Baupost Group 13F: Q2 2026 Portfolio — $5.42B Across 23 Positions

Baupost Group · Seth Klarman · Q2 2026

Baupost leaned further into its largest positions, boosting AMZN and GOOG while trimming cyclical bellwethers

Reported value

$5.42B

Filed 2026-08-13

Positions

Quarter ended 2026-06-30

Top 10 weight

74.9%

New3Added6Trimmed9Exited2View the SEC filing

Form 13F reports long US-listed positions only, up to 45 days after quarter end. It excludes shorts, cash, and non-US holdings, so the live book can differ.

Baupost Group reported a $5.42B US-listed portfolio in its Q2 2026 Form 13F, filed with the SEC on 2026-08-13 for the quarter ended 2026-06-30. The book holds 23 positions, led by Amazon at 16.5% of reported value; the top three together account for 35%. Against the Q1 2026 filing, the manager opened 3 new positions, added to 6, trimmed 9, and exited 2.

Top 12 holdings

Portfolio allocation

AmazonAMZN16.5%
Elevance Health Inc FormerlyELV9.1%
Restaurant Brands IntlQSR9.0%
AlphabetGOOG8.9%
Ferguson EnterprisesFERG6.4%
Genuine PartsGPC6.1%
Union PacUNP6.0%
VisaV4.4%
Wesco IntlWCC4.2%
AonAON4.2%
Other holdings25.1%

Share of reported 13F value

#	Holding	Action	Weight	Value	Shares vs prior quarter
1	AmazonAMZN	Added	16.5%	$892M	+20.0%
2	Elevance Health Inc FormerlyELV	Unchanged	9.1%	$493M	0.0%
3	Restaurant Brands IntlQSR	Trimmed	9.0%	$490M	-16.4%
4	AlphabetGOOG	Added	8.9%	$485M	+16.2%
5	Ferguson EnterprisesFERG	Added	6.4%	$344M	+0.6%
6	Genuine PartsGPC	Added	6.1%	$332M	+89.0%
7	Union PacUNP	Trimmed	6.0%	$322M	-23.1%
8	VisaV	Unchanged	4.4%	$241M	0.0%
9	Wesco IntlWCC	Trimmed	4.2%	$229M	-53.9%
10	AonAON	Trimmed	4.2%	$228M	-10.7%
11	Teleflex IncorporatedTFX	Trimmed	3.3%	$179M	-11.7%
12	Norwegian Cruise Line HldgsNCLH	Added	3.0%	$163M	+112.9%
	Other holdings		18.8%	$1.02B

Values and share counts as reported for 2026-06-30; weights are share of reported 13F value.

Actions compare share counts against the prior quarter's filing, so they do not move with price.

New positions and exits

New positions

Closed out

Willis Towers Watson$260M
Vaxcyte$46.5M

Read on the quarter

What the moves add up to

Baupost Group’s Q2 2026 portfolio actions tilt toward concentration, with the top 10 accounting for 74.9% of total value. The largest position, Amazon, was increased (weight 16.48%) with share count up 20.0% on the quarter, alongside another meaningful top-5 add in Alphabet (weight 8.95%) with share count up 16.2%. These adds reinforced a portfolio structure already centered on mega-cap and platform exposure.

The quarter also paired that reinforcement with selective trimming. Restaurant Brands Intl (weight 9.04%) saw share count down 16.4%, while Union Pac (weight 5.95%) was trimmed with share count down 23.1%. Several other trims—Wesco Intl (weight 4.23%) down 53.9% and Aon (weight 4.21%) down 10.7%—suggest a broader reduction in certain exposure points rather than a uniform de-risking.

Within this mix, several adds were smaller but notable by intensity, including Genuine Parts (weight 6.13%) with share count up 89.0% and Norwegian Cruise Line Hldgs (NCLH) (weight 3.01%) with share count up 112.9%. New exposure included Cme Group, while exits included Willis Towers Watson (WTW) and Vaxcyte (PCVX).

Context

How to read this filing

A Form 13F is a quarterly snapshot institutional managers with over $100M in US-listed assets must file within 45 days of quarter end. It shows long equity positions only: no short book, no cash, no non-US listings, no timing inside the quarter. Treat it as a delayed map of where the manager's conviction sat on the reporting date — not a live portfolio, and not a buy list.

Positions may have changed since the reporting date. Weight changes also reflect price moves, not only buying or selling — the action tags on this page are derived from share counts, which do not move with price.