Seth Klarman Baupost Group
Seth Klarman is the founder and CEO of the Baupost Group, one of the most respected value-oriented investment firms. He is the author of Margin of Safety and is known for patient, opportunistic capital allocation across equities, credit, and special situations. Klarman’s approach emphasizes downside protection, cash when opportunities are scarce, and independent thinking when markets become crowded.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CME Group
CME
|
+$171M |
| 2 |
Amazon
AMZN
|
+$157M |
| 3 |
Genuine Parts
GPC
|
+$138M |
| 4 |
Norwegian Cruise Line
NCLH
|
+$76.5M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$68.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
WCC
WESCO International
WCC
|
+$263M |
| 2 |
Willis Towers Watson
WTW
|
+$260M |
| 3 |
Restaurant Brands International
QSR
|
+$101M |
| 4 |
Union Pacific
UNP
|
+$93.4M |
| 5 |
Eagle Materials
EXP
|
+$75.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 34.66% |
| 2 | Industrials | 18.83% |
| 3 | Healthcare | 15.08% |
| 4 | Financials | 11.41% |
| 5 | Communication Services | 10.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Amazon
AMZN
$2.79T
| $892M | 16.48% |
3,743,854
+625,100
| +20% | +$157M |
|
2
Elevance Health
ELV
$86.9B
| $493M | 9.11% |
1,275,154
| – | – |
|
|
3
Restaurant Brands International
QSR
$28.2B
| $490M | 9.04% |
6,753,112
-1,327,000
| -16% | -$101M |
|
|
4
Alphabet (Google) Class C
GOOG
$4.18T
| $485M | 8.95% |
1,371,931
+190,800
| +16% | +$68.2M |
|
5
Ferguson
FERG
$46.9B
| $344M | 6.36% |
1,450,594
+8,183
| +0.6% | +$1.97M |
|
|
6
Genuine Parts
GPC
$18.5B
| $332M | 6.13% |
2,816,178
+1,325,830
| +89% | +$138M |
|
|
7
Union Pacific
UNP
$183B
| $322M | 5.95% |
1,185,395
-355,600
| -23% | -$93.4M |
|
8
Visa
V
$693B
| $241M | 4.44% |
701,355
| – | – |
|
|
WCC
9
WESCO International
WCC
$17B
| $229M | 4.23% |
662,881
-774,000
| -54% | -$263M |
|
10
Aon
AON
$75.3B
| $228M | 4.21% |
687,000
-82,000
| -11% | -$26.5M |
|
11
Teleflex
TFX
$5.88B
| $179M | 3.3% |
1,409,000
-186,000
| -12% | -$23.8M |
|
|
12
Norwegian Cruise Line
NCLH
$7.92B
| $163M | 3.01% |
7,730,000
+4,100,000
| +113% | +$76.5M |
|
13
Molina Healthcare
MOH
$10.5B
| $145M | 2.68% |
633,609
| – | – |
|
|
14
CME Group
CME
$98.9B
| $137M | 2.52% |
+619,000
| New | +$171M |
|
15
Herbalife
HLF
$1.33B
| $122M | 2.25% |
9,259,844
| – | – |
|
|
16
Eagle Materials
EXP
$6.35B
| $119M | 2.21% |
530,763
-362,000
| -41% | -$75.7M |
|
17
GDS Holdings
GDS
$6.58B
| $113M | 2.09% |
3,769,818
+725,000
| +24% | +$28M |
|
18
Americold
COLD
$4.35B
| $107M | 1.98% |
6,830,230
-950,570
| -12% | -$13M |
|
19
Liberty Global Class C
LBTYK
$3.55B
| $94M | 1.74% |
8,543,161
-4,854,086
| -36% | -$56.2M |
|
|
AERO
20
Grupo Aeromexico SAB de CV
AERO
$2B
| $87.8M | 1.62% |
4,880,188
| – | – |
|
21
Axalta
AXTA
$7.75B
| $43.6M | 0.81% |
+1,274,356
| New | +$38.3M |
|
22
DNOW Inc
DNOW
$2.83B
| $36.2M | 0.67% |
2,788,000
-837,000
| -23% | -$10.9M |
|
|
PS
23
Pershing Square
PS
$16B
| $12.9M | 0.24% |
+392,000
| New | +$14.3M |
|
24
Vaxcyte
PCVX
$9.32B
| – | – |
-800,000
| Closed | -$46.5M |
|
|
25
Willis Towers Watson
WTW
$31.8B
| – | – |
-893,126
| Closed | -$260M |
|
Similar funds
Seth Klarman's Q2 2026 Portfolio in Review
As of Q2 2026, Seth Klarman held 25 positions worth $5.42B, up 5.9% from $5.12B the previous quarter. Its ten largest holdings account for 75% of the portfolio.
Seth Klarman withdrew a net $275M in Q2 2026, closing 2 positions and reducing 9 holdings. Its most notable exit was Willis Towers Watson, an estimated $260M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 35% of assets, up from 29% a quarter earlier, followed by Industrials and Healthcare.
Against the trend, Seth Klarman opened a new position in CME Group worth $137M.
- Seth Klarman's largest Q2 2026 buy was CME Group: 619,000 shares worth $137M.
- Seth Klarman added most to Amazon in Q2 2026, an estimated $157M increase.
- Seth Klarman's biggest Q2 2026 reduction was WESCO International, cutting an estimated $263M.
- Seth Klarman fully exited Willis Towers Watson in Q2 2026, selling an estimated $260M.
- Seth Klarman's ten largest holdings make up 75% of its $5.42B portfolio in Q2 2026.
- Seth Klarman opened 3 new positions and closed 2 in Q2 2026.
- Seth Klarman's portfolio value rose 5.9% quarter-over-quarter to $5.42B.
Based on Baupost Group's 13F filing for Q2 2026, filed 13 Aug 2026.