Seth Klarman (Baupost Group) portfolio: Q2 2026 13F
Every US-listed position Baupost Group reported in its 13F for Q2 2026, the quarter ended Jun 30, 2026, filed with the SEC on Aug 13, 2026. 23 positions at the quarter end, after opening 3 and exiting 2 during it.
Holdings at Q2 2026
| Ticker | Company | Allocation | Value | Shares | Change |
|---|---|---|---|---|---|
| AMZN | Amazon.com Inc | 16.48% | $892.31M | 3,743,854 | Added |
| ELV | Elevance Health, Inc. | 9.11% | $493.14M | 1,275,154 | Unchanged |
| QSR | Restaurant Brands International Inc. | 9.04% | $489.61M | 6,753,112 | Trimmed |
| GOOG | Alphabet Inc. | 8.95% | $484.74M | 1,371,931 | Added |
| FERG | Ferguson Enterprises Inc. | 6.36% | $344.27M | 1,450,594 | Added |
| GPC | Genuine Parts Co | 6.13% | $332.25M | 2,816,178 | Added |
| UNP | Union Pacific Corp | 5.95% | $322.43M | 1,185,395 | Trimmed |
| V | Visa Inc. | 4.44% | $240.63M | 701,355 | Unchanged |
| WCC | Wesco International Inc | 4.23% | $228.98M | 662,881 | Trimmed |
| AON | Aon plc | 4.21% | $227.87M | 687,000 | Trimmed |
| TFX | Teleflex Inc | 3.30% | $178.60M | 1,409,000 | Trimmed |
| NCLH | Norwegian Cruise Line Holdings Ltd. | 3.01% | $163.18M | 7,730,000 | Added |
| MOH | Molina Healthcare, Inc. | 2.68% | $144.91M | 633,609 | Unchanged |
| CME | CME Group Inc. | 2.52% | $136.69M | 619,000 | New |
| HLF | Herbalife Ltd. | 2.25% | $121.77M | 9,259,844 | Unchanged |
| EXP | Eagle Materials Inc | 2.21% | $119.42M | 530,763 | Trimmed |
| GDS | GDS Holdings Ltd | 2.09% | $113.21M | 3,769,818 | Added |
| COLD | Americold Realty Trust | 1.98% | $107.37M | 6,830,230 | Trimmed |
| LBTYK | Liberty Global Ltd. | 1.74% | $93.97M | 8,543,161 | Trimmed |
| AERO | Grupo Aeromexico SAB de CV | 1.62% | $87.84M | 4,880,188 | Unchanged |
| AXTA | Axalta Coating Systems Ltd. | 0.81% | $43.61M | 1,274,356 | New |
| DNOW | DNOW Inc. | 0.67% | $36.16M | 2,788,000 | Trimmed |
| PS | Pershing Square Inc. | 0.24% | $12.88M | 392,000 | New |
What changed in Q2 2026
| Action | Ticker | Company | Share change | Value |
|---|---|---|---|---|
| Added | AMZN | Amazon.com Inc | +625,100 | $892.31M |
| Trimmed | QSR | Restaurant Brands International Inc. | -1,327,000 | $489.61M |
| Added | GOOG | Alphabet Inc. | +190,800 | $484.74M |
| Added | FERG | Ferguson Enterprises Inc. | +8,183 | $344.27M |
| Added | GPC | Genuine Parts Co | +1,325,830 | $332.25M |
| Trimmed | UNP | Union Pacific Corp | -355,600 | $322.43M |
| Trimmed | WCC | Wesco International Inc | -774,000 | $228.98M |
| Trimmed | AON | Aon plc | -82,000 | $227.87M |
| Trimmed | TFX | Teleflex Inc | -186,000 | $178.60M |
| Added | NCLH | Norwegian Cruise Line Holdings Ltd. | +4,100,000 | $163.18M |
| New | CME | CME Group Inc. | +619,000 | $136.69M |
| Trimmed | EXP | Eagle Materials Inc | -362,000 | $119.42M |
| Added | GDS | GDS Holdings Ltd | +725,000 | $113.21M |
| Trimmed | COLD | Americold Realty Trust | -950,570 | $107.37M |
| Trimmed | LBTYK | Liberty Global Ltd. | -4,854,086 | $93.97M |
| New | AXTA | Axalta Coating Systems Ltd. | +1,274,356 | $43.61M |
| Trimmed | DNOW | DNOW Inc. | -837,000 | $36.16M |
| New | PS | Pershing Square Inc. | +392,000 | $12.88M |
| Sold | WTW | Willis Towers Watson plc | -893,126 | - |
| Sold | PCVX | Vaxcyte, Inc. | -800,000 | - |
About these holdings
The 13F on record for Seth Klarman (Baupost Group), filed on Aug 13, 2026, reports 23 positions as of Jun 30, 2026. The largest is Amazon.com Inc (AMZN) at 16.5% of the reported portfolio, followed by Elevance Health, Inc. (ELV, 9.1%) and Restaurant Brands International Inc. (QSR, 9.0%). The ten largest make up 74.9% of it. Against the previous quarter, it opened 3 new positions, added to 6, trimmed 9 and sold out of 2. The largest new position is CME Group Inc. (CME), at 2.5% of the portfolio. The largest position it added to is Amazon.com Inc (AMZN), now 16.5%. The largest it sold out of, by its value the quarter before, is Willis Towers Watson plc (WTW).
Amazon.com Inc (AMZN), the largest position, is also held by 32 other investors tracked here. Of those, AltaRock Partners, Josh Tarasoff, Dennis Hong and David Tepper hold the most of it as a share of their own portfolios. It is also the largest position of George Soros, David Tepper, Josh Tarasoff and AltaRock Partners.
Other investors
AKO CapitalJohn ArmitageChuck AkreBill GatesDavid RolfeDavid TepperBill AckmanWilliam Von Mueffling