CV | 1.6% | +0.29 pp | $87.8M |
| AXTAAXALTA COATING SYS LTD | 0.8% | New | $43.6M |
| DNOWDNOW INC | 0.7% | -0.18 pp | $36.2M |
| PSPERSHING SQUARE INC | 0.2% | New | $12.9M |
What Seth Klarman bought and sold in Q2 2026, against Q1 2026.
New positions
- CME Cme Group Inc2.5% of 13F
- AXTA Axalta Coating Sys Ltd0.8% of 13F
- PS Pershing Square Inc0.2% of 13F
Added to
- NCLH Norwegian Cruise Line Hldg L+112.9% shares
- GPC Genuine Parts Co Com+89.0% shares
- GDS Gds Hldgs Ltd+23.8% shares
- AMZN Amazon Com Inc Com+20.0% shares
- GOOG Alphabet Inc+16.2% shares
Reduced
- WCC WESCO International Inc-53.9% shares
- EXP Eagle Materials Inc-40.5% shares
- LBTYK Liberty Global Ltd-36.2% shares
- DNOW Now Inc-23.1% shares
- UNP Union Pac Corp-23.1% shares
- QSR Restaurant Brands Intl Inc Com-16.4% shares
- COLD Americold Realty Trust Inc-12.2% shares
- TFX Teleflex Incorporated-11.7% shares
Sold out
- WTW Willis Towers Watson PLC Ltdwas 5.1%
- PCVX Vaxcyte Incwas 0.9%
Share counts compared with the Q1 2026 13F; a split also changes share counts.
How the holdings did against the S&P 500.
- 1 year
- +19.9% /yr
- S&P 500 +20.1%
- 3 years
- +12.7% /yr
- S&P 500 +20.4%
- 5 years
- +3.8% /yr
- S&P 500 +11.6%
A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.
Questions about Seth Klarman's portfolio
What stocks does Seth Klarman own?
Baupost Group Llc/ma's latest 13F, for Q2 2026 and filed Aug 13, 2026, lists 23 positions worth $5.4B. The largest are Amazon Com Inc Com (AMZN) at 16.5%, Elevance Health Inc Formerly (ELV) at 9.1%, Restaurant Brands Intl Inc Com (QSR) at 9.0%, Alphabet Inc (GOOG) at 8.9% and Ferguson Enterprises Inc (FERG) at 6.4%.
What did Seth Klarman buy last quarter?
In Q2 2026, Baupost Group Llc/ma added a new position in Cme Group Inc (CME), a new position in Axalta Coating Sys Ltd (AXTA), a new position in Pershing Square Inc (PS), Norwegian Cruise Line Hldg L (NCLH) (+112.9% shares), Genuine Parts Co Com (GPC) (+89.0% shares) and Gds Hldgs Ltd (GDS) (+23.8% shares), compared with its Q1 2026 filing.
What did Seth Klarman sell last quarter?
In Q2 2026, Baupost Group Llc/ma sold all of Willis Towers Watson PLC Ltd (WTW), sold all of Vaxcyte Inc (PCVX), WESCO International Inc (WCC) (-53.9% shares), Eagle Materials Inc (EXP) (-40.5% shares) and Liberty Global Ltd (LBTYK) (-36.2% shares), compared with its Q1 2026 filing.
How has Seth Klarman's portfolio performed?
A portfolio copying Baupost Group Llc/ma's 20 largest 13F holdings each quarter, from the day each filing was public, returned +12.7% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +19.9% against +20.1%. Over 5 years: +3.8% a year against +11.6%.
When is Baupost Group Llc/ma's next 13F filing due?
13F filings are due 45 days after each quarter ends. Baupost Group Llc/ma's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.