Baupost Group
Seth KlarmanBOSTON, MAfiles as BAUPOST GROUP LLC/MA
$5.4bn in 23 US stocks at the end of 30 June 2026. The top 10 are 74.9% of the money. It changed about 18.1% of the portfolio this quarter.
Value
$5.4bn
Stocks
23
Top 10 share
74.9%
Turnover
18.1%
What changed this quarter
New
Bought for the first time this quarter.
- CME GroupCME2.5% of the fund
- Axalta Coating SystemsAXTA0.8% of the fund
- Pershing SquarePS0.2% of the fund
Added
Bought more of a stock they already held.
- Amazon.comAMZN16.5% of the fund+20%
- AlphabetGOOG9.0% of the fund+16%
- Genuine PartsGPC6.1% of the fund+89%
- Norwegian Cruise Line HoldingsNCLH3.0% of the fund+113%
- GDS HldgsGDS2.1% of the fund+24%
Cut
Sold some of their stake.
- Restaurant Brands InternationalQSR9.0% of the fund-16%
- Union PacificUNP6.0% of the fund-23%
- Wesco InternationalWCC4.2% of the fund-54%
- AonAON4.2% of the fund-11%
- TeleflexTFX3.3% of the fund-12%
- Eagle MaterialsEXP2.2% of the fund-41%
- Americold Realty TrustCOLD2.0% of the fund-12%
- Liberty GlobalLBTYK1.7% of the fund-36%
- DnowDNOW0.7% of the fund-23%
Sold out
Sold their entire stake.
- Willis Towers WatsonWTW-100%
- VaxcytePCVX-100%
Holdings
- GDS HldgsGDS
- Share
- 2.1%
- Value
- $113m
- Shares
- 3,769,818
+24%
- Grupo Aeromexico SAB de CVAERO
- Share
- 1.6%
- Value
- $88m
- Shares
- 4,880,188
Held
- Pershing SquarePS
- Share
- 0.2%
- Value
- $13m
- Shares
- 392,000
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Amazon.comAMZN | 16.5% | $892m | 3,743,854 | +20% |
| Elevance HealthELV | 9.1% | $493m | 1,275,154 | Held |
| Restaurant Brands InternationalQSR | 9.0% | $490m | 6,753,112 | -16% |
| AlphabetGOOG | 9.0% | $485m | 1,371,931 | +16% |
| Ferguson EnterprisesFERG | 6.4% | $344m | 1,450,594 | Held |
| Genuine PartsGPC | 6.1% | $332m | 2,816,178 | +89% |
| Union PacificUNP | 6.0% | $322m | 1,185,395 | -23% |
| VisaV | 4.4% | $241m | 701,355 | Held |
| Wesco InternationalWCC | 4.2% | $229m | 662,881 | -54% |
| AonAON | 4.2% | $228m | 687,000 | -11% |
| TeleflexTFX | 3.3% | $179m | 1,409,000 | -12% |
| Norwegian Cruise Line HoldingsNCLH | 3.0% | $163m | 7,730,000 | +113% |
| Molina HealthcareMOH | 2.7% | $145m | 633,609 | Held |
| CME GroupCME | 2.5% | $137m | 619,000 | New |
| HerbalifeHLF | 2.2% | $122m | 9,259,844 | Held |
| Eagle MaterialsEXP | 2.2% | $119m | 530,763 | -41% |
| GDS HldgsGDS | 2.1% | $113m | 3,769,818 | +24% |
| Americold Realty TrustCOLD | 2.0% | $107m | 6,830,230 | -12% |
| Liberty GlobalLBTYK | 1.7% | $94m | 8,543,161 | -36% |
| Grupo Aeromexico SAB de CVAERO | 1.6% | $88m | 4,880,188 | Held |
| Axalta Coating SystemsAXTA | 0.8% | $44m | 1,274,356 | New |
| DnowDNOW | 0.7% | $36m | 2,788,000 | -23% |
| Pershing SquarePS | 0.2% | $13m | 392,000 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 31.6% since 30 June 2025.
Where the money is
Retail & consumer34.7%
Health care17.3%
Industrials17.2%
Financial services11.4%
Media & telecom10.7%
Materials3.0%
Real estate2.0%
Other3.7%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.