Seth Klarman

Baupost Group·value·Concentrated / activist

Accredited only

~low teens since 1982

Portfolio value

$5.1B

Positions

Top 5 concentration

47%

New buys this quarter

Quarterly activity

What Seth Klarman bought and sold each quarter.

Mar 2026vs Dec 2025

Bought (10)

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

Sold (10)

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

Dec 2025vs Sep 2025

Bought (10)

$AMZNNew buy9.3%$MOHNew buy2.1%$AEROADRNew buy2%$WTWAdded+24.7%$UNPAdded+8.8%$FISAdded+18.8%$EXPAdded+26.1%$GPCAdded+6.5%$FIAdded+145.8%$HLFAdded+19.3%

Sold (8)

$PAGSSold out$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)

$AMCRSold out$LBRDASold out$ICLRSold out$LBRDKSold out$VSATSold out$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)

$CLVTSold out$SGISold out$SOLVSold out$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)

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

Jun 2024vs Mar 2024

Bought (14)

$HUMNew buy4.4%$SOLVNew buy2.7%$WSCNew buy2.6%$CPRINew buy0.9%$VRSNNew buy0.5%$WTWAdded+6.2%$CRHAdded+56%$CLVTAdded+27.2%$JAZZAdded+52.8%$WCCAdded+290.3%$EXPAdded+30.6%$FTREAdded+933.7%$HLFAdded+128.3%$GDSADRAdded+63.5%

Sold (9)

$SOUNSold out$WBDSold out$ATUSSold out$LSXMATrimmed-77.6%$LSXMKTrimmed-75.7%$GOOGTrimmed-63.8%$FISTrimmed-37.1%$TBPHTrimmed-36.3%$VSATTrimmed-8.5%

Quarter-over-quarter change in disclosed positions.

Holdings

Stock	Move	% of portfolio	Reported px	Now	Since report
$AMZN AMAZON COM INC	Added	12.7%	$208.27	$247.04	+18.6%
$QSR RESTAURANT BRANDS INTL INC	Held	11.7%	$73.91	$74.94	+1.4%
$WCC WESCO INTL INC	Held	7.7%	$273.62	$328.91	+20.2%
$UNP UNION PAC CORP	Trimmed	7.3%	$242.62	$285.04	+17.5%
$ELV ELEVANCE HEALTH INC FORMERLY	Held	7.3%	$292.75	$420.39	+43.6%
$GOOG ALPHABET INC	Added	6.6%	$286.86	$356.24	+24.2%
$FERG FERGUSON ENTERPRISES INC	Added	6.6%	$233.26	$224.62	-3.7%
$WTW WILLIS TOWERS WATSON PLC LTD	Trimmed	5.1%	$290.70	$289.13	-0.5%
$AON AON PLC	New buy	4.9%	$322.78	$355.56	+10.2%
$V VISA INC	New buy	4.1%	$302.24	$348.20	+15.2%
$TFX TELEFLEX INCORPORATED	New buy	3.7%	$119.61	$134.04	+12.1%
$EXP EAGLE MATLS INC	Trimmed	3.3%	$189.45	$205.62	+8.5%
$GPC GENUINE PARTS CO	Held	3.1%	$105.75	$124.27	+17.5%
$LBTYK LIBERTY GLOBAL LTD	Trimmed	3.1%	$11.73	$10.30	-12.2%
$HLF HERBALIFE LTD	Held	2.7%	$14.72	$12.90	-12.4%
$GDSADR GDS HLDGS LTD	Held	2.4%	$40.29	$32.80	-18.6%
$COLD AMERICOLD REALTY TRUST INC	Added	1.7%	$11.46	$15.72	+37.2%
$MOH MOLINA HEALTHCARE INC	Held	1.7%	$133.30	$232.09	+74.1%
$AEROADR GRUPO AEROMEXICO SAB DE CV	Held	1.3%	$14.01	$16.62	+18.6%
$NCLH NORWEGIAN CRUISE LINE HLDGS	New buy	1.3%	$18.70	$19.76	+5.7%
$PCVX VAXCYTE INC	New buy	0.9%	$58.11	$59.83	+3%
$DNOW DNOW INC	New buy	0.8%	$11.91	$12.84	+7.8%

Notable sell-outs this quarter: $FI, $TBN, $FIS, $LBTYA, $CRH, $DG

Source: SEC 13F via FMP · Mar 2026 report · 45-day filing delay. Long equity positions only. Not financial advice.