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 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Amazon
AMZN
$2.7T
| $892M | 16.48% |
3,743,854
+625,100
| +20% | +$157M |
2025 Q4
2 quarters
|
|
2
Elevance Health
ELV
$92.9B
| $493M | 9.11% |
1,275,154
| – | – |
2025 Q1
5 quarters
|
|
|
3
Restaurant Brands International
QSR
$26.1B
| $490M | 9.04% |
6,753,112
-1,327,000
| -16% | -$101M |
2024 Q3
7 quarters
|
|
|
4
Alphabet (Google) Class C
GOOG
$4.12T
| $485M | 8.95% |
1,371,931
+190,800
| +16% | +$68.2M |
2020 Q1
25 quarters
|
|
5
Ferguson
FERG
$44.8B
| $344M | 6.36% |
1,450,594
+8,183
| +0.6% | +$1.97M |
2024 Q4
6 quarters
|
|
|
6
Genuine Parts
GPC
$18.5B
| $332M | 6.13% |
2,816,178
+1,325,830
| +89% | +$138M |
2025 Q3
3 quarters
|
|
|
7
Union Pacific
UNP
$172B
| $322M | 5.95% |
1,185,395
-355,600
| -23% | -$93.4M |
2025 Q3
3 quarters
|
|
8
Visa
V
$756B
| $241M | 4.44% |
701,355
| – | – |
2026 Q1
1 quarter
|
|
|
9
WESCO International
WCC
$16.6B
| $229M | 4.23% |
662,881
-774,000
| -54% | -$263M |
2024 Q1
9 quarters
|
|
10
Aon
AON
$62.1B
| $228M | 4.21% |
687,000
-82,000
| -11% | -$26.5M |
2026 Q1
1 quarter
|
|
11
Teleflex
TFX
$5.53B
| $179M | 3.3% |
1,409,000
-186,000
| -12% | -$23.8M |
2026 Q1
1 quarter
|
|
|
12
Norwegian Cruise Line
NCLH
$6.91B
| $163M | 3.01% |
7,730,000
+4,100,000
| +113% | +$76.5M |
2026 Q1
1 quarter
|
|
13
Molina Healthcare
MOH
$10.8B
| $145M | 2.68% |
633,609
| – | – |
2025 Q4
2 quarters
|
|
|
14
CME Group
CME
$106B
| $137M | 2.52% |
+619,000
| New | +$171M |
2026 Q2
0 quarters
|
|
15
Herbalife
HLF
$1.53B
| $122M | 2.25% |
9,259,844
| – | – |
2022 Q4
14 quarters
|
|
|
16
Eagle Materials
EXP
$5.22B
| $119M | 2.21% |
530,763
-362,000
| -41% | -$75.7M |
2024 Q1
9 quarters
|
|
17
GDS Holdings
GDS
$4.62B
| $113M | 2.09% |
3,769,818
+725,000
| +24% | +$28M |
2024 Q1
9 quarters
|
|
18
Americold
COLD
$3.95B
| $107M | 1.98% |
6,830,230
-950,570
| -12% | -$13M |
2025 Q3
3 quarters
|
|
19
Liberty Global Class C
LBTYK
$2.62B
| $94M | 1.74% |
8,543,161
-4,854,086
| -36% | -$56.2M |
2018 Q3
31 quarters
|
|
20
Grupo Aeromexico SAB de CV
AERO
$2.33B
| $87.8M | 1.62% |
4,880,188
| – | – |
2025 Q4
2 quarters
|
|
21
Axalta
AXTA
$7.16B
| $43.6M | 0.81% |
+1,274,356
| New | +$38.3M |
2026 Q2
0 quarters
|
|
22
DNOW Inc
DNOW
$2.83B
| $36.2M | 0.67% |
2,788,000
-837,000
| -23% | -$10.9M |
2026 Q1
1 quarter
|
|
23
Pershing Square
PS
$17.8B
| $12.9M | 0.24% |
+392,000
| New | +$14.3M |
2026 Q2
0 quarters
|
|
24
Vaxcyte
PCVX
$10B
| – | – |
-800,000
| Closed | -$46.5M | – |
|
|
25
Willis Towers Watson
WTW
$29.3B
| – | – |
-893,126
| Closed | -$260M | – |
|
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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.