Great investors · Seth Klarman · Q2 2026
What Seth Klarman bought and sold in Q2 2026
Baupost Group 13F portfolio as of Jun 30, 2026: 23 positions worth $5.4 bn. Largest: AMZN, ELV, QSR, GOOG. Filed with the SEC on Aug 13, 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 Q2 2026
- IncreasedGenuine PartsGPC+2.9 pp
- IncreasedAmazon.comAMZN+2.8 pp
- NewCME GroupCME+2.5 pp
- IncreasedNorwegian Cruise Line HoldingsNCLH+1.6 pp
- IncreasedAlphabetGOOG+1.2 pp
- NewAxalta Coating SystemsAXTA+0.8 pp
Sells in Q2 2026
- ReducedWESCO InternationalWCC−4.9 pp
- Sold outWillis Towers WatsonWTW−4.8 pp
- ReducedUnion PacificUNP−1.8 pp
- ReducedRestaurant Brands InternationalQSR−1.8 pp
- ReducedEagle MaterialsEXP−1.5 pp
- ReducedLiberty GlobalLBTYK−1.0 pp
- Sold outVaxcytePCVX−0.9 pp
- ReducedAonAON−0.5 pp
14 companies with material moves, out of 18 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 Q2 2026 13F lists 23 lines of US-listed securities worth $5.4 bn; the largest is AMZN at 16.5% of the portfolio. It was accepted by the SEC on Aug 13, 2026 at 4:46 PM ET.
Against the previous quarter, it opened 3 positions (CME, AXTA and PS), closed 2 (WTW and PCVX), added to 5 (GPC, NCLH, AMZN and GOOG and 1 more) and trimmed 9 (WCC, QSR, UNP and EXP and 5 more). 6 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Amazon.com AMZN | 3.7 M | $892M | 16.5% | +20% |
| 2 | Elevance Health ELV | 1.3 M | $493M | 9.11% | no change |
| 3 | Restaurant Brands International QSR | 6.8 M | $490M | 9.04% | −16% |
| 4 | Alphabet GOOG | 1.4 M | $485M | 8.95% | +16% |
| 5 | Ferguson Enterprises FERG | 1.5 M | $344M | 6.36% | no change |
| 6 | Genuine Parts GPC | 2.8 M | $332M | 6.13% | +89% |
| 7 | Union Pacific UNP | 1.2 M | $322M | 5.95% | −23% |
| 8 | Visa V | 701,355 | $241M | 4.44% | no change |
| 9 | WESCO International WCC | 662,881 | $229M | 4.23% | −54% |
| 10 | Aon AON | 687,000 | $228M | 4.21% | −11% |
| 11 | Teleflex TFX | 1.4 M | $179M | 3.30% | −12% |
| 12 | Norwegian Cruise Line Holdings NCLH | 7.7 M | $163M | 3.01% | +113% |
| 13 | Molina Healthcare MOH | 633,609 | $145M | 2.68% | no change |
| 14 | CME Group CME | 619,000 | $137M | 2.52% | new |
| 15 | Herbalife HLF | 9.3 M | $122M | 2.25% | no change |
| 16 | Eagle Materials EXP | 530,763 | $119M | 2.21% | −41% |
| 17 | GDS Holdings GDS | 3.8 M | $113M | 2.09% | +24% |
| 18 | Americold Realty Trust COLD | 6.8 M | $107M | 1.98% | −12% |
| 19 | Liberty Global LBTYK | 8.5 M | $94.0M | 1.74% | −36% |
| 20 | Grupo Aeromexico, S.A.B. de C.V. AERO | 4.9 M | $87.8M | 1.62% | no change |
| 21 | Axalta Coating Systems AXTA | 1.3 M | $43.6M | 0.81% | new |
| 22 | DNOW DNOW | 2.8 M | $36.2M | 0.67% | −23% |
| 23 | Pershing Square PS | 392,000 | $12.9M | 0.24% | new |
Positions it closed (2)
- Willis Towers Watson WTWwas 5.08% · 893,126 shares
- Vaxcyte PCVXwas 0.91% · 800,000 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.