Seth Klarman

Baupost's $5.1B portfolio saw sweeping turnover: six exits including FIS (5.7%), DG (5.2%), FISV (2.8%), and CRH (2.5%) cleared nearly 16% of prior AUM, while six new positions were initiated. Notably, AON (4.9%) and V (4.1%) arrive just as Buffett exits both—a contrarian signal worth tracking given Klarman's deep-value instincts. The largest add was AMZN (+47% to 12.7%), now the top holding at ~$650M, consistent with Klarman's increasing comfort with large-cap tech at a discount to intrinsic value. FERG grew to 6.6% (+27%) and COLD nearly doubled to 1.7%, underscoring a quiet infrastructure/distribution theme running through the book alongside WCC (7.7%) and UNP (7.3%). New names TFX (medical devices, 3.7%) and NCL (1.3%) suggest opportunistic dips into healthcare and travel-adjacent cyclicals. The mass exit of fintech/payments (FIS, FISV) after holding through weakness implies a thesis break rather than profit-taking. Watch whether AON and V get sized up materially—if they do, it validates a deliberate insurance/payments re-rating thesis.