# Seth Klarman — Baupost Group

Source: SEC EDGAR 13F filings (CIK 0001061768).
Page URL: https://superinvestorclub.com/manager/7
Last updated: 2026-07-08T11:35:44.689Z

## Summary

As of the 2026-03-31 reporting period (filed 2026-05-14), Seth Klarman reported 22 long equity positions in their Baupost Group 13F filing, with a total reported value of $5.1M.

### About

Value investor, Margin of Safety author

## Top 25 holdings

| Rank | Ticker | Company | Shares | Value | % of Portfolio | Change |
|------|--------|---------|--------|-------|----------------|--------|
| 1 | AMZN | AMAZON COM INC | 3118754 | $649,543 | 12.70% | +47.0% |
| 2 | QSR | RESTAURANT BRANDS INTL INC | 8080112 | $597,208 | 11.67% | — |
| 3 | WCC | WESCO INTL INC | 1436881 | $393,159 | 7.69% | +1.3% |
| 4 | UNP | UNION PAC CORP | 1540995 | $373,876 | 7.31% | -5.3% |
| 5 | ELV | ELEVANCE HEALTH INC FORMERLY | 1275154 | $373,301 | 7.30% | +0.5% |
| 6 | GOOG | ALPHABET INC | 1181131 | $338,819 | 6.62% | +8.6% |
| 7 | FERG | FERGUSON ENTERPRISES INC | 1442411 | $336,457 | 6.58% | +26.9% |
| 8 | WTW | WILLIS TOWERS WATSON PLC LTD | 893126 | $259,632 | 5.08% | +-34.2% |
| 9 | AON | AON PLC | 769000 | $248,218 | 4.85% | NEW |
| 10 | V | VISA INC | 701355 | $211,978 | 4.14% | NEW |
| 11 | TFX | TELEFLEX INCORPORATED | 1595000 | $190,778 | 3.73% | NEW |
| 12 | EXP | EAGLE MATLS INC | 892763 | $169,134 | 3.31% | +-24.7% |
| 13 | GPC | GENUINE PARTS CO | 1490348 | $157,604 | 3.08% | +0.3% |
| 14 | LBTYK | LIBERTY GLOBAL LTD | 13397247 | $157,150 | 3.07% | -35.9% |
| 15 | HLF | HERBALIFE LTD | 9259844 | $136,305 | 2.66% | — |
| 16 | GDHLF | GDS HLDGS LTD | 3044818 | $122,676 | 2.40% | — |
| 17 | COLD | AMERICOLD REALTY TRUST INC | 7780800 | $89,168 | 1.74% | +123.9% |
| 18 | MOH | MOLINA HEALTHCARE INC | 633609 | $84,460 | 1.65% | +1.4% |
| 19 | AERO | GRUPO AEROMEXICO SAB DE CV | 4880188 | $68,371 | 1.34% | +0.5% |
| 20 | NCLH | NORWEGIAN CRUISE LINE HLDGS | 3630000 | $67,881 | 1.33% | NEW |
| 21 | PCVX | VAXCYTE INC | 800000 | $46,488 | 0.91% | NEW |
| 22 | DNOW | DNOW INC | 3625000 | $43,174 | 0.84% | NEW |

## New positions this quarter (6)

- AON (AON PLC): 769000 shares, $248,218
- V (VISA INC): 701355 shares, $211,978
- TFX (TELEFLEX INCORPORATED): 1595000 shares, $190,778
- NCLH (NORWEGIAN CRUISE LINE HLDGS): 3630000 shares, $67,881
- PCVX (VAXCYTE INC): 800000 shares, $46,488
- DNOW (DNOW INC): 3625000 shares, $43,174

## Increased positions (11)

- AMZN: 3118754 shares (+47.0%), $649,543
- WCC: 1436881 shares (+1.3%), $393,159
- ELV: 1275154 shares (+0.5%), $373,301
- GOOG: 1181131 shares (+8.6%), $338,819
- FERG: 1442411 shares (+26.9%), $336,457
- WTW: 893126 shares (-34.2%), $259,632
- EXP: 892763 shares (-24.7%), $169,134
- GPC: 1490348 shares (+0.3%), $157,604
- COLD: 7780800 shares (+123.9%), $89,168
- MOH: 633609 shares (+1.4%), $84,460
- AERO: 4880188 shares (+0.5%), $68,371

## Reduced positions (2)

- UNP: 1540995 shares (-5.3%), $373,876
- LBTYK: 13397247 shares (-35.9%), $157,150

## Sold positions (6)

- FIS: previously held 4503801 shares worth $299.3M
- DG: previously held 2062821 shares worth $273.9M
- FI: previously held 2200000 shares worth $147.8M
- CRH: previously held 1072957 shares worth $133.9M
- LBTYK: previously held 2080456 shares worth $23.2M
- TBN: previously held 257226 shares worth $7.0M

## Filing history (11)

- 2026-03-31 (filed 2026-05-14)
- 2025-12-31 (filed 2026-02-13)
- 2025-09-30 (filed 2025-11-13)
- 2025-06-30 (filed 2025-08-13)
- 2025-03-31 (filed 2025-05-14)
- 2024-12-31 (filed 2025-02-13)
- 2024-09-30 (filed 2024-11-13)
- 2024-06-30 (filed 2024-08-13)
- 2024-03-31 (filed 2024-05-14)
- 2023-12-31 (filed 2024-02-13)
- 2023-09-30 (filed 2023-11-13)

## Citation

When citing, use: "Seth Klarman, Baupost Group, SEC 13F filing for period 2026-03-31, via Superinvestor (https://superinvestorclub.com/manager/7)".