Great investors · Seth Klarman · Q1 2026
What Seth Klarman bought and sold in Q1 2026
Baupost Group 13F portfolio as of Mar 31, 2026: 22 positions worth $5.1 bn. Largest: AMZN, QSR, WCC, UNP. Filed with the SEC on May 14, 2026.
The 13F is filed by Baupost Group, not by Seth Klarman personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2026
- NewAonAON+4.7 pp
- NewVisaV+4.0 pp
- IncreasedAmazon.comAMZN+3.9 pp
- NewTeleflexTFX+3.6 pp
- IncreasedFerguson EnterprisesFERG+1.3 pp
- NewNorwegian Cruise Line HoldingsNCLH+1.3 pp
- IncreasedAmericold Realty TrustCOLD+0.9 pp
- NewVaxcytePCVX+0.9 pp
- NewDNOWDNOW+0.8 pp
- IncreasedAlphabetGOOG+0.5 pp
Sells in Q1 2026
- Sold outFidelity National Information ServicesFIS−5.7 pp
- Sold outDollar GeneralDG−5.2 pp
- Sold outFiservFISV−2.8 pp
- ReducedWillis Towers WatsonWTW−2.6 pp
- Sold outCRH publicCRH−2.5 pp
- ReducedLiberty GlobalLBTYK−1.7 pp
- ReducedEagle MaterialsEXP−1.0 pp
17 companies with material moves, out of 22 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Baupost Group's Q1 2026 13F lists 22 lines of US-listed securities worth $5.1 bn; the largest is AMZN at 12.7% of the portfolio. It was accepted by the SEC on May 14, 2026 at 4:15 PM ET.
Against the previous quarter, it opened 6 positions (AON, V, TFX and NCLH and 2 more), closed 6 (FIS, DG, FISV and CRH and 2 more), added to 6 (AMZN, COLD, FERG and GOOG and 2 more) and trimmed 4 (WTW, LBTYK, EXP and UNP). 6 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Amazon.com AMZN | 3.1 M | $650M | 12.7% | +47% |
| 2 | Restaurant Brands International QSR | 8.1 M | $597M | 11.7% | no change |
| 3 | WESCO International WCC | 1.4 M | $393M | 7.69% | +1.3% |
| 4 | Union Pacific UNP | 1.5 M | $374M | 7.31% | −5.3% |
| 5 | Elevance Health ELV | 1.3 M | $373M | 7.30% | no change |
| 6 | Alphabet GOOG | 1.2 M | $339M | 6.62% | +8.6% |
| 7 | Ferguson Enterprises FERG | 1.4 M | $336M | 6.58% | +27% |
| 8 | Willis Towers Watson WTW | 893,126 | $260M | 5.08% | −34% |
| 9 | Aon AON | 769,000 | $248M | 4.85% | new |
| 10 | Visa V | 701,355 | $212M | 4.14% | new |
| 11 | Teleflex TFX | 1.6 M | $191M | 3.73% | new |
| 12 | Eagle Materials EXP | 892,763 | $169M | 3.31% | −25% |
| 13 | Genuine Parts GPC | 1.5 M | $158M | 3.08% | no change |
| 14 | Liberty Global LBTYK | 13.4 M | $157M | 3.07% | −36% |
| 15 | Herbalife HLF | 9.3 M | $136M | 2.66% | no change |
| 16 | GDS Holdings GDS | 3.0 M | $123M | 2.40% | no change |
| 17 | Americold Realty Trust COLD | 7.8 M | $89.2M | 1.74% | +124% |
| 18 | Molina Healthcare MOH | 633,609 | $84.5M | 1.65% | +1.4% |
| 19 | Grupo Aeromexico, S.A.B. de C.V. AERO | 4.9 M | $68.4M | 1.34% | no change |
| 20 | Norwegian Cruise Line Holdings NCLH | 3.6 M | $67.9M | 1.33% | new |
| 21 | Vaxcyte PCVX | 800,000 | $46.5M | 0.91% | new |
| 22 | DNOW DNOW | 3.6 M | $43.2M | 0.84% | new |
Positions it closed (6)
- Fidelity National Information Services FISwas 5.67% · 4.5 M shares
- Dollar General DGwas 5.19% · 2.1 M shares
- Fiserv FISVwas 2.80% · 2.2 M shares
- CRH public CRHwas 2.54% · 1.1 M shares
- Liberty Global LBTYAwas 0.44% · 2.1 M shares
- Tamboran Resources TBNwas 0.13% · 257,226 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Baupost Group's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.