Seth Klarman

Baupost Group·value·Concentrated / high-conviction

Accredited only

~low teens since 1982

Portfolio value

$5.4B

Positions

Top 5 concentration

50%

New buys this quarter

Quarterly activity

What Seth Klarman bought and sold each quarter.

Jun 2026vs Mar 2026

Bought (8)

$CMENew buy2.5%$AXTANew buy0.8%$PSNew buy0.2%$AMZNAdded+20%$GOOGAdded+16.2%$GPCAdded+89%$NCLHAdded+112.9%$GDSADRAdded+23.8%

Sold (11)

$WTWSold out$PCVXSold out$WCCTrimmed-53.9%$EXPTrimmed-40.5%$LBTYKTrimmed-36.2%$DNOWTrimmed-23.1%$UNPTrimmed-23.1%$QSRTrimmed-16.4%$COLDTrimmed-12.2%$TFXTrimmed-11.7%$AONTrimmed-10.7%

Mar 2026vs Dec 2025

Bought (10)

$AONNew buy4.9%$VNew buy4.1%$TFXNew buy3.7%$NCLHNew buy1.3%$PCVXNew buy0.9%$DNOWNew buy0.8%$AMZNAdded+47%$FERGAdded+26.9%$GOOGAdded+8.6%$COLDAdded+123.9%

Sold (10)

$CRHSold out$DGSold out$FISVSold out$TBNSold out$FISSold out$LBTYASold out$LBTYKTrimmed-35.9%$WTWTrimmed-34.2%$EXPTrimmed-24.7%$UNPTrimmed-5.3%

Dec 2025vs Sep 2025

Bought (10)

$AMZNNew buy9.3%$FISVNew buy2.8%$MOHNew buy2.1%$AEROADRNew buy2%$WTWAdded+24.7%$UNPAdded+8.8%$FISAdded+18.8%$EXPAdded+26.1%$GPCAdded+6.5%$HLFAdded+19.3%

Sold (9)

$FISold out$PAGSSold out$CRHTrimmed-68.3%$LBTYATrimmed-59%$TBNTrimmed-54.9%$GOOGTrimmed-41.5%$DGTrimmed-22.7%$GDSADRTrimmed-6.3%$WCCTrimmed-5.6%

Sep 2025vs Jun 2025

Bought (6)

$UNPNew buy7.4%$GPCNew buy4.1%$COLDNew buy0.9%$QSRAdded+103.8%$ELVAdded+114.1%$EXPAdded+39%

Sold (10)

$LBRDASold out$LBRDKSold out$VSATSold out$AMCRSold out$ICLRSold out$WCCTrimmed-31.9%$GOOGTrimmed-29.5%$WTWTrimmed-17.1%$LBTYKTrimmed-12.2%$CRHTrimmed-11.6%

Jun 2025vs Mar 2025

Bought (10)

$FINew buy3.8%$AMCRNew buy1.2%$PAGSNew buy0.6%$GOOGAdded+26.8%$WCCAdded+10.1%$CRHAdded+42%$FISAdded+8.5%$DGAdded+26.7%$ELVAdded+150.4%$LBRDKAdded+337%

Sold (7)

$SOLVSold out$CLVTSold out$SGISold out$EXPTrimmed-25.7%$GDSADRTrimmed-23.5%$WTWTrimmed-13.9%$VSATTrimmed-9.8%

Mar 2025vs Dec 2024

Bought (8)

$FISNew buy7.5%$ELVNew buy3.1%$ICLRNew buy2%$SGINew buy1.2%$GOOGAdded+45.7%$WCCAdded+39.7%$QSRAdded+33.9%$EXPAdded+42.5%

Sold (8)

$SNREADRSold out$GPCSold out$HUMSold out$CLVTTrimmed-70.3%$LBTYKTrimmed-37.5%$SOLVTrimmed-27.2%$WTWTrimmed-16.9%$VSATTrimmed-16.6%

Dec 2024vs Sep 2024

Bought (8)

$FERGNew buy5.7%$SNREADRNew buy2.9%$HUMNew buy2.6%$GPCNew buy1.1%$WCCAdded+14.1%$QSRAdded+10155.5%$EXPAdded+27.6%$HLFAdded+48.3%

Sold (8)

$FISSold out$JSold out$FTRESold out$LBTYATrimmed-27.7%$SOLVTrimmed-20.5%$DGTrimmed-10.5%$CLVTTrimmed-6.8%$LBTYKTrimmed-6.8%

Sep 2024vs Jun 2024

Bought (9)

$DGNew buy5.6%$LBRDKNew buy0.4%$TBNNew buy0.3%$QSRNew buy0.1%$LBRDANew buy0%$WTWAdded+7.8%$GOOGAdded+37%$WCCAdded+56.7%$EXPAdded+46.2%

Sold (13)

$LSXMKSold out$HUMSold out$CPRISold out$JAZZSold out$LSXMASold out$TBPHSold out$VRSNSold out$WSCSold out$FISTrimmed-72.3%$CRHTrimmed-37.6%$JTrimmed-29%$FTRETrimmed-27%$VSATTrimmed-11.2%

Quarter-over-quarter change in disclosed positions.

Holdings

Stock	Move	% of portfolio	Quarter-end px	Now	Since quarter-end
$AMZN AMAZON COM INC	Added	16.5%	$238.34	$258.51	+8.5%
$ELV ELEVANCE HEALTH INC FORMERLY	Held	9.1%	$386.73	$407.50	+5.4%
$QSR RESTAURANT BRANDS INTL INC	Trimmed	9%	$72.50	$80.17	+10.6%
$GOOG ALPHABET INC	Added	9%	$353.33	$335.31	-5.1%
$FERG FERGUSON ENTERPRISES INC	Held	6.4%	$237.33	$228.41	-3.8%
$GPC GENUINE PARTS CO	Added	6.1%	$117.98	$138.08	+17%
$UNP UNION PAC CORP	Trimmed	6%	$272.00	$289.62	+6.5%
$V VISA INC	Held	4.4%	$343.09	$375.07	+9.3%
$WCC WESCO INTL INC	Trimmed	4.2%	$345.43	$351.46	+1.7%
$AON AON PLC	Trimmed	4.2%	$331.69	$323.09	-2.6%
$TFX TELEFLEX INCORPORATED	Trimmed	3.3%	$126.76	$138.36	+9.2%
$NCLH NORWEGIAN CRUISE LINE HLDGS	Added	3%	$21.11	$15.57	-26.2%
$MOH MOLINA HEALTHCARE INC	Held	2.7%	$228.70	$200.80	-12.2%
$CME CME GROUP INC	New buy	2.5%	$220.83	$281.29	+27.4%
$HLF HERBALIFE LTD	Held	2.2%	$13.15	$12.38	-5.9%
$EXP EAGLE MATLS INC	Trimmed	2.2%	$225.00	$194.48	-13.6%
$GDSADR GDS HLDGS LTD	Added	2.1%	$30.03	$31.37	+4.5%
$COLD AMERICOLD REALTY TRUST INC	Trimmed	2%	$15.72	$14.22	-9.5%
$LBTYK LIBERTY GLOBAL LTD	Trimmed	1.7%	$11.00	$10.43	-5.2%
$AEROADR GRUPO AEROMEXICO SAB DE CV	Held	1.6%	$18.00	$15.79	-12.3%
$AXTA AXALTA COATING SYS LTD	New buy	0.8%	$34.22	$35.78	+4.6%
$DNOW DNOW INC	Trimmed	0.7%	$12.97	$16.12	+24.3%
$PS PERSHING SQUARE INC	New buy	0.2%	$32.86	$39.08	+18.9%

Notable sell-outs this quarter: $WTW, $PCVX

Track Seth Klarman between filings

13Fs land once a quarter. We email you when a tracked manager files a Form 4, a 13D stake or a Form 144 notice of sale — days after it happens, not months.

Source: SEC 13F via FMP · holdings as of Jun 2026 · 45-day filing delay. Long equity positions only. Not financial advice.