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Seth Klarman - Baupost Group

The Baupost Group, led by Seth Klarman.

Portfolio Value

$5.12B

Positions

22

Top 10 Weight

73.94%

Largest Position

12.70%

As of

Q1 2026

Filed

May 14, 2026

AMAZON COM INC12.70%RESTAURANT BRANDS INTL INC11.67%WESCO INTL INC7.69%UNION PAC CORP7.31%ELEVANCE HEALTH INC FORMERLY7.30%hover the bar for the rest

Strategy Snapshot

  • › Portfolio value fell 3.1% quarter-over-quarter to $5.12B.
  • › Concentrated portfolio — the top 10 holdings make up 73.9% of assets.
  • › This quarter: 6 new buys, 9 adds, 4 trims, 6 full exits — net buyer.
  • › Biggest new buy: AON PLC ($248.22M).
  • › Biggest exit: FIDELITY NATL INFORMATION SV (FIS) ($299.32M position closed).

Changes since Q4 2025

New Buys

  • AON PLC$248.22M
  • VISA INC (V)$211.98M
  • TELEFLEX INCORPORATED (TFX)$190.78M
  • NORWEGIAN CRUISE LINE HLDGS$67.88M
  • VAXCYTE INC (PCVX)$46.49M
  • DNOW INC (DNOW)$43.17M

Added To / Trimmed

  • AMAZON COM INC++47.0%
  • WILLIS TOWERS WATSON PLC LTD-34.2%
  • LIBERTY GLOBAL LTD-35.9%
  • FERGUSON ENTERPRISES INC (FERG)++26.9%
  • EAGLE MATERIALS INC (EXP)-24.7%
  • AMERICOLD REALTY TRUST INC (COLD)++123.9%
  • ALPHABET INC (GOOG)++8.6%
  • UNION PAC CORP (UNP)-5.3%
  • WESCO INTL INC (WCC)++1.3%
  • ELEVANCE HEALTH INC FORMERLY++0.5%

Exited

  • FIDELITY NATL INFORMATION SV (FIS)$299.32M
  • DOLLAR GEN CORP NEW (DG)$273.88M
  • FISERV INC (FISV)$147.77M
  • Crh Plc$133.91M
  • LIBERTY GLOBAL LTD$23.18M
  • TAMBORAN RES CORP (TBN)$7.00M

Current Holdings

#SecurityValue% of PortfolioAvg Buy PricePriceGainvs 52W HighThis QtrLast Activity
1AMAZON COM INC$649.54M
12.70%
~$223.61———+47.0%BUY Q1 2026
2RESTAURANT BRANDS INTL INC

QSR

$597.21M
11.67%
~$64.87$74.85+15.4%−8.7%UNCHSELL Q4 2025
3WESCO INTL INC

WCC

$393.16M
7.69%
~$165.26$346.77+109.8%−8.2%+1.3%BUY Q1 2026
4UNION PAC CORP

UNP

$373.88M
7.31%
~$235.96$272.70+15.6%−2.5%-5.3%SELL Q1 2026
5ELEVANCE HEALTH INC FORMERLY$373.30M
7.30%
~$362.13———+0.5%BUY Q1 2026
6ALPHABET INC

GOOG

$338.82M
6.62%
~$182.10$358.16+96.7%−11.4%+8.6%BUY Q1 2026
7FERGUSON ENTERPRISES INC

FERG

$336.46M
6.58%
~$187.02$230.08+23.0%−15.3%+26.9%BUY Q1 2026
8WILLIS TOWERS WATSON PLC LTD$259.63M
5.08%
~$278.34———-34.2%SELL Q1 2026
9AON PLC$248.22M
4.85%
~$322.78———NEWBUY Q1 2026
10VISA INC

V

$211.98M
4.14%
~$302.24$322.39+6.7%−10.5%NEWBUY Q1 2026
11TELEFLEX INCORPORATED

TFX

$190.78M
3.73%
~$119.61$130.48+9.1%−6.6%NEWBUY Q1 2026
12EAGLE MATERIALS INC

EXP

$169.13M
3.31%
~$228.95$215.25−6.0%−11.7%-24.7%SELL Q1 2026
13GENUINE PARTS CO

GPC

$157.60M
3.08%
~$137.55$103.75−24.6%−31.5%+0.3%BUY Q1 2026
14LIBERTY GLOBAL LTD$157.15M
3.07%
~$17.85———-35.9%SELL Q1 2026
15HERBALIFE LTD$136.31M
2.66%
~$9.78———UNCHBUY Q4 2025
16GDS HLDGS LTD

GDS

$122.68M
2.40%
~$9.29$32.56+250.5%−33.0%UNCHSELL Q4 2025
17AMERICOLD REALTY TRUST INC

COLD

$89.17M
1.74%
~$11.81$14.46+22.5%−17.5%+123.9%BUY Q1 2026
18MOLINA HEALTHCARE INC

MOH

$84.46M
1.65%
~$172.99$200.28+15.8%−35.7%+1.4%BUY Q1 2026
19GRUPO AEROMEXICO SAB DE CV

AERO

$68.37M
1.34%
~$21.92$17.34−20.9%−24.8%+0.5%BUY Q1 2026
20NORWEGIAN CRUISE LINE HLDGS$67.88M
1.33%
~$18.70———NEWBUY Q1 2026
21VAXCYTE INC

PCVX

$46.49M
0.91%
~$58.11$47.46−18.3%−27.0%NEWBUY Q1 2026
22DNOW INC

DNOW

$43.17M
0.84%
~$11.91$14.03+17.8%−18.7%NEWBUY Q1 2026

~ Avg buy price is estimated from quarterly 13F snapshots; actual trade dates and prices are not disclosed in filings. Gain compares the current market price to that estimated cost. vs 52W High shows how far the price sits below its 52-week high. Quotes via Yahoo Finance, may be delayed.

Filing History

PeriodValue TrendPortfolio ValuePositionsFiled
Q1 2026
$5.12B22May 14, 2026
Q4 2025
$5.28B22Feb 13, 2026
Q3 2025
$4.79B22Nov 13, 2025
Q2 2025
$4.13B23Aug 13, 2025
Q1 2025
$3.50B23May 14, 2025
Q4 2024
$3.43B22Feb 13, 2025
Q3 2024
$3.52B21Nov 13, 2024
Q2 2024
$3.63B24Aug 13, 2024