FilingsTodayBaupost Group
At a glance
A value investing firm led by Seth Klarman since 1982, known through his book Margin of Safety. It insists on buying cheaply and often holds a lot of cash. The 13F shows only its listed stocks, not its debt or private investments.
At the end of 2026 Q2, Baupost Group's 13F listed 23 US stocks worth $5.4M. The largest position was Amazon COM at 16.5% of the portfolio, and the top 10 made up 74.9%, a concentrated book. The five biggest holdings were Amazon COM ($892K), Elevance Health INC Formerly ($493K), Restaurant Brands International ($490K), Alphabet ($485K) and Ferguson Enterprises ($344K).
Against 2026 Q1, it opened 3 new positions and sold out of 2. The largest new positions were CME Group ($137K), Axalta Coating Systems ($44K) and Pershing Square ($13K). Among the bigger holdings it added to Amazon COM (+20% shares), Alphabet (+16.2% shares) and Genuine Parts (+89% shares). It trimmed Restaurant Brands International (-16.4%), Union Pacific (-23.1%) and Wesco International (-53.9%). Positions it exited include Willis Towers Watson and Vaxcyte.
Over 8 quarters from 2024 Q3 to 2026 Q2, the reported portfolio went from $3.5M to $5.4M (+54.6%) and from 19 to 23 stocks. The largest holding changed over the period: LBTYA, WTW, GOOGL, QSR and AMZN. New positions and exits added up to 50 over these quarters.
Top 10 by weight
Quarter by quarter (last 8)
| Quarter | Total value | Stocks | New | Exited | Largest |
|---|---|---|---|---|---|
| 2026 Q2 | $5.4M | 23 | 3 | 2 | AMZN |
| 2026 Q1 | $5.1M | 22 | 6 | 5 | AMZN |
| 2025 Q4 | $5.3M | 21 | 3 | 1 | QSR |
| 2025 Q3 | $4.8M | 19 | 4 | 6 | QSR |
| 2025 Q2 | $4.1M | 21 | 3 | 3 | GOOGL |
| 2025 Q1 | $3.5M | 21 | 4 | 3 | WTW |
| 2024 Q4 | $3.4M | 20 | 4 | 3 | LBTYA |
| 2024 Q3 | $3.5M | 19 | - | - | LBTYA |
Holdings top 23
| Stock | Value | Weight | Share change |
|---|---|---|---|
| Amazon COM AMZNAdded | $892K | 16.48% | +20.0% |
| Elevance Health INC Formerly | $493K | 9.11% | 0.0% |
| Restaurant Brands International QSRReduced | $490K | 9.04% | -16.4% |
| Alphabet GOOGLAdded | $485K | 8.95% | +16.2% |
| Ferguson Enterprises FERG | $344K | 6.36% | +0.6% |
| Genuine Parts GPCAdded | $332K | 6.13% | +89.0% |
| Union Pacific UNPReduced | $322K | 5.95% | -23.1% |
| VI V | $241K | 4.44% | 0.0% |
| Wesco International WCCReduced | $229K | 4.23% | -53.9% |
| Aon AONReduced | $228K | 4.21% | -10.7% |
| Teleflex TFXReduced | $179K | 3.30% | -11.7% |
| Norwegian Cruise Line Holdings NCLHAdded | $163K | 3.01% | +112.9% |
| Molina Healthcare MOH | $145K | 2.68% | 0.0% |
| CME Group CMENew | $137K | 2.52% | New |
| Herbalife HLF | $122K | 2.25% | 0.0% |
| Eagle Materials EXPReduced | $119K | 2.21% | -40.5% |
| GDS Holdings GDSAdded | $113K | 2.09% | +23.8% |
| Americold Realty Trust COLDReduced | $107K | 1.98% | -12.2% |
| Liberty Global LBTYAReduced | $94K | 1.74% | -36.2% |
| Grupo Aeromexico SAB DE CV | $88K | 1.62% | 0.0% |
| Axalta Coating Systems AXTANew | $44K | 0.81% | New |
| Dnow DNOWReduced | $36K | 0.67% | -23.1% |
| Pershing Square PSNew | $13K | 0.24% | New |
Sold out (vs 2026 Q1)
Source: SEC Form 13F. Options and bonds are excluded; multiple lines for the same stock are combined. Stocks are matched by their SEC-registered names.