Seth Klarman Portfolio: Baupost Group 13F Holdings
Managed by Seth Klarman
Positions as of Q2 2026 (quarter ended Jun 30, 2026), filed with the SEC on Aug 13, 2026.
Seth Klarman's deep-value fund. Frequently holds large cash positions when opportunity set is thin.
13F holdings as of Jun 30, 2026
Source: Baupost Group Form 13F-HR for Q2 2026, filed Aug 13, 2026, on SEC EDGAR. See our Methodology.
What did Baupost Group buy and sell in Q2 2026?
Compared with its Q1 2026 filing, Baupost Group reported 3 new positions, added to 6, reduced 9 and sold out of 2. Changes are measured in shares, so a position can rise in value without being added to.
New positions
Top 3Added to
Top 6Reduced
Top 6Sold out
Top 2Top 10 holdings and concentration
Q2 2026The ten largest positions make up 74.9% of the $5.42B reported in long positions, led by AMZN at 16.5%.
Sector allocation
Q2 2026Share of the $5.42B reported, by the sector of each stock. 12.2% is in ETFs, funds and securities without a sector on file.
| Sector | Weight | Positions |
|---|---|---|
| Consumer Discretionary | 31.7% | 3 |
| Industrials | 18.8% | 5 |
| Healthcare | 15.1% | 3 |
| Communication Services | 9.0% | 1 |
| Financials | 7.0% | 2 |
| Materials | 2.2% | 1 |
| Technology | 2.1% | 1 |
| Real Estate | 2.0% | 1 |
Baupost Group 13F holdings, Q2 2026
All 23 positions| # | Company | Shares | Value | Weight | vs Q1 2026 |
|---|---|---|---|---|---|
| 1 | AMZNAMAZON COM INC | 3.74M | $892.31M | 16.48% | +20% |
| 2 | ELVELEVANCE HEALTH INC FORMERLY | 1.28M | $493.14M | 9.11% | – |
| 3 | QSRRESTAURANT BRANDS INTL INC | 6.75M | $489.61M | 9.04% | -16% |
| 4 | GOOGALPHABET INC | 1.37M | $484.74M | 8.95% | +16% |
| 5 | FERGFERGUSON ENTERPRISES INC | 1.45M | $344.27M | 6.36% | +1% |
| 6 | GPCGENUINE PARTS CO | 2.82M | $332.25M | 6.13% | +89% |
| 7 | UNPUNION PAC CORP | 1.19M | $322.43M | 5.95% | -23% |
| 8 | VVISA INC | 701K | $240.63M | 4.44% | – |
| 9 | WCCWESCO INTL INC | 663K | $228.98M | 4.23% | -54% |
| 10 | G0403H108AON PLC | 687K | $227.87M | 4.21% | -11% |
| 11 | TFXTELEFLEX INCORPORATED | 1.41M | $178.60M | 3.30% | -12% |
| 12 | G66721104NORWEGIAN CRUISE LINE HLDGS | 7.73M | $163.18M | 3.01% | +113% |
| 13 | MOHMOLINA HEALTHCARE INC | 634K | $144.91M | 2.68% | – |
| 14 | CMECME GROUP INC | 619K | $136.69M | 2.52% | NEW |
| 15 | G4412G101HERBALIFE LTD | 9.26M | $121.77M | 2.25% | – |
| 16 | EXPEAGLE MATLS INC | 531K | $119.42M | 2.21% | -41% |
| 17 | GDSGDS HLDGS LTD | 3.77M | $113.21M | 2.09% | +24% |
| 18 | COLDAMERICOLD REALTY TRUST INC | 6.83M | $107.37M | 1.98% | -12% |
| 19 | G61188127LIBERTY GLOBAL LTD | 8.54M | $93.97M | 1.74% | -36% |
| 20 | AEROGRUPO AEROMEXICO SAB DE CV | 4.88M | $87.84M | 1.62% | – |
| 21 | G0750C108AXALTA COATING SYS LTD | 1.27M | $43.61M | 0.81% | NEW |
| 22 | DNOWDNOW INC | 2.79M | $36.16M | 0.67% | -23% |
| 23 | PSPERSHING SQUARE INC | 392K | $12.88M | 0.24% | NEW |
Baupost Group portfolio by quarter
4 quarters on fileReported 13F value and position count for each quarter AlphaScala holds for Baupost Group. Value changes include price moves as well as buying and selling. Position changes are shown only where the quarter was compared with the filing before it.
| Quarter | Reported value | Change | Positions | New | Sold out |
|---|---|---|---|---|---|
| Q2 2026 | $5.42B | +5.9% | 23 | 3 | 2 |
| Q1 2026 | $5.12B | -3.1% | 22 | 6 | 6 |
| Q4 2025 | $5.28B | +10.2% | 22 | 3 | 3 |
| Q3 2025 | $4.79B | – | 22 | – | – |
Funds with overlapping holdings
Overlap is the sum of the smaller portfolio weight for each stock both funds hold, across Baupost Group's 25 largest positions.
Related data
Data from SEC Form 13F-HR filings, which are due 45 days after quarter end and list long positions in US-listed equities as of that date. Short positions, cash, bonds, non-US holdings and intra-quarter trading are not shown. Listed options are shown separately at notional value. Changes compare the Q2 2026 filing with Q1 2026. Research only – not investment advice.