Seth Klarman's portfolio
Margin-of-safety value investing; deep cyclicals and event-driven names.
What changed in Q2 2026
Compared with the previous 13F. Values are as reported at quarter end. How to read a 13F.
New positions
- CMECME$137M
- Pershing SquarePS$13M
Added to
- Amazon.comAMZN$892M
- Alphabet Inc Class CGOOG$485M
- Ferguson PlcFERG$344M
- Genuine PartsGPC$332M
- GDS HoldingsGDS$113M
Trimmed
- Restaurant Brands InternationalQSR$490M
- Union PacificUNP$322M
- WESCO InternationalWCC$229M
- AonAON$228M
- TFXTFX$179M
- Eagle MaterialsEXP$119M
- Americold Realty TrustCOLD$107M
- Liberty GlobalLBTYA$94M
- NowDNOW$36M
Sold out
None this quarter.
Holdings
23 US-listed positions in the Q2 2026 13F, largest first.
| Stock | % of portfolio | Value | Shares | Last quarter |
|---|---|---|---|---|
| Amazon.comAMZN | 16.48% | $892M | 3,743,854 | Added |
| Elevance HealthELV | 9.11% | $493M | 1,275,154 | Held |
| Restaurant Brands InternationalQSR | 9.04% | $490M | 6,753,112 | Trimmed |
| Alphabet Inc Class CGOOG | 8.95% | $485M | 1,371,931 | Added |
| Ferguson PlcFERG | 6.36% | $344M | 1,450,594 | Added |
| Genuine PartsGPC | 6.13% | $332M | 2,816,178 | Added |
| Union PacificUNP | 5.95% | $322M | 1,185,395 | Trimmed |
| Visa Inc. Class AV | 4.44% | $241M | 701,355 | Held |
| WESCO InternationalWCC | 4.23% | $229M | 662,881 | Trimmed |
| AonAON | 4.21% | $228M | 687,000 | Trimmed |
| TFXTFX | 3.30% | $179M | 1,409,000 | Trimmed |
| Norwegian Cruise Line Hldgs | 3.01% | $163M | 7,730,000 | Held |
| Molina HealthcareMOH | 2.68% | $145M | 633,609 | Held |
| CMECME | 2.52% | $137M | 619,000 | New |
| Herbalife NutritionHLF | 2.25% | $122M | 9,259,844 | Held |
| Eagle MaterialsEXP | 2.21% | $119M | 530,763 | Trimmed |
| GDS HoldingsGDS | 2.09% | $113M | 3,769,818 | Added |
| Americold Realty TrustCOLD | 1.98% | $107M | 6,830,230 | Trimmed |
| Liberty GlobalLBTYA | 1.74% | $94M | 8,543,161 | Trimmed |
| Grupo Aeroméxico, S.A.B. de C.V.AERO | 1.62% | $88M | 4,880,188 | Held |
| Axalta Coating Sys | 0.81% | $44M | 1,274,356 | Held |
| NowDNOW | 0.67% | $36M | 2,788,000 | Trimmed |
| Pershing SquarePS | 0.24% | $13M | 392,000 | New |
By sector
Share of the reported value.
Reported value over time
Total 13F value at each quarter end.
Questions
What stocks does Seth Klarman own?
In the Q2 2026 13F, Baupost Group reported 23 US stock positions worth $5.4B. The largest: Amazon.com (AMZN) 16.5%, Elevance Health (ELV) 9.1%, Restaurant Brands International (QSR) 9.0%, Alphabet Inc Class C (GOOG) 8.9%, Ferguson Plc (FERG) 6.4%.
What did Seth Klarman buy last quarter?
In Q2 2026: new position in CME (CME); new position in Pershing Square (PS); added to Amazon.com (AMZN); added to Alphabet Inc Class C (GOOG); added to Ferguson Plc (FERG).
When is Seth Klarman's next 13F?
13F filings are due 45 days after each quarter ends. The Q3 2026 filing is due by November 14, 2026.
More investors
13F filings list US-listed long positions (and some options) held at quarter end. They leave out short positions, cash,
bonds and non-US holdings, and arrive up to 45 days after the quarter ends, so the investor may have traded since. Information only, not investment advice.
Photo: Maryland GovPics (credits).