Seth Klarman's portfolio (Baupost Group)
Seth Klarman has led The Baupost Group, a Boston-based value investing firm, since its founding in 1982. He wrote the 1991 book Margin of Safety.
Seth Klarman's holdings — Q2 2026
sorted by share of reported value · click a column to sort| Stock | % of portfolio | Value | Shares | Change in shares | Q2 2026 |
|---|---|---|---|---|---|
| 16.48% | $892.31M | 3.74M | +625.10K (+20.0%) | Added | |
| 9.11% | $493.14M | 1.28M | 0 | No change | |
QSRRestaurant Brands International Inc.
|
9.04% | $489.61M | 6.75M | -1.33M (-16.4%) | Reduced |
| 8.95% | $484.74M | 1.37M | +190.80K (+16.1%) | Added | |
| 6.36% | $344.27M | 1.45M | +8.18K (+0.6%) | Added | |
| 6.13% | $332.25M | 2.82M | +1.33M (+89.0%) | Added | |
| 5.95% | $322.43M | 1.19M | -355.60K (-23.1%) | Reduced | |
| 4.44% | $240.63M | 701.36K | 0 | No change | |
| 4.23% | $228.98M | 662.88K | -774.00K (-53.9%) | Reduced | |
| 4.21% | $227.87M | 687.00K | -82.00K (-10.7%) | Reduced | |
| 3.30% | $178.60M | 1.41M | -186.00K (-11.7%) | Reduced | |
| 3.01% | $163.18M | 7.73M | +4.10M (+113.0%) | Added | |
| 2.68% | $144.91M | 633.61K | 0 | No change | |
| 2.52% | $136.69M | 619.00K | +619.00K | New | |
HLFHERBALIFE LTD.
|
2.25% | $121.77M | 9.26M | 0 | No change |
| 2.21% | $119.42M | 530.76K | -362.00K (-40.5%) | Reduced | |
GDSGDS Holdings Ltd
|
2.09% | $113.21M | 3.77M | +725.00K (+23.8%) | Added |
COLDAMERICOLD REALTY TRUST
|
1.98% | $107.37M | 6.83M | -950.57K (-12.2%) | Reduced |
LBTYKLiberty Global Ltd.
|
1.74% | $93.97M | 8.54M | -4.85M (-36.2%) | Reduced |
AEROGrupo Aeromexico, S.A.B. de C.V.
|
1.62% | $87.84M | 4.88M | 0 | No change |
| 0.81% | $43.61M | 1.27M | +1.27M | New | |
| 0.67% | $36.16M | 2.79M | -837.00K (-23.1%) | Reduced | |
PSPERSHING SQUARE INC.
|
0.24% | $12.88M | 392.00K | +392.00K | New |
What Seth Klarman bought and sold in Q2 2026
by number of shares, vs. the 13F for Q1 2026New positions (3)
| Stock | Shares | Value | % of portfolio |
|---|---|---|---|
| 619.00K | $136.69M | 2.52% | |
| 1.27M | $43.61M | 0.81% | |
PSPERSHING SQUARE INC.
| 392.00K | $12.88M | 0.24% |
Sold out (2)
| Stock | Shares sold | Value in Q1 2026 | Was % of portfolio |
|---|---|---|---|
| −893.13K | $259.63M | 5.08% | |
PCVXVaxcyte, Inc.
| −800.00K | $46.49M | 0.91% |
Added to (6)
| Stock | Shares added | Change | % of portfolio |
|---|---|---|---|
| +1.33M | +89.0% | 6.13% | |
| +625.10K | +20.0% | 16.48% | |
| +4.10M | +113.0% | 3.01% | |
| +190.80K | +16.1% | 8.95% | |
GDSGDS Holdings Ltd
| +725.00K | +23.8% | 2.09% |
| +8.18K | +0.6% | 6.36% |
Reduced (9)
| Stock | Shares sold | Change | % of portfolio |
|---|---|---|---|
| -774.00K | -53.9% | 4.23% | |
| -355.60K | -23.1% | 5.95% | |
QSRRestaurant Brands International Inc.
| -1.33M | -16.4% | 9.04% |
| -362.00K | -40.5% | 2.21% | |
LBTYKLiberty Global Ltd.
| -4.85M | -36.2% | 1.74% |
| -82.00K | -10.7% | 4.21% | |
| -186.00K | -11.7% | 3.30% | |
COLDAMERICOLD REALTY TRUST
| -950.57K | -12.2% | 1.98% |
| -837.00K | -23.1% | 0.67% |
Changes compare share counts in the two filings, so they show net buying or selling over the quarter, not individual trades or prices paid.
Filings behind this page
EDGAR ↗- 13F-HR Q2 2026 · filed Aug 13, 2026 by BAUPOST GROUP LLC/MA0001061768-26-000010 ↗
- 13F-HR Q1 2026 · filed May 14, 2026 by BAUPOST GROUP LLC/MA0001061768-26-000007 ↗
Frequently asked questions
What is Seth Klarman's largest holding?
As of June 30, 2026, the largest position in Baupost Group's 13F is Amazon (AMZN), at 16.5% of the reported portfolio and worth $892.31M. The top 10 positions add up to 74.9% of the $5.42B reported.
What did Seth Klarman buy and sell in Q2 2026?
Compared with Q1 2026, the Q2 2026 13F shows 3 new positions (largest: CME, Axalta, PERSHING SQUARE INC.), 6 positions increased, 9 reduced and 2 sold out (largest: Willis Towers Watson, Vaxcyte, Inc.). Changes are measured in shares between the two quarter-end reports.
How current is this portfolio?
Baupost Group's latest 13F was filed on August 13, 2026 and shows holdings as of June 30, 2026. Managers have 45 days after each quarter ends to file, and the next report is due about 45 days after the following quarter end, so positions can be several months old by the time you read them.
Does the 13F show everything Seth Klarman owns?
No. Form 13F covers long positions in US-listed stocks, ETFs and listed options. Short positions, cash, bonds, private investments and most shares listed only outside the US are not reported, so the 13F is a partial view of the portfolio.
Source: SEC Form 13F filings (BAUPOST GROUP LLC/MA, CIK 1061768), as reported by the manager; tickers matched to issuer names by Flash Finance US. Not investment advice.