Baupost Group (Seth Klarman) latest 13F portfolio: 23 holdings worth $5.4B as of Q2 2026.
Backtested since 2020: mirroring Baupost Group's reported 13F equity holdings each quarter would have returned +68.0% versus +190.9%for the S&P 500 (+8.5% annualized). See the Performance tab for the full equity curve.
Investor: Seth Klarman
Number of Assets: 23
Reporting Period: Q2 - 2026
Holdings at Report: $5,415,853,000
Return $ Since Report: -$14,473,375
Return % Since Report: -0.27%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Dnow Inc. (DNOW) | Equity | -23.09% | 2,788,000 | 0.67% | $12.97 | $15.59 | $36,160,000 | $43,464,920 | +$7,304,920 | +20.20% |
| Axalta Coating Systems Ltd. (AXTA) | Equity | +100% | 1,274,356 | 0.81% | $34.22 | $32.20 | $43,608,000 | $41,034,263 | -$2,573,737 | -5.90% |
| Ferguson Enterprises Inc. (FERG) | Equity | +0.57% | 1,450,594 | 6.36% | $237.33 | $214.43 | $344,269,000 | $311,050,871 | -$33,218,129 | -9.65% |
| Liberty Global Ltd. (LBTYK) | Equity | -36.23% | 8,543,161 | 1.74% | $11.00 | $9.65 | $93,975,000 | $82,441,504 | -$11,533,496 | -12.27% |
| Pershing Square INC (PS) | Equity | +100% | 392,000 | 0.24% | $32.86 | $49.83 | $12,881,000 | $19,533,360 | +$6,652,360 | +51.64% |
| Alphabet Inc. (GOOG) | Equity | +16.15% | 1,371,931 | 8.95% | $353.33 | $344.41 | $484,744,000 | $472,506,756 | -$12,237,244 | -2.52% |
| Amazon.com Inc. (AMZN) | Equity | +20.04% | 3,743,854 | 16.48% | $238.34 | $253.71 | $892,310,000 | $949,853,198 | +$57,543,198 | +6.45% |
| Genuine Parts Company (GPC) | Equity | +88.96% | 2,816,178 | 6.13% | $117.98 | $128.08 | $332,253,000 | $360,696,078 | +$28,443,078 | +8.56% |
| Norwegian Cruise Line Holdings Ltd. (NCLH) | Equity | +112.95% | 7,730,000 | 3.01% | $21.11 | $14.12 | $163,180,000 | $109,147,600 | -$54,032,400 | -33.11% |
| Teleflex Incorporated (TFX) | Equity | -11.66% | 1,409,000 | 3.30% | $126.76 | $124.52 | $178,605,000 | $175,448,680 | -$3,156,320 | -1.77% |
| Americold Realty Trust Inc. (COLD) | Equity | -12.22% | 6,830,230 | 1.98% | $15.72 | $14.41 | $107,371,000 | $98,423,614 | -$8,947,386 | -8.33% |
| Eagle Materials Inc. (EXP) | Equity | -40.55% | 530,763 | 2.21% | $225.00 | $176.82 | $119,422,000 | $93,849,514 | -$25,572,486 | -21.41% |
| Grupo Aeromexico SAB DE CV (AERO) | Equity | 0% | 4,880,188 | 1.62% | $18.00 | $15.42 | $87,843,000 | $75,252,499 | -$12,590,501 | -14.33% |
| Union Pacific Corp. (UNP) | Equity | -23.08% | 1,185,395 | 5.95% | $272.00 | $279.37 | $322,427,000 | $331,163,801 | +$8,736,801 | +2.71% |
| Aon PLC (AON) | Equity | -10.66% | 687,000 | 4.21% | $331.69 | $295.64 | $227,871,000 | $203,104,680 | -$24,766,320 | -10.87% |
| Elevance Health Inc. (ELV) | Equity | 0% | 1,275,154 | 9.11% | $386.73 | $410.95 | $493,140,000 | $524,024,536 | +$30,884,536 | +6.26% |
| Herbalife Ltd. (HLF) | Equity | 0% | 9,259,844 | 2.25% | $13.15 | $11.89 | $121,767,000 | $110,099,545 | -$11,667,455 | -9.58% |
| Visa Inc. (V) | Equity | 0% | 701,355 | 4.44% | $343.09 | $368.29 | $240,628,000 | $258,302,033 | +$17,674,033 | +7.34% |
| CME Group Inc. (CME) | Equity | +100% | 619,000 | 2.52% | $220.83 | $276.01 | $136,694,000 | $170,850,190 | +$34,156,190 | +24.99% |
| GDS Holdings Limited (GDS) | Equity | +23.81% | 3,769,818 | 2.09% | $30.03 | $32.79 | $113,208,000 | $123,612,332 | +$10,404,332 | +9.19% |
| Molina Healthcare Inc. (MOH) | Equity | 0% | 633,609 | 2.68% | $228.70 | $200.79 | $144,906,000 | $127,222,351 | -$17,683,649 | -12.20% |
| Restaurant Brands International Inc. (QSR) | Equity | -16.42% | 6,753,112 | 9.04% | $72.50 | $72.88 | $489,612,000 | $492,166,803 | +$2,554,803 | +0.52% |
| Wesco International Inc. (WCC) | Equity | -53.87% | 662,881 | 4.23% | $345.43 | $344.15 | $228,979,000 | $228,130,496 | -$848,504 | -0.37% |