Seth Klarman - Baupost Group Portfolio (Q1 2026)

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Baupost Group, Seth Klarman, has built a diversified portfolio of 21 publicly traded holdings with a total market value of $5.1M as of Mar 31, 2026. This comprehensive analysis examines the latest 13F filing data to understand the investment strategy and recent portfolio adjustments.

The portfolio demonstrates a concentrated approach to stock selection, with the top holding representing 12.7% of the total portfolio value. The top 5 holdings account for 46.7% of the overall portfolio allocation.

Recent portfolio activity shows 10 significant position adjustments, indicating active portfolio management and strategic repositioning. These changes reflect the investor's response to market conditions and evolving investment thesis.

Portfolio Statistics

21
Total Holdings
$5.1M
Portfolio Value
Mar 31, 2026
Latest Filing
12.7%
Largest Position

Top Holdings Analysis

The portfolio's top holdings reveal the investor's core investment thesis and sector preferences. The largest position in AMAZON COM INC (AMZN) represents 12.7% of the total portfolio, valued at $649.5K.

Rank Symbol Company Value Portfolio % Change
1 AMZN AMAZON COM INC $649.5K 12.7% +47.0%
2 QSR RESTAURANT BRANDS INTL INC $597.2K 11.7% -
3 WCC WESCO INTL INC $393.2K 7.7% +1.3%
4 UNP UNION PAC CORP $373.9K 7.3% -5.3%
5 ELV ELEVANCE HEALTH INC FORMERLY $373.3K 7.3% +0.5%

For a complete analysis of all holdings and detailed portfolio breakdown by sector and market cap, visit our comprehensive holdings page.

Recent Portfolio Activity

Recent portfolio adjustments provide insights into the investor's evolving strategy and market outlook. The following table shows the top 10 most significant position changes from recent reporting periods (out of 164 total transactions), sorted by the magnitude of change.

For a complete history of all portfolio transactions and detailed activity analysis, visit our comprehensive activity page.

Symbol Company Quantity Change Date Action
LBTYK Liberty Global -7,487,534 Mar 31, 2026 SELL
FIS Fidelity National Information S -4,503,801 Mar 31, 2026 SELL
COLD Americold Realty Trust, Inc. +4,305,115 Mar 31, 2026 BUY
NCLH Norwegian Cruise Line +3,630,000 Mar 31, 2026 BUY
DNOW DNOW Inc. +3,625,000 Mar 31, 2026 BUY
FI Fiserv, Inc. -2,200,000 Mar 31, 2026 SELL
LBTYA Liberty Global -2,080,456 Mar 31, 2026 SELL
DG Dollar General Corporation -2,062,821 Mar 31, 2026 SELL
TFX Teleflex Incorporated +1,595,000 Mar 31, 2026 BUY
CRH CRH -1,072,957 Mar 31, 2026 SELL

Investment Strategy Insights

Baupost Group's investment approach can be analyzed through several key metrics. The portfolio's concentration in top holdings suggests a high-conviction investment strategy, with significant positions in companies that align with the investor's long-term thesis.

The largest position in AMAZON COM INC (AMZN) demonstrates strong conviction in this particular investment opportunity. Recent activity shows a increase of 47.0% in this position, indicating active portfolio management and strategic positioning.

Portfolio turnover can be assessed through recent activity patterns. The 10 most significant transactions shown here (out of 164 total transactions) suggest a highly active approach to portfolio management, with frequent strategic adjustments and position changes.

Additional Analysis

Baupost Group's portfolio as of Mar 31, 2026 reflects a strategic approach to equity investing with 21 holdings valued at $5.1M. The concentrated position in AMAZON COM INC and other top holdings demonstrates the investor's confidence in specific investment themes and long-term value creation opportunities. Recent activity indicates ongoing portfolio optimization and strategic repositioning.

For the most current portfolio data and detailed analysis, refer to the latest SEC 13F filings and our comprehensive holdings and activity pages, which are updated regularly with the latest filing information.

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