Great investors · Seth Klarman
Seth Klarman portfolio · Q2 2026
Seth Klarman, head of Baupost Group. This is the stock portfolio Baupost Group reported to the SEC (Form 13F) as of Jun 30, 2026, filed on Aug 13, 2026.
The 13F is filed by the firm, not the person: when this page says what Seth Klarman “owns” or “bought”, it means the positions of Baupost Group as a whole.
Next 13F: Q3 2026 usually filed ~Nov 13, 2026; deadline Nov 16, 2026. See the quarter page →
What stocks does Seth Klarman own?
The largest positions of Baupost Group in Q2 2026 are AMZN, ELV, QSR, GOOG, FERG.
- 1Amazon.comAMZNIncreased16.5%Since Q4 2025 · 3 quartersIt bought in 3 quarters. Quarter-end prices of those quarters per 13F: $208.27 to $238.34.
- 2Elevance HealthELV9.1%Since Q1 2025 · 6 quartersIt bought in 3 quarters. Quarter-end prices of those quarters per 13F: $323.12 to $434.96.
- 3Restaurant Brands InternationalQSRReduced9.0%Since Q3 2024 · 8 quartersIt bought in 5 quarters. Quarter-end prices of those quarters per 13F: $64.14 to $72.14.
- 4AlphabetGOOGIncreased9.0%Since Q1 2020 · 26 quartersIt bought in 10 quarters. Quarter-end prices of those quarters per 13F: $58.14 to $353.33.
- 5Ferguson EnterprisesFERG6.4%Since Q4 2024 · 7 quartersIt bought in 3 quarters. Quarter-end prices of those quarters per 13F: $173.57 to $233.26.
- 6Genuine PartsGPCIncreased6.1%Since Q3 2025 · 4 quartersIt bought in 3 quarters. Quarter-end prices of those quarters per 13F: $117.98 to $138.60.
- 7Union PacificUNPReduced6.0%Since Q3 2025 · 4 quartersIt bought in 2 quarters. Quarter-end prices of those quarters per 13F: $231.32 to $236.37.
- 8VisaV4.4%Since Q1 2026 · 2 quartersIt bought in 1 quarter. Quarter-end price of that quarter per 13F: $302.24.
- 9WESCO InternationalWCCReduced4.2%Since Q1 2024 · 10 quartersIt bought in 7 quarters. Quarter-end prices of those quarters per 13F: $155.30 to $273.62.
- 10AonAONReduced4.2%Since Q1 2026 · 2 quartersIt bought in 1 quarter. Quarter-end price of that quarter per 13F: $322.78.
“Since”: first quarter of the current run, unbroken until today. Prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
What did Seth Klarman buy in Q2 2026?
- IncreasedGenuine PartsGPC+89% shares · 6.1% of portfolio
- IncreasedAmazon.comAMZN+20% shares · 16.5% of portfolio
- NewCME GroupCME2.5% of portfolio
- IncreasedNorwegian Cruise Line HoldingsNCLH+113% shares · 3.0% of portfolio
- IncreasedAlphabetGOOG+16% shares · 9.0% of portfolio
- NewAxalta Coating SystemsAXTA0.8% of portfolio
- IncreasedGDS HoldingsGDS+24% shares · 2.1% of portfolio
What did Seth Klarman sell in Q2 2026?
- ReducedWESCO InternationalWCC−54% shares · 4.2% of portfolio
- Sold outWillis Towers WatsonWTWwas 5.1%
- ReducedUnion PacificUNP−23% shares · 6.0% of portfolio
- ReducedRestaurant Brands InternationalQSR−16% shares · 9.0% of portfolio
- ReducedEagle MaterialsEXP−41% shares · 2.2% of portfolio
- ReducedLiberty GlobalLBTYK−36% shares · 1.7% of portfolio
- Sold outVaxcytePCVXwas 0.9%
- ReducedAonAON−11% shares · 4.2% of portfolio
7 positions opened or added to and 11 trimmed or closed, against the previous quarter's 13F. Each is measured the same way across the page: how much the share count changed and its weight in the portfolio today (share classes of the same company added together). The 13F has 18 positions with a change, 14 of them material (0.5 points of the portfolio or more). All full exits are listed, even those that moved less than 0.5 points of the portfolio.
How its portfolio changed (8 quarters)
Q2 2026: 23
Q2 2026: 75%
Q2 2026: 15.3%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Source: SEC 13F filings show the portfolio at quarter end and are filed up to 45 days later: positions may have changed. They only cover U.S.-listed stocks and some others; no short positions or cash. Not investment advice.