Seth Klarman Portfolio Analysis: Baupost Group’s Top Holdings & Latest Moves
Monday, April 6, 2026 · Johnny Hopkins
Seth Klarman’s Baupost Group reported an equity portfolio of approximately $5.28 billion in the latest reported quarter, continuing to reflect a disciplined, value-oriented approach grounded in risk management, downside protection, and opportunistic capital allocation.
The portfolio is moderately concentrated, with a meaningful portion of capital allocated to a core group of high-conviction positions. Consistent with Klarman’s long-standing philosophy, Baupost focuses on mispriced assets, often in out-of-favor or complex situations, with an emphasis on margin of safety and asymmetric return potential.
The latest filing shows selective but notable activity, including both additions and trims across several holdings. Compared to ultra-low-turnover managers, Baupost demonstrates a bit more flexibility, actively reallocating capital where relative value shifts.
Baupost continues to emphasize defensive, cash-generative businesses, alongside selective exposure to technology and cyclical industrials.
Portfolio Snapshot
Estimated Portfolio Value: ~$5.28B
Top 10 Weight: ~72% (moderately concentrated)
Turnover: Moderate — active rebalancing within core holdings
Top Holdings & Weights
| Company | Ticker | Value | Portfolio % |
|---|---|---|---|
| Restaurant Brands International | QSR | ~$551M | ~10.4% |
| Amazon | AMZN | ~$490M | ~9.3% |
| Willis Towers Watson | WTW | ~$446M | ~8.5% |
| Elevance Health | ELV | ~$445M | ~8.4% |
| Union Pacific | UNP | ~$376M | ~7.1% |
| Wesco International | WCC | ~$347M | ~6.6% |
| Alphabet (Class C) | GOOG | ~$341M | ~6.5% |
| Fidelity National Information Services | FIS | ~$299M | ~5.7% |
| Dollar General | DG | ~$274M | ~5.2% |
| Ferguson Enterprises | FERG | ~$253M | ~4.8% |
Key Takeaway
The portfolio reinforces Klarman’s preference for:
- High-quality businesses trading at reasonable or discounted valuations
- Defensive sectors with durable cash flows
- Select cyclical exposure where risk/reward is favorable
- Opportunistic investments in large-cap technology at attractive entry points
The portfolio is diversified across industrials, healthcare, consumer, and financial services, with a balanced mix of defensiveness and cyclical upside.
Biggest Changes Last Quarter
Notable Adds
Amazon (AMZN):
Large position initiated.
→ Suggests conviction in long-term growth at a reasonable valuation.
Fiserv (FI):
Significant increase in shares.
→ Reflects growing confidence in payments/fintech durability.
Fidelity National Information Services (FIS):
Position increased.
→ Likely viewed as a turnaround or undervalued financial infrastructure play.
Union Pacific (UNP):
Shares added.
→ Indicates interest in high-quality industrial franchises with pricing power.
Notable Trims
Alphabet (GOOG):
Position reduced materially.
→ Likely profit-taking or reallocation after prior strength.
Dollar General (DG):
Shares trimmed.
→ Possibly reflecting near-term consumer pressure concerns.
Wesco (WCC):
Position reduced.
→ Suggests tactical rebalancing after performance.
Full Exits Last Quarter
PagSeguro Digital (PAGS):
Position fully exited.
→ Indicates reduced conviction or capital redeployment to higher-quality opportunities.
Portfolio Characteristics
Style: Value-oriented, risk-aware, opportunistic
Concentration: Moderate (diversified across ~15–20 positions)
Turnover: Moderate — more active than traditional deep-value peers
Core Sector Themes
- Financial services and payment infrastructure
- Industrials and distribution businesses
- Healthcare and managed care
- Consumer staples and discount retail
- Select large-cap technology
Geographic Exposure
- Predominantly U.S.-focused
- Select exposure to international and emerging market names
Summary
Baupost Group’s latest filing highlights Seth Klarman’s balanced and opportunistic value investing approach. The portfolio combines defensive compounders with selectively timed cyclical and technology investments, reflecting a strong emphasis on risk-adjusted returns.
Recent activity shows meaningful repositioning, including a major new stake in Amazon and increased exposure to financial infrastructure names, alongside trims in prior winners like Alphabet.
Overall, the portfolio embodies Klarman’s core principles: margin of safety, flexibility, and disciplined capital allocation, with a willingness to adapt positioning as opportunities evolve.