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.
History
Seth Klarman and partners start the firm with a value, margin-of-safety philosophy.
Klarman's book becomes a value-investing classic and a collector's item after going out of print.
Klarman, as CEO and portfolio manager, gradually shares responsibility with a next generation of Baupost investors.
2026 Q2 holdings
| # | 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 2026 Q2 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 | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|
| 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 | — | — |