13F · As of Q2 2026 · filed 2026-08-13 · compared with Q1 2026

Baupost Group

Seth Klarman's value fund

Baupost Group reported 23 US-listed positions worth $5.4B at the end of Q2 2026. The top three — Amazon (16.5%), Elevance Health Inc Formerly (9.11%), Restaurant Brands Intl (9.04%) — make up 34.6% of the portfolio. Against Q1 2026 it opened 3 new positions, sold out of 2, added to 5 and trimmed 9.

$5.4BReported value
23Positions
3 / 2New / Sold out

New positions

3
SecurityTickerValue ($)WeightSharesvs prior quarter
Cme GroupCME 137M2.52%619,000 New
AAxalta Coating Sys— 43.6M0.81%1,274,356 New
Pershing SquarePS 12.9M0.24%392,000 New

Sold out

2
SecurityTickerValue ($)WeightSharesvs prior quarter
WWillis Towers Watson— 260M—893,126 Sold out
VaxcytePCVX 46.5M—800,000 Sold out

Added to

5
SecurityTickerValue ($)WeightSharesvs prior quarter
AmazonAMZN 892M16.5%3,743,854 ▲ 20%
AlphabetGOOG 485M8.95%1,371,931 ▲ 16%
Genuine PartsGPC 332M6.13%2,816,178 ▲ 89%
NNorwegian Cruise Line— 163M3.01%7,730,000 ▲ 113%
GdsGDS 113M2.09%3,769,818 ▲ 24%

Trimmed

9
SecurityTickerValue ($)WeightSharesvs prior quarter
Restaurant Brands IntlQSR 490M9.04%6,753,112 ▼ 16%
Union PacUNP 322M5.95%1,185,395 ▼ 23%
Wesco IntlWCC 229M4.23%662,881 ▼ 54%
AAon— 228M4.21%687,000 ▼ 11%
Teleflex IncorporatedTFX 179M3.30%1,409,000 ▼ 12%
Eagle MatlsEXP 119M2.21%530,763 ▼ 41%
Americold Realty TrustCOLD 107M1.98%6,830,230 ▼ 12%
LLiberty Global— 94.0M1.74%8,543,161 ▼ 36%
DnowDNOW 36.2M0.67%2,788,000 ▼ 23%

All holdings

23
CSV ↓
SecurityTickerValue ($)WeightSharesvs prior quarter
AmazonAMZN 892M16.5%3,743,854 ▲ 20%
Elevance Health Inc FormerlyELV 493M9.11%1,275,154 –
Restaurant Brands IntlQSR 490M9.04%6,753,112 ▼ 16%
AlphabetGOOG 485M8.95%1,371,931 ▲ 16%
Ferguson EnterprisesFERG 344M6.36%1,450,594 –
Genuine PartsGPC 332M6.13%2,816,178 ▲ 89%
Union PacUNP 322M5.95%1,185,395 ▼ 23%
VisaV 241M4.44%701,355 –
Wesco IntlWCC 229M4.23%662,881 ▼ 54%
AAon— 228M4.21%687,000 ▼ 11%
Teleflex IncorporatedTFX 179M3.30%1,409,000 ▼ 12%
NNorwegian Cruise Line— 163M3.01%7,730,000 ▲ 113%
Molina HealthcareMOH 145M2.68%633,609 –
Cme GroupCME 137M2.52%619,000 New
HHerbalife— 122M2.25%9,259,844 –
Eagle MatlsEXP 119M2.21%530,763 ▼ 41%
GdsGDS 113M2.09%3,769,818 ▲ 24%
Americold Realty TrustCOLD 107M1.98%6,830,230 ▼ 12%
LLiberty Global— 94.0M1.74%8,543,161 ▼ 36%
Grupo Aeromexico Sab De CvAERO 87.8M1.62%4,880,188 –
AAxalta Coating Sys— 43.6M0.81%1,274,356 New
DnowDNOW 36.2M0.67%2,788,000 ▼ 23%
Pershing SquarePS 12.9M0.24%392,000 New
Top 10 holdings by weight · Q2 2026
Amazon16.5%Elevance…9.11%Restaura…9.04%Alphabet8.95%Ferguson…6.36%Genuine …6.13%Union Pac5.95%Visa4.44%Wesco In…4.23%Aon4.21%

If you had bought then

Q1 2026 → Q2 2026

Bought Baupost Group's top 10 holdings at the end of Q1 2026, in its weights, and they were +11.8% by the end of Q2 2026. The S&P 500 ETF (SPY) moved +14.8% over the same dates.

+11.8%Top 10, weighted
+14.8%S&P 500 (SPY)
-3.1%pDifference
StockWeightQ1 2026 endQ2 2026 endChange
Amazon
17.2%$208.27$238.34+14.4%
Restaurant Brands Intl
15.8%$73.90$72.50-1.9%
Wesco Intl
10.4%$273.62$345.43+26.2%
Union Pac
9.89%$242.62$272.00+12.1%
Elevance Health Inc Formerly
9.87%$292.75$386.73+32.1%
Alphabet
8.96%$286.86$353.33+23.2%
Ferguson Enterprises
8.90%$233.26$237.33+1.7%
WWillis Towers Watson
6.86%$290.70$261.37-10.1%
AAon
6.56%$322.78$331.69+2.8%
Visa
5.60%$302.24$343.09+13.5%

Prices are the quarter-end values reported in 13F filings (value ÷ shares, median across tracked filers), adjusted for confirmed splits; dividends excluded. 13F shows only quarter-end holdings, so this is not the investor's actual return. Past performance does not indicate future results.

Questions

What is Baupost Group's largest holding?

Amazon, 16.5% of reported US holdings ($892M) at the end of Q2 2026.

What did Baupost Group buy last quarter?

3 new positions, largest: Cme Group, Axalta Coating Sys, Pershing Square.

What did Baupost Group sell out of?

2 positions, including Willis Towers Watson, Vaxcyte.

How current is this data?

It is Baupost Group's Form 13F for the quarter ending 2026-06-30, filed 2026-08-13. 13F filings are due 45 days after quarter end and list US-listed long positions only.

Restated and computed from SEC (13F, 13D/G, Form 4) and DART filings and NPS public data. Filings describe a past date and may differ from current holdings (13F: quarter end, up to 45 days later). Not investment advice.
Sources: SEC EDGAR, DART, data.go.kr (NPS), OpenFIGI. See Methodology for how figures are computed.