Seth Klarman
Baupost Group
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. The biggest move of the quarter: added 20% to the AMZN share count (position now $892M). Mechanically cloning this 13F returned 3.5%/yr over the past 12.2 years, versus 13.7%/yr for the S&P 500 across that identical 12.2-year window.
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.
Multibaggers Seth Klarman held
Stocks up 5x or more since Seth Klarman first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- MU39.9xMICRON TECHNOLOGY INC10q straight · peak 30.82%
- AMAT30.6xAPPLIED MATERIALS INC1q straight · peak 1.48%
- AMZN13.8xAMAZON.COM INC3q straight · peak 12.7% · still holds
- VIST13.4xVISTA ENERGY SAB DE CV6q straight · peak 0.54%
- GOOG10.6xALPHABET INC-CL C25q straight · peak 12.34% · still holds
- META10.0xMETA PLATFORMS INC-CLASS A12q straight · peak 4.89%
Six biggest of 13. Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Seth Klarman's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
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
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001061768). Not investment advice.