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Seth Klarman Portfolio

Seth Klarman is closely associated with the Baupost Group.

Baupost Group LLC Holdings · Q1 2026

Disclosed value
$5.1B
Holdings
22
Top sector
Industrials
Filed
May 14, 2026
Performance
YTD
+5.6%
−3.4% vs S&P 500
1Y
+22.4%
+5.2% vs S&P 500
Seth Klarman's latest portfolio (Q1 2026) holds 22 stocks worth $5.1B. Top holdings: Amazon.com, Inc. (AMZN), Restaurant Brands Intl Inc, WESCO International, Inc. (WCC).Biggest last-quarter moves:

Baupost Group LLC Holdings · 22

Q1 2026 · Showing 15 positions from the selected holding view.
Stock % Avg. buy price Estimated gain Quarter-end price Last transaction
ASpecialty RetailAmazon.com, Inc. (AMZN) 12.7%
Avg. buy price $226.07 Estimated gain−8.8%Quarter-end price $206.15 Last transaction Added· Q1 2026Increased shares by 47.0%
A 12.7% $226.07 −8.8% $206.15 Added· Q1 2026Increased shares by 47.0%
Not classifiedRestaurant Brands Intl Inc 11.7%
Not classifiedValue$597M
 Not classifiedRestaurant Brands Intl Inc 11.7% – – – –
WIndustrial - DistributionWESCO International, Inc. (WCC) 7.7%
Avg. buy price $172.78 Estimated gain+58.4%Quarter-end price $273.62 Last transaction Added· Q1 2026Increased shares by 1.3%
W 7.7% $172.78 +58.4% $273.62 Added· Q1 2026Increased shares by 1.3%
URailroadsUnion Pacific Corporation (UNP) 7.3%
Avg. buy price $225.61 Estimated gain+6.4%Quarter-end price $240.02 Last transaction Reduced· Q1 2026Sold 5.3% of shares
U 7.3% $225.61 +6.4% $240.02 Reduced· Q1 2026Sold 5.3% of shares
EMedical - Healthcare PlansElevance Health Inc. (ELV) 7.3%
Avg. buy price $353.35 Estimated gain−17.2%Quarter-end price $292.75 Last transaction Added· Q1 2026Increased shares by 0.5%
E 7.3% $353.35 −17.2% $292.75 Added· Q1 2026Increased shares by 0.5%
GInternet Content & InformationAlphabet Inc. (GOOG) 6.6%
Avg. buy price $157.80 Estimated gain+78.3%Quarter-end price $281.39 Last transaction Added· Q1 2026Increased shares by 8.6%
G 6.6% $157.80 +78.3% $281.39 Added· Q1 2026Increased shares by 8.6%
FIndustrial - DistributionFerguson plc (FERG) 6.6%
Avg. buy price $208.52 Estimated gain+11.9%Quarter-end price $233.26 Last transaction Added· Q1 2026Increased shares by 26.9%
F 6.6% $208.52 +11.9% $233.26 Added· Q1 2026Increased shares by 26.9%
W 5.1% $245.66 +18.3% $290.70 Reduced· Q1 2026Sold 34.2% of shares
AInsurance - BrokersAon plc (AON) 4.9%
Avg. buy price $332.53 Estimated gain−2.8%Quarter-end price $323.23 Last transaction New· Q1 2026Opened a new position
A 4.9% $332.53 −2.8% $323.23 New· Q1 2026Opened a new position
VFinancial - Credit ServicesVisa Inc. (V) 4.1%
Avg. buy price $321.47 Estimated gain−6.0%Quarter-end price $302.24 Last transaction New· Q1 2026Opened a new position
V 4.1% $321.47 −6.0% $302.24 New· Q1 2026Opened a new position
TMedical - Instruments & SuppliesTeleflex Incorporated (TFX) 3.7%
Avg. buy price $110.21 Estimated gain+8.5%Quarter-end price $119.61 Last transaction New· Q1 2026Opened a new position
T 3.7% $110.21 +8.5% $119.61 New· Q1 2026Opened a new position
EConstruction MaterialsEagle Materials Inc. (EXP) 3.3%
Avg. buy price $237.37 Estimated gain−20.2%Quarter-end price $189.45 Last transaction Reduced· Q1 2026Sold 24.7% of shares
E 3.3% $237.37 −20.2% $189.45 Reduced· Q1 2026Sold 24.7% of shares
GSpecialty RetailGenuine Parts Company (GPC) 3.1%
Avg. buy price $133.82 Estimated gain−21.0%Quarter-end price $105.75 Last transaction Added· Q1 2026Increased shares by 0.3%
G 3.1% $133.82 −21.0% $105.75 Added· Q1 2026Increased shares by 0.3%
Not classifiedLiberty Global Ltd 3.1%
Not classifiedValue$157M
 Not classifiedLiberty Global Ltd 3.1% – – – –
H 2.7% – – – Added· Q4 2025Increased shares by 19.3%
Data through Q1 2026 · filed May 14, 2026
15 of 22
Show all 22 holdings

Biggest position changes

In Q1 2026: 6 new, 9 added, 4 reduced, 3 exited.
Q1 2026Q4 2025Q3 2025Q2 2025
Largest disclosed changes in Q1 2026, ranked by estimated dollar change using the quarter's average market price.
Reduced or exitedBought or added
D Dollar General Corporation (DG) Exited−$295M F Fidelity National Information Services, Inc. (FIS) Exited−$243M W Willis Towers Watson Public Limited Company (WTW) −$143M E Eagle Materials Inc. (EXP) −$62M U Union Pacific Corporation (UNP) −$21M A Aon plc (AON) New+$256M V Visa Inc. (V) New+$225M A Amazon.com, Inc. (AMZN) +$220M T Teleflex Incorporated (TFX) New+$176M N Norwegian Cruise Line Holdings Ltd. (NCLH) New+$79M F Ferguson plc (FERG) +$74M C Americold Realty Trust, Inc. (COLD) +$54M D Dnow Inc. (DNOW) New+$49M
Other share changes without a dollar estimate, ranked by size.
Reduced or exitedBought or added
Liberty Global Ltd −7.5M
T Tamboran Resources Corp (TBN) Exited−257K A Grupo Aeroméxico, S.A.B. de C.V. (AERO) +25K

New this quarter

A Aon plc (AON) New· Q1 2026 V Visa Inc. (V) New· Q1 2026 T Teleflex Incorporated (TFX) New· Q1 2026 N Norwegian Cruise Line Holdings Ltd. (NCLH) New· Q1 2026 D Dnow Inc. (DNOW) New· Q1 2026 P Vaxcyte, Inc. (PCVX) New· Q1 2026

Portfolio composition

Largest holdings in Q1 2026, sized by their share of the disclosed portfolio. This shows what is owned, not what changed.

Amazon.com, Inc. (AMZN): 12.7%Restaurant Brands Intl Inc: 11.7%WESCO International, Inc. (WCC): 7.7%Union Pacific Corporation (UNP): 7.3%Elevance Health Inc. (ELV): 7.3%Other holdings: 53.3%
A Amazon.com, Inc. (AMZN) 12.7%
Restaurant Brands Intl Inc 11.7%
W WESCO International, Inc. (WCC) 7.7%
U Union Pacific Corporation (UNP) 7.3%
E Elevance Health Inc. (ELV) 7.3%
Other holdings 53.3%
Show more

Portfolio over time

Each band is a top holding's share of the disclosed portfolio, quarter by quarter; the rest is grouped as other.
3Y5YAll
0%50%100%202120222023202420252026
Amazon.com, Inc. (AMZN)WESCO International, Inc. (WCC)Union Pacific Corporation (UNP)Elevance Health Inc. (ELV)Alphabet Inc. (GOOG)Ferguson plc (FERG)Willis Towers Watson Public Limited Company (WTW)Other holdings

Investors with similar portfolios

Bill AckmanPershing Square Capital Management, L.P.Also holds Amazon.com, Inc. (AMZN) and Restaurant Brands Intl IncDavid TepperAppaloosa LPAlso holds Amazon.com, Inc. (AMZN) and Alphabet Inc. (GOOG)Tiger Global ManagementTiger Global Management LLCAlso holds Amazon.com, Inc. (AMZN) and Alphabet Inc. (GOOGL)InvescoInvesco Ltd.Also holds Restaurant Brands Intl Inc and Alphabet Inc. (GOOG)Jeremy GranthamGrantham, Mayo, Van Otterloo & Co. LLCAlso holds Amazon.com, Inc. (AMZN) and Elevance Health Inc. (ELV)Li LuHimalaya Capital Management LLCAlso holds Alphabet Inc. (GOOGL)

About Seth Klarman and Baupost Group LLC

Seth Klarman is closely associated with the Baupost Group. This page shows Baupost's quarterly Form 13F report of certain United States listed long positions, not Klarman's personal account or the firm's complete portfolio. Cash, short positions, private investments, many derivatives, and some foreign securities may be absent.

SEC filing history for Baupost Group LLC

Seth Klarman FAQ

Profile refreshed July 20, 2026

What stocks does Seth Klarman own?

As of the Q1 2026 filing, Seth Klarman's largest disclosed holdings are Amazon.com, Inc. (AMZN), Restaurant Brands Intl Inc, WESCO International, Inc. (WCC). The table shows 15 of 22 positions by default, with an exact-count control for the remaining rows. Disclosed shares and values remain visible even when a separate market-price estimate is unavailable.

What did Seth Klarman buy last quarter?

The biggest disclosed buys in Q1 2026 were Aon plc (AON), Visa Inc. (V), Amazon.com, Inc. (AMZN), based on the Baupost Group LLC 13F filing. New positions are marked "new" in the table above.

What did Seth Klarman sell last quarter?

The biggest reductions in Q1 2026 were Willis Towers Watson Public Limited Company (WTW), Eagle Materials Inc. (EXP), Union Pacific Corporation (UNP). The filing comparison contains 3 full exits, summarized in the activity view above.

How big is Seth Klarman's portfolio?

The latest 13F discloses $5.1B across 22 positions in Q1 2026. 13F filings cover US-listed long positions only; cash and short positions are not disclosed.

How up to date is this?

Funds file 13Fs up to 45 days after each quarter ends, so this portfolio reflects Q1 2026, the latest disclosed quarter. The filing date is shown with every table.

Where does the Baupost Group LLC portfolio data come from?

Non-rejected, non-superseded SEC Form 13F filings for Baupost Group LLC provide the Q1 2026 holdings, disclosed values, and filing date shown here. WhoBought prefers filings whose value units validate and labels a sparse filing when validation is unavailable. Industry labels come from the local company classification record.

How is performance calculated?

Performance uses daily closing prices for holdings with available market-price history. It covers the priced share of disclosed value (87%); holdings without sufficient price history are excluded from the calculation.

Who is Seth Klarman?

Seth Klarman is an American value investor and author who serves as chief executive and portfolio manager of the Baupost Group.

How did the Baupost Group begin?

Klarman helped start Baupost in 1982 with William Poorvu and several other partners after finishing Harvard Business School. The firm began with $27 million.

What is Seth Klarman's investment style?

He looks for unpopular or distressed assets trading below his estimate of their worth. Patience, risk control, and buying with room for error are central to the approach.

What does margin of safety mean for Klarman?

It means seeking a meaningful discount between an asset's price and its underlying value, so an investment does not depend on everything going exactly right.

What book did Seth Klarman write?

He published Margin of Safety in 1991. The book argues for risk-aware value investing and warns against treating price momentum as a substitute for understanding value.

What is Baupost's verified long-term return?

This profile does not publish a single compounded-return figure because Wikipedia marks its prominent 20 percent claim as needing a citation. The performance section here covers only the priced portion of the disclosed 13F portfolio.

Does Baupost's 13F show Klarman's whole strategy?

No. Baupost has invested across equities, distressed credit, bonds, real estate, cash, and other instruments. The filing view covers only certain US-listed long positions.

Where did Seth Klarman study?

He earned an economics degree from Cornell University in 1979 and later attended Harvard Business School.

Can the portfolio value here be used as Klarman's net worth?

No. It is the value of covered securities reported by Baupost, not a statement of Klarman's personal assets.