Seth Klarman
Baupost Group
Runs Baupost and wrote Margin of Safety. A patient value investor who often holds a large part of the fund outside listed US stocks.
13F portfolio value
Q2 2026
$5.42B
1-year growth
+31.6%
2-year growth
+53.4%
Positions
23
Top 10 share
74.9%
Quarterly turnover
12.5%
Last filed
Aug 13, 2026
Q2 2026: summary
MakklerAI- AMZN shares rose 20%; its portfolio weight increased to 16.5% from 12.7% in the prior quarter.
- GPC shares rose 89% to a 6.1% weight, while NCLH more than doubled to 3.0%; CME was a new 2.5% position.
- WCC was cut 53.9% but remained a 4.2% holding; WTW and PCVX were sold out.
- The $5.4B portfolio held 23 positions, with 74.9% in its top 10; turnover was 12.5%, with 3 new, 6 added, 9 reduced and 2 exited positions.
PROEstimated trade prices are PRO
See the average price in the quarter of each buy and sale and the move since. The first row of each group is open as a preview.
New positions 3
Est. buy price PRO
CMENewCME Group Inc. Class A2.5%
2.52 pt impact
$276.63
+0.5% since
- AXAxalta Coating Sys LtdNewAxalta Coating Sys Ltd
0.8%
0.81 pt impact
PSNewPershing Square Inc.0.2%
0.24 pt impact
Added to 6
Est. buy price PRO
GPC+89.0%Genuine Parts Company6.1%
2.89 pt impact
$104.37
+25.2% since
AMZN+20.0%Amazon.com, Inc.16.5%
2.75 pt impact
NCLH+113%Norwegian Cruise Line Holdings Ltd.3.0%
1.60 pt impact
GOOG+16.2%Alphabet Inc. Class C9.0%
1.24 pt impact
GDS+23.8%Gds Holdings Ltd - Adr2.1%
0.40 pt impact
FERG+0.6%Ferguson Enterprises Inc.6.4%
0.04 pt impact
Trimmed 9
Est. sell price PRO
WCC-53.9%WESCO International, Inc.4.2%
-4.94 pt impact
$339.35
+7.0% since
UNP-23.1%Union Pacific Corporation6.0%
-1.79 pt impact
QSR-16.4%Restaurant Brands International, Inc.9.0%
-1.78 pt impact
EXP-40.5%Eagle Materials Inc.2.2%
-1.50 pt impact
- LILiberty Global Ltd-36.2%Liberty Global Ltd
1.7%
-0.99 pt impact
AON-10.7%Aon Plc Class A4.2%
-0.50 pt impact
TFX-11.7%Teleflex Incorporated3.3%
-0.44 pt impact
COLD-12.2%Americold Realty Trust, Inc.2.0%
-0.28 pt impact
DNOW-23.1%DNOW Inc.0.7%
-0.20 pt impact
Sold out 2
Est. sell price PRO
WTWSoldWillis Towers Watson Public Limited Company5.1%
-5.08 pt impact
$267.52
+11.0% since
PCVXSoldVaxcyte, Inc.0.9%
-0.91 pt impact
MakklerAI
Ask MakklerAI about Seth Klarman's portfolio
Explore this quarter's moves and where each position stands against its estimated buy price and Makkler Fair Value. Answers are based on the 13F and today's prices.