Seth Klarman portfolio: holdings and latest trades
The stocks Baupost Group reported in its latest 13F filing, for Q2 2026: 23 positions worth about $5.4B, what was bought and sold in the quarter, and who Klarman is.
Data updated August 13, 2026 (13F for Q2 2026)
- 13F portfolio value
- $5.4B
- Positions
- 23
- Top 10 holdings
- 75%
- Change in value vs previous quarter
- +5.9%
Seth Klarman top holdings (Q2 2026)
| # | Stock | % of portfolio | Value | Last quarter |
|---|---|---|---|---|
| 1 | AMZN Amazon.Com Inc | 16.5% | $892M | Added 20% |
| 2 | ELV Elevance Health Inc | 9.1% | $493M | Unchanged |
| 3 | QSR Restaurant Brands Intern | 9.0% | $490M | Trimmed 16% |
| 4 | GOOG Alphabet Inc-Cl C | 9.0% | $485M | Added 16% |
| 5 | FERG Ferguson Enterprises Inc | 6.4% | $344M | Unchanged |
| 6 | GPC Genuine Parts Co | 6.1% | $332M | Added 89% |
| 7 | UNP Union Pacific Corp | 6.0% | $322M | Trimmed 23% |
| 8 | V Visa Inc-Class A Shares | 4.4% | $241M | Unchanged |
| 9 | WCC Wesco International Inc | 4.2% | $229M | Trimmed 54% |
| 10 | AON Aon Plc | 4.2% | $228M | Trimmed 11% |
| 11 | TFX Teleflex Inc | 3.3% | $179M | Trimmed 12% |
| 12 | NCLH Norwegian Cruise Line Hldgs | 3.0% | $163M | Added 113% |
| 13 | MOH Molina Healthcare Inc | 2.7% | $145M | Unchanged |
| 14 | CME Cme Group Inc | 2.5% | $137M | New |
| 15 | HLF Herbalife Ltd | 2.2% | $122M | Unchanged |
| 16 | EXP Eagle Materials Inc | 2.2% | $119M | Trimmed 40% |
| 17 | GDS Gds Holdings Ltd - ADR | 2.1% | $113M | Added 24% |
| 18 | COLD Americold Realty Trust Inc | 2.0% | $107M | Trimmed 12% |
| 19 | LBTYA Liberty Global Ltd | 1.7% | $94M | Trimmed 36% |
| 20 | AERO Grupo Aeromexico Sab De Cv | 1.6% | $88M | Unchanged |
| 21 | AXTA Axalta Coating Sys Ltd | 0.8% | $44M | New |
| 22 | DNOW Dnow Inc | 0.7% | $36M | Trimmed 23% |
| 23 | PS Pershing Square Inc | 0.2% | $13M | New |
What Klarman bought and sold in Q2 2026
Bought or added
- GPC Genuine Parts CoAdded 89%
- AMZN Amazon.Com IncAdded 20%
- CME Cme Group IncNew
- NCLH Norwegian Cruise Line HldgsAdded 113%
- GOOG Alphabet Inc-Cl CAdded 16%
- AXTA Axalta Coating Sys LtdNew
- GDS Gds Holdings Ltd - ADRAdded 24%
- PS Pershing Square IncNew
Sold or reduced
- WCC Wesco International IncTrimmed 54%
- WTW Willis Towers Watson Plc LtdSold out
- UNP Union Pacific CorpTrimmed 23%
- QSR Restaurant Brands InternTrimmed 16%
- EXP Eagle Materials IncTrimmed 40%
- LBTYA Liberty Global LtdTrimmed 36%
- PCVX Vaxcyte IncSold out
- AON Aon PlcTrimmed 11%
- TFX Teleflex IncTrimmed 12%
- COLD Americold Realty Trust IncTrimmed 12%
Changes in number of shares against the 13F for the previous quarter (Q1 2026), largest first.
Who is Seth Klarman
- Role
- CEO and portfolio manager of the Baupost Group
- Fund
- Baupost Group, founded 1982
- Investment style
- Deep value with a strong focus on margin of safety, often holding a lot of cash.
- Known for
- The book Margin of Safety (1991)
Seth Klarman has run the Baupost Group, a Boston-based private investment partnership, since its founding in 1982. His 1991 book Margin of Safety went out of print and became one of the most sought-after investing books, selling for hundreds or thousands of dollars second-hand.
Baupost invests in stocks, distressed debt, real estate and private deals; its 13F shows only the US-listed equity part, usually a concentrated list of out-of-favour companies.
- •The book Margin of Safety (1991)
- •Patience and large cash positions when bargains are scarce
- •Investing well beyond listed stocks
How to read 13F data
A 13F filing lists the US-listed stocks, ETFs and some options a manager held at the end of a quarter. It is filed up to 45 days after the quarter ends, so positions may have changed since. It does not show short positions, bonds, cash, foreign-listed shares or private investments, so for many funds it is only part of the picture.
Questions
What stocks does Seth Klarman own?
According to the 13F filing of Baupost Group for Q2 2026 (period ending June 30, 2026), the largest holdings were Amazon.Com Inc (AMZN) 16.5%, Elevance Health Inc (ELV) 9.1%, Restaurant Brands Intern (QSR) 9.0%, Alphabet Inc-Cl C (GOOG) 9.0%, Ferguson Enterprises Inc (FERG) 6.4%, out of 23 positions worth about $5.4B.
What did Klarman buy and sell last quarter?
New or larger positions in Q2 2026: GPC, AMZN, CME, NCLH, GOOG, AXTA. Sold or reduced: WCC, WTW, UNP, QSR, EXP, LBTYA. Changes are measured in shares against the previous quarter’s filing.
How up to date is Baupost Group’s portfolio?
13F filings are due within 45 days after each quarter ends. This page shows the filing made on August 13, 2026 for the quarter ended June 30, 2026; the fund may have traded since.
What does a 13F filing leave out?
A 13F filing lists the US-listed stocks, ETFs and some options a manager held at the end of a quarter. It is filed up to 45 days after the quarter ends, so positions may have changed since. It does not show short positions, bonds, cash, foreign-listed shares or private investments, so for many funds it is only part of the picture.
Other famous investors
- All famous investorsHoldings and latest trades
- Warren BuffettBerkshire Hathaway
- Michael BurryScion Asset Management
- Bill AckmanPershing Square Capital
- Ray DalioBridgewater Associates
- Cathie WoodARK Investment Management
- Bill GatesGates Foundation Trust
- George SorosSoros Fund Management
- Stanley DruckenmillerDuquesne Family Office
- Carl IcahnIcahn Enterprises
- Li LuHimalaya Capital
- David TepperAppaloosa
Source: SEC Form 13F-HR filings via EDGAR. Holdings are as reported by the manager for the quarter shown and may have changed since. Educational content, not investment advice: MEDGE Capital does not recommend buying or selling any security. Risk disclaimer.