Seth Klarman
Baupost Group
Seth Klarman (Baupost Group) discloses a $5.12B portfolio across 22 US-listed positions in the latest 13F filing (2026Q1, filed May 14, 2026). The largest holding is AMZN at 12.7% of the book. The biggest move of the quarter: added 47% to the AMZN share count (position now $650M). Latticework's clone backtest puts this 13F book at -11.2%/yr vs SPY over 12.0 years.
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.
2026Q1 brief
Baupost's $5.1B book underwent one of its more active quarters, with Klarman adding six new positions while exiting six — a notable turnover rate for a famously patient operator. The additions are eclectic but value-signal-rich: AON (4.9%) and V (4.1%) arrive just as Buffett exits both, a direct contrarian counter-positioning worth watching; TFX (3.7%), a beaten-down med-tech name, fits Baupost's distressed-quality playbook. On the exit side, the simultaneous disposal of FIS (was 5.7%), FISV (2.8%), and payment/fintech adjacent names suggests Klarman has grown skeptical of legacy financial technology re-rating stories. AMZN was meaningfully added (+47%, now 12.7% — the top holding), and FERG grew to 6.6% (+27%), reinforcing a quiet conviction in industrial distribution. COLD nearly doubled (+124%) to 1.7%, a niche infrastructure/logistics REIT bet. Watch whether ELV (7.3%) — the sole managed-care name in the book — is trimmed or exited next quarter given sector-wide regulatory pressure.
AI-generated. Not investment advice.
In the news
all news →- Seth Klarman Stock Portfolio: 10 Best Stocks to BuyInsider Monkey ·
- Klarman's Baupost adds Aon, exits CRH, boosts Amazon, among top Q1 tradesMSN ·
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Holdings (22) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | AMZN | 12.7% | $650M | |||
| 2 | QSR | 11.7% | $597M | |||
| 3 | WCC | 7.7% | $393M | |||
| 4 | UNP | 7.3% | $374M | |||
| 5 | ELV | 7.3% | $373M | |||
| 6 | GOOG | 6.6% | $339M | |||
| 7 | FERG | 6.6% | $336M | |||
| 8 | WTW | 5.1% | $260M | |||
| 9 | AON | 4.9% | $248M | |||
| 10 | V | 4.1% | $212M | |||
| 11 | TFX | 3.7% | $191M | |||
| 12 | EXP | 3.3% | $169M | |||
| 13 | GPC | 3.1% | $158M | |||
| 14 | LBTYA | 3.1% | $157M | |||
| 15 | HLF | 2.7% | $136M | |||
| 16 | GDS | 2.4% | $123M | |||
| 17 | COLD | 1.7% | $89M | |||
| 18 | MOH | 1.7% | $84M | |||
| 19 | AERO | 1.3% | $68M | |||
| 20 | NCLH | 1.3% | $68M | |||
| 21 | PCVX | 0.9% | $46M | |||
| 22 | DNOW | 0.8% | $43M |
- 1AMZNport12.7%val$650MAmazon.com Incthis Q +47%·6q
- 2QSRport11.7%val$597MRestaurant Brands Internthis Q hold·7q
- 3WCCport7.7%val$393MWesco International Incthis Q hold·9q
- 4UNPport7.3%val$374MUnion Pacific Corpthis Q hold·4q
- 5ELVport7.3%val$373MElevance Health Incthis Q hold·5q
- 6GOOGport6.6%val$339MAlphabet Inc-cl Cthis Q hold·25q
- 7FERGport6.6%val$336MFerguson Enterprises Incthis Q +27%·6q
- 8WTWport5.1%val$260MWillis Towers Watson Plc Ltdthis Q -34%·21q
- 9AONport4.9%val$248MAon Plcthis Q New·—1q
- 10Vport4.1%val$212MVisa Inc-class A Sharesthis Q New·—1q
- 11TFXport3.7%val$191MTeleflex Incthis Q New·—1q
- 12EXPport3.3%val$169MEagle Materials Incthis Q -25%·9q
- 13GPCport3.1%val$158MGenuine Parts COthis Q hold·4q
- 14LBTYAport3.1%val$157MLiberty Global Ltdthis Q -36%·10q
- 15HLFport2.7%val$136MHerbalife Ltdthis Q hold·14q
- 16GDSport2.4%val$123MGds Holdings Ltd - Adrthis Q hold·9q
- 17COLDport1.7%val$89MAmericold Realty Trust Incthis Q +124%·3q
- 18MOHport1.7%val$84MMolina Healthcare Incthis Q hold·2q
- 19AEROport1.3%val$68MGrupo Aeromexico Sab DE CVthis Q hold·2q
- 20NCLHport1.3%val$68MNorwegian Cruise Line Hldgsthis Q New·—1q
- 21PCVXport0.9%val$46MVaxcyte Incthis Q New·—1q
- 22DNOWport0.8%val$43MDnow Incthis Q New·—1q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| AMZN | Amazon.com Inc | ADD | 12.7% | +47% | $650M |
| WTW | Willis Towers Watson Plc Ltd | TRIM | 5.1% | -34% | $260M |
| FERG | Ferguson Enterprises Inc | ADD | 6.6% | +27% | $336M |
| FIS | Fidelity National Info Serv | EXIT | 5.7% | -100% | $0 |
| DG | Dollar General Corp | EXIT | 5.2% | -100% | $0 |
| AON | Aon Plc | NEW | 4.9% | +100% | $248M |
| EXP | Eagle Materials Inc | TRIM | 3.3% | -25% | $169M |
| LBTYA | Liberty Global Ltd | TRIM | 3.1% | -36% | $157M |
| V | Visa Inc-class A Shares | NEW | 4.1% | +100% | $212M |
| TFX | Teleflex Inc | NEW | 3.7% | +100% | $191M |
| FISV | Fiserv Inc | EXIT | 2.8% | -100% | $0 |
| CRH | Crh Plc | EXIT | 2.5% | -100% | $0 |
| COLD | Americold Realty Trust Inc | ADD | 1.7% | +124% | $89M |
| NCLH | Norwegian Cruise Line Hldgs | NEW | 1.3% | +100% | $68M |
| PCVX | Vaxcyte Inc | NEW | 0.9% | +100% | $46M |
| DNOW | Dnow Inc | NEW | 0.8% | +100% | $43M |
| G61188101 | Liberty Global Ltd | EXIT | 0.4% | -100% | $0 |
| TBN | Tamboran Resources Corp | EXIT | 0.1% | -100% | $0 |
- ADDAMZN12.7%Amazon.com IncΔ +47%·$650M
- TRIMWTW5.1%Willis Towers Watson Plc LtdΔ -34%·$260M
- ADDFERG6.6%Ferguson Enterprises IncΔ +27%·$336M
- EXITFIS5.7%Fidelity National Info ServΔ -100%·$0
- EXITDG5.2%Dollar General CorpΔ -100%·$0
- NEWAON4.9%Aon PlcΔ +100%·$248M
- TRIMEXP3.3%Eagle Materials IncΔ -25%·$169M
- TRIMLBTYA3.1%Liberty Global LtdΔ -36%·$157M
- NEWV4.1%Visa Inc-class A SharesΔ +100%·$212M
- NEWTFX3.7%Teleflex IncΔ +100%·$191M
- EXITFISV2.8%Fiserv IncΔ -100%·$0
- EXITCRH2.5%Crh PlcΔ -100%·$0
- ADDCOLD1.7%Americold Realty Trust IncΔ +124%·$89M
- NEWNCLH1.3%Norwegian Cruise Line HldgsΔ +100%·$68M
- NEWPCVX0.9%Vaxcyte IncΔ +100%·$46M
- NEWDNOW0.8%Dnow IncΔ +100%·$43M
- EXITG611881010.4%Liberty Global LtdΔ -100%·$0
- EXITTBN0.1%Tamboran Resources CorpΔ -100%·$0
Frequently asked questions
- What stocks does Seth Klarman own?
- As of 2026Q1, Seth Klarman's 13F discloses 22 positions worth $5.12B. The top five holdings: AMZN (12.7%), QSR (11.7%), WCC (7.7%), UNP (7.3%), ELV (7.3%). 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 2026Q1, the filing shows 6 new positions and 3 additions to existing holdings. The largest positions touched by buying: AMZN, FERG, AON, V, TFX.
- How big is Seth Klarman's portfolio?
- $5.12B across 22 positions per the latest 13F (filed May 14, 2026). The top five holdings account for 47% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001061768). Not investment advice.