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 |
Aon
AON
|
+$256M |
| 2 |
Visa
V
|
+$226M |
| 3 |
Amazon
AMZN
|
+$220M |
| 4 |
Teleflex
TFX
|
+$176M |
| 5 |
Norwegian Cruise Line
NCLH
|
+$79.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Fidelity National Information Services
FIS
|
+$299M |
| 2 |
Dollar General
DG
|
+$274M |
| 3 |
FISV
Fiserv Inc
FISV
|
+$148M |
| 4 |
Willis Towers Watson
WTW
|
+$143M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
1
Amazon
AMZN
$2.79T
| $650M | 12.7% |
3,118,754
+997,363
| +47% | +$220M |
|
2
Restaurant Brands International
QSR
$28.2B
| $597M | 11.67% |
8,080,112
| – | – |
|
|
WCC
3
WESCO International
WCC
$17B
| $393M | 7.69% |
1,436,881
+18,050
| +1% | +$5.07M |
|
4
Union Pacific
UNP
$183B
| $374M | 7.31% |
1,540,995
-86,259
| -5% | -$21.1M |
|
5
Elevance Health
ELV
$86.9B
| $373M | 7.3% |
1,275,154
+5,852
| +0.5% | +$1.92M |
|
6
Alphabet (Google) Class C
GOOG
$4.18T
| $339M | 6.62% |
1,181,131
+93,950
| +9% | +$29.5M |
|
7
Ferguson
FERG
$46.9B
| $336M | 6.58% |
1,442,411
+305,376
| +27% | +$74.3M |
|
|
8
Willis Towers Watson
WTW
$31.8B
| $260M | 5.08% |
893,126
-464,475
| -34% | -$143M |
|
|
9
Aon
AON
$75.3B
| $248M | 4.85% |
+769,000
| New | +$256M |
|
|
10
Visa
V
$693B
| $212M | 4.14% |
+701,355
| New | +$226M |
|
|
11
Teleflex
TFX
$5.88B
| $191M | 3.73% |
+1,595,000
| New | +$176M |
|
12
Eagle Materials
EXP
$6.35B
| $169M | 3.31% |
892,763
-292,485
| -25% | -$62.2M |
|
13
Genuine Parts
GPC
$18.5B
| $158M | 3.08% |
1,490,348
+4,260
| +0.3% | +$527K |
|
14
Liberty Global Class C
LBTYK
$3.55B
| $157M | 3.07% |
13,397,247
-7,487,534
| -36% | -$85.8M |
|
15
Herbalife
HLF
$1.33B
| $136M | 2.66% |
9,259,844
| – | – |
|
16
GDS Holdings
GDS
$6.58B
| $123M | 2.4% |
3,044,818
| – | – |
|
17
Americold
COLD
$4.35B
| $89.2M | 1.74% |
7,780,800
+4,305,115
| +124% | +$53.9M |
|
18
Molina Healthcare
MOH
$10.5B
| $84.5M | 1.65% |
633,609
+8,609
| +1% | +$1.37M |
|
|
AERO
19
Grupo Aeromexico SAB de CV
AERO
$2B
| $68.4M | 1.34% |
4,880,188
+25,008
| +0.5% | +$454K |
|
|
20
Norwegian Cruise Line
NCLH
$7.92B
| $67.9M | 1.33% |
+3,630,000
| New | +$79.3M |
|
21
Vaxcyte
PCVX
$9.32B
| $46.5M | 0.91% |
+800,000
| New | +$43.4M |
|
22
DNOW Inc
DNOW
$2.83B
| $43.2M | 0.84% |
+3,625,000
| New | +$49.1M |
|
|
23
CRH
CRH
$63.2B
| – | – |
-1,072,957
| Closed | -$134M |
|
|
24
Dollar General
DG
$27.2B
| – | – |
-2,062,821
| Closed | -$274M |
|
|
FISV
25
Fiserv Inc
FISV
$28B
| – | – |
-2,200,000
| Closed | -$148M |
|
Similar funds
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.