Seth Klarman: Baupost Group portfolio

From SEC 13F filings

Baupost Group's US stock holdings from its latest 13F filing.

Seth Klarman · Baupost Group

Portfolio value

$5.0 B

Holdings

Quarter end

Q3 2026

Filed

13 Nov 2026

Top 10 holdings

77.0%

New / sold out

2 / 4

Seth Klarman: what Baupost Group reported holding on 30 Sept 2026, compared with Q2 2026. The filing on the SEC website · All investors

Top holdings · Q3 2026

Company	Value	% of portfolio%	Shares	Change
Amazon.com, Inc.	$932.8 M	18.5%	3.7 M	No change
Elevance Health, Inc.	$495.8 M	9.8%	1.3 M	No change
Restaurant Brands International Inc.	$480.1 M	9.5%	6.8 M	No change
Genuine Parts Company	$389.5 M	7.7%	3.1 M	+10.0%
Ferguson Enterprises Inc.	$349.9 M	6.9%	1.6 M	+8.3%
Alphabet Inc. Class C Capital Stock	$323.7 M	6.4%	949.9 K	-30.8%
WESCO International, Inc.	$258.4 M	5.1%	718.5 K	+8.4%
Visa Inc.	$252.0 M	5.0%	701.4 K	No change
Union Pacific Corporation	$216.5 M	4.3%	795.4 K	-32.9%
Aon plc Class A (Ireland)	$186.8 M	3.7%	674.8 K	-1.8%

New buys in Q3 2026

Company	Value	% of portfolio%	Shares	Change
Honeywell Aerospace Inc.	$175.4 M	3.5%	1.1 M	New
SiteOne Landscape Supply, Inc.	$112.4 M	2.2%	1.2 M	New

Sold out in Q3 2026

Company	Value before	% before%	Shares sold
Teleflex Incorporated	$178.6 M	3.3%	1.4 M
Norwegian Cruise Line Holdings Ltd.	$163.2 M	3.0%	7.7 M
Liberty Global Ltd. Class C	$94.0 M	1.7%	8.5 M
DNOW Inc.	$36.2 M	0.7%	2.8 M

Biggest additions in Q3 2026

Company	Value	% of portfolio%	Shares	Change
Axalta Coating Systems Ltd.	$80.6 M	1.6%	2.5 M	+96.7%
Genuine Parts Company	$389.5 M	7.7%	3.1 M	+10.0%
Ferguson Enterprises Inc.	$349.9 M	6.9%	1.6 M	+8.3%
WESCO International, Inc.	$258.4 M	5.1%	718.5 K	+8.4%
CME Group Inc. Class A	$179.6 M	3.6%	685.4 K	+10.7%
Herbalife Ltd.	$124.5 M	2.5%	10.3 M	+10.8%

Biggest cuts in Q3 2026

Company	Value	% of portfolio%	Shares	Change
Alphabet Inc. Class C Capital Stock	$323.7 M	6.4%	949.9 K	-30.8%
Union Pacific Corporation	$216.5 M	4.3%	795.4 K	-32.9%
Molina Healthcare Inc	$85.0 M	1.7%	449.6 K	-29.0%
Aon plc Class A (Ireland)	$186.8 M	3.7%	674.8 K	-1.8%

All holdings · 21

Company	Value	% of portfolio%	Shares	Change
Amazon.com, Inc.	$932.8 M	18.5%	3.7 M	No change
Elevance Health, Inc.	$495.8 M	9.8%	1.3 M	No change
Restaurant Brands International Inc.	$480.1 M	9.5%	6.8 M	No change
Genuine Parts Company	$389.5 M	7.7%	3.1 M	+10.0%
Ferguson Enterprises Inc.	$349.9 M	6.9%	1.6 M	+8.3%
Alphabet Inc. Class C Capital Stock	$323.7 M	6.4%	949.9 K	-30.8%
WESCO International, Inc.	$258.4 M	5.1%	718.5 K	+8.4%
Visa Inc.	$252.0 M	5.0%	701.4 K	No change
Union Pacific Corporation	$216.5 M	4.3%	795.4 K	-32.9%
Aon plc Class A (Ireland)	$186.8 M	3.7%	674.8 K	-1.8%
CME Group Inc. Class A	$179.6 M	3.6%	685.4 K	+10.7%
Honeywell Aerospace Inc.	$175.4 M	3.5%	1.1 M	New
Herbalife Ltd.	$124.5 M	2.5%	10.3 M	+10.8%
GDS Holdings Limited (ADR)	$117.7 M	2.3%	3.8 M	No change
SiteOne Landscape Supply, Inc.	$112.4 M	2.2%	1.2 M	New
Americold Realty Trust, Inc.	$95.5 M	1.9%	6.8 M	No change
Eagle Materials Inc	$90.8 M	1.8%	530.8 K	No change
Molina Healthcare Inc	$85.0 M	1.7%	449.6 K	-29.0%
Axalta Coating Systems Ltd.	$80.6 M	1.6%	2.5 M	+96.7%
Grupo Aeromexico, S.A.B. de C.V. (ADR)	$77.1 M	1.5%	4.9 M	No change
Pershing Square Inc.	$21.9 M	0.4%	392 K	No change

From Baupost Group's 13F filing with the US SEC for the quarter ended 30 Sept 2026, filed 13 Nov 2026. A 13F shows long positions in US-listed stocks and listed options only (no short sales, cash, bonds outside the list or foreign shares) and is filed up to 45 days after the quarter ends, so the portfolio may have changed since. Change = shares now vs the previous quarter (stock splits allowed for). Call and put options are shown at the value of the shares they cover. Information only, not investment advice.

From SEC 13F filings, published up to 45 days after each quarter ends; shows long US stock positions only. Information only, not investment advice.

What does Seth Klarman own?

Baupost Group's latest 13F filing (quarter ended 30 Sept 2026, filed 13 Nov 2026) lists 21 holdings worth $5.0 B. The biggest is Amazon.com, Inc., 18.5% of the portfolio.

What did Seth Klarman buy and sell last quarter?

New positions: Honeywell Aerospace Inc, SiteOne Landscape Supply, Inc. Sold out: Teleflex Incorporate, Norwegian Cruise Line Holdings Ltd, Liberty Global Ltd. Class .

When is the next 13F filing?

13F reports are due within 45 days of each quarter end: by about 15 February, 15 May, 14 August and 14 November.

What is a 13F filing?

A 13F is a quarterly report that every US investment manager with more than $100 million in US-listed stocks must file with the SEC. It lists the stocks (and listed options) the manager held at the end of the quarter: the number of shares and their value.

How up to date are these holdings?

Managers have up to 45 days after the end of each quarter to file, so a 13F shows the portfolio as it was on the last day of the quarter, six to fifteen weeks before you read it. The investor may have bought or sold since.

Does a 13F show everything an investor owns?

No. It shows long positions in US-listed stocks, ETFs and listed options only. Short sales, cash, most bonds, foreign shares, private companies and other assets are not included, and the SEC can let a manager keep a position confidential for a while.