Seth Klarman - Baupost Group
Period:    Q1 2026
Portfolio date:    31 Mar 2026
No. of stocks:    22
Portfolio value:    $5,115,380,000
Holdings Activity Buys Sells    History
History Stock % of
Portfolio
Recent
Activity
Shares Avg. Buy
Price*
Value Current
Price
+/-
Since
Buy
52
Week
Low
52
Week
High
AMZN - Amazon.com, Inc. 12.70 Add 47.01% 3,118,754 $223.61 $649,543,000 $247.31 10.60% $196.00 $278.56
QSR - Restaurant Brands International Inc. 11.67 8,080,112 $64.87 $597,208,000 $75.57 16.49% $59.14 $81.22
WCC - WESCO International, Inc. 7.69 Add 1.27% 1,436,881 $166.44 $393,159,000 $330.84 98.78% $194.05 $377.35
UNP - Union Pacific Corp. 7.31 Reduce 5.30% 1,540,995 $235.96 $373,876,000 $289.13 22.53% $207.45 $290.38
ELV - Elevance Health, Inc. 7.30 Add 0.46% 1,275,154 $362.13 $373,301,000 $425.17 17.41% $268.08 $427.64
GOOG - Alphabet Inc. 6.62 Add 8.64% 1,181,131 $149.94 $338,819,000 $350.67 133.87% $180.20 $404.23
FERG - Ferguson Enterprises Inc. 6.58 Add 26.86% 1,442,411 $187.02 $336,457,000 $233.19 24.68% $204.50 $269.59
WTW - Willis Towers Watson Public Ltd. Co. 5.08 Reduce 34.21% 893,126 $247.73 $259,632,000 $295.55 19.30% $239.74 $349.38
AON - Aon plc 4.85 Buy 769,000 $322.78 $248,218,000 $367.35 13.81% $303.79 $379.20
V - Visa Inc. 4.14 Buy 701,355 $302.24 $211,978,000 $357.75 18.37% $293.28 $365.02
TFX - Teleflex Inc. 3.73 Buy 1,595,000 $119.61 $190,778,000 $136.40 14.04% $99.63 $139.31
EXP - Eagle Materials Inc. 3.31 Reduce 24.68% 892,763 $237.87 $169,134,000 $205.14 -13.76% $171.79 $245.53
GPC - Genuine Parts Co. 3.08 Add 0.29% 1,490,348 $137.55 $157,604,000 $123.52 -10.20% $89.80 $148.58
LBTYK - Liberty Global Ltd. 3.07 Reduce 35.85% 13,397,247 $12.16 $157,150,000 $10.54 -13.35% $9.95 $13.12
HLF - Herbalife Ltd. 2.66 9,259,844 $10.57 $136,305,000 $13.10 23.95% $7.56 $20.40
GDS - GDS Holdings Ltd. 2.40 3,044,818 $7.67 $122,676,000 $32.80 327.37% $26.97 $48.61
COLD - Americold Realty Trust, Inc. 1.74 Add 123.86% 7,780,800 $11.81 $89,168,000 $15.69 32.87% $9.59 $16.88
MOH - Molina Healthcare, Inc. 1.65 Add 1.38% 633,609 $172.99 $84,460,000 $242.88 40.40% $121.06 $243.77
AERO - Grupo Aeromexico, S.A.B. de C.V 1.34 Add 0.52% 4,880,188 $21.92 $68,371,000 $15.30 -30.20% $12.26 $23.05
NCLH - Norwegian Cruise Line Holdings Ltd. 1.33 Buy 3,630,000 $18.70 $67,881,000 $19.63 4.97% $14.53 $27.18
PCVX - Vaxcyte, Inc. 0.91 Buy 800,000 $58.11 $46,488,000 $57.03 -1.86% $29.08 $65.00
DNOW - DNOW Inc. 0.84 Buy 3,625,000 $11.91 $43,174,000 $13.05 9.57% $10.94 $17.26
* Avg. Buy Price is an estimated cost basis: the share-weighted average of the quarter-end prices reported when this manager first bought or later added to the position (average-cost method, reset after a full exit). 13F filings disclose only quarter-end holdings, not actual trade prices, so this approximates — but does not exactly equal — what was paid.
Sector % analysis
Consumer Cyclical 28.78
Industrials 23.75
Financial Services 14.07
Healthcare 13.59
Communication Services 9.70
Basic Materials 3.31
Consumer Defensive 2.66
Technology 2.40
Real Estate 1.74