Seth Klarman Portfolio: All Stocks & Buys/Sells
Every US stock position Baupost Group reported in its most recent mandatory SEC filing — weightings, plus the buys and sells against the prior quarter.
As of Q1 2026 · reported on SEC Form 13F
Portfolio at a glance
What these numbers show — and what they don't
The source is SEC Form 13F, the disclosure institutional investment managers must file with the U.S. Securities and Exchange Commission (SEC). It covers long positions in US-listed securities — stocks, plus exchange-traded options and convertible notes, an option being carried at the value of the underlying shares. Cash, short positions, ordinary bonds and holdings outside the US never appear. Filings are quarterly and land up to 45 days after the reporting date, so these figures are an official but delayed and partial view — not a live portfolio.
Buys and sells this quarter
Comparing the Q1 2026 filing against Q4 2025.
New positions
- AON 769,000 new
- V 701,355 new
- TFX 1,595,000 new
- NCLH 3,630,000 new
- PCVX 800,000 new
- DNOW 3,625,000 new
Added to
- AMZN 2,121,391 → 3,118,754
- WCC 1,418,831 → 1,436,881
- ELV 1,269,302 → 1,275,154
- GOOG 1,087,181 → 1,181,131
- FERG 1,137,035 → 1,442,411
- GPC 1,486,088 → 1,490,348
- COLD 3,475,685 → 7,780,800
- MOH 625,000 → 633,609
- GRUPO AEROMEXICO SAB DE CV 4,855,180 → 4,880,188
Trimmed
- UNP 1,627,254 → 1,540,995
- WTW 1,357,601 → 893,126
- EXP 1,185,248 → 892,763
- LIBERTY GLOBAL LTD 20,884,781 → 13,397,247
Sold out
- FIS was 4,503,801
- DG was 2,062,821
- FI was 2,200,000
- CRH.L was 1,072,957
- LIBERTY GLOBAL LTD was 2,080,456
- TBN was 257,226
Every position in the portfolio
Scrolls sideways. Linked tickers lead to our own stock page for that company.
| # | Ticker | Company | Value | Weight | Shares | Change |
|---|---|---|---|---|---|---|
| 1 | AMZN | AMAZON COM INC | $649.5M | 12.70% | 3,118,754 | +47.0% |
| 2 | QSR | RESTAURANT BRANDS INTL INC | $597.2M | 11.68% | 8,080,112 | unchanged |
| 3 | WCC | WESCO INTL INC | $393.2M | 7.69% | 1,436,881 | +1.3% |
| 4 | UNP | UNION PAC CORP | $373.9M | 7.31% | 1,540,995 | -5.3% |
| 5 | ELV | ELEVANCE HEALTH INC FORMERLY | $373.3M | 7.30% | 1,275,154 | +0.5% |
| 6 | GOOG | ALPHABET INC | $338.8M | 6.62% | 1,181,131 | +8.6% |
| 7 | FERG | FERGUSON ENTERPRISES INC | $336.5M | 6.58% | 1,442,411 | +26.9% |
| 8 | WTW | WILLIS TOWERS WATSON PLC LTD | $259.6M | 5.08% | 893,126 | -34.2% |
| 9 | AON | AON PLC | $248.2M | 4.85% | 769,000 | new |
| 10 | V | VISA INC | $212.0M | 4.14% | 701,355 | new |
| 11 | TFX | TELEFLEX INCORPORATED | $190.8M | 3.73% | 1,595,000 | new |
| 12 | EXP | EAGLE MATLS INC | $169.1M | 3.31% | 892,763 | -24.7% |
| 13 | GPC | GENUINE PARTS CO | $157.6M | 3.08% | 1,490,348 | +0.3% |
| 14 | – | LIBERTY GLOBAL LTD | $157.2M | 3.07% | 13,397,247 | -35.9% |
| 15 | HLF | HERBALIFE LTD | $136.3M | 2.67% | 9,259,844 | unchanged |
| 16 | GDS | GDS HLDGS LTD | $122.7M | 2.40% | 3,044,818 | unchanged |
| 17 | COLD | AMERICOLD REALTY TRUST INC | $89.2M | 1.74% | 7,780,800 | +123.9% |
| 18 | MOH | MOLINA HEALTHCARE INC | $84.5M | 1.65% | 633,609 | +1.4% |
| 19 | – | GRUPO AEROMEXICO SAB DE CV | $68.4M | 1.34% | 4,880,188 | +0.5% |
| 20 | NCLH | NORWEGIAN CRUISE LINE HLDGS | $67.9M | 1.33% | 3,630,000 | new |
| 21 | PCVX | VAXCYTE INC | $46.5M | 0.91% | 800,000 | new |
| 22 | DNOW | DNOW INC | $43.2M | 0.84% | 3,625,000 | new |
About Seth Klarman
Seth Klarman built Baupost Group into one of the most respected value-investing firms in the world, all while keeping a famously low public profile. He founded the Boston-based fund in 1982 and has run it ever since, earning a reputation as one of the sharpest practitioners of Benjamin Graham-style investing of his generation. Klarman is perhaps best known outside investing circles for "Margin of Safety," his 1991 book that went out of print and now changes hands among collectors for prices far above its original cover price.
At the core of Klarman's approach is patience: Baupost is known for holding substantial cash when the market doesn't offer opportunities that meet its bar, rather than forcing capital into mediocre ideas just to stay invested. The fund also invests beyond public equities, including distressed debt and special situations, though those holdings don't show up in the data below.
What you'll find on this page are the US equity positions Baupost discloses through SEC Form 13F — a quarterly filing required of large institutional investors. That filing only covers US-listed long positions, arrives with a lag of up to 45 days, and says nothing about cash, ordinary bonds, short positions, or holdings outside the US.
Frequently Asked Questions
Baupost tends to run a concentrated portfolio, often weighted toward a handful of larger positions rather than broad diversification. The table on this page always reflects Baupost's most recently reported US stock holdings, as disclosed through SEC Form 13F.
You can see Baupost's recent buying and selling activity by comparing its SEC Form 13F filings quarter over quarter, which the table above tracks automatically. Keep in mind the filing can lag up to 45 days after quarter-end and doesn't capture cash or debt positions.
Klarman is a disciple of the Benjamin Graham school of value investing, looking for securities priced well below what he judges their intrinsic worth to be — the gap he calls the "margin of safety." His approach is defined by patience, a strong emphasis on limiting downside risk, and a willingness to sit on cash when the market isn't offering compelling opportunities.
SEC Form 13F is a quarterly disclosure that institutional investment managers with more than $100 million in assets are required to file with the US Securities and Exchange Commission. It lists US-listed long equity positions as of quarter-end but can be filed up to 45 days later, and it excludes cash, bonds, derivatives, and non-US holdings.
Margin of Safety was published in 1991 in a relatively small print run and was never reissued. Because it lays out Klarman's thinking on risk and valuation in detail, it's become required reading among value investors, and used copies now sell for prices far above the original cover price.
Source
SEC Form 13F — the mandatory quarterly disclosure institutional investment managers file with the U.S. Securities and Exchange Commission (SEC). One filing per quarter, submitted up to 45 days after the reporting date; values are market values on that date, in US dollars.
These pages show reported holdings. They are not investment advice and not a recommendation to buy.