Baupost Group (Seth Klarman) latest 13F portfolio: 22 holdings worth $5.1B as of Q1 2026.
Backtested since 2020: mirroring Baupost Group's reported 13F equity holdings each quarter would have returned +77.8% versus +193.3%for the S&P 500 (+9.7% annualized). See the Performance tab for the full equity curve.
Investor: Seth Klarman
Number of Assets: 22
Reporting Period: Q1 - 2026
Holdings at Report: $5,115,380,000
Return $ Since Report: +$902,334,331
Return % Since Report: +17.64%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Restaurant Brands International Inc. (QSR) | Equity | 0% | 8,080,112 | 11.67% | $73.91 | $74.49 | $597,208,000 | $601,887,543 | +$4,679,543 | +0.78% |
| Union Pacific Corp. (UNP) | Equity | -5.30% | 1,540,995 | 7.31% | $242.62 | $295.54 | $373,876,000 | $455,425,662 | +$81,549,662 | +21.81% |
| Vaxcyte Inc. (PCVX) | Equity | +100% | 800,000 | 0.91% | $58.11 | $55.92 | $46,488,000 | $44,736,000 | -$1,752,000 | -3.77% |
| Visa Inc. (V) | Equity | +100% | 701,355 | 4.14% | $302.24 | $368.54 | $211,978,000 | $258,477,372 | +$46,499,372 | +21.94% |
| Genuine Parts Company (GPC) | Equity | +0.29% | 1,490,348 | 3.08% | $105.75 | $131.32 | $157,604,000 | $195,712,499 | +$38,108,499 | +24.18% |
| Grupo Aeromexico SAB DE CV (AERO) | Equity | +0.52% | 4,880,188 | 1.34% | $14.01 | $16.15 | $68,371,000 | $78,815,036 | +$10,444,036 | +15.28% |
| Herbalife Ltd. (HLF) | Equity | 0% | 9,259,844 | 2.66% | $14.72 | $12.60 | $136,305,000 | $116,674,034 | -$19,630,966 | -14.40% |
| Norwegian Cruise Line Holdings Ltd. (NCLH) | Equity | +100% | 3,630,000 | 1.33% | $18.70 | $20.30 | $67,881,000 | $73,689,000 | +$5,808,000 | +8.56% |
| Alphabet Inc. (GOOG) | Equity | +8.64% | 1,181,131 | 6.62% | $286.86 | $360.13 | $338,819,000 | $425,360,707 | +$86,541,707 | +25.54% |
| Amazon.com Inc. (AMZN) | Equity | +47.01% | 3,118,754 | 12.70% | $208.27 | $272.65 | $649,543,000 | $850,328,278 | +$200,785,278 | +30.91% |
| Americold Realty Trust Inc. (COLD) | Equity | +123.86% | 7,780,800 | 1.74% | $11.46 | $14.03 | $89,168,000 | $109,164,624 | +$19,996,624 | +22.43% |
| Aon PLC (AON) | Equity | +100% | 769,000 | 4.85% | $322.78 | $359.97 | $248,218,000 | $276,816,930 | +$28,598,930 | +11.52% |
| Eagle Materials Inc. (EXP) | Equity | -24.68% | 892,763 | 3.31% | $189.45 | $218.27 | $169,134,000 | $194,863,380 | +$25,729,380 | +15.21% |
| Ferguson Enterprises Inc. (FERG) | Equity | +26.86% | 1,442,411 | 6.58% | $233.26 | $255.25 | $336,457,000 | $368,175,408 | +$31,718,408 | +9.43% |
| GDS Holdings Limited (GDS) | Equity | 0% | 3,044,818 | 2.40% | $40.29 | $32.67 | $122,676,000 | $99,474,204 | -$23,201,796 | -18.91% |
| Wesco International Inc. (WCC) | Equity | +1.27% | 1,436,881 | 7.69% | $273.62 | $373.08 | $393,159,000 | $536,071,563 | +$142,912,563 | +36.35% |
| Dnow Inc. (DNOW) | Equity | +100% | 3,625,000 | 0.84% | $11.91 | $14.22 | $43,174,000 | $51,547,500 | +$8,373,500 | +19.39% |
| Elevance Health Inc. (ELV) | Equity | +0.46% | 1,275,154 | 7.30% | $292.75 | $391.24 | $373,301,000 | $498,891,251 | +$125,590,251 | +33.64% |
| Teleflex Incorporated (TFX) | Equity | +100% | 1,595,000 | 3.73% | $119.61 | $136.78 | $190,778,000 | $218,164,100 | +$27,386,100 | +14.35% |
| Liberty Global Ltd. (LBTYK) | Equity | -35.85% | 13,397,247 | 3.07% | $11.73 | $10.29 | $157,150,000 | $137,857,672 | -$19,292,328 | -12.28% |
| Molina Healthcare Inc. (MOH) | Equity | +1.38% | 633,609 | 1.65% | $133.30 | $195.14 | $84,460,000 | $123,642,460 | +$39,182,460 | +46.39% |
| Willis Towers Watson Public Limited Company (WTW) | Equity | -34.21% | 893,126 | 5.08% | $290.70 | $338.07 | $259,632,000 | $301,939,107 | +$42,307,107 | +16.30% |