Seth Klarman
Baupost Group
- Portfolio value
- $5,415,853,000
- Stocks
- 23
- Period
- Q2 2026
- Filed
- 13 Aug 2026
Margin-of-safety value investing; deep cyclicals and event-driven names.
✦
Cut Wesco International Inc 53.9%, added 89% to Genuine Parts Co and opened 2 new positions, the largest CME at 2.5%. Consumer Cyclical is still the biggest weight in the book at 31.7%. The top five names are 50% of it.
Sector exposure
Consumer Cyclical
31.7%
Industrials
18.8%
Healthcare
11.8%
Financial Services
11.4%
Communication Services
10.7%
Unknown
9.1%
Consumer Defensive
2.2%
Basic Materials
2.2%
Technology
2.1%
Concentration
16.5%Largest, AMZN
50%Top 5
75%Top 10
7Positions over 5%
3Under 1%, 2% of the book
Portfolio return
Time-weighted · held at window start
By position
By sector
| Stock | % Portfolio | Recent Activity | Shares | Reported Price | Value | |
|---|---|---|---|---|---|---|
| AMZN — Amazon Com Inc | 16.48% | Add 20.04% | 3,743,854 | $238.34 | $892,310,000 | ↗ ◎ |
| ELV — Elevance Health Inc | 9.11% | 1,275,154 | $386.73 | $493,140,000 | ↗ ◎ | |
| QSR — Restaurant Brands Intern | 9.04% | Reduce 16.42% | 6,753,112 | $72.50 | $489,612,000 | ↗ ◎ |
| GOOG — Alphabet Inc Cl C | 8.95% | Add 16.15% | 1,371,931 | $353.33 | $484,744,000 | ↗ ◎ |
| FERG — Ferguson Enterprises Inc | 6.36% | Add 0.57% | 1,450,594 | $237.33 | $344,269,000 | ↗ ◎ |
| GPC — Genuine Parts Co | 6.13% | Add 88.96% | 2,816,178 | $117.98 | $332,253,000 | ↗ ◎ |
| UNP — Union Pacific Corp | 5.95% | Reduce 23.08% | 1,185,395 | $272.00 | $322,427,000 | ↗ ◎ |
| V — Visa Inc-Class A Shares | 4.44% | 701,355 | $343.09 | $240,628,000 | ↗ ◎ | |
| WCC — Wesco International Inc | 4.23% | Reduce 53.87% | 662,881 | $345.43 | $228,979,000 | ↗ ◎ |
| AON — Aon Plc | 4.21% | Reduce 10.66% | 687,000 | $331.69 | $227,871,000 | ↗ ◎ |
| TFX — Teleflex Inc | 3.30% | Reduce 11.66% | 1,409,000 | $126.76 | $178,605,000 | ↗ ◎ |
| NORWEGIAN CRUISE LINE HLDGS | 3.01% | 7,730,000 | $21.11 | $163,180,000 | ||
| MOH — Molina Healthcare Inc | 2.68% | 633,609 | $228.70 | $144,906,000 | ↗ ◎ | |
| CME — Cme Group Inc | 2.52% | New | 619,000 | $220.83 | $136,694,000 | ↗ ◎ |
| HLF — Herbalife Ltd. | 2.25% | 9,259,844 | $13.15 | $121,767,000 | ↗ ◎ | |
| EXP — Eagle Materials Inc | 2.21% | Reduce 40.55% | 530,763 | $225.00 | $119,422,000 | ↗ ◎ |
| GDS — Gds Holdings Ltd - Adr | 2.09% | Add 23.81% | 3,769,818 | $30.03 | $113,208,000 | ↗ ◎ |
| COLD — Americold Realty Trust Inc | 1.98% | Reduce 12.22% | 6,830,230 | $15.72 | $107,371,000 | ↗ ◎ |
| LBTYA — Liberty Global Ltd. | 1.74% | Reduce 36.23% | 8,543,161 | $11.00 | $93,975,000 | ↗ ◎ |
| AERO — Grupo Aeromexico Sab De Cv | 1.62% | 4,880,188 | $18.00 | $87,843,000 | ↗ ◎ | |
| AXALTA COATING SYS LTD | 0.81% | 1,274,356 | $34.22 | $43,608,000 | ||
| DNOW — Dnow Inc | 0.67% | Reduce 23.09% | 2,788,000 | $12.97 | $36,160,000 | ↗ ◎ |
| PS — Pershing Square Inc | 0.24% | New | 392,000 | $32.86 | $12,881,000 | ↗ ◎ |