How We Invest

13F FILER • SETH KLARMAN

Baupost Group

Seth Klarman — BAUPOST GROUP LLC/MA

No writing by this manager has been read and indexed yet, so this page carries the filings only. Holdings come straight from the Form 13F-HR on EDGAR.

23

Positions

$5.4B

Reported Value

74.9%

In Top 10

—

Claims Indexed

Largest reported positions

BAUPOST GROUP LLC/MA • CIK 0001061768 • 2026-06-30 • FILED 2026-08-13

WHAT CHANGED THIS QUARTER

In its Q2 2026 13F, filed Aug 13, 2026, Baupost Group reported 23 positions worth $5.4B in US-listed stock. The largest stock position is Amazon Com Inc at 16.5% of the reported book, and the ten largest lines of any type make up 74.9% of it.

It opened 3 new positions, the largest stock positions being Cme Group Inc ($136.7M), Axalta Coating Sys Ltd ($43.6M) and Pershing Square Inc ($12.9M), and exited 2, the largest stock exits being Willis Towers Watson Plc Ltd ($259.6M last quarter) and Vaxcyte Inc ($46.5M last quarter).

Among positions it already held, the biggest increases by share count were Norwegian Cruise Line Hldgs (+113%), Genuine Parts Co (+89%) and Gds Hldgs Ltd (+24%), and the biggest cuts were Wesco Intl Inc (−54%), Eagle Matls Inc (−40%) and Liberty Global Ltd (−36%).

Largest reported positions, quarter ended 2026-06-30
IssuerValueWeightShares QoQ
AMAZON COM INC$892.3M16.5%+20%
ELEVANCE HEALTH INC FORMERLY$493.1M9.1%—
RESTAURANT BRANDS INTL INC$489.6M9.0%-16%
ALPHABET INC$484.7M8.9%+16%
FERGUSON ENTERPRISES INC$344.3M6.4%+1%
GENUINE PARTS CO$332.3M6.1%+89%
UNION PAC CORP$322.4M6.0%-23%
VISA INC$240.6M4.4%—
WESCO INTL INC$229.0M4.2%-54%
AON PLC$227.9M4.2%-11%
TELEFLEX INCORPORATED$178.6M3.3%-12%
NORWEGIAN CRUISE LINE HLDGS$163.2M3.0%+113%
MOLINA HEALTHCARE INC$144.9M2.7%—
CME GROUP INC$136.7M2.5%New
HERBALIFE LTD$121.8M2.3%—
EAGLE MATLS INC$119.4M2.2%-41%
GDS HLDGS LTD$113.2M2.1%+24%
AMERICOLD REALTY TRUST INC$107.4M2.0%-12%
LIBERTY GLOBAL LTD$94.0M1.7%-36%
GRUPO AEROMEXICO SAB DE CV$87.8M1.6%—

20 of 23 positions. A 13F covers long US-listed positions at a quarter end only — no shorts, leverage, cash, ordinary bonds or private holdings — and is 45 days old on publication.

NEW POSITIONS

  • Cme Group Inc$136.7M · 2.5%
  • Axalta Coating Sys Ltd$43.6M · 0.8%
  • Pershing Square Inc$12.9M · 0.2%

EXITS

  • Willis Towers Watson Plc Ltd$259.6M last quarter
  • Vaxcyte Inc$46.5M last quarter

QUESTIONS PEOPLE ASK

What are Baupost Group's largest holdings?

OPEN
As of Jun 30, 2026, the three largest stock positions are Amazon Com Inc (16.5%), Elevance Health Inc Formerly (9.1%) and Restaurant Brands Intl Inc (9.0%), together 34.6% of the reported book.

How big is Baupost Group's 13F portfolio?

OPEN
The Q2 2026 13F, filed Aug 13, 2026, reports 23 positions worth $5.4B. The ten largest make up 74.9% of it.

What did Baupost Group buy and sell in Q2 2026?

OPEN
It opened 3 new positions, the largest stock positions being Cme Group Inc ($136.7M), Axalta Coating Sys Ltd ($43.6M) and Pershing Square Inc ($12.9M), and exited 2, the largest stock exits being Willis Towers Watson Plc Ltd ($259.6M last quarter) and Vaxcyte Inc ($46.5M last quarter). Among positions it already held, the biggest increases by share count were Norwegian Cruise Line Hldgs (+113%), Genuine Parts Co (+89%) and Gds Hldgs Ltd (+24%), and the biggest cuts were Wesco Intl Inc (−54%), Eagle Matls Inc (−40%) and Liberty Global Ltd (−36%).

When is Baupost Group's next 13F due?

OPEN
The Q3 2026 13F is due Nov 16, 2026. Forty-five days after the quarter ends is November 14, 2026 (Saturday), so the deadline moves to the next business day. Seth Klarman's filing usually lands close to the deadline.

Filers with overlapping books