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Baupost Group LLC Seth Klarman

Boston, MA 20 processed 13Fs on this site, 2021 Q3 to 2026 Q2

  • $5.4B
  • 23 holdings
  • 2026 Q2
  • +5.9% QoQ
  • Top 5 50.0%

Portfolio

2026 Q2, filed 8/13/2026, top 12 of 23 holdings

Top 5 50.0%, top 10 74.9%

  1. AMZN, Amazon 16.5%
  2. ELV, Elevance Health 9.1%
  3. QSR, Restaurant Brands International 9.0%
  4. GOOG, Alphabet 9.0%
  5. FERG, Ferguson 6.4%
  6. GPC, Genuine Parts 6.1%
  7. UNP, Union Pacific 6.0%
  8. V, Visa 4.4%
  9. WCC, Wesco International 4.2%
  10. AON, Aon 4.2%
  11. TFX, Teleflex 3.3%
  12. NCLH, Norwegian Cruise Line 3.0%
  13. Other 18.8%

AUM over time

2026 Q2 $5.4B +5.9% QoQ
2021 Q3: $10.9B 2021 Q3: $10.9B
Q3 2021
2021 Q4: $10.1B, −7.0% QoQ 2021 Q4: $10.1B, −7.0% QoQ
Q4
2022 Q1: $9.3B, −8.2% QoQ 2022 Q1: $9.3B, −8.2% QoQ
Q1 2022
2022 Q2: $6.8B, −27.2% QoQ 2022 Q2: $6.8B, −27.2% QoQ
Q2
2022 Q3: $5.8B, −14.4% QoQ 2022 Q3: $5.8B, −14.4% QoQ
Q3
2022 Q4: $6.1B, +5.8% QoQ 2022 Q4: $6.1B, +5.8% QoQ
Q4
2023 Q1: $5.8B, −4.6% QoQ 2023 Q1: $5.8B, −4.6% QoQ
Q1 2023
2023 Q2: $5.6B, −4.0% QoQ 2023 Q2: $5.6B, −4.0% QoQ
Q2
2023 Q3: $5.2B, −7.1% QoQ 2023 Q3: $5.2B, −7.1% QoQ
Q3
2023 Q4: $4.6B, −12.1% QoQ 2023 Q4: $4.6B, −12.1% QoQ
Q4
2024 Q1: $3.7B, −20.4% QoQ 2024 Q1: $3.7B, −20.4% QoQ
Q1 2024
2024 Q2: $3.6B, −0.5% QoQ 2024 Q2: $3.6B, −0.5% QoQ
Q2
2024 Q3: $3.5B, −3.2% QoQ 2024 Q3: $3.5B, −3.2% QoQ
Q3
2024 Q4: $3.4B, −2.3% QoQ 2024 Q4: $3.4B, −2.3% QoQ
Q4
2025 Q1: $3.5B, +1.8% QoQ 2025 Q1: $3.5B, +1.8% QoQ
Q1 2025
2025 Q2: $4.1B, +18.1% QoQ 2025 Q2: $4.1B, +18.1% QoQ
Q2
2025 Q3: $4.8B, +16.0% QoQ 2025 Q3: $4.8B, +16.0% QoQ
Q3
2025 Q4: $5.3B, +10.2% QoQ 2025 Q4: $5.3B, +10.2% QoQ
Q4
2026 Q1: $5.1B, −3.1% QoQ 2026 Q1: $5.1B, −3.1% QoQ
Q1 2026
2026 Q2: $5.4B, +5.9% QoQ 2026 Q2: $5.4B, +5.9% QoQ
Q2

Book

2025 Q3 2025 Q2, filed 13 Nov, long equity only

Download CSV Download Excel All activity
QSR, Restaurant Brands International 11.05%, was 6.50% Add +103.8% 8,252,862 $64.14 $529M +4,203,300 +$261M
GOOG, Alphabet 9.45%, was 11.31% Reduce −29.5% 1,858,138 $243.55 $453M −775,850 −$15M
ELV, Elevance Health 8.90%, was 5.80% Add +114.1% 1,319,000 $323.12 $426M +703,000 +$187M
CRH, CRH PLC 8.47%, was 8.50% Reduce −11.6% 3,383,395 $119.90 $406M −442,000 +$54M
WTW, Willis Towers Watson 7.85%, was 9.75% Reduce −17.1% 1,089,065 $345.45 $376M −225,119 −$27M
UNP, Union Pacific 7.38% New 1,496,204 $236.37 $354M +1,496,204 +$354M
WCC, Wesco International 6.64%, was 9.90% Reduce −31.9% 1,503,180 $211.50 $318M −704,421 −$91M
DG, Dollar General 5.75% Hold 2,666,876 $103.35 $276M — —
FERG, Ferguson 5.42% Add +2.1% 1,155,500 $224.58 $260M +23,500 +$13M
LBTYK, Liberty Global Class C 5.31%, was 6.16% Reduce −12.2% 21,657,803 $11.75 $254M −3,000,000 +$257K
FIS, Fidelity National Information Services 5.22% Hold 3,789,711 $65.94 $250M — —
EXP, Eagle Materials 4.57%, was 3.31% Add +39.0% 939,660 $233.04 $219M +263,403 +$82M
GPC, Genuine Parts 4.04% New 1,395,000 $138.60 $193M +1,395,000 +$193M
GDS, GDS Holdings 2.63% Hold 3,249,952 $38.70 $126M — —
FISV, Fiserv 2.41% Hold 895,000 $128.93 $115M — —
Herbalife 1.37% Hold 7,759,844 $8.44 $65M — —
LBTYA, Liberty Global Class A 1.21% Hold 5,076,762 $11.46 $58M — —
COLD, Americold Realty Trust 0.92% New 3,600,000 $12.24 $44M +3,600,000 +$44M
Pagseguro Digital 0.52% Hold 2,500,000 $10.00 $25M — —
Tamboran Resources 0.33% Hold 570,833 $27.38 $16M — —

Exits / last held

Gone since 2025 Q2, shown at their last reported size.

Stock % of portfolio Recent activity Shares Reported price* Value Share change $ change
VSAT, Viasat 3.25% Exit 0 $14.60 $134M −9,190,728 −$134M
LBRDA, Liberty Broadband Series C 1.78% Exit 0 $98.38 $73M −745,610 −$73M
ICLR, Icon 1.43% Exit 0 $145.45 $59M −405,000 −$59M
AMCR, Amcor 1.22% Exit 0 $9.19 $51M −5,500,000 −$51M
LBRDA, Liberty Broadband Series A 0.02% Exit 0 $97.88 $740K −7,560 −$740K

Weight bar: held both quarters added sold at this quarter’s reported price

* Reported price is value ÷ shares from the 13F as of period end, not a live market quote. Weight % is each long-equity position ÷ full 13F AUM, so rows may not sum to 100% when the filing includes options or other non-equity (excluded from this table). Share change and $ change are vs 2025 Q2. Click a column header to sort, or New, Hold, Add or Reduce to bring those moves to the top. Exit opens the last-held block below.

Filings history

20 periods, with AUM normalized

Newest 13Fs
Period Holds AUM QoQ Form Filed Filing ID
2026 Q2 23 $5.4B +5.9% 13F-HR 8/13/2026 000106176826000010
2026 Q1 22 $5.1B −3.1% 13F-HR 5/14/2026 000106176826000007
2025 Q4 22 $5.3B +10.2% 13F-HR 2/13/2026 000106176826000005
2025 Q3 22 $4.8B +16.0% 13F-HR 11/13/2025 000106176825000007
2025 Q2 23 $4.1B +18.1% 13F-HR 8/13/2025 000106176825000005
2025 Q1 23 $3.5B +1.8% 13F-HR 5/14/2025 000106176825000003
2024 Q4 22 $3.4B −2.3% 13F-HR 2/13/2025 000106176825000002
2024 Q3 21 $3.5B −3.2% 13F-HR 11/13/2024 000106176824000005
2024 Q2 24 $3.6B −0.5% 13F-HR 8/13/2024 000156761924000363
2024 Q1 22 $3.7B −20.4% 13F-HR 5/14/2024 000156761924000317
2023 Q4 23 $4.6B −12.1% 13F-HR 2/13/2024 000156761924000192
2023 Q3 32 $5.2B −7.1% 13F-HR 11/13/2023 000156761923007709
2023 Q2 29 $5.6B −4.0% 13F-HR 8/11/2023 000156761923006910
2023 Q1 31 $5.8B −4.6% 13F-HR 5/12/2023 000156761923006061
2022 Q4 34 $6.1B +5.8% 13F-HR 2/13/2023 000156761923002543
2022 Q3 45 $5.8B −14.4% 13F-HR 11/14/2022 000156761922020125
2022 Q2 52 $6.8B −27.2% 13F-HR 8/12/2022 000156761922015853
2022 Q1 55 $9.3B −8.2% 13F-HR 5/13/2022 000156761922010529
2021 Q4 54 $10.1B −7.0% 13F-HR 2/11/2022 000156761922003626
2021 Q3 57 $10.9B — 13F-HR 11/12/2021 000156761921020056

About

Baupost Group LLC

20 processed 13Fs on this site, 2021 Q3 to 2026 Q2

Notable person
Seth Klarman
SEC filing name
BAUPOST GROUP LLC/MA
Location
Boston, MA
All SEC filings
View on sec.gov