← All Managers

Seth Klarman

Baupost Group

Value investor, Margin of Safety author

📍 Boston, MAEst. 1982💰 ~$30B AUM

$5.1M

Portfolio Value

22

Holdings

Q1 '26

Period

2026-05-14

Filed

📉

Simulated 13F Return

⚠️ Approximation

Total Return

+9.81%

Q1 '24 → Q4 '25

Annualized

+5.49%/yr

S&P: +7.61%/yr

Alpha (vs S&P)

-3.91%

7 quarters tracked

1-Year Return

+15.74%

α +2.03%

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

AMZNINCREASED
12.7% of portfolio
+47% shares+3.4pp
WCCINCREASED
7.7% of portfolio
+1% shares+1.1pp
UNPREDUCED
7.3% of portfolio
-5% shares+0.2pp
ELVINCREASED
7.3% of portfolio
+0% shares-1.1pp
GOOGINCREASED
6.6% of portfolio
+9% shares+0.2pp
FERGINCREASED
6.6% of portfolio
+27% shares+1.8pp
WTWINCREASED
5.1% of portfolio
-34% shares-3.4pp
AONNEW
4.9% of portfolio
New position
VNEW
4.1% of portfolio
New position
TFXNEW
3.7% of portfolio
New position
EXPINCREASED
3.3% of portfolio
-25% shares-1.3pp
GPCINCREASED
3.1% of portfolio
+0% shares-0.4pp
LBTYKREDUCED
3.1% of portfolio
-36% shares-1.3pp
COLDINCREASED
1.7% of portfolio
+124% shares+0.9pp
MOHINCREASED
1.7% of portfolio
+1% shares-0.4pp
AEROINCREASED
1.3% of portfolio
+1% shares-0.7pp
NCLHNEW
1.3% of portfolio
New position
PCVXNEW
0.9% of portfolio
New position
DNOWNEW
0.8% of portfolio
New position
FISSOLD
was 5.7%
Sold out position
Filing price: $66.46
DGSOLD
was 5.2%
Sold out position
Filing price: $132.77
FISOLD
was 2.8%
Sold out position
Filing price: $67.17
CRHSOLD
was 2.5%
Sold out position
Filing price: $124.80
LBTYKSOLD
was 0.4%
Sold out position
Filing price: $11.14
TBNSOLD
was 0.1%
Sold out position
Filing price: $27.23

Sold Out (6)

SOLDFIFISERV INCwas 2.80%@$67.17
SOLDCRHCRH PLCwas 2.54%@$124.80
SOLDDGDOLLAR GEN CORP NEWwas 5.19%@$132.77
SOLDFISFIDELITY NATL INFORMATION SVwas 5.67%@$66.46
SOLDLBTYKLIBERTY GLOBAL LTDwas 0.44%@$11.14
SOLDTBNTAMBORAN RES CORPwas 0.13%@$27.23

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 64.6%Technology 19.3%Healthcare 7.3%Financials 4.1%Materials 3.3%+1 more (1.3%)

💼 Holdings

🔍

22 of 22 positions · $5.1M

This quarter: 6 new positions, increased 11, reduced 2, sold 6. Net buyer.

AMZNINCREASED
12.7%
12.7% of portfolio (was 9.3%, added)
Filed ~$0
—📄
QSR
11.7%
11.7% of portfolio
Filed ~$0
—📄
WCCINCREASED
7.7%
7.7% of portfolio (was 6.6%, added)
Filed ~$0
—📄
UNPREDUCED
7.3%
7.3% of portfolio (was 7.1%, trimmed)
Filed ~$0
—📄
ELVINCREASED
7.3%
7.3% of portfolio (was 8.4%, added)
Filed ~$0
—📄
GOOGINCREASED
6.6%
6.6% of portfolio (was 6.5%, added)
Filed ~$0
—📄
FERGINCREASED
6.6%
6.6% of portfolio (was 4.8%, added)
Filed ~$0
—📄
WTWINCREASED
5.1%
5.1% of portfolio (was 8.5%, added)
Filed ~$0
—📄
AONNEW
4.9%
4.9% of portfolio (new position)
Filed ~$0
—📄
VNEW
4.1%
4.1% of portfolio (new position)
Filed ~$0
—📄
TFXNEW
3.7%
3.7% of portfolio (new position)
Filed ~$0
—📄
EXPINCREASED
3.3%
3.3% of portfolio (was 4.6%, added)
Filed ~$0
—📄
GPCINCREASED
3.1%
3.1% of portfolio (was 3.5%, added)
Filed ~$0
—📄
LBTYKREDUCED
3.1%
3.1% of portfolio (was 4.4%, trimmed)
Filed ~$0
—📄
HLF
2.7%
2.7% of portfolio
Filed ~$0
—📄
GDHLF
2.4%
2.4% of portfolio
Filed ~$0
—📄
COLDINCREASED
1.7%
1.7% of portfolio (was 0.8%, added)
Filed ~$0
—📄
MOHINCREASED
1.7%
1.7% of portfolio (was 2.1%, added)
Filed ~$0
—📄
AEROINCREASED
1.3%
1.3% of portfolio (was 2.0%, added)
Filed ~$0
—📄
NCLHNEW
1.3%
1.3% of portfolio (new position)
Filed ~$0
—📄
PCVXNEW
0.9%
0.9% of portfolio (new position)
Filed ~$0
—📄
DNOWNEW
0.8%
0.8% of portfolio (new position)
Filed ~$0
—📄

🚫 Sold Out (6 positions)

SOLDFIFISERV INCwas 2.80%@$67.172200000 shares · $147.8M
SOLDCRHCRH PLCwas 2.54%@$124.801072957 shares · $133.9M
SOLDDGDOLLAR GEN CORP NEWwas 5.19%@$132.772062821 shares · $273.9M
SOLDFISFIDELITY NATL INFORMATION SVwas 5.67%@$66.464503801 shares · $299.3M
SOLDLBTYKLIBERTY GLOBAL LTDwas 0.44%@$11.142080456 shares · $23.2M
SOLDTBNTAMBORAN RES CORPwas 0.13%@$27.23257226 shares · $7.0M