Seth Klarman (Baupost Group) portfolio and holdings
Seth KlarmanLong-term holders
The firm of Seth Klarman, author of "Margin of Safety". It focuses on cheap prices and on avoiding losses.
This quarter's moves (Q2 2026)
In Q2 2026 (Apr–Jun), Baupost Group opened 3 new positions (CME Group Inc., Axalta Coating Systems Ltd., Pershing Square Inc.) and sold out of 2 (Willis Towers Watson Public Limited Company, Vaxcyte, Inc.).
By value, the biggest additions were Genuine Parts Company, Amazon.com, Inc., Norwegian Cruise Line Holdings Ltd., and others, and the biggest reductions were WESCO International, Inc., Union Pacific Corporation, Restaurant Brands International Inc., and others.
The largest holding is Amazon.com, Inc. at 16.5% of the portfolio; the top five make up 49.9%.
Profile
After an MBA at Harvard, Klarman helped found Baupost in 1982. His 1991 book "Margin of Safety" went out of print and became famous for selling at very high prices second-hand.
Track record
- Puts avoiding losses first and is willing to hold lots of cash when nothing is cheap
- Invests broadly in unpopular assets, including distressed debt and real estate, not just stocks
Based on public statements by the investor or firm and news reports.
By sector
Holdings
Values use quarter-end prices. Changes compare with the previous quarter (end of Mar 2026).
| # | Stock | Value | Weight | Shares | Change | Change % | % of shares out |
|---|---|---|---|---|---|---|---|
| 1 | AMZNAmazon.com, Inc. | $892M | 16.48% | 3,743,854 | Added+625,100 | +20.0% | 0.03% |
| 2 | ELVElevance Health Inc. | $493M | 9.11% | 1,275,154 | — | — | 0.59% |
| 3 | QSRRestaurant Brands International Inc. | $490M | 9.04% | 6,753,112 | Reduced−1,327,000 | −16.4% | 1.94% |
| 4 | GOOGAlphabet Inc. | $485M | 8.95% | 1,371,931 | Added+190,800 | +16.2% | 0.01% |
| 5 | FERGFerguson plc | $344M | 6.36% | 1,450,594 | Added+8,183 | +0.6% | 0.75% |
| 6 | GPCGenuine Parts Company | $332M | 6.13% | 2,816,178 | Added+1,325,830 | +89.0% | 2.04% |
| 7 | UNPUnion Pacific Corporation | $322M | 5.95% | 1,185,395 | Reduced−355,600 | −23.1% | 0.20% |
| 8 | VVisa Inc. | $241M | 4.44% | 701,355 | — | — | 0.04% |
| 9 | WCCWESCO International, Inc. | $229M | 4.23% | 662,881 | Reduced−774,000 | −53.9% | 1.36% |
| 10 | AONAon plc | $228M | 4.21% | 687,000 | Reduced−82,000 | −10.7% | 0.32% |
| 11 | TFXTeleflex Incorporated | $179M | 3.30% | 1,409,000 | Reduced−186,000 | −11.7% | 3.33% |
| 12 | NCLHNorwegian Cruise Line Holdings Ltd. | $163M | 3.01% | 7,730,000 | Added+4,100,000 | +112.9% | 1.68% |
| 13 | MOHMolina Healthcare, Inc. | $145M | 2.68% | 633,609 | — | — | 1.21% |
| 14 | CMECME Group Inc. | $137M | 2.52% | 619,000 | New | 0.17% | |
| 15 | HLFHerbalife Nutrition Ltd. | $122M | 2.25% | 9,259,844 | — | — | 8.83% |
| 16 | EXPEagle Materials Inc. | $119M | 2.21% | 530,763 | Reduced−362,000 | −40.5% | 1.73% |
| 17 | GDSGDS Holdings Limited | $113M | 2.09% | 3,769,818 | Added+725,000 | +23.8% | 2.11% |
| 18 | COLDAmericold Realty Trust, Inc. | $107M | 1.98% | 6,830,230 | Reduced−950,570 | −12.2% | 2.39% |
| 19 | LBTYKLiberty Global plc | $94M | 1.74% | 8,543,161 | Reduced−4,854,086 | −36.2% | 2.51% |
| 20 | AEROGrupo Aeroméxico, S.A.B. de C.V. | $87.8M | 1.62% | 4,880,188 | — | — | 3.34% |
| 21 | AXTAAxalta Coating Systems Ltd. | $43.6M | 0.81% | 1,274,356 | New | 0.60% | |
| 22 | DNOWDnow Inc. | $36.2M | 0.67% | 2,788,000 | Reduced−837,000 | −23.1% | 1.54% |
| 23 | PSPershing Square Inc. | $12.9M | 0.24% | 392,000 | New | 0.10% |
Sold out
Held at the end of Mar 2026 but not at the end of Jun 2026. Value and shares are as of the previous quarter.
13F portfolio value over time
Total value of the holdings reported on Form 13F at each quarter end.
FAQ
What is Seth Klarman's largest holding?
In the 13F as of the end of Jun 2026, the largest holding is Amazon.com, Inc., worth $892M or 16.5% of the portfolio.
What did Seth Klarman buy recently?
New positions in Q2 2026 (Apr–Jun): CME Group Inc., Axalta Coating Systems Ltd., Pershing Square Inc..
What did Seth Klarman sell?
Positions sold out in Q2 2026 (Apr–Jun): Willis Towers Watson Public Limited Company, Vaxcyte, Inc..
How many stocks are held, and how large is the portfolio?
As of the end of Jun 2026, 23 holdings worth $5.4B in total (U.S.-listed securities reported on Form 13F).
When will the next holdings be disclosed?
Form 13F is due within 45 days of each quarter end. The next one is due around Nov 14, 2026, and this page updates automatically once it is filed.
Source: Form 13F filed with the U.S. Securities and Exchange Commission. This is not a recommendation to buy or sell any security.