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Seth Klarman

Baupost Group

Value investor, Margin of Safety author

πŸ“ Boston, MAEst. 1982πŸ’° ~$30B AUM

$5.42B

Portfolio Value

23

Holdings

Q2 '26

Period

2026-08-13

Filed

About Seth Klarman

Seth Andrew Klarman (born 1957) is an American billionaire investor, hedge fund manager, and author. He is the CEO and portfolio manager of the Baupost Group, one of the largest hedge funds in the world. Author of 'Margin of Safety,' one of the most sought-after investment books ever written.

Investment Philosophy

Deep value investing with a strong emphasis on margin of safety and capital preservation. Willing to hold significant cash when opportunities are scarce. Invests across asset classes including stocks, distressed debt, real estate, and private investments. Focuses on absolute returns rather than relative performance.

Notable Facts

  • β€’Author of 'Margin of Safety' β€” copies sell for $1,000+ used
  • β€’Baupost has generated ~20% annualized returns since inception
  • β€’Known for holding large cash positions (sometimes 30-50% of fund)
  • β€’Rarely gives interviews or public appearances
πŸ“‰

Simulated 13F Return

⚠️ Approximation

Total Return

+9.81%

Q1 '24 β†’ 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%

Ξ± +2.03%

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

πŸ“ˆ Recent Activity

Changes from previous quarter

AMZNINCREASED
16.5% of portfolio
+20% shares+3.8pp
QSRREDUCED
9.0% of portfolio
-16% shares-2.6pp
GOOGINCREASED
9.0% of portfolio
+16% shares+2.3pp
FERGINCREASED
6.4% of portfolio
+1% shares-0.2pp
GPCINCREASED
6.1% of portfolio
+89% shares+3.1pp
UNPREDUCED
6.0% of portfolio
-23% shares-1.4pp
WCCINCREASED
4.2% of portfolio
-54% shares-3.5pp
AONREDUCED
4.2% of portfolio
-11% shares-0.6pp
TFXREDUCED
3.3% of portfolio
-12% shares-0.4pp
NCLHINCREASED
3.0% of portfolio
+113% shares+1.7pp
CMENEW
2.5% of portfolio
New position
EXPREDUCED
2.2% of portfolio
-41% shares-1.1pp
GDHLFINCREASED
2.1% of portfolio
+24% shares-0.3pp
COLDREDUCED
2.0% of portfolio
-12% shares+0.2pp
LBTYKINCREASED
1.7% of portfolio
-36% shares-1.3pp
AXTANEW
0.8% of portfolio
New position
DNOWREDUCED
0.7% of portfolio
-23% shares-0.2pp
PSNEW
0.2% of portfolio
New position
WTWSOLD
was 5.1%
Sold out position
Filing price: $290.70
PCVXSOLD
was 0.9%
Sold out position
Filing price: $58.11

Sold Out (2)

SOLDPCVXVAXCYTE INCwas 0.91%@$58.11
SOLDWTWWILLIS TOWERS WATSON PLC LTDwas 5.08%@$290.70

πŸ“Š Sector Breakdown

Portfolio allocation by sector

Unknown 53.3%Technology 25.4%Healthcare 9.1%Financials 7.0%Consumer Discretionary 3.0%+1 more (2.2%)

πŸ’Ό Holdings

πŸ”

23 of 23 positions Β· $5.42B

This quarter: 3 new positions, increased 8, reduced 7, sold 2. Net buyer.

AMZNINCREASED
16.5%
16.5% of portfolio (was 12.7%, added)
Filed ~$238
β€”πŸ“„
ELV
9.1%
9.1% of portfolio
Filed ~$387
β€”πŸ“„
QSRREDUCED
9.0%
9.0% of portfolio (was 11.7%, trimmed)
Filed ~$73
β€”πŸ“„
GOOGINCREASED
9.0%
9.0% of portfolio (was 6.6%, added)
Filed ~$353
β€”πŸ“„
FERGINCREASED
6.4%
6.4% of portfolio (was 6.6%, added)
Filed ~$237
β€”πŸ“„
GPCINCREASED
6.1%
6.1% of portfolio (was 3.1%, added)
Filed ~$118
β€”πŸ“„
UNPREDUCED
6.0%
6.0% of portfolio (was 7.3%, trimmed)
Filed ~$272
β€”πŸ“„
V
4.4%
4.4% of portfolio
Filed ~$343
β€”πŸ“„
WCCINCREASED
4.2%
4.2% of portfolio (was 7.7%, added)
Filed ~$345
β€”πŸ“„
AONREDUCED
4.2%
4.2% of portfolio (was 4.9%, trimmed)
Filed ~$332
β€”πŸ“„
TFXREDUCED
3.3%
3.3% of portfolio (was 3.7%, trimmed)
Filed ~$127
β€”πŸ“„
NCLHINCREASED
3.0%
3.0% of portfolio (was 1.3%, added)
Filed ~$21
β€”πŸ“„
MOH
2.7%
2.7% of portfolio
Filed ~$229
β€”πŸ“„
CMENEW
2.5%
2.5% of portfolio (new position)
Filed ~$221
β€”πŸ“„
HLF
2.2%
2.2% of portfolio
Filed ~$13
β€”πŸ“„
EXPREDUCED
2.2%
2.2% of portfolio (was 3.3%, trimmed)
Filed ~$225
β€”πŸ“„
GDHLFINCREASED
2.1%
2.1% of portfolio (was 2.4%, added)
Filed ~$30
β€”πŸ“„
COLDREDUCED
2.0%
2.0% of portfolio (was 1.7%, trimmed)
Filed ~$16
β€”πŸ“„
LBTYKINCREASED
1.7%
1.7% of portfolio (was 3.1%, added)
Filed ~$11
β€”πŸ“„
AERO
1.6%
1.6% of portfolio
Filed ~$18
β€”πŸ“„
AXTANEW
0.8%
0.8% of portfolio (new position)
Filed ~$34
β€”πŸ“„
DNOWREDUCED
0.7%
0.7% of portfolio (was 0.8%, trimmed)
Filed ~$13
β€”πŸ“„
PSNEW
0.2%
0.2% of portfolio (new position)
Filed ~$33
β€”πŸ“„

🚫 Sold Out (2 positions)

SOLDPCVXVAXCYTE INCwas 0.91%@$58.11800000 shares Β· $46.5M
SOLDWTWWILLIS TOWERS WATSON PLC LTDwas 5.08%@$290.70893126 shares Β· $259.6M