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.
Portfolio value (13F)
$3.53BQ2 2024
$3.50BQ3 2024
$3.42BQ4 2024
$3.48BQ1 2025
$4.11BQ2 2025
$4.76BQ3 2025
$5.28BQ4 2025
$5.12BQ1 2026
$5.42BQ2 2026
| Quarter | Value | Positions | New | Added | Trimmed | Sold | Quarterly turnover |
|---|---|---|---|---|---|---|---|
| Q2 2026 | $5.42B | 23 | 3 | 6 | 9 | 2 | 12.5% |
| Q1 2026 | $5.12B | 22 | 6 | 7 | 4 | 6 | 22.6% |
| Q4 2025 | $5.28B | 22 | 3 | 7 | 12 | 1 | 14.2% |
| Q3 2025 | $4.76B | 20 | 3 | 4 | 5 | 5 | 18.3% |
| Q2 2025 | $4.11B | 22 | 3 | 9 | 4 | 3 | 8.5% |
| Q1 2025 | $3.48B | 22 | 4 | 6 | 6 | 3 | 19.1% |
| Q4 2024 | $3.42B | 21 | 4 | 5 | 6 | 3 | 8.7% |
| Q3 2024 | $3.50B | 20 | 5 | 4 | 5 | 8 | 12.8% |
| Q2 2024 | $3.53B | 23 | — | — | — | — | — |
Weight of the largest positions
The latest quarter's 10 largest positions, with their weights in earlier quarters.
| Stock | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|---|
| AMZN | — | — | — | — | — | — | 9.3% | 12.7% | 16.5% |
| ELV | — | — | — | 3.1% | 5.8% | 8.9% | 8.4% | 7.3% | 9.1% |
| QSR | — | <0.1% | 5.5% | 7.4% | 6.5% | 11.1% | 10.4% | 11.7% | 9.0% |
| GOOG | 5.6% | 7.0% | 7.9% | 9.3% | 11.4% | 9.5% | 6.5% | 6.6% | 9.0% |
| FERG | — | — | 5.7% | 5.2% | 6.0% | 5.4% | 4.8% | 6.6% | 6.4% |
| GPC | — | — | 1.1% | — | — | 4.1% | 3.5% | 3.1% | 6.1% |
| UNP | — | — | — | — | — | 7.4% | 7.1% | 7.3% | 6.0% |
| V | — | — | — | — | — | — | — | 4.1% | 4.4% |
| WCC | 3.6% | 6.0% | 7.6% | 8.9% | 9.9% | 6.7% | 6.6% | 7.7% | 4.2% |
| AON | — | — | — | — | — | — | — | 4.9% | 4.2% |
| TFX | — | — | — | — | — | — | — | 3.7% | 3.3% |
| NCLH | — | — | — | — | — | — | — | 1.3% | 3.0% |
| MOH | — | — | — | — | — | — | 2.1% | 1.7% | 2.7% |
| CME | — | — | — | — | — | — | — | — | 2.5% |
| HLF | 1.5% | 1.1% | 1.5% | 1.9% | 1.6% | 1.4% | 2.3% | 2.7% | 2.2% |
| EXP | 2.1% | 4.1% | 4.6% | 5.8% | 3.3% | 4.6% | 4.6% | 3.3% | 2.2% |
| GDS | 1.1% | 2.5% | 3.0% | 3.1% | 2.4% | 2.6% | 2.0% | 2.4% | 2.1% |
| COLD | — | — | — | — | — | 0.9% | 0.8% | 1.7% | 2.0% |
| Liberty Global Ltd | 21.4% | 26.1% | 15.2% | 8.5% | 6.2% | 5.3% | 4.4% | 3.1% | 1.7% |
| AERO | — | — | — | — | — | — | 2.0% | 1.3% | 1.6% |
| Axalta Coating Sys Ltd | — | — | — | — | — | — | — | — | 0.8% |
| DNOW | — | — | — | — | — | — | — | 0.8% | 0.7% |
| PS | — | — | — | — | — | — | — | — | 0.2% |
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.