Fund · 13F holdings
The Baupost Group, L.L.C.
Seth Klarman · Boston, MA · Founded 1982
The Baupost Group is a Boston value-investing firm founded in 1982 and led for decades by Seth Klarman, author of the cult value-investing text "Margin of Safety." It is known for a contrarian, absolute-return approach: a willingness to hold large cash balances when opportunities are scarce, and to move into distressed debt, real estate and special situations when they appear.
The firm's public equity book is deliberately concentrated and often includes distressed or out-of-favor names; the 13F captures only that US-listed equity slice of a broader, multi-asset portfolio.
How to read these tables. A Form 13F reports each holding's market value as of the quarter-end date and the share count — not the price the fund paid, when it bought, or any short positions. Buys and sells are inferred by comparing share counts across quarters. Put/call lines are options (often hedges), and their value is notional rather than a straight equity stake. Figures are the fund's US-listed 13(f) holdings only; private positions appear when the manager reports them.
History
1982
Baupost founded
Seth Klarman and partners start the firm with a value, margin-of-safety philosophy.
1991
"Margin of Safety" published
Klarman's book becomes a value-investing classic and a collector's item after going out of print.
2020s
Succession underway
Klarman, as CEO and portfolio manager, gradually shares responsibility with a next generation of Baupost investors.
Q2 2026 holdings
Period end
2026-06-30
Filed
2026-08-13
Portfolio value
$5.42B
Positions
23
We track
3
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | AMZNAmazon.com, Inc.★ | COM | $892.3M | 3.7M | 16.5% | ADD |
| 2 | Elevance Health Inc Formerly | COM | $493.1M | 1.3M | 9.1% | HOLD |
| 3 | Restaurant Brands Intl Inc | COM | $489.6M | 6.8M | 9.0% | TRIM |
| 4 | GOOGLAlphabet Inc.★ | CAP STK CL C | $484.7M | 1.4M | 9.0% | ADD |
| 5 | Ferguson Enterprises Inc | COMMON STOCK NEW | $344.3M | 1.5M | 6.4% | ADD |
| 6 | Genuine Parts Co | COM | $332.3M | 2.8M | 6.1% | ADD |
| 7 | Union Pac Corp | COM | $322.4M | 1.2M | 6.0% | TRIM |
| 8 | VVisa Inc.★ | COM CL A | $240.6M | 701K | 4.4% | HOLD |
| 9 | Wesco Intl Inc | COM | $229.0M | 663K | 4.2% | TRIM |
| 10 | Aon Plc | SHS CL A | $227.9M | 687K | 4.2% | TRIM |
| 11 | Teleflex Incorporated | COM | $178.6M | 1.4M | 3.3% | TRIM |
| 12 | Norwegian Cruise Line Hldgs | SHS | $163.2M | 7.7M | 3.0% | ADD |
| 13 | Molina Healthcare Inc | COM | $144.9M | 634K | 2.7% | HOLD |
| 14 | Cme Group Inc | COM | $136.7M | 619K | 2.5% | NEW |
| 15 | Herbalife Ltd | COM SHS | $121.8M | 9.3M | 2.2% | HOLD |
| 16 | Eagle Matls Inc | COM | $119.4M | 531K | 2.2% | TRIM |
| 17 | Gds Hldgs Ltd | SPONSORED ADS | $113.2M | 3.8M | 2.1% | ADD |
| 18 | Americold Realty Trust Inc | COM | $107.4M | 6.8M | 2.0% | TRIM |
| 19 | Liberty Global Ltd | COM CL C | $94.0M | 8.5M | 1.7% | TRIM |
| 20 | Grupo Aeromexico Sab De Cv | SPONSORED ADS | $87.8M | 4.9M | 1.6% | HOLD |
| 21 | Axalta Coating Sys Ltd | COM | $43.6M | 1.3M | 0.8% | NEW |
| 22 | Dnow Inc | COM | $36.2M | 2.8M | 0.7% | TRIM |
| 23 | Pershing Square Inc | COMMON STOCK | $12.9M | 392K | 0.2% | NEW |
Notable Q2 2026 moves
New positions
- Cme Group Inc $136.7M
- Axalta Coating Sys Ltd $43.6M
- Pershing Square Inc $12.9M
Exited
- Willis Towers Watson Plc Ltd was $259.6M
- Vaxcyte Inc was $46.5M
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|
| AMZNAmazon Com Inc | $892.3M | $649.5M | $489.7M | — |
| GOOGLAlphabet Inc | $484.7M | $338.8M | $341.2M | $452.6M |
| VVisa Inc | $240.6M | $212.0M | — | — |
Earlier filings
Q1 2026 · 22 positions · $5.12B · filed 2026-05-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | AMZNAmazon.com, Inc.★ | COM | $649.5M | 3.1M | 12.7% | ADD |
| 2 | Restaurant Brands Intl Inc | COM | $597.2M | 8.1M | 11.7% | HOLD |
| 3 | Wesco Intl Inc | COM | $393.2M | 1.4M | 7.7% | ADD |
| 4 | Union Pac Corp | COM | $373.9M | 1.5M | 7.3% | TRIM |
| 5 | Elevance Health Inc Formerly | COM | $373.3M | 1.3M | 7.3% | ADD |
| 6 | GOOGLAlphabet Inc.★ | CAP STK CL C | $338.8M | 1.2M | 6.6% | ADD |
| 7 | Ferguson Enterprises Inc | COMMON STOCK NEW | $336.5M | 1.4M | 6.6% | ADD |
| 8 | Willis Towers Watson Plc Ltd | SHS | $259.6M | 893K | 5.1% | TRIM |
| 9 | Aon Plc | SHS CL A | $248.2M | 769K | 4.9% | NEW |
| 10 | VVisa Inc.★ | COM CL A | $212.0M | 701K | 4.1% | NEW |
| 11 | Teleflex Incorporated | COM | $190.8M | 1.6M | 3.7% | NEW |
| 12 | Eagle Matls Inc | COM | $169.1M | 893K | 3.3% | TRIM |
| 13 | Genuine Parts Co | COM | $157.6M | 1.5M | 3.1% | ADD |
| 14 | Liberty Global Ltd | COM CL C | $157.2M | 13.4M | 3.1% | TRIM |
| 15 | Herbalife Ltd | COM SHS | $136.3M | 9.3M | 2.7% | HOLD |
| 16 | Gds Hldgs Ltd | SPONSORED ADS | $122.7M | 3.0M | 2.4% | HOLD |
| 17 | Americold Realty Trust Inc | COM | $89.2M | 7.8M | 1.7% | ADD |
| 18 | Molina Healthcare Inc | COM | $84.5M | 634K | 1.7% | ADD |
| 19 | Grupo Aeromexico Sab De Cv | SPONSORED ADS | $68.4M | 4.9M | 1.3% | ADD |
| 20 | Norwegian Cruise Line Hldgs | SHS | $67.9M | 3.6M | 1.3% | NEW |
| 21 | Vaxcyte Inc | COM | $46.5M | 800K | 0.9% | NEW |
| 22 | Dnow Inc | COM | $43.2M | 3.6M | 0.8% | NEW |
Q4 2025 · 22 positions · $5.28B · filed 2026-02-13
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Restaurant Brands Intl Inc | COM | $551.3M | 8.1M | 10.4% | TRIM |
| 2 | AMZNAmazon.com, Inc.★ | COM | $489.7M | 2.1M | 9.3% | NEW |
| 3 | Willis Towers Watson Plc Ltd | SHS | $446.1M | 1.4M | 8.5% | ADD |
| 4 | Elevance Health Inc Formerly | COM | $445.0M | 1.3M | 8.4% | TRIM |
| 5 | Union Pac Corp | COM | $376.4M | 1.6M | 7.1% | ADD |
| 6 | Wesco Intl Inc | COM | $347.1M | 1.4M | 6.6% | TRIM |
| 7 | GOOGLAlphabet Inc.★ | CAP STK CL C | $341.2M | 1.1M | 6.5% | TRIM |
| 8 | Fidelity Natl Information Sv | COM | $299.3M | 4.5M | 5.7% | ADD |
| 9 | Dollar Gen Corp New | COM | $273.9M | 2.1M | 5.2% | TRIM |
| 10 | Ferguson Enterprises Inc | COMMON STOCK NEW | $253.1M | 1.1M | 4.8% | TRIM |
| 11 | Eagle Matls Inc | COM | $245.0M | 1.2M | 4.6% | ADD |
| 12 | Liberty Global Ltd | COM CL C | $230.6M | 20.9M | 4.4% | TRIM |
| 13 | Genuine Parts Co | COM | $182.7M | 1.5M | 3.5% | ADD |
| 14 | Fiserv Inc | COM | $147.8M | 2.2M | 2.8% | ADD |
| 15 | Crh Plc | ORD | $133.9M | 1.1M | 2.5% | TRIM |
| 16 | Herbalife Ltd | COM SHS | $119.4M | 9.3M | 2.3% | ADD |
| 17 | Molina Healthcare Inc | COM | $108.5M | 625K | 2.1% | NEW |
| 18 | Grupo Aeromexico Sab De Cv | SPONSORED ADS | $106.6M | 4.9M | 2.0% | NEW |
| 19 | Gds Hldgs Ltd | SPONSORED ADS | $106.3M | 3.0M | 2.0% | TRIM |
| 20 | Americold Realty Trust Inc | COM | $44.7M | 3.5M | 0.8% | TRIM |
| 21 | Liberty Global Ltd | COM CL A | $23.2M | 2.1M | 0.4% | TRIM |
| 22 | Tamboran Res Corp | COM | $7.0M | 257K | 0.1% | TRIM |
Q3 2025 · 22 positions · $4.79B · filed 2025-11-13
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Restaurant Brands Intl Inc | COM | $529.3M | 8.3M | 11.0% | |
| 2 | GOOGLAlphabet Inc.★ | CAP STK CL C | $452.6M | 1.9M | 9.4% | |
| 3 | Elevance Health Inc Formerly | COM | $426.2M | 1.3M | 8.9% | |
| 4 | Crh Plc | ORD | $405.7M | 3.4M | 8.5% | |
| 5 | Willis Towers Watson Plc Ltd | SHS | $376.2M | 1.1M | 7.9% | |
| 6 | Union Pac Corp | COM | $353.7M | 1.5M | 7.4% | |
| 7 | Wesco Intl Inc | COM | $317.9M | 1.5M | 6.6% | |
| 8 | Dollar Gen Corp New | COM | $275.6M | 2.7M | 5.8% | |
| 9 | Ferguson Enterprises Inc | COMMON STOCK NEW | $259.5M | 1.2M | 5.4% | |
| 10 | Liberty Global Ltd | COM CL C | $254.5M | 21.7M | 5.3% | |
| 11 | Fidelity Natl Information Sv | COM | $249.9M | 3.8M | 5.2% | |
| 12 | Eagle Matls Inc | COM | $219.0M | 940K | 4.6% | |
| 13 | Genuine Parts Co | COM | $193.3M | 1.4M | 4.0% | |
| 14 | Gds Hldgs Ltd | SPONSORED ADS | $125.8M | 3.2M | 2.6% | |
| 15 | Fiserv Inc | COM | $115.4M | 895K | 2.4% | |
| 16 | Herbalife Ltd | COM SHS | $65.5M | 7.8M | 1.4% | |
| 17 | Liberty Global Ltd | COM CL A | $58.2M | 5.1M | 1.2% | |
| 18 | Americold Realty Trust Inc | COM | $44.1M | 3.6M | 0.9% | |
| 19 | Pagseguro Digital Ltd | COM CL A | $25.0M | 2.5M | 0.5% | |
| 20 | Herbalife Ltd | NOTE 4.250% 6/1 | $15.8M | 17.1M prn | 0.3% | |
| 21 | Tamboran Res Corp | COM | $15.6M | 571K | 0.3% | |
| 22 | Cable One Inc | NOTE 1.125% 3/1 | $12.1M | 14.1M prn | 0.3% |