Seth Klarman

Net buying

Baupost Group Llc/Ma — managed by Seth Klarman; US equity positions disclosed quarterly via SEC 13F

Data as of 2026-03-31 (filed 2026-05-14) · Source: SEC EDGAR

Portfolio value$5.12B（−3%）

Holdings22

Reporting quarterQ1 2026

Top holdingAmazon Com Inc

Portfolio overview

Baupost Group Llc/Ma's most recent 13F filing, for the quarter ended 2026-03-31, reports 22 positions worth $5.12B. The top 5 holdings represent 47% of that value, a moderately concentrated portfolio.

The single largest position is Amazon Com Inc at 12.7% of the portfolio, followed by Restaurant Brands Intl Inc at 11.7% and Wesco Intl Inc at 7.7%.

Against the prior quarter, Seth Klarman opened 6 new positions, exited 6, added to 9, and trimmed 4. The largest new buy was Aon Plc. The most notable sale was the full exit from Fidelity Natl Information Sv.

Across all 8 quarters on file, Wesco Intl Inc has appeared in every filing, as has Alphabet Inc. Wesco Intl Inc currently ranks third by value.

A 13F is filed roughly 45 days after quarter-end and covers only long positions in US-listed equities, so it is a lagging and partial view of the portfolio. Source: SEC EDGAR.

High-conviction

Genuine Parts CoGPCAdding · 3q

Added for 3 straight quarters.

Amazon Com IncAMZNBig new buy

Big add last quarter — 12.7% of the book.

Wesco Intl IncWCCBig new buy

Big add last quarter — 7.7% of the book.

Strike-zone picks

None of Seth Klarman's tracked holdings are in the strike zone right now.

Valuation as of 2026-07-02; method: conservative Greenwald value band + Owner-Earnings DCF. Position observation, not advice.

Next · is it cheap

Seth Klarman has no positions in the strike zone right now.

Browse the whole market by value band

Holdings

Security	Value	Valuation	Holders	Shares	Weight (prev→now)
Amazon Com IncAMZN	$649.5M	Above value	31	3,118,754	9.3% → 12.7% ▲
Restaurant Brands Intl IncQSR	$597.2M	Above value	5	8,080,112	10.4% → 11.7%
Wesco Intl IncWCC	$393.2M	Above value	6	1,436,881	6.6% → 7.7% ▲
Union Pac CorpUNP	$373.9M	Above value	9	1,540,995	7.1% → 7.3% ▼
Elevance Health IncELV	$373.3M	Above value	11	1,275,154	8.4% → 7.3% ▲
Alphabet IncGOOG	$338.8M	Above value	31	1,181,131	6.5% → 6.6% ▲
Ferguson Enterprises IncFERG	$336.5M	—	10	1,442,411	4.8% → 6.6% ▲
Willis Towers Watson Plc LtdWTW	$259.6M	—	7	893,126	8.5% → 5.1% ▼
Aon PlcAON	$248.2M	—	11	769,000	New · 4.9%
Visa IncV	$212.0M	—	26	701,355	New · 4.1%
Teleflex IncorporatedTFX	$190.8M	—	2	1,595,000	New · 3.7%
Eagle Matls IncEXP	$169.1M	Above value	2	892,763	4.6% → 3.3% ▼
Genuine Parts CoGPC	$157.6M	Above value	5	1,490,348	3.5% → 3.1% ▲
Liberty Global LtdLBTYK	$157.2M	—	2	13,397,247	4.4% → 3.1% ▼
Herbalife LtdHLF	$136.3M	—	2	9,259,844	2.3% → 2.7%
Gds Hldgs LtdGDS	$122.7M	—	2	3,044,818	2.0% → 2.4%
Americold Realty Trust IncCOLD	$89.2M	—	1	7,780,800	0.8% → 1.7% ▲
Molina Healthcare IncMOH	$84.5M	Above value	5	633,609	2.1% → 1.7% ▲
Grupo Aeromexico Sab De CvAERO	$68.4M	—	2	4,880,188	2.0% → 1.3% ▲
Norwegian Cruise Line HldgsNCLH	$67.9M	—	4	3,630,000	New · 1.3%
Vaxcyte IncPCVX	$46.5M	—	3	800,000	New · 0.9%
Dnow IncDNOW	$43.2M	—	3	3,625,000	New · 0.8%

Amazon Com IncAMZN
Value$649.5MValuationAbove valueHolders31Weight (prev→now)9.3% → 12.7% ▲
Restaurant Brands Intl IncQSR
Value$597.2MValuationAbove valueHolders5Weight (prev→now)10.4% → 11.7%
Wesco Intl IncWCC
Value$393.2MValuationAbove valueHolders6Weight (prev→now)6.6% → 7.7% ▲
Union Pac CorpUNP
Value$373.9MValuationAbove valueHolders9Weight (prev→now)7.1% → 7.3% ▼
Elevance Health IncELV
Value$373.3MValuationAbove valueHolders11Weight (prev→now)8.4% → 7.3% ▲
Alphabet IncGOOG
Value$338.8MValuationAbove valueHolders31Weight (prev→now)6.5% → 6.6% ▲
Ferguson Enterprises IncFERG
Value$336.5MValuation—Holders10Weight (prev→now)4.8% → 6.6% ▲
Willis Towers Watson Plc LtdWTW
Value$259.6MValuation—Holders7Weight (prev→now)8.5% → 5.1% ▼
Aon PlcAON
Value$248.2MValuation—Holders11Weight (prev→now)New · 4.9%
Visa IncV
Value$212.0MValuation—Holders26Weight (prev→now)New · 4.1%
Teleflex IncorporatedTFX
Value$190.8MValuation—Holders2Weight (prev→now)New · 3.7%
Eagle Matls IncEXP
Value$169.1MValuationAbove valueHolders2Weight (prev→now)4.6% → 3.3% ▼
Genuine Parts CoGPC
Value$157.6MValuationAbove valueHolders5Weight (prev→now)3.5% → 3.1% ▲
Liberty Global LtdLBTYK
Value$157.2MValuation—Holders2Weight (prev→now)4.4% → 3.1% ▼
Herbalife LtdHLF
Value$136.3MValuation—Holders2Weight (prev→now)2.3% → 2.7%
Gds Hldgs LtdGDS
Value$122.7MValuation—Holders2Weight (prev→now)2.0% → 2.4%
Americold Realty Trust IncCOLD
Value$89.2MValuation—Holders1Weight (prev→now)0.8% → 1.7% ▲
Molina Healthcare IncMOH
Value$84.5MValuationAbove valueHolders5Weight (prev→now)2.1% → 1.7% ▲
Grupo Aeromexico Sab De CvAERO
Value$68.4MValuation—Holders2Weight (prev→now)2.0% → 1.3% ▲
Norwegian Cruise Line HldgsNCLH
Value$67.9MValuation—Holders4Weight (prev→now)New · 1.3%
Vaxcyte IncPCVX
Value$46.5MValuation—Holders3Weight (prev→now)New · 0.9%
Dnow IncDNOW
Value$43.2MValuation—Holders3Weight (prev→now)New · 0.8%

Exited this quarter (6)Fidelity Natl Information Sv、Dollar Gen Corp、Fiserv Inc、Crh Plc、Liberty Global Ltd、Tamboran Res Corp

Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-14

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