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SK

Seth Klarman Baupost Group

AUM $5.42B
1-Year Est. Return 22.93%
 

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.

This Fund
S&P 500
This Quarter Est. Return
-2.99%
1 Year Est. Return
+22.93%
3 Year Est. Return
+47.86%
5 Year Est. Return
+25.7%
10 Year Est. Return
+163.46%
AUM
$5.12B
AUM Growth
-$163M
Cap. Flow
+$18.7M
Cap. Flow %
0.37%
Top 10 Hldgs %
73.94%
Holding
28
New
6
Increased
9
Reduced
4
Closed
6

Top Buys

Rank Stock Value
1
AON icon
Aon
AON
+$256M
2
V icon
Visa
V
+$226M
3
AMZN icon
Amazon
AMZN
+$220M
4
TFX icon
Teleflex
TFX
+$176M
5
NCLH icon
Norwegian Cruise Line
NCLH
+$79.3M

Top Sells

Rank Stock Value
1
FIS icon
Fidelity National Information Services
FIS
+$299M
2
DG icon
Dollar General
DG
+$274M
3
FISV
Fiserv Inc
FISV
+$148M
4
WTW icon
Willis Towers Watson
WTW
+$143M
5
CRH icon
CRH
CRH
+$134M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 28.78%
2 Industrials 23.75%
3 Financials 14.07%
4 Healthcare 13.59%
5 Communication Services 9.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FIS icon
26
Fidelity National Information Services
FIS
$21.3B
– –
-4,503,801
Closed -$299M
LBTYA icon
27
Liberty Global Class A
LBTYA
$3.63B
– –
-2,080,456
Closed -$23.2M
TBN
28
Tamboran Resources
TBN
$1.32B
– –
-257,226
Closed -$7M
1
2

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Seth Klarman's Q1 2026 Portfolio in Review

As of Q1 2026, Seth Klarman held 28 positions worth $5.12B, down 3.1% from $5.28B the previous quarter. Its ten largest holdings account for 74% of the portfolio.

Seth Klarman's Q1 2026 filing shows 6 new, 9 increased, 4 reduced and 6 closed positions. Its largest new stake was Aon: 769,000 shares worth $248M. The largest sale was Fidelity National Information Services, an estimated $299M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 29% of assets, up from 23% a quarter earlier, followed by Industrials and Financials.

  • Seth Klarman's largest Q1 2026 buy was Aon: 769,000 shares worth $248M.
  • Seth Klarman added most to Amazon in Q1 2026, an estimated $220M increase.
  • Seth Klarman's biggest Q1 2026 reduction was Willis Towers Watson, cutting an estimated $143M.
  • Seth Klarman fully exited Fidelity National Information Services in Q1 2026, selling an estimated $299M.
  • Seth Klarman's ten largest holdings make up 74% of its $5.12B portfolio in Q1 2026.
  • Seth Klarman opened 6 new positions and closed 6 in Q1 2026.
  • Seth Klarman's portfolio value fell 3.1% quarter-over-quarter to $5.12B.

Based on Baupost Group's 13F filing for Q1 2026, filed 14 May 2026.