SK
Seth Klarman
Baupost Group13F filer
Deep value; special situations — as the firm describes itselfPortfolio as of Jun 30, 2026Filed Aug 13, 2026
Quarter ended Jun 30, 2026, from the 13F filed Aug 13, 2026Changes are against the quarter ended Mar 31, 2026U.S.-listed shares only — no bonds, cash, shorts or foreign listings
Portfolio value
$5.42B
As reported, at quarter-end prices
Positions
23
U.S.-listed companies held
3 new · 2 exited this quarter
Concentration
75%in the top 10
Weight held in the ten largest positions
This quarter
6added · 9trimmed
Positions resized since the prior quarter
What changed this quarter
See which positions were opened, increased, reduced or closed—and how large those positions are now.
19 of 20 reported changes are available in this view.
| Company | Reported move | Change in shares | Portfolio weight now |
|---|---|---|---|
| New position | Not held in prior quarter | 2.52% | |
AXALTA COATING SYS LTDAXTA | New position | Not held in prior quarter | 0.81% |
PERSHING SQUARE INC COMMON STOCKPS | New position | Not held in prior quarter | 0.24% |
WILLIS TOWERS WATSON PLC LTD SHSWTW | Sold out | Position closed | No longer held |
VAXCYTE INCPCVX | Sold out | Position closed | No longer held |
| Added to | +89.0% | 6.13% | |
AMAZON COM INCAMZN | Added to | +20.0% | 16.48% |
| Added to | +112.9% | 3.01% | |
ALPHABET INCGOOG | Added to | +16.2% | 8.95% |
GDS HLDGS LTDGDS | Added to | +23.8% | 2.09% |
Showing 1–10 of 20 changes · Share classes count separatelyBars: square-root scale · Percentages shown · — unavailable
Changes compare reported share counts at quarter-end. The filing does not tell us when trades happened or why the investor made them.
Portfolio
| Ticker | Issuer | % of portfolio | Reported price | Value | Shares |
|---|---|---|---|---|---|
| AMZN | AMAZON COM INCINCREASED +20.0% | 16.48% | $238.34 | $892.31M | 3.7M |
| ELV | ELEVANCE HEALTH INCUNCHANGED | 9.11% | $386.73 | $493.14M | 1.3M |
| QSR | RESTAURANT BRANDS· INTERNATIONAL INC COMDECREASED -16.4% | 9.04% | $72.50 | $489.61M | 6.8M |
| GOOG | ALPHABET INC· CAP STK CL CINCREASED +16.2% | 8.95% | $353.33 | $484.74M | 1.4M |
| FERG | FERGUSON ENTERPRISES INC· COMMON STOCK NEWINCREASED +0.6% | 6.36% | $237.33 | $344.27M | 1.5M |
| GPC | GENUINE PARTS COINCREASED +89.0% | 6.13% | $117.98 | $332.25M | 2.8M |
| UNP | UNION PAC CORPDECREASED -23.1% | 5.95% | $272.00 | $322.43M | 1.2M |
| V | VISA INC· COM CL AUNCHANGED | 4.44% | $343.09 | $240.63M | 701.4K |
| WCC | WESCO INTL INCDECREASED -53.9% | 4.23% | $345.43 | $228.98M | 662.9K |
| AON | AON PLC· SHS CL ADECREASED -10.7% | 4.21% | $331.69 | $227.87M | 687.0K |
Showing 1–10 of 23 · the top 10 are 74.9% of the reported portfolioEach row opens the company · how we read 13F filings
Reported price is this manager's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what they paid. 13F reports no cost basis.
All 23 positions, with reported prices and share counts, open with a free account.
Connected research
Follow this portfolio through time.
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- “What has Seth Klarman been buying over the last year, quarter by quarter?”
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- “Which other superinvestors moved the same way this quarter?”
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