# Seth Klarman — Baupost Group Portfolio USD 5,415,853,000 · 23 positions · 2026 Q2 · history from 2008 Q1. Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/BAUPOST ## Positions (2026 Q2) | Ticker | Company | % of portfolio | Value | This quarter | Holders | |---|---|---:|---:|---|---:| | AMZN | Amazon.com Inc. | 17% | USD 892,310,000 | +20.04% | | | ELV | Elevance Health Inc. | 9.1% | USD 493,140,000 | hold | | | QSR | Restaurant Brands International | 9.0% | USD 489,612,000 | -16.42% | | | GOOG | Alphabet Inc. CL C | 9.0% | USD 484,744,000 | +16.15% | | | FERG | Ferguson Enterprises Inc. | 6.4% | USD 344,269,000 | +0.57% | | | GPC | Genuine Parts | 6.1% | USD 332,253,000 | +88.96% | | | UNP | Union Pacific | 6.0% | USD 322,427,000 | -23.08% | | | V | Visa Inc. | 4.4% | USD 240,628,000 | hold | | | WCC | WESCO International Inc. | 4.2% | USD 228,979,000 | -53.87% | | | AON | Aon Plc | 4.2% | USD 227,871,000 | -10.66% | | | TFX | Teleflex | 3.3% | USD 178,605,000 | -11.66% | | | NCLH | Norwegian Cruise Line Hlgs Ltd. | 3.0% | USD 163,180,000 | +112.95% | | | MOH | Molina Healthcare Inc. | 2.7% | USD 144,906,000 | hold | | | CME | CME Group | 2.5% | USD 136,694,000 | new | | | HLF | Herbalife Nutrition Ltd. | 2.3% | USD 121,767,000 | hold | | | EXP | Eagle Materials Inc. | 2.2% | USD 119,422,000 | -40.55% | | | GDS | GDS Holdings Ltd | 2.1% | USD 113,208,000 | +23.81% | | | COLD | Americold Realty Trust | 2.0% | USD 107,371,000 | -12.22% | | | LBTYK | Liberty Global Ltd CL C | 1.7% | USD 93,975,000 | -36.23% | | | AERO | Grupo Aeromexico Sab De Cv | 1.6% | USD 87,843,000 | hold | | | AXTA | Axalta Coating Systems Ltd. | 0.8% | USD 43,608,000 | new | | | DNOW | NOW Inc. | 0.7% | USD 36,160,000 | -23.09% | | | PS | Pershing Square Inc. | 0.2% | USD 12,881,000 | new | | ## Moves this quarter (20) - AMZN Amazon.com Inc.: +20.04% (USD 892,310,000) - QSR Restaurant Brands International: -16.42% (USD 489,612,000) - GOOG Alphabet Inc. CL C: +16.15% (USD 484,744,000) - FERG Ferguson Enterprises Inc.: +0.57% (USD 344,269,000) - GPC Genuine Parts: +88.96% (USD 332,253,000) - UNP Union Pacific: -23.08% (USD 322,427,000) - WTW Willis Towers Watson plc: sold (USD 259,631,728) - WCC WESCO International Inc.: -53.87% (USD 228,979,000) - AON Aon Plc: -10.66% (USD 227,871,000) - TFX Teleflex: -11.66% (USD 178,605,000) - NCLH Norwegian Cruise Line Hlgs Ltd.: +112.95% (USD 163,180,000) - CME CME Group: new (USD 136,694,000) - EXP Eagle Materials Inc.: -40.55% (USD 119,422,000) - GDS GDS Holdings Ltd: +23.81% (USD 113,208,000) - COLD Americold Realty Trust: -12.22% (USD 107,371,000) - LBTYK Liberty Global Ltd CL C: -36.23% (USD 93,975,000) - PCVX Vaxcyte Inc.: sold (USD 46,488,000) - AXTA Axalta Coating Systems Ltd.: new (USD 43,608,000) - DNOW NOW Inc.: -23.09% (USD 36,160,000) - PS Pershing Square Inc.: new (USD 12,881,000) ## Portfolio value by quarter - 2008 Q1: USD 1,636,232,293 (2 positions) - 2008 Q2: USD 1,981,543,423 (3 positions) - 2008 Q3: USD 1,633,898,095 (3 positions) - 2008 Q4: USD 1,108,251,715 (2 positions) - 2009 Q1: USD 1,009,935,536 (2 positions) - 2009 Q2: USD 1,033,882,506 (2 positions) - 2009 Q3: USD 1,132,998,741 (2 positions) - 2009 Q4: USD 1,354,484,652 (2 positions) - 2010 Q1: USD 1,635,075,420 (2 positions) - 2010 Q2: USD 1,333,271,046 (2 positions) - 2010 Q3: USD 1,606,757,589 (2 positions) - 2010 Q4: USD 1,678,176,358 (2 positions) - 2011 Q1: USD 1,710,044,086 (2 positions) - 2011 Q2: USD 2,353,611,495 (2 positions) - 2011 Q3: USD 2,966,404,521 (4 positions) - 2011 Q4: USD 3,281,208,541 (4 positions) - 2012 Q1: USD 2,904,772,282 (4 positions) - 2012 Q2: USD 3,782,642,136 (4 positions) - 2012 Q3: USD 3,256,124,027 (4 positions) - 2012 Q4: USD 2,988,261,362 (3 positions) - 2013 Q1: USD 2,934,517,433 (3 positions) - 2013 Q2: USD 3,841,840,688 (5 positions) - 2013 Q3: USD 3,397,929,135 (6 positions) - 2013 Q4: USD 3,448,197,929 (8 positions) - 2014 Q1: USD 4,057,171,624 (9 positions) - 2014 Q2: USD 6,044,670,185 (11 positions) - 2014 Q3: USD 5,589,097,635 (13 positions) - 2014 Q4: USD 4,948,684,900 (16 positions) - 2015 Q1: USD 5,807,199,996 (18 positions) - 2015 Q2: USD 5,920,762,700 (20 positions) - 2015 Q3: USD 5,942,070,577 (26 positions) - 2015 Q4: USD 5,447,535,156 (24 positions) - 2016 Q1: USD 6,864,422,596 (25 positions) - 2016 Q2: USD 7,328,142,976 (33 positions) - 2016 Q3: USD 6,994,070,311 (43 positions) - 2016 Q4: USD 7,596,603,893 (42 positions) - 2017 Q1: USD 8,433,043,233 (41 positions) - 2017 Q2: USD 8,696,942,130 (39 positions) - 2017 Q3: USD 7,986,067,280 (36 positions) - 2017 Q4: USD 10,081,158,270 (33 positions) - 2018 Q1: USD 10,290,175,277 (31 positions) - 2018 Q2: USD 11,103,179,899 (31 positions) - 2018 Q3: USD 12,714,878,050 (36 positions) - 2018 Q4: USD 11,128,197,096 (35 positions) - 2019 Q1: USD 11,542,654,565 (33 positions) - 2019 Q2: USD 10,728,202,565 (30 positions) - 2019 Q3: USD 8,498,440,735 (30 positions) - 2019 Q4: USD 8,603,295,103 (29 positions) - 2020 Q1: USD 6,745,723,642 (32 positions) - 2020 Q2: USD 7,983,390,242 (30 positions) - 2020 Q3: USD 9,224,292,301 (36 positions) - 2020 Q4: USD 10,805,526,734 (44 positions) - 2021 Q1: USD 12,529,712,375 (58 positions) - 2021 Q2: USD 12,299,115,026 (58 positions) - 2021 Q3: USD 10,638,574,723 (55 positions) - 2021 Q4: USD 9,884,923,637 (52 positions) - 2022 Q1: USD 9,062,604,598 (53 positions) - 2022 Q2: USD 6,534,905,116 (50 positions) - 2022 Q3: USD 5,611,869,844 (44 positions) - 2022 Q4: USD 5,890,745,732 (31 positions) - 2023 Q1: USD 5,594,170,859 (29 positions) - 2023 Q2: USD 5,530,716,773 (28 positions) - 2023 Q3: USD 5,142,447,640 (31 positions) - 2023 Q4: USD 4,585,038,081 (23 positions) - 2024 Q1: USD 3,548,224,773 (21 positions) - 2024 Q2: USD 3,530,126,548 (23 positions) - 2024 Q3: USD 3,503,743,622 (20 positions) - 2024 Q4: USD 3,421,078,955 (21 positions) - 2025 Q1: USD 3,480,880,941 (22 positions) - 2025 Q2: USD 4,114,010,168 (22 positions) - 2025 Q3: USD 4,762,427,585 (20 positions) - 2025 Q4: USD 5,278,572,183 (22 positions) - 2026 Q1: USD 5,115,372,767 (22 positions) - 2026 Q2: USD 5,415,853,000 (23 positions)