Reported portfolio
Seth Klarman
Baupost Group LLC/MA
- Reported portfolio value
- $5,115,380,000
- Current positions
- 22
- Top five concentration
- 46.7%
- Largest position
- 12.7%
- New positions
- 6
- Closed positions
- 6
Reported holdings
| Company | Portfolio | Quarterly activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
AMZN AMAZON COM INC | 12.70% | Added 47.0% | 3,118,754+997,363 | $208 | $649,543,000+$159,884,000 | 13F2026-03-31 ↗ |
QSR RESTAURANT BRANDS INTL INC | 11.67% | Unchanged | 8,080,112 | $74 | $597,208,000+$45,883,000 | 13F2026-03-31 ↗ |
WCC WESCO INTL INC | 7.69% | Added 1.3% | 1,436,881+18,050 | $274 | $393,159,000+$46,056,000 | 13F2026-03-31 ↗ |
UNP UNION PAC CORP | 7.31% | Reduced 5.3% | 1,540,995−86,259 | $243 | $373,876,000−$2,540,000 | 13F2026-03-31 ↗ |
ELV ELEVANCE HEALTH INC FORMERLY | 7.30% | Added 0.5% | 1,275,154+5,852 | $293 | $373,301,000−$71,653,000 | 13F2026-03-31 ↗ |
GOOG ALPHABET INC | 6.62% | Added 8.6% | 1,181,131+93,950 | $287 | $338,819,000−$2,338,000 | 13F2026-03-31 ↗ |
FERG FERGUSON ENTERPRISES INC | 6.58% | Added 26.9% | 1,442,411+305,376 | $233 | $336,457,000+$83,319,000 | 13F2026-03-31 ↗ |
WTW WILLIS TOWERS WATSON PLC LTD | 5.08% | Reduced 34.2% | 893,126−464,475 | $291 | $259,632,000−$186,476,000 | 13F2026-03-31 ↗ |
AON AON PLC | 4.85% | New | 769,000+769,000 | $323 | $248,218,000+$248,218,000 | 13F2026-03-31 ↗ |
V VISA INC | 4.14% | New | 701,355+701,355 | $302 | $211,978,000+$211,978,000 | 13F2026-03-31 ↗ |
TFX TELEFLEX INCORPORATED | 3.73% | New | 1,595,000+1,595,000 | $120 | $190,778,000+$190,778,000 | 13F2026-03-31 ↗ |
EXP EAGLE MATLS INC | 3.31% | Reduced 24.7% | 892,763−292,485 | $189 | $169,134,000−$75,833,000 | 13F2026-03-31 ↗ |
GPC GENUINE PARTS CO | 3.08% | Added 0.3% | 1,490,348+4,260 | $106 | $157,604,000−$25,125,000 | 13F2026-03-31 ↗ |
LBTYK LIBERTY GLOBAL LTD | 3.07% | Reduced 35.9% | 13,397,247−7,487,534 | $12 | $157,150,000−$73,418,000 | 13F2026-03-31 ↗ |
HLF HERBALIFE LTD | 2.66% | Unchanged | 9,259,844 | $15 | $136,305,000+$16,946,000 | 13F2026-03-31 ↗ |
GDS GDS HLDGS LTD | 2.40% | Unchanged | 3,044,818 | $40 | $122,676,000+$16,412,000 | 13F2026-03-31 ↗ |
COLD AMERICOLD REALTY TRUST INC | 1.74% | Added 123.9% | 7,780,800+4,305,115 | $11 | $89,168,000+$44,471,000 | 13F2026-03-31 ↗ |
MOH MOLINA HEALTHCARE INC | 1.65% | Added 1.4% | 633,609+8,609 | $133 | $84,460,000−$24,003,000 | 13F2026-03-31 ↗ |
AERO GRUPO AEROMEXICO SAB DE CV | 1.34% | Added 0.5% | 4,880,188+25,008 | $14 | $68,371,000−$38,249,000 | 13F2026-03-31 ↗ |
NCLH NORWEGIAN CRUISE LINE HLDGS | 1.33% | New | 3,630,000+3,630,000 | $19 | $67,881,000+$67,881,000 | 13F2026-03-31 ↗ |
PCVX VAXCYTE INC | 0.91% | New | 800,000+800,000 | $58 | $46,488,000+$46,488,000 | 13F2026-03-31 ↗ |
DNOW DNOW INC | 0.84% | New | 3,625,000+3,625,000 | $12 | $43,174,000+$43,174,000 | 13F2026-03-31 ↗ |
FIS FIDELITY NATL INFORMATION SV | 0.00% | Exited | 0−4,503,801 | $66 | $0−$299,323,000 | 13F2026-03-31 ↗ |
DG DOLLAR GEN CORP NEW | 0.00% | Exited | 0−2,062,821 | $133 | $0−$273,881,000 | 13F2026-03-31 ↗ |
FISV FISERV INC | 0.00% | Exited | 0−2,200,000 | $67 | $0−$147,774,000 | 13F2026-03-31 ↗ |
CRH CRH PLC | 0.00% | Exited | 0−1,072,957 | $125 | $0−$133,905,000 | 13F2026-03-31 ↗ |
LBTYA LIBERTY GLOBAL LTD | 0.00% | Exited | 0−2,080,456 | $11 | $0−$23,176,000 | 13F2026-03-31 ↗ |
TBN TAMBORAN RES CORP | 0.00% | Exited | 0−257,226 | $27 | $0−$7,004,000 | 13F2026-03-31 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AMZN | AMAZON COM INC | 12.70% | 3,118,754 | $649,543,000 |
| QSR | RESTAURANT BRANDS INTL INC | 11.67% | 8,080,112 | $597,208,000 |
| WCC | WESCO INTL INC | 7.69% | 1,436,881 | $393,159,000 |
| UNP | UNION PAC CORP | 7.31% | 1,540,995 | $373,876,000 |
| ELV | ELEVANCE HEALTH INC FORMERLY | 7.30% | 1,275,154 | $373,301,000 |
| GOOG | ALPHABET INC | 6.62% | 1,181,131 | $338,819,000 |
| FERG | FERGUSON ENTERPRISES INC | 6.58% | 1,442,411 | $336,457,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 5.08% | 893,126 | $259,632,000 |
| AON | AON PLC | 4.85% | 769,000 | $248,218,000 |
| V | VISA INC | 4.14% | 701,355 | $211,978,000 |
| TFX | TELEFLEX INCORPORATED | 3.73% | 1,595,000 | $190,778,000 |
| EXP | EAGLE MATLS INC | 3.31% | 892,763 | $169,134,000 |
| GPC | GENUINE PARTS CO | 3.08% | 1,490,348 | $157,604,000 |
| LBTYK | LIBERTY GLOBAL LTD | 3.07% | 13,397,247 | $157,150,000 |
| HLF | HERBALIFE LTD | 2.66% | 9,259,844 | $136,305,000 |
| GDS | GDS HLDGS LTD | 2.40% | 3,044,818 | $122,676,000 |
| COLD | AMERICOLD REALTY TRUST INC | 1.74% | 7,780,800 | $89,168,000 |
| MOH | MOLINA HEALTHCARE INC | 1.65% | 633,609 | $84,460,000 |
| AERO | GRUPO AEROMEXICO SAB DE CV | 1.34% | 4,880,188 | $68,371,000 |
| NCLH | NORWEGIAN CRUISE LINE HLDGS | 1.33% | 3,630,000 | $67,881,000 |
| PCVX | VAXCYTE INC | 0.91% | 800,000 | $46,488,000 |
| DNOW | DNOW INC | 0.84% | 3,625,000 | $43,174,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| QSR | RESTAURANT BRANDS INTL INC | 10.44% | 8,080,112 | $551,325,000 |
| AMZN | AMAZON COM INC | 9.28% | 2,121,391 | $489,659,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 8.45% | 1,357,601 | $446,108,000 |
| ELV | ELEVANCE HEALTH INC FORMERLY | 8.43% | 1,269,302 | $444,954,000 |
| UNP | UNION PAC CORP | 7.13% | 1,627,254 | $376,416,000 |
| WCC | WESCO INTL INC | 6.58% | 1,418,831 | $347,103,000 |
| GOOG | ALPHABET INC | 6.46% | 1,087,181 | $341,157,000 |
| FIS | FIDELITY NATL INFORMATION SV | 5.67% | 4,503,801 | $299,323,000 |
| DG | DOLLAR GEN CORP NEW | 5.19% | 2,062,821 | $273,881,000 |
| FERG | FERGUSON ENTERPRISES INC | 4.80% | 1,137,035 | $253,138,000 |
| EXP | EAGLE MATLS INC | 4.64% | 1,185,248 | $244,967,000 |
| LBTYK | LIBERTY GLOBAL LTD | 4.37% | 20,884,781 | $230,568,000 |
| GPC | GENUINE PARTS CO | 3.46% | 1,486,088 | $182,729,000 |
| FISV | FISERV INC | 2.80% | 2,200,000 | $147,774,000 |
| CRH | CRH PLC | 2.54% | 1,072,957 | $133,905,000 |
| HLF | HERBALIFE LTD | 2.26% | 9,259,844 | $119,359,000 |
| MOH | MOLINA HEALTHCARE INC | 2.05% | 625,000 | $108,463,000 |
| AERO | GRUPO AEROMEXICO SAB DE CV | 2.02% | 4,855,180 | $106,620,000 |
| GDS | GDS HLDGS LTD | 2.01% | 3,044,818 | $106,264,000 |
| COLD | AMERICOLD REALTY TRUST INC | 0.85% | 3,475,685 | $44,697,000 |
| LBTYA | LIBERTY GLOBAL LTD | 0.44% | 2,080,456 | $23,176,000 |
| TBN | TAMBORAN RES CORP | 0.13% | 257,226 | $7,004,000 |
Investor background
Seth Klarman
“Value investing is a marriage of a contrarian streak and a calculator.”
Seth Klarman is the Chief Executive Officer and Portfolio Manager of The Baupost Group, a Boston-based investment firm formed in 1982 by four founding families. After graduating in economics from Cornell University, Klarman worked at Mutual Shares Corporation before earning an MBA as a Baker Scholar at Harvard Business School. He has overseen Baupost’s investments since the firm’s inception.
Klarman practices absolute-return value investing rather than conventional stock selection. Baupost can invest across public equities and debt, distressed securities, private credit, private equity and real estate. The common requirement is a meaningful discount to conservatively estimated value and a structure that limits the possibility of permanent capital loss.
His success rests on patience, analytical conservatism and institutional flexibility. Klarman is willing to hold substantial cash when opportunities are scarce, because he views cash as an option on future distress rather than a benchmark-relative failure. He also distinguishes genuine contrarian investing from reflexively opposing consensus: an unpopular asset becomes attractive only when careful calculation demonstrates that it is mispriced.
Historical public descriptions reported net annualized returns of approximately 19–20% for Baupost’s oldest or largest partnership over earlier periods. However, Baupost does not publish an up-to-date, complete audited composite, so those figures should not be projected mechanically to the present.
Klarman qualifies as a super investor because he has combined more than four decades of investment responsibility with downside discipline, an unusually broad opportunity set and a stable absolute-value philosophy.
- The Baupost Group — Official Company Profile ↗
- The Baupost Group — Seth Klarman Official Biography ↗
- Capital Allocators — Seth Klarman: Timeless Value Investing ↗
- Bloomberg Masters in Business — Seth Klarman Interview Transcript, 2026 ↗
- Columbia Business School — Graham & Doddsville, Klarman Quote and Symposium ↗
- Ivey Business School — Seth Klarman Profile and Historical Record ↗