13F portfolio / Value, risk-averse
Baupost Group
Seth Klarman (CEO)
The Baupost Group is a Boston-based investment firm founded in 1982. Seth Klarman has led it for decades; its approach emphasizes value investing and risk management, and it often holds cash, credit and private investments that do not appear in a 13F.
- Reported 13F value
- $5.4B
- Positions
- 23
- Est. 1-yearEstimate
- +8.9%SPY +15.7%
- Est. 3-year, annualizedEstimate
- —SPY +22.8%
As of Jun 30, 2026 · filed Aug 13, 2026
Holdings
3 new · 6 added · 9 trimmed · 5 unchanged · 2 sold out
| 1 | AMZN on Yahoo Finance (opens in a new tab) | Amazon Com IncCOM | 16.5% | $892M | 3,743,854 | Added +20.0% | $230.20 | $249.20 | +8.3% |
| 2 | ELV on Yahoo Finance (opens in a new tab) | Elevance Health Inc FormerlyCOM | 9.1% | $493M | 1,275,154 | Unchanged | $343.89 | $428.93 | +24.7% |
| 3 | QSR on Yahoo Finance (opens in a new tab) | Restaurant Brands Intl IncCOM | 9.0% | $490M | 6,753,112 | Trimmed -16.4% | $63.23 | $74.84 | +18.4% |
| 4 | GOOG on Yahoo Finance (opens in a new tab) | Alphabet IncCAP STK CL C | 9.0% | $485M | 1,371,931 | Added +16.2% | $195.77* | $337.82 | +72.6% |
| 5 | FERG on Yahoo Finance (opens in a new tab) | Ferguson Enterprises IncCOMMON STOCK NEW | 6.4% | $344M | 1,450,594 | Added +0.6% | $203.27 | $230.19 | +13.2% |
| 6 | GPC on Yahoo Finance (opens in a new tab) | Genuine Parts CoCOM | 6.1% | $332M | 2,816,178 | Added +89.0% | $116.40 | $133.76 | +14.9% |
| 7 | UNP on Yahoo Finance (opens in a new tab) | Union Pac CorpCOM | 6.0% | $322M | 1,185,395 | Trimmed -23.1% | $220.15 | $287.24 | +30.5% |
| 8 | V on Yahoo Finance (opens in a new tab) | Visa IncCOM CL A | 4.4% | $241M | 701,355 | Unchanged | $320.00 | $400.91 | +25.3% |
| 9 | WCC on Yahoo Finance (opens in a new tab) | Wesco Intl IncCOM | 4.2% | $229M | 662,881 | Trimmed -53.9% | $169.88 | $340.49 | +100.4% |
| 10 | AON on Yahoo Finance (opens in a new tab) | Aon PLCSHS CL A | 4.2% | $228M | 687,000 | Trimmed -10.7% | $330.70 | $289.88 | -12.3% |
| 11 | TFX on Yahoo Finance (opens in a new tab) | Teleflex IncorporatedCOM | 3.3% | $179M | 1,409,000 | Trimmed -11.7% | $109.47 | $129.21 | +18.0% |
| 12 | NCLH on Yahoo Finance (opens in a new tab) | Norwegian Cruise Line HldgsSHS | 3.0% | $163M | 7,730,000 | Added +112.9% | $20.16 | $15.09 | -25.1% |
| 13 | MOH on Yahoo Finance (opens in a new tab) | Molina Healthcare IncCOM | 2.7% | $145M | 633,609 | Unchanged | $164.30 | $207.21 | +26.1% |
| 14 | CME on Yahoo Finance (opens in a new tab) | CME Group IncCOM | 2.5% | $137M | 619,000 | New | $274.22 | $292.27 | +6.6% |
| 15 | HLF on Yahoo Finance (opens in a new tab) | Herbalife LtdCOM SHS | 2.2% | $122M | 9,259,844 | Unchanged | $10.22* | $14.57 | +42.6% |
| 16 | EXP on Yahoo Finance (opens in a new tab) | Eagle Matls IncCOM | 2.2% | $119M | 530,763 | Trimmed -40.5% | $235.44 | $169.71 | -27.9% |
| 17 | GDS on Yahoo Finance (opens in a new tab) | GDS Hldgs LtdSPONSORED ADS | 2.1% | $113M | 3,769,818 | Added +23.8% | $13.30 | $23.30 | +75.1% |
| 18 | COLD on Yahoo Finance (opens in a new tab) | Americold Realty Trust IncCOM | 2.0% | $107M | 6,830,230 | Trimmed -12.2% | $12.70 | $13.77 | +8.4% |
| 19 | LBTYK on Yahoo Finance (opens in a new tab) | Liberty Global LtdCOM CL C | 1.7% | $94M | 8,543,161 | Trimmed -36.2% | $9.07 | $7.66 | -15.6% |
| 20 | AERO on Yahoo Finance (opens in a new tab) | Grupo Aeromexico Sab De CvSPONSORED ADS | 1.6% | $88M | 4,880,188 | Unchanged | $19.15 | $16.17 | -15.6% |
| 21 | AXTA on Yahoo Finance (opens in a new tab) | Axalta Coating Sys LtdCOM | 0.8% | $44M | 1,274,356 | New | $30.08 | $33.53 | +11.5% |
| 22 | DNOW on Yahoo Finance (opens in a new tab) | Dnow IncCOM | 0.7% | $36M | 2,788,000 | Trimmed -23.1% | $13.53 | $15.47 | +14.3% |
| 23 | PS on Yahoo Finance (opens in a new tab) | Pershing Square IncCOMMON STOCK | 0.2% | $13M | 392,000 | New | $35.92 | $44.40 | +23.6% |
Sold out since Q1 2026
- WTW on Yahoo Finance (opens in a new tab)Willis Towers Watson PLC Ltd$260M at Q1 2026
- PCVX on Yahoo Finance (opens in a new tab)Vaxcyte Inc$46M at Q1 2026
Estimated, from reported holdings
Quarter by quarter
High-conviction buys (new positions at 3% or more of the portfolio) since Q3 2023: 13. Of 10 with six months of history, 40.0% beat the S&P 500 from the filing date.
Source: SEC Form 13F-HR 0001061768-26-000010, compared with the Q1 2026 report. This filer reported values in thousands of dollars; we multiplied by 1,000 after a price check. 0 option rows are excluded from weights. Tickers map from CUSIP via OpenFIGI. Estimated returns weight each position’s next-quarter total return (Yahoo Finance adjusted closes) by its quarter-end value and assume no trades. Estimated cost averages daily adjusted closes in each quarter the share count rose, from Q3 2023 onward (* = held at the start of our data). Price is the latest close.
Important information
Form 13F data is delayed. Managers have up to 45 days after each calendar quarter to file, so holdings shown may have changed materially since the report date. 13F reports cover long positions in US-listed equities and certain other securities only; they exclude short positions, most non-US holdings, cash, bonds and private investments, and managers may request confidential treatment for some positions. Options rows are listed in filings but are not counted in the holdings and weights shown here.
Estimated holdings returns, estimated cost and high-conviction results are hypothetical calculations from quarter-end holdings and public prices, assuming no trades between reports. They are not the actual returns or costs of any fund or manager and do not reflect fees, trading, leverage, shorts or cash. Biographies are drawn from cited public sources. This page is for information only and is not individualized investment advice or a recommendation to buy or sell any security. Gulfstream Capital and its clients may hold positions in securities shown.