Baupost Group
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Seth Klarman's Baupost Group reported 23 stock positions worth $5.4 billion. Its top holding was Amazon.com (AMZN) at 16.5% of the portfolio, followed by Elevance Health (ELV, 9.1%) and Restaurant Brands Intern (QSR, 9.0%). Compared with Q1 2026, it opened 3 new positions, sold out of 2, added to 6 and reduced 9. The biggest buy was Amazon.com (AMZN, shares +20%) and the biggest sale an exit from Willis Towers Watson (WTW).
- Most Recent 13F
- Q2 2026
- Notable People
- Seth Klarman
- Location
- BOSTON, MA
- CIK
- 0001061768
- Portfolio Value
- $5.4B (Q2 2026)
- SEC Filing
- 0001061768-26-000010 ↗ filed Aug 13, 2026
Holdings Value
Holdings 23 stocks · $5.4B
| AMZN Amazon.com Inc. | 16.48% | 3,743,854 | $892.3M | Add +20.0% |
| ELV Elevance Health Inc. | 9.11% | 1,275,154 | $493.1M | No change |
| QSR Restaurant Brands Intern | 9.04% | 6,753,112 | $489.6M | Reduce -16.4% |
| GOOG Alphabet Inc. Class C | 8.95% | 1,371,931 | $484.7M | Add +16.1% |
| FERG Ferguson Enterprises Inc. | 6.36% | 1,450,594 | $344.3M | Add +0.6% |
| GPC Genuine Parts Co. | 6.13% | 2,816,178 | $332.3M | Add +89.0% |
| UNP Union Pacific Corp. | 5.95% | 1,185,395 | $322.4M | Reduce -23.1% |
| V Visa Inc. Class A | 4.44% | 701,355 | $240.6M | No change |
| WCC Wesco International Inc. | 4.23% | 662,881 | $229.0M | Reduce -53.9% |
| AON Aon PLC Class A | 4.21% | 687,000 | $227.9M | Reduce -10.7% |
| TFX Teleflex Inc. | 3.30% | 1,409,000 | $178.6M | Reduce -11.7% |
| NCLH Norwegian Cruise Line Holdin | 3.01% | 7,730,000 | $163.2M | Add +113.0% |
| MOH Molina Healthcare Inc. | 2.68% | 633,609 | $144.9M | No change |
| CME Cme Group Inc. | 2.52% | 619,000 | $136.7M | New |
| HLF Herbalife Ltd. | 2.25% | 9,259,844 | $121.8M | No change |
| EXP Eagle Materials Inc. | 2.21% | 530,763 | $119.4M | Reduce -40.5% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 2.09% | 3,769,818 | $113.2M | Add +23.8% |
| COLD Americold Realty Trust Inc. | 1.98% | 6,830,230 | $107.4M | Reduce -12.2% |
| LBTYK Liberty Global Ltd. Class C | 1.74% | 8,543,161 | $94.0M | Reduce -36.2% |
| AERO Grupo Aeromexico Sab DE CV | 1.62% | 4,880,188 | $87.8M | No change |
| AXTA Axalta Coating Systems Ltd. | 0.81% | 1,274,356 | $43.6M | New |
| DNOW Dnow Inc. | 0.67% | 2,788,000 | $36.2M | Reduce -23.1% |
| PS Pershing Square Inc. | 0.24% | 392,000 | $12.9M | New |
Portfolio Sells Q1 2026 → Q2 2026
| WTW Willis Towers Watson PLC | Sold out | 0.00% | −5.08 |
| WCC Wesco International Inc. | Reduce -53.9% | 4.23% | −3.46 |
| QSR Restaurant Brands Intern | Reduce -16.4% | 9.04% | −2.63 |
| UNP Union Pacific Corp. | Reduce -23.1% | 5.95% | −1.36 |
| LBTYK Liberty Global Ltd. Class C | Reduce -36.2% | 1.74% | −1.34 |
| EXP Eagle Materials Inc. | Reduce -40.5% | 2.21% | −1.10 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −0.91 |
| AON Aon PLC Class A | Reduce -10.7% | 4.21% | −0.64 |
| TFX Teleflex Inc. | Reduce -11.7% | 3.30% | −0.43 |
| DNOW Dnow Inc. | Reduce -23.1% | 0.67% | −0.18 |
| COLD Americold Realty Trust Inc. | Reduce -12.2% | 1.98% | +0.24 |
Portfolio Buys Q1 2026 → Q2 2026
| AMZN Amazon.com Inc. | Add +20.0% | 16.48% | +3.78 |
| GPC Genuine Parts Co. | Add +89.0% | 6.13% | +3.05 |
| CME Cme Group Inc. | New | 2.52% | +2.52 |
| GOOG Alphabet Inc. Class C | Add +16.1% | 8.95% | +2.33 |
| NCLH Norwegian Cruise Line Holdin | Add +113.0% | 3.01% | +1.69 |
| AXTA Axalta Coating Systems Ltd. | New | 0.81% | +0.81 |
| PS Pershing Square Inc. | New | 0.24% | +0.24 |
| FERG Ferguson Enterprises Inc. | Add +0.6% | 6.36% | −0.22 |
| GDS GDS Holdings Ltd. - ADR | Add +23.8% | 2.09% | −0.31 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 23 | $5.4B | AMZN, ELV, QSR, GOOG, FERG |
| Q1 2026 | 22 | $5.1B | AMZN, QSR, WCC, UNP, ELV |
| Q4 2025 | 22 | $5.3B | QSR, AMZN, WTW, ELV, UNP |
| Q3 2025 | 20 | $4.8B | QSR, GOOG, ELV, CRH, WTW |
| Q2 2025 | 22 | $4.1B | GOOG, WCC, WTW, CRH, FIS |
| Q1 2025 | 22 | $3.5B | WTW, GOOG, WCC, LBTYK, FIS |
| Q4 2024 | 21 | $3.4B | WTW, LBTYK, GOOG, WCC, CRH |
| Q3 2024 | 20 | $3.5B | LBTYK, WTW, CLVT, GOOG, CRH |
| Q2 2024 | 23 | $3.5B | LBTYK, WTW, CRH, FIS, CLVT |
| Q1 2024 | 21 | $3.5B | LBTYK, GOOG, WTW, FIS, VSAT |