Baupost Group
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Seth Klarman's Baupost Group reported 22 stock positions worth $5.1 billion. Its top holding was Amazon.com (AMZN) at 12.7% of the portfolio, followed by Restaurant Brands Intern (QSR, 11.7%) and Wesco International (WCC, 7.7%). Compared with Q4 2025, it opened 6 new positions, sold out of 6, added to 9 and reduced 4. The biggest buy was a new position in Aon Class A (AON) and the biggest sale an exit from Fidelity National Info Serv (FIS).
- Most Recent 13F
- Q2 2026
- Notable People
- Seth Klarman
- Location
- BOSTON, MA
- CIK
- 0001061768
- Portfolio Value
- $5.1B (Q1 2026)
- SEC Filing
- 0001061768-26-000007 ↗ filed May 14, 2026
Holdings Value
Holdings 22 stocks · $5.1B
| AMZN Amazon.com Inc. | 12.70% | 3,118,754 | $649.5M | Add +47.0% |
| QSR Restaurant Brands Intern | 11.67% | 8,080,112 | $597.2M | No change |
| WCC Wesco International Inc. | 7.69% | 1,436,881 | $393.2M | Add +1.3% |
| UNP Union Pacific Corp. | 7.31% | 1,540,995 | $373.9M | Reduce -5.3% |
| ELV Elevance Health Inc. | 7.30% | 1,275,154 | $373.3M | Add +0.5% |
| GOOG Alphabet Inc. Class C | 6.62% | 1,181,131 | $338.8M | Add +8.6% |
| FERG Ferguson Enterprises Inc. | 6.58% | 1,442,411 | $336.5M | Add +26.9% |
| WTW Willis Towers Watson PLC | 5.08% | 893,126 | $259.6M | Reduce -34.2% |
| AON Aon PLC Class A | 4.85% | 769,000 | $248.2M | New |
| V Visa Inc. Class A | 4.14% | 701,355 | $212.0M | New |
| TFX Teleflex Inc. | 3.73% | 1,595,000 | $190.8M | New |
| EXP Eagle Materials Inc. | 3.31% | 892,763 | $169.1M | Reduce -24.7% |
| GPC Genuine Parts Co. | 3.08% | 1,490,348 | $157.6M | Add +0.3% |
| LBTYK Liberty Global Ltd. Class C | 3.07% | 13,397,247 | $157.2M | Reduce -35.9% |
| HLF Herbalife Ltd. | 2.66% | 9,259,844 | $136.3M | No change |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 2.40% | 3,044,818 | $122.7M | No change |
| COLD Americold Realty Trust Inc. | 1.74% | 7,780,800 | $89.2M | Add +123.9% |
| MOH Molina Healthcare Inc. | 1.65% | 633,609 | $84.5M | Add +1.4% |
| AERO Grupo Aeromexico Sab DE CV | 1.34% | 4,880,188 | $68.4M | Add +0.5% |
| NCLH Norwegian Cruise Line Holdin | 1.33% | 3,630,000 | $67.9M | New |
| PCVX Vaxcyte Inc. | 0.91% | 800,000 | $46.5M | New |
| DNOW Dnow Inc. | 0.84% | 3,625,000 | $43.2M | New |
Portfolio Sells Q4 2025 → Q1 2026
| FIS Fidelity National Info Serv | Sold out | 0.00% | −5.67 |
| DG Dollar General Corp. | Sold out | 0.00% | −5.19 |
| WTW Willis Towers Watson PLC | Reduce -34.2% | 5.08% | −3.38 |
| FISV Fiserv Inc. | Sold out | 0.00% | −2.80 |
| CRH CRH PLC | Sold out | 0.00% | −2.54 |
| EXP Eagle Materials Inc. | Reduce -24.7% | 3.31% | −1.33 |
| LBTYK Liberty Global Ltd. Class C | Reduce -35.9% | 3.07% | −1.30 |
| LBTYA Liberty Global Ltd. Class A | Sold out | 0.00% | −0.44 |
| TBN Tamboran Resources Corp. | Sold out | 0.00% | −0.13 |
| UNP Union Pacific Corp. | Reduce -5.3% | 7.31% | +0.18 |
Portfolio Buys Q4 2025 → Q1 2026
| AON Aon PLC Class A | New | 4.85% | +4.85 |
| V Visa Inc. Class A | New | 4.14% | +4.14 |
| TFX Teleflex Inc. | New | 3.73% | +3.73 |
| AMZN Amazon.com Inc. | Add +47.0% | 12.70% | +3.42 |
| FERG Ferguson Enterprises Inc. | Add +26.9% | 6.58% | +1.78 |
| NCLH Norwegian Cruise Line Holdin | New | 1.33% | +1.33 |
| WCC Wesco International Inc. | Add +1.3% | 7.69% | +1.11 |
| PCVX Vaxcyte Inc. | New | 0.91% | +0.91 |
| COLD Americold Realty Trust Inc. | Add +123.9% | 1.74% | +0.90 |
| DNOW Dnow Inc. | New | 0.84% | +0.84 |
| GOOG Alphabet Inc. Class C | Add +8.6% | 6.62% | +0.16 |
| GPC Genuine Parts Co. | Add +0.3% | 3.08% | −0.38 |
| MOH Molina Healthcare Inc. | Add +1.4% | 1.65% | −0.40 |
| AERO Grupo Aeromexico Sab DE CV | Add +0.5% | 1.34% | −0.68 |
| ELV Elevance Health Inc. | Add +0.5% | 7.30% | −1.13 |
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 |