Seth Klarman

Net selling

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

Data as of 2026-06-30 (filed 2026-08-13) · Source: SEC EDGAR

Portfolio value$5.42B (+6%)

Holdings23 (+1)

Top holdingAmazon Com Inc

Below band1

New

Added

Exited

By what price implies: 5 demand a demanding growth rate, 2 modest.

13F × valuation

Valuation posture

Of 7 valued US positions, 1 trade below a conservative value band (as of 2026-08-25):

Eagle Matls IncEXP17% · below

13F · concentration

Lonely conviction

Held by ≤2 tracked superinvestors, each ≥3% of this portfolio (as of 2026-06-30):

Teleflex IncorporatedTFX3% · 2

SEC 13F · latest filing

Holdings

Security	Value	Valuation	Holders	Shares	Weight	Signal
Amazon Com IncAMZN	$892.3M	—	39	3,743,854	16.5%	Adding 3q
Elevance Health IncELV	$493.1M	—	13	1,275,154	9.1%	Core 6q
Restaurant Brands Intl IncQSR	$489.6M	—	5	6,753,112	9.0%	Core 8q
Alphabet IncGOOG	$484.7M	—	37	1,371,931	9.0%	Big new
Ferguson Enterprises IncFERG	$344.3M	—	12	1,450,594	6.4%	Big new
Genuine Parts CoGPC	$332.3M	—	7	2,816,178	6.1%	Adding 4q
Union Pac CorpUNP	$322.4M	—	12	1,185,395	6.0%	—
Visa IncV	$240.6M	—	32	701,355	4.4%	—
Wesco Intl IncWCC	$229.0M	—	6	662,881	4.2%	—
Aon PlcAON	$227.9M	—	13	687,000	4.2%	—
Teleflex IncorporatedTFX	$178.6M	—	2	1,409,000	3.3%	—
Norwegian Cruise Line HldgsNCLH	$163.2M	—	3	7,730,000	3.0%	Big new
Molina Healthcare IncMOH	$144.9M	—	5	633,609	2.7%	—
Cme Group IncCME	$136.7M	—	6	619,000	2.5%	—
Herbalife LtdHLF	$121.8M	—	3	9,259,844	2.2%	No trim 8q
Eagle Matls IncEXP	$119.4M	Below value	3	530,763	2.2%	—
Gds Hldgs LtdGDS	$113.2M	—	2	3,769,818	2.1%	—
Americold Realty Trust IncCOLD	$107.4M	—	1	6,830,230	2.0%	—
Liberty Global LtdLBTYK	$94.0M	—	1	8,543,161	1.7%	—
Grupo Aeromexico Sab De CvAERO	$87.8M	—	2	4,880,188	1.6%	—
Axalta Coating Sys LtdAXTA	$43.6M	—	5	1,274,356	0.8%	—
Dnow IncDNOW	$36.2M	—	3	2,788,000	0.7%	—
Pershing Square IncPS	$12.9M	—	1	392,000	0.2%	—

Amazon Com IncAMZNAdding 3q
Value$892.3MValuation—Holders39Weight16.5%
Elevance Health IncELVCore 6q
Value$493.1MValuation—Holders13Weight9.1%
Restaurant Brands Intl IncQSRCore 8q
Value$489.6MValuation—Holders5Weight9.0%
Alphabet IncGOOGBig new
Value$484.7MValuation—Holders37Weight9.0%
Ferguson Enterprises IncFERGBig new
Value$344.3MValuation—Holders12Weight6.4%
Genuine Parts CoGPCAdding 4q
Value$332.3MValuation—Holders7Weight6.1%
Union Pac CorpUNP—
Value$322.4MValuation—Holders12Weight6.0%
Visa IncV—
Value$240.6MValuation—Holders32Weight4.4%
Wesco Intl IncWCC—
Value$229.0MValuation—Holders6Weight4.2%
Aon PlcAON—
Value$227.9MValuation—Holders13Weight4.2%
Teleflex IncorporatedTFX—
Value$178.6MValuation—Holders2Weight3.3%
Norwegian Cruise Line HldgsNCLHBig new
Value$163.2MValuation—Holders3Weight3.0%
Molina Healthcare IncMOH—
Value$144.9MValuation—Holders5Weight2.7%
Cme Group IncCME—
Value$136.7MValuation—Holders6Weight2.5%
Herbalife LtdHLFNo trim 8q
Value$121.8MValuation—Holders3Weight2.2%
Eagle Matls IncEXP—
Value$119.4MValuationBelow valueHolders3Weight2.2%
Gds Hldgs LtdGDS—
Value$113.2MValuation—Holders2Weight2.1%
Americold Realty Trust IncCOLD—
Value$107.4MValuation—Holders1Weight2.0%
Liberty Global LtdLBTYK—
Value$94.0MValuation—Holders1Weight1.7%
Grupo Aeromexico Sab De CvAERO—
Value$87.8MValuation—Holders2Weight1.6%
Axalta Coating Sys LtdAXTA—
Value$43.6MValuation—Holders5Weight0.8%
Dnow IncDNOW—
Value$36.2MValuation—Holders3Weight0.7%
Pershing Square IncPS—
Value$12.9MValuation—Holders1Weight0.2%

Exited this quarter (2)Willis Towers Watson Plc Ltd、Vaxcyte Inc

What is a superinvestor

About this investor

Portfolio overview

Baupost Group Llc/Ma's most recent 13F filing, for the quarter ended 2026-06-30, reports 23 positions worth $5.42B. The top 5 holdings represent 50% of that value, a moderately concentrated portfolio.

The single largest position is Amazon Com Inc at 16.5% of the portfolio, followed by Elevance Health Inc at 9.1% and Restaurant Brands Intl Inc at 9.0%.

Against the prior quarter, Seth Klarman opened 3 new positions, exited 2, added to 6, and trimmed 9. The largest new buy was Cme Group Inc. The most notable sale was the full exit from Willis Towers Watson Plc Ltd.

Across all 8 quarters on file, Restaurant Brands Intl Inc has appeared in every filing, as has Alphabet Inc. Restaurant Brands 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.

Seth Klarman has no positions in the strike zone right now. Browse the whole market by value band

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-13

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