BAUPOST GROUP LLC/MA

Superinvestor · Seth Klarman

CIK

1061768

Location

BOSTON, MA

Portfolio Value

Mid $4,619,323,012

Diversification

Diversified

Filing Date

Global Rank

#710 / 8,604 ▲ 12 · as of Mar 2026

Top Industry

Industrial Distribution 16.7%

3Y Alpha vs SPY

-7.4%

Period ended 3 months ago

Filed May 14, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+44.0%

SPY

+76.5%

Annualised alpha

-7.9%

Max drawdown

−20.7%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

20 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

14.1%

+2.3 pts

Top 5

51.7%

+2.6 pts

Top 10

78.7%

−0.5 pts

HHI

774

Diversified+44

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Consumer Cyclical	31.9%	$1,472,148,472	4
Industrials	26.3%	$1,215,037,557	5
Financial Services	15.6%	$719,827,083	3
Healthcare	15.0%	$695,027,362	4
Basic Materials	3.7%	$169,133,950	1
Consumer Defensive	3.0%	$136,304,903	1
Technology	2.7%	$122,675,717	1
Real Estate	1.9%	$89,167,968	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

8 positions

Ticker	Company	Δ Shares	Shares	Value
COLD	Americold Realty Trust	+4,305,115	7,780,800	$89,167,968
AMZN	Amazon Com Inc	+997,363	3,118,754	$649,542,895
FERG	Ferguson Enterprises Inc. /DE/	+305,376	1,442,411	$336,456,789
AERO	Grupo Aeromexico, S.A.B. de C.V.	+25,008	4,880,188	$68,371,433
WCC	Wesco International Inc	+18,050	1,436,881	$393,159,379
MOH	Molina Healthcare, Inc.	+8,609	633,609	$84,460,079
ELV	Elevance Health, Inc.	+5,852	1,275,154	$373,301,333
GPC	Genuine Parts Co	+4,260	1,490,348	$157,604,301
No positions match the current search.

Trimmed

Positions the filer reduced

3 positions

Ticker	Company	Δ Shares	Shares	Value
WTW	Willis Towers Watson PLC	−464,475	893,126	$259,631,728
EXP	Eagle Materials Inc	−292,485	892,763	$169,133,950
UNP	Union Pacific Corp	−86,259	1,540,995	$373,876,206
No positions match the current search.

New Positions

Positions the filer opened this quarter

6 positions

Ticker	Company	Shares	Value
AON	Aon plc	769,000	$248,217,820
V	Visa Inc.	701,355	$211,977,535
TFX	Teleflex Inc	1,595,000	$190,777,950
NCLH	Norwegian Cruise Line Holdings Ltd.	3,630,000	$67,881,000
PCVX	Vaxcyte, Inc.	800,000	$46,488,000
DNOW	DNOW Inc.	3,625,000	$43,173,750
No positions match the current search.

Sold Out

Positions the filer fully exited

6 positions

Ticker	Company	Shares	Value
FIS	Fidelity National Information Services, Inc.	4,503,801	$299,322,614
DG	Dollar General Corp	2,062,821	$273,880,744
FISV	Fiserv Inc	2,200,000	$147,774,000
CRH	Crh Public Ltd Co	1,072,957	$133,905,033
LBTYA	Liberty Global Ltd.	2,080,456	$23,176,279
TBN	Tamboran Resources Corp	257,226	$7,004,263
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

20 positions · $4,619,323,012 total · as of Mar 31, 2026

All sectors Basic Materials Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Est. Price	% of Portfolio
AMZN	Amazon Com Inc Consumer Cyclical	Added	3,118,754	+997,363	$649,542,895	+32.7%	$220.17	14.06%
QSR	Restaurant Brands International Inc. Consumer Cyclical	Held	8,080,112	0	$597,120,276	+8.3%	$70.21	12.93%
WCC	Wesco International Inc Industrials	Added	1,436,881	+18,050	$393,159,379	+13.3%	$280.84	8.51%
UNP	Union Pacific Corp Industrials	Reduced	1,540,995	-86,259	$373,876,206	−0.7%	$244.86	8.09%
ELV	Elevance Health, Inc. Healthcare	Added	1,275,154	+5,852	$373,301,333	−16.1%	$328.66	8.08%
FERG	Ferguson Enterprises Inc. /DE/ Industrials	Added	1,442,411	+305,376	$336,456,789	+32.9%	$243.36	7.28%
WTW	Willis Towers Watson PLC Financial Services	Reduced	893,126	-464,475	$259,631,728	−41.8%	$306.82	5.62%
AON	Aon plc Financial Services	NEW	769,000	NEW	$248,217,820	NEW	$332.33	5.37%
V	Visa Inc. Financial Services	NEW	701,355	NEW	$211,977,535	NEW	$321.55	4.59%
TFX	Teleflex Inc Healthcare	NEW	1,595,000	NEW	$190,777,950	NEW	$110.25	4.13%
EXP	Eagle Materials Inc Basic Materials	Reduced	892,763	-292,485	$169,133,950	−31.0%	$212.79	3.66%
GPC	Genuine Parts Co Consumer Cyclical	Added	1,490,348	+4,260	$157,604,301	−13.7%	$123.79	3.41%
HLF	Herbalife Ltd. Consumer Defensive	Held	9,259,844	0	$136,304,903	+14.2%	$16.34	2.95%
GDS	GDS Holdings Ltd Technology	Held	3,044,818	0	$122,675,717	+15.4%	$42.88	2.66%
COLD	Americold Realty Trust Real Estate	Added	7,780,800	+4,305,115	$89,167,968	+99.5%	$12.53	1.93%
MOH	Molina Healthcare, Inc. Healthcare	Added	633,609	+8,609	$84,460,079	−22.1%	$159.17	1.83%
AERO	Grupo Aeromexico, S.A.B. de C.V. Industrials	Added	4,880,188	+25,008	$68,371,433	−35.9%	$18.15	1.48%
NCLH	Norwegian Cruise Line Holdings Ltd. Consumer Cyclical	NEW	3,630,000	NEW	$67,881,000	NEW	$21.85	1.47%
PCVX	Vaxcyte, Inc. Healthcare	NEW	800,000	NEW	$46,488,000	NEW	$54.29	1.01%
DNOW	DNOW Inc. Industrials	NEW	3,625,000	NEW	$43,173,750	NEW	$13.53	0.93%