Seth Klarman portfolio & holdings
Baupost Group
Historical clone performance and limitations
Seth Klarman (Baupost Group) discloses a $5.42B portfolio across 23 US-listed positions in the latest 13F filing (2026Q2, filed Aug 13, 2026). The largest holding is AMZN at 16.5% of the book.
A material reported change · Q2 2026
Seth Klarman increased reported AMZN shares by 20.0%.
Holdings as of Jun 30, 2026 · filed Aug 13, 2026. Position at period end: 16.5% of the reported portfolio. The filing does not reveal the trade date, price, or reason.
Latticework Follow
Follow Seth Klarman
Email me only when a reviewed weekly edition contains a material new decision about Seth Klarman: a new position, exit, or a large share-count change that also clears the size threshold. There may be quiet weeks.
Confirm by email. Manage or stop follows in one click. See our privacy notice.
Holdings (23) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | AMZN | 16.5% | $892M | |||
| 2 | ELV | 9.1% | $493M | |||
| 3 | QSR | 9.0% | $490M | |||
| 4 | GOOG | 8.9% | $485M | |||
| 5 | FERG | 6.4% | $344M | |||
| 6 | GPC | 6.1% | $332M | |||
| 7 | UNP | 6.0% | $322M | |||
| 8 | V | 4.4% | $241M | |||
| 9 | WCC | 4.2% | $229M | |||
| 10 | AON | 4.2% | $228M | |||
| 11 | TFX | 3.3% | $179M | |||
| 12 | NCLH | 3.0% | $163M | |||
| 13 | MOH | 2.7% | $145M | |||
| 14 | CME | 2.5% | $137M | |||
| 15 | HLF | 2.2% | $122M | |||
| 16 | EXP | 2.2% | $119M | |||
| 17 | GDS | 2.1% | $113M | |||
| 18 | COLD | 2.0% | $107M | |||
| 19 | LBTYA | 1.7% | $94M | |||
| 20 | AERO | 1.6% | $88M | |||
| 21 | AXTA | 0.8% | $44M | |||
| 22 | DNOW | 0.7% | $36M | |||
| 23 | PS | 0.2% | $13M |
- 1AMZNport16.5%val$892MAmazon.com Incthis Q +20%·7q
- 2ELVport9.1%val$493MElevance Health Incthis Q hold·6q
- 3QSRport9.0%val$490MRestaurant Brands Internthis Q hold·8q
- 4GOOGport8.9%val$485MAlphabet Inc-cl Cthis Q hold·26q
- 5FERGport6.4%val$344MFerguson Enterprises Incthis Q hold·7q
- 6GPCport6.1%val$332MGenuine Parts COthis Q +89%·5q
- 7UNPport6.0%val$322MUnion Pacific Corpthis Q -23%·5q
- 8Vport4.4%val$241MVisa Inc-class A Sharesthis Q hold·2q
- 9WCCport4.2%val$229MWesco International Incthis Q -54%·10q
- 10AONport4.2%val$228MAon Plcthis Q hold·2q
- 11TFXport3.3%val$179MTeleflex Incthis Q hold·2q
- 12NCLHport3.0%val$163MNorwegian Cruise Line Hldgsthis Q +113%·2q
- 13MOHport2.7%val$145MMolina Healthcare Incthis Q hold·3q
- 14CMEport2.5%val$137MCme Group Incthis Q New·—1q
- 15HLFport2.2%val$122MHerbalife Ltdthis Q hold·15q
- 16EXPport2.2%val$119MEagle Materials Incthis Q -41%·10q
- 17GDSport2.1%val$113MGds Holdings Ltd - Adrthis Q +24%·10q
- 18COLDport2.0%val$107MAmericold Realty Trust Incthis Q hold·4q
- 19LBTYAport1.7%val$94MLiberty Global Ltdthis Q -36%·11q
- 20AEROport1.6%val$88MGrupo Aeromexico Sab DE CVthis Q hold·3q
- 21AXTAport0.8%val$44MAxalta Coating Sys Ltdthis Q New·—1q
- 22DNOWport0.7%val$36MDnow Incthis Q -23%·2q
- 23PSport0.2%val$13MPershing Square Incthis Q New·—1q
2026Q2 moves, by size (14)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| AMZN | Amazon.com Inc | ADD | 16.5% | +20% | $892M |
| WCC | Wesco International Inc | TRIM | 4.2% | -54% | $229M |
| UNP | Union Pacific Corp | TRIM | 6.0% | -23% | $322M |
| GPC | Genuine Parts CO | ADD | 6.1% | +89% | $332M |
| WTW | Willis Towers Watson Plc Ltd | EXIT | 5.1% | -100% | $0 |
| EXP | Eagle Materials Inc | TRIM | 2.2% | -41% | $119M |
| LBTYA | Liberty Global Ltd | TRIM | 1.7% | -36% | $94M |
| NCLH | Norwegian Cruise Line Hldgs | ADD | 3.0% | +113% | $163M |
| CME | Cme Group Inc | NEW | 2.5% | +100% | $137M |
| GDS | Gds Holdings Ltd - Adr | ADD | 2.1% | +24% | $113M |
| PCVX | Vaxcyte Inc | EXIT | 0.9% | -100% | $0 |
| DNOW | Dnow Inc | TRIM | 0.7% | -23% | $36M |
| AXTA | Axalta Coating Sys Ltd | NEW | 0.8% | +100% | $44M |
| PS | Pershing Square Inc | NEW | 0.2% | +100% | $13M |
- ADDAMZN16.5%Amazon.com IncΔ +20%·$892M
- TRIMWCC4.2%Wesco International IncΔ -54%·$229M
- TRIMUNP6.0%Union Pacific CorpΔ -23%·$322M
- ADDGPC6.1%Genuine Parts COΔ +89%·$332M
- EXITWTW5.1%Willis Towers Watson Plc LtdΔ -100%·$0
- TRIMEXP2.2%Eagle Materials IncΔ -41%·$119M
- TRIMLBTYA1.7%Liberty Global LtdΔ -36%·$94M
- ADDNCLH3.0%Norwegian Cruise Line HldgsΔ +113%·$163M
- NEWCME2.5%Cme Group IncΔ +100%·$137M
- ADDGDS2.1%Gds Holdings Ltd - AdrΔ +24%·$113M
- EXITPCVX0.9%Vaxcyte IncΔ -100%·$0
- TRIMDNOW0.7%Dnow IncΔ -23%·$36M
- NEWAXTA0.8%Axalta Coating Sys LtdΔ +100%·$44M
- NEWPS0.2%Pershing Square IncΔ +100%·$13M
About Seth Klarman
Seth Klarman runs Baupost Group, a Boston-based private partnership he founded in 1982 that manages roughly $30 billion across public equities, private credit, real estate, and distressed assets — the 13F captures only the U.S. long equity sleeve, which at $5.1B across 22 positions represents a fraction of total AUM. His 1991 book Margin of Safety, long out of print and trading for hundreds of dollars used, remains the canonical text on deep value investing: buy at a significant discount to intrinsic value, size positions with conviction, and treat capital preservation as a first-order objective rather than a constraint. The current 13F shows a concentrated book (top-5 at 47%) spanning large-cap compounders and industrials, which sits somewhat differently from Baupost's historical reputation for distressed and event-driven situations. Readers should weight the 13F accordingly: hedges, foreign positions, private holdings, and fixed-income exposures are invisible here, making clone-based performance attribution structurally unreliable.
2026Q2 brief
Seth Klarman's Baupost Group ran a notably active Q2 2026, with the $5.42B portfolio (23 positions) seeing meaningful reshuffling around a few conviction themes. The most striking moves: GPC nearly doubled (+89%) to 6.1% of the book, NCLH surged +113% to 3.0%, and AMZN was added to by 20% to become the top position at 16.5%—together signaling Klarman is leaning into beaten-down consumer/cyclical names he sees as mispriced. On the other side, the full exit of WTW (which was 5.1% last quarter) and aggressive trim of WCC (−54% to 4.2%) suggest rotation away from insurance services and distribution into more tangible consumer/logistics franchises. New positions in CME (2.5%) and AXTA (0.8%) add an exchange-monopoly and specialty-coatings angle. The portfolio's concentration remains high—top 5 at ~50%—consistent with Baupost's deep-value, high-conviction DNA. Watch whether Klarman continues building NCLH and GPC toward top-five status in Q3, or whether the consumer-cyclical thesis gets tested by macro headwinds.
AI-generated. Not investment advice.
Filing history
Seth Klarman's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 23 | $5.42B |
| Q1 2026 — what changed → | 22 | $5.12B |
| Q4 2025 — what changed → | 22 | $5.28B |
| Q3 2025 — what changed → | 22 | $4.79B |
| Q2 2025 — what changed → | 23 | $4.13B |
| Q1 2025 — what changed → | 23 | $3.50B |
| Q4 2024 holdings | 22 | $3.43B |
| Q3 2024 holdings | 21 | $3.52B |
| Q2 2024 holdings | 24 | $3.63B |
| Q1 2024 holdings | 22 | $3.65B |
| Q4 2023 holdings | 23 | $4.59B |
| Q3 2023 holdings | 32 | $5.21B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Manager evidence
12 material decisions, preserved in sequence.
See what Seth Klarman bought, added, trimmed, or exited across eight quarters—plus disclosure lag, SEC sources, and observed outcomes versus SPY. No guru grade.
Open Seth Klarman's decision evidence →Frequently asked questions
- What stocks does Seth Klarman own?
- As of 2026Q2, Seth Klarman's 13F discloses 23 positions worth $5.42B. The top five holdings: AMZN (16.5%), ELV (9.1%), QSR (9.0%), GOOG (8.9%), FERG (6.4%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Seth Klarman buy this quarter?
- In 2026Q2, the filing shows 3 new positions and 4 additions to existing holdings. The largest positions touched by buying: AMZN, GPC, NCLH, CME, GDS.
- How big is Seth Klarman's portfolio?
- $5.42B across 23 positions per the latest 13F (filed Aug 13, 2026). The top five holdings account for 50% of the disclosed book.
Similar portfolios
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001061768). Not investment advice.