Baupost Group

Managed by Seth Klarman

Portfolio value: $5.12B
Holdings: 22
Top 5 weight: 46.66%
Latest filing: Q1 '26 Mar 31

Portfolio

Reported 13F holdings, largest positions first

22holdings

AMZN 12.7%QSR 11.67%WCC 7.69%UNP 7.31%ELV 7.3%GOOGL 6.62%Other 46.71%

Company% PortfolioSharesValue

AMZNAMAZON COM INC12.7%3,119,000$649.50M QSRRESTAURANT BRANDS INTERNATIONAL INC11.67%8,080,000$597.20M WCCWESCO INTERNATIONAL INC7.69%1,437,000$393.20M UNPUNION PACIFIC CORP7.31%1,541,000$373.90M ELVELEVANCE HEALTH INC7.3%1,275,000$373.30M GOOGLALPHABET INC6.62%1,181,000$338.80M FERGFERGUSON ENTERPRISES INC6.58%1,442,000$336.50M WTWWILLIS TOWERS WATSON PLC5.07%893,000$259.60M AONAON PLC4.85%769,000$248.20M VVISA INC4.14%701,000$212.00M TFXTELEFLEX INC3.73%1,595,000$190.80M EXPEAGLE MATERIALS INC3.31%893,000$169.10M GPCGENUINE PARTS CO3.08%1,490,000$157.60M LBTYALIBERTY GLOBAL LTD3.07%13,397,000$157.20M HLFHERBALIFE LTD2.66%9,260,000$136.30M GDSGDS HOLDINGS LTD2.4%3,045,000$122.70M COLDAMERICOLD REALTY TRUST1.74%7,781,000$89.20M MOHMOLINA HEALTHCARE INC1.65%634,000$84.50M AEROGRUPO AEROMEXICO SAB DE CV1.34%4,880,000$68.40M NCLHNORWEGIAN CRUISE LINE HOLDINGS LTD1.33%3,630,000$67.90M PCVXVAXCYTE INC0.91%800,000$46.50M DNOWDNOW INC0.84%3,625,000$43.20M

From the fund's Q1 '26 13F filingWhat is a 13F?

Activity

Buys and sells, quarter by quarter

Mar 31, 2026 filing - 24 moves · 15 buy-side · 9 sell-side

CompanyChangeValue

AMZNAMAZON COM INC47.1%$649.50M WCCWESCO INTERNATIONAL INC1.3%$393.20M UNPUNION PACIFIC CORP5.3%$373.90M ELVELEVANCE HEALTH INC0.5%$373.30M GOOGLALPHABET INC8.6%$338.80M FERGFERGUSON ENTERPRISES INC26.8%$336.50M FISFIDELITY NATIONAL INFORMATION SERVICES INCSold$299.30M DGDOLLAR GENERAL CORPSold$273.90M WTWWILLIS TOWERS WATSON PLC34.2%$259.60M AONAON PLCNew$248.20M VVISA INCNew$212.00M TFXTELEFLEX INCNew$190.80M EXPEAGLE MATERIALS INC24.6%$169.10M GPCGENUINE PARTS CO0.3%$157.60M LBTYALIBERTY GLOBAL LTD41.7%$157.20M FISVFISERV INCSold$147.80M CRHCRH PUBLIC LTD COSold$133.90M COLDAMERICOLD REALTY TRUST123.8%$89.20M MOHMOLINA HEALTHCARE INC1.4%$84.50M AEROGRUPO AEROMEXICO SAB DE CV0.5%$68.40M NCLHNORWEGIAN CRUISE LINE HOLDINGS LTDNew$67.90M PCVXVAXCYTE INCNew$46.50M DNOWDNOW INCNew$43.20M TBNTAMBORAN RESOURCES CORPSold$7.00M

Changes are share-count changes vs. the prior quarter

About this investor

Baupost Group is Seth Klarman's Boston firm, a value shop that hunts for mispriced securities with a margin of safety and holds cash when nothing qualifies. Klarman is comfortable in distressed debt, special situations and out-of-favor assets, and wrote an influential book on risk-first investing. Patience and capital preservation define the approach.

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