Seth Klarman · 13F portfolio
Baupost Group’s portfolio
Seth Klarman’s Boston firm, known for patient value investing and for holding a lot of cash, which a 13F does not show. From the 13F reports it has filed with the SEC since Q2 2013.
Portfolio value · June 30, 2026
$5.42B+5.9% vs Q1 2026
23 holdings, reported August 13, 2026: 44 days after the quarter end.
Five largest holdings
Changes in Q2 202649.9%
of the portfolio: Amazon, Elevance Health, Restaurant Brands International, Alphabet, Ferguson Enterprises
3 New6 Added9 Reduced2 Sold out
Biggest move: Wesco International, reduced, ≈ −$267M
Value on June 30, 2013
$4.02B
53 quarterly reports in all
Report for Q2 2026, filed August 13, 2026: the filing on EDGAR.
NewAddedUnchangedReduced
What changed in Q2 2026
Against the report for Q1 2026. Share counts are compared on the same basis after stock splits. Amounts are approximate: the change in shares times the price at the quarter end (for a position sold out, its value at the end of Q1 2026).
| Company | Move | Shares bought or sold | Change | ≈ Amount | Shares now |
|---|---|---|---|---|---|
| Wesco International WCC | Reduced | −774,000 | −53.9% | −$267M | 662,881 |
| Willis Towers Watson | Sold out | −893,126 | −100.0% | −$260M | — |
 Genuine Parts GPC | Added | +1,325,830 | +89.0% | +$156M | 2,816,178 |
 Amazon AMZN | Added | +625,100 | +20.0% | +$149M | 3,743,854 |
 CME Group CME | New | +619,000 | new | +$137M | 619,000 |
 Union Pacific UNP | Reduced | −355,600 | −23.1% | −$96.7M | 1,185,395 |
| Restaurant Brands International QSR | Reduced | −1,327,000 | −16.4% | −$96.2M | 6,753,112 |
 Norwegian Cruise Line Holdings NCLH | Added | +4,100,000 | +112.9% | +$86.6M | 7,730,000 |
| Eagle Materials EXP | Reduced | −362,000 | −40.5% | −$81.5M | 530,763 |
 Alphabet GOOG Class C | Added | +190,800 | +16.2% | +$67.4M | 1,371,931 |
| Liberty Global LBTYK Class C | Reduced | −4,854,086 | −36.2% | −$53.4M | 8,543,161 |
| Vaxcyte PCVX | Sold out | −800,000 | −100.0% | −$46.5M | — |
| Axalta Coating Systems AXTA | New | +1,274,356 | new | +$43.6M | 1,274,356 |
 Aon AON Class A | Reduced | −82,000 | −10.7% | −$27.2M | 687,000 |
| Teleflex TFX | Reduced | −186,000 | −11.7% | −$23.6M | 1,409,000 |
| GDS Holdings GDS ADR | Added | +725,000 | +23.8% | +$21.8M | 3,769,818 |
| Americold Realty Trust COLD | Reduced | −950,570 | −12.2% | −$14.9M | 6,830,230 |
| Pershing Square PS | New | +392,000 | new | +$12.9M | 392,000 |
| DNOW DNOW | Reduced | −837,000 | −23.1% | −$10.9M | 2,788,000 |
| Ferguson Enterprises | Added | +8,183 | +0.6% | +$1.94M | 1,450,594 |
All holdings on June 30, 2026
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Amazon AMZN | 3,743,854 | $892M | 16.5% | +20.0% |
| 2 |  Elevance Health ELV | 1,275,154 | $493M | 9.1% | — |
| 3 | Restaurant Brands International QSR | 6,753,112 | $490M | 9.0% | −16.4% |
| 4 | Alphabet GOOG Class C | 1,371,931 | $485M | 9.0% | +16.2% |
| 5 | Ferguson Enterprises | 1,450,594 | $344M | 6.4% | +0.6% |
| 6 | Genuine Parts GPC | 2,816,178 | $332M | 6.1% | +89.0% |
| 7 | Union Pacific UNP | 1,185,395 | $322M | 6.0% | −23.1% |
| 8 |  Visa V Class A | 701,355 | $241M | 4.4% | — |
| 9 | Wesco International WCC | 662,881 | $229M | 4.2% | −53.9% |
| 10 | Aon AON Class A | 687,000 | $228M | 4.2% | −10.7% |
| 11 | Teleflex TFX | 1,409,000 | $179M | 3.3% | −11.7% |
| 12 | Norwegian Cruise Line Holdings NCLH | 7,730,000 | $163M | 3.0% | +112.9% |
| 13 | Molina Healthcare MOH | 633,609 | $145M | 2.7% | — |
| 14 | CME Group CME | 619,000 | $137M | 2.5% | new |
| 15 | Herbalife HLF | 9,259,844 | $122M | 2.2% | — |
| 16 | Eagle Materials EXP | 530,763 | $119M | 2.2% | −40.5% |
| 17 | GDS Holdings GDS ADR | 3,769,818 | $113M | 2.1% | +23.8% |
| 18 | Americold Realty Trust COLD | 6,830,230 | $107M | 2.0% | −12.2% |
| 19 | Liberty Global LBTYK Class C | 8,543,161 | $94M | 1.7% | −36.2% |
| 20 | Grupo Aeromexico AERO ADR | 4,880,188 | $87.8M | 1.6% | — |
| 21 | Axalta Coating Systems AXTA | 1,274,356 | $43.6M | 0.8% | new |
| 22 | DNOW DNOW | 2,788,000 | $36.2M | 0.7% | −23.1% |
| 23 | Pershing Square PS | 392,000 | $12.9M | 0.2% | new |
Names link to a company page where this site has one (S&P 500 companies, with their financials from SEC filings). ◆ a position kept confidential at first and reported later. Principal amounts (notes and bonds) are marked “principal”.
Portfolio value by quarter
The market value of the holdings in every report since Q2 2013: $4.02B then, $5.42B on June 30, 2026. It rises and falls with prices as much as with buying and selling.
Every quarter in numbers
| Quarter end | Value | Holdings | Largest holding | Filed |
|---|---|---|---|---|
| Jun 30, 2026 | $5.42B | 23 | Amazon 16.5% | Aug 13, 2026 |
| Mar 31, 2026 | $5.12B | 22 | Amazon 12.7% | May 14, 2026 |
| Dec 31, 2025 | $5.28B | 22 | Restaurant Brands International 10.4% | Feb 13, 2026 |
| Sep 30, 2025 | $4.79B | 22 | Restaurant Brands International 11.0% | Nov 13, 2025 |
| Jun 30, 2025 | $4.13B | 23 | Alphabet 11.3% | Aug 13, 2025 |
| Mar 31, 2025 | $3.5B | 23 | Willis Towers Watson 14.7% | May 14, 2025 |
| Dec 31, 2024 | $3.43B | 22 | Willis Towers Watson 16.8% | Feb 13, 2025 |
| Sep 30, 2024 | $3.52B | 21 | Liberty Global 26.0% | Nov 13, 2024 |
| Jun 30, 2024 | $3.63B | 24 | Liberty Global 20.8% | Aug 13, 2024 |
| Mar 31, 2024 | $3.65B | 22 | Liberty Global 20.4% | May 14, 2024 |
| Dec 31, 2023 | $4.59B | 23 | Liberty Global 17.2% | Feb 13, 2024 |
| Sep 30, 2023 | $5.21B | 32 | Liberty Global 15.1% | Nov 13, 2023 |
| Jun 30, 2023 | $5.61B | 29 | Liberty Global 14.2% | Aug 11, 2023 |
| Mar 31, 2023 | $5.85B | 31 | Liberty Global 16.6% | May 12, 2023 |
| Dec 31, 2022 | $6.13B | 34 | Liberty Global 15.1% | Feb 13, 2023 |
| Sep 30, 2022 | $5.79B | 45 | Liberty Global 13.6% | Nov 14, 2022 |
| Jun 30, 2022 | $6.77B | 52 | Liberty Global 15.8% | Aug 12, 2022 |
| Mar 31, 2022 | $9.3B | 55 | Liberty Global 15.0% | May 13, 2022 |
| Dec 31, 2021 | $10.1B | 54 | Liberty Global 15.0% | Feb 11, 2022 |
| Sep 30, 2021 | $10.9B | 57 | Liberty Global 14.6% | Nov 12, 2021 |
| Jun 30, 2021 | $12.3B | 59 | Liberty Global 11.8% | Aug 13, 2021 |
| Mar 31, 2021 | $12.6B | 59 | Intel 11.9% | May 14, 2021 |
| Dec 31, 2020 | $10.8B | 45 | eBay 14.4% | Feb 12, 2021 |
| Sep 30, 2020 | $9.25B | 37 | eBay 17.0% | Nov 13, 2020 |
| Jun 30, 2020 | $8.01B | 31 | eBay 21.0% | Aug 13, 2020 |
| Mar 31, 2020 | $6.77B | 33 | eBay 14.2% | May 14, 2020 |
| Dec 31, 2019 | $9.06B | 31 | Liberty Global 12.6% | Feb 13, 2020 |
| Sep 30, 2019 | $8.83B | 32 | Liberty Global 11.8% | Nov 13, 2019 |
| Jun 30, 2019 | $11B | 32 | Liberty Global 10.1% | Aug 13, 2019 |
| Mar 31, 2019 | $11.9B | 35 | eBay 9.1% | May 15, 2019 |
| Dec 31, 2018 | $11.5B | 37 | Twenty First Centy Fox 21.4% | Feb 13, 2019 |
| Sep 30, 2018 | $13.1B | 38 | Twenty First Centy Fox 18.5% | Nov 13, 2018 |
| Jun 30, 2018 | $11.4B | 33 | Twenty First Centy Fox 17.1% | Aug 13, 2018 |
| Mar 31, 2018 | $10.4B | 33 | Cheniere Energy 10.7% | May 14, 2018 |
| Dec 31, 2017 | $10.1B | 34 | Synchrony Financial 11.2% | Feb 13, 2018 |
| Sep 30, 2017 | $8.02B | 37 | Cheniere Energy 11.6% | Nov 13, 2017 |
| Jun 30, 2017 | $8.75B | 41 | Cheniere Energy 11.5% | Aug 11, 2017 |
| Mar 31, 2017 | $8.49B | 43 | Cheniere Energy 12.1% | May 12, 2017 |
| Dec 31, 2016 | $7.67B | 44 | Cheniere Energy 11.7% | Feb 14, 2017 |
| Sep 30, 2016 | $7.04B | 44 | Cheniere Energy 17.3% | Nov 14, 2016 |
| Jun 30, 2016 | $7.37B | 39 | E M C Corp Mass 21.0% | Aug 12, 2016 |
| Mar 31, 2016 | $6.92B | 36 | E M C Corp Mass 20.0% | May 13, 2016 |
| Dec 31, 2015 | $5.51B | 35 | Cheniere Energy 17.6% | Feb 12, 2016 |
| Sep 30, 2015 | $6.0B | 41 | Cheniere Energy 18.2% | Nov 13, 2015 |
| Jun 30, 2015 | $6.0B | 32 | Cheniere Energy 17.7% | Aug 13, 2015 |
| Mar 31, 2015 | $5.95B | 28 | Cheniere Energy 18.0% | May 15, 2015 |
| Dec 31, 2014 | $5.09B | 27 | Cheniere Energy 19.1% | Feb 13, 2015 |
| Sep 30, 2014 | $5.74B | 27 | Micron Technology 30.8% | Nov 14, 2014 |
| Jun 30, 2014 | $6.14B | 24 | Micron Technology 27.7% | Aug 14, 2014 |
| Mar 31, 2014 | $4.14B | 20 | Micron Technology 29.5% | May 14, 2014 |
| Dec 31, 2013 | $3.53B | 19 | Micron Technology 31.8% | Feb 13, 2014 |
| Sep 30, 2013 | $3.5B | 20 | Micron Technology 32.0% | Nov 13, 2013 |
| Jun 30, 2013 | $4.02B | 24 | Viasat 19.5% | Aug 14, 2013 |
Today’s largest holdings over time
The weight of each of the five largest holdings on June 30, 2026, quarter by quarter. A gap means it was not held then.
Amazon AMZNElevance Health ELVRestaurant Brands International QSRAlphabet GOOGFerguson Enterprises FERG
Other investors
Berkshire HathawayWarren Buffett$299BQ2 2026
Pershing SquareBill Ackman$19.5BQ2 2026
Himalaya CapitalLi Lu$3.7BQ2 2026
Duquesne Family OfficeStanley Druckenmiller$4.35BQ2 2026
AppaloosaDavid Tepper$7.47BQ2 2026
Gates Foundation TrustGates Foundation$34.4BQ2 2026
Scion Asset ManagementMichael Burry$68.1MQ3 2025 No reports since Q3 2025
How these numbers are made
- Source: Form 13F-HR reports and their amendments (13F-HR/A) on SEC EDGAR. Holdings are read from the XML information tables of the reports. Those exist from the quarter to June 30, 2013; older reports are plain text and are not used here.
- Values were reported in thousands of dollars until the SEC’s change of January 3, 2023, and in dollars since; all are shown in dollars. Each report is checked by its value per share. This investor’s reports filed from Feb 13, 2023 to Aug 13, 2026 were still in thousands of dollars and are read that way.
- A stock often takes several lines of a report, one per subsidiary or adviser that holds it. The lines are added up by CUSIP, the security’s identifier; options are kept apart.
- Amendments are applied in the order they were filed: a restatement replaces the quarter’s report, “new holdings” adds positions that had been kept confidential.
- Moves compare every holding with the previous report. After a stock split the earlier share count is converted to the new basis (splits of S&P 500 companies from their SEC filings, others from the value per share). The dollar amount of a move is the change in shares times the quarter-end price, so it only approximates what was paid or received.
- A stock whose CUSIP changes (after a merger or a reorganization) shows as sold under the old CUSIP and bought under the new one.
- Tickers come from the SEC’s fail-to-deliver data. A holding links to a company page here only when its CUSIP belongs to that S&P 500 company.
- Checked every night. Reports are due 45 days after each quarter ends: in mid-February, May, August and November.
- Not investment advice: by the time a 13F is public the position may be gone, and it is only part of what the investor owns.
Source: SEC EDGAR, Form 13F reports of BAUPOST GROUP LLC/MA; tickers from the SEC’s fail-to-deliver data.