# Baupost Group (Seth Klarman): 13F portfolio, Q2 2026

Seth Klarman's investment firm, Boston.

Source: SEC Form 13F filed 2026-08-13 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/1061768/000106176826000010/0001061768-26-000010-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/baupost-group
Updated: 2026-08-13 · Next filing due by 2026-11-14

## Summary
- Reported value: $5.4B (Q1 2026: $5.1B)
- Positions: 23 (Q1 2026: 22)
- Top 10 holdings: 74.9% of the portfolio
- This quarter: 3 new, 6 added to, 9 trimmed, 2 sold out

## What Klarman did in Q2 2026
Baupost Group opened new positions in CME Group, Axalta Coating Systems and Pershing Square. It raised its stake in Norwegian Cruise Line Holdings by 113% and Genuine Parts by 89%. It sold out of Willis Towers Watson and Vaxcyte. It cut Wesco International by 54%. Amazon is still the largest holding, at 16.5% of the portfolio.

## Biggest buys
- CME Group (CME): New
- Axalta Coating Systems (AXTA): New
- Pershing Square (PS): New
- Norwegian Cruise Line Holdings (NCLH): +113%
- Genuine Parts (GPC): +89%

## Biggest sells
- Willis Towers Watson (WTW): Sold out
- Vaxcyte (PCVX): Sold out
- Wesco International (WCC): −54%
- Eagle Materials (EXP): −41%
- Liberty Global (LBTYK): −36%

## Top 15 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | Amazon | AMZN | 16.5% | $892.3M | +20% | Q4 2025 |
| 2 | Elevance Health | ELV | 9.1% | $493.1M | No change | Q1 2025 |
| 3 | Restaurant Brands International | QSR | 9.0% | $489.6M | −16% | Q3 2024 or earlier |
| 4 | Alphabet | GOOG | 9.0% | $484.7M | +16% | Q3 2024 or earlier |
| 5 | Ferguson Enterprises | FERG | 6.4% | $344.3M | +0.6% | Q4 2024 |
| 6 | Genuine Parts | GPC | 6.1% | $332.3M | +89% | Q4 2024 |
| 7 | Union Pacific | UNP | 6.0% | $322.4M | −23% | Q3 2025 |
| 8 | Visa | V | 4.4% | $240.6M | No change | Q1 2026 |
| 9 | Wesco International | WCC | 4.2% | $229.0M | −54% | Q3 2024 or earlier |
| 10 | Aon | AON | 4.2% | $227.9M | −11% | Q1 2026 |
| 11 | Teleflex | TFX | 3.3% | $178.6M | −12% | Q1 2026 |
| 12 | Norwegian Cruise Line Holdings | NCLH | 3.0% | $163.2M | +113% | Q1 2026 |
| 13 | Molina Healthcare | MOH | 2.7% | $144.9M | No change | Q4 2025 |
| 14 | CME Group | CME | 2.5% | $136.7M | New | Q2 2026 |
| 15 | Herbalife | HLF | 2.2% | $121.8M | No change | Q3 2024 or earlier |

8 more positions and every quarter's holdings are on Valuepeg for members: https://valuepeg.com/managers/baupost-group

## Other value investors
- Berkshire Hathaway (Warren Buffett): https://valuepeg.com/managers/berkshire-hathaway
- Brave Warrior Advisors: https://valuepeg.com/managers/brave-warrior-advisors
- Cantillon Capital Management: https://valuepeg.com/managers/cantillon-capital
- Chou Associates: https://valuepeg.com/managers/chou-associates
- Coatue Management: https://valuepeg.com/managers/coatue

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.