Seth Klarman’s Baupost Group Portfolio: Top 10 Holdings & Latest Stock Moves
Sunday, August 30, 2026 · Johnny Hopkins
Seth Klarman reported an equity portfolio valued at approximately $5.42 billion in the latest reported quarter, with Baupost Group continuing the disciplined, value-oriented investment approach that has made Klarman one of the most closely followed investors in the market.
The latest filing shows a relatively concentrated portfolio, with the top 10 holdings accounting for 74.90% of reported assets.
Portfolio Snapshot
- Total Portfolio Value: ~$5.42B
- Top 10 Weight: 74.90%
Top 10 Holdings & Weights
- Amazon.com Inc (AMZN) — 16.48%
- Elevance Health Inc (ELV) — 9.11%
- Restaurant Brands International Inc (QSR) — 9.04%
- Alphabet Inc Class C (GOOG) — 8.95%
- Ferguson Enterprises Inc (FERG) — 6.36%
- Genuine Parts Co (GPC) — 6.13%
- Union Pacific Corp (UNP) — 5.95%
- Visa Inc (V) — 4.44%
- WESCO International Inc (WCC) — 4.23%
- Aon PLC (AON) — 4.21%
Key Takeaways
Amazon remains Klarman’s largest reported holding. Baupost increased its position by 625,100 shares (+20.04%), lifting the stake to approximately 3.74 million shares valued at $892.3 million. Amazon now represents 16.48% of the portfolio.
Elevance Health is the second-largest holding at 9.11%, with approximately 1.28 million shares worth $493.1 million. Baupost made no changes to the position during the quarter.
Restaurant Brands International remains another major investment at 9.04%, although Baupost reduced the position by approximately 1.33 million shares (-16.42%).
Alphabet was increased by 190,800 shares (+16.15%), bringing the holding to approximately 1.37 million shares valued at $484.7 million and representing 8.95% of reported assets.
One of the quarter’s most aggressive purchases was Genuine Parts. Baupost added approximately 1.33 million shares (+88.96%), lifting the position to 2.82 million shares worth $332.3 million.
Overall, the latest filing shows Klarman maintaining substantial exposure to a relatively small group of businesses while actively adjusting position sizes when valuations and opportunities change.
Biggest Changes Last Quarter
Genuine Parts Co (GPC)
Shares increased by 1,325,830 (+88.96%)
Baupost nearly doubled its Genuine Parts position during the quarter. The holding increased to approximately 2.82 million shares valued at $332.3 million and now represents 6.13% of the portfolio.
Amazon.com Inc (AMZN)
Shares increased by 625,100 (+20.04%)
Klarman added significantly to Baupost’s largest holding, increasing the Amazon stake to approximately 3.74 million shares. The position is now valued at roughly $892.3 million and accounts for 16.48% of reported assets.
WESCO International Inc (WCC)
Shares reduced by 774,000 (-53.87%)
Baupost cut its WESCO International position by more than half during the quarter. The remaining 662,881 shares are valued at approximately $229.0 million and represent 4.23% of the portfolio.
Union Pacific Corp (UNP)
Shares reduced by 355,600 (-23.08%)
Baupost also trimmed Union Pacific, reducing the position to approximately 1.19 million shares valued at $322.4 million. The holding still represents 5.95% of reported assets.
Full Exits
Baupost completely exited Willis Towers Watson (WTW), selling 893,126 shares from a position previously valued at approximately $259.6 million and representing 5.08% of the portfolio.
The firm also fully exited Vaxcyte Inc (PCVX), selling 800,000 shares from a position previously valued at approximately $46.5 million.