Seth Klarman - Baupost Group 13F Activity & Position Changes (Q2 2026)

According to the SEC 13F filed on Aug 13, 2026, the Baupost Group portfolio showed several notable changes in holdings as of quarter-end Jun 30, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2026, the filing reported:

New Buys - Axalta, CME Group Inc.

Increases - Amazon.com, Inc., Ferguson Enterprises Inc., GDS Holdings Limited, Alphabet Inc., Genuine Parts Company, and 1 more

Reductions - Aon Plc, Americold Realty Trust, Inc., DNOW Inc., Eagle Materials Inc, Liberty Global, and 4 more

Complete Exits - Vaxcyte, Inc., Willis Towers Watson

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q2 2026	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+625,100	+20.0%	$892.31K	3,743,854
Q2 2026	AON Aon Plc	Aon Plc	Sell	-82,000	-10.7%	$227.87K	687,000
Q2 2026	AXTA Axalta	Axalta	Buy - Position Entry	+1,274,356	-	$43.61K	1,274,356
Q2 2026	CME CME Group Inc.	CME Group Inc.	Buy - Position Entry	+619,000	-	$136.69K	619,000
Q2 2026	COLD Americold Realty Trust, Inc.	Americold Realty Trust, Inc.	Sell	-950,570	-12.2%	$107.37K	6,830,230
Q2 2026	DNOW DNOW Inc.	DNOW Inc.	Sell	-837,000	-23.1%	$36.16K	2,788,000
Q2 2026	EXP Eagle Materials Inc	Eagle Materials Inc	Sell	-362,000	-40.5%	$119.42K	530,763
Q2 2026	FERG Ferguson Enterprises Inc.	Ferguson Enterprises Inc.	Buy	+8,183	+0.6%	$344.27K	1,450,594
Q2 2026	GDS GDS Holdings Limited	GDS Holdings Limited	Buy	+725,000	+23.8%	$113.21K	3,769,818
Q2 2026	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+190,800	+16.2%	$484.74K	1,371,931
Q2 2026	GPC Genuine Parts Company	Genuine Parts Company	Buy	+1,325,830	+89.0%	$332.25K	2,816,178
Q2 2026	LBTYK Liberty Global	Liberty Global	Sell	-4,854,086	-36.2%	$93.97K	8,543,161
Q2 2026	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Buy	+4,100,000	+112.9%	$163.18K	7,730,000
Q2 2026	PCVX Vaxcyte, Inc.	Vaxcyte, Inc.	Sell - Position Exit	-800,000	-100.0%	$0.00	-
Q2 2026	QSR Restaurant Brands International	Restaurant Brands International	Sell	-1,327,000	-16.4%	$489.61K	6,753,112
Q2 2026	TFX Teleflex Incorporated	Teleflex Incorporated	Sell	-186,000	-11.7%	$178.60K	1,409,000
Q2 2026	UNP Union Pacific Corporation	Union Pacific Corporation	Sell	-355,600	-23.1%	$322.43K	1,185,395
Q2 2026	WCC WESCO International, Inc.	WESCO International, Inc.	Sell	-774,000	-53.9%	$228.98K	662,881
Q2 2026	WTW Willis Towers Watson	Willis Towers Watson	Sell - Position Exit	-893,126	-100.0%	$0.00	-
Q1 2026	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+997,363	+47.0%	$649.54K	3,118,754
Q1 2026	AON Aon Plc	Aon Plc	Buy - Position Entry	+769,000	-	$248.22K	769,000
Q1 2026	COLD Americold Realty Trust, Inc.	Americold Realty Trust, Inc.	Buy	+4,305,115	+123.9%	$89.17K	7,780,800
Q1 2026	CRH CRH	CRH	Sell - Position Exit	-1,072,957	-100.0%	$0.00	-
Q1 2026	DG Dollar General Corporation	Dollar General Corporation	Sell - Position Exit	-2,062,821	-100.0%	$0.00	-
Q1 2026	DNOW DNOW Inc.	DNOW Inc.	Buy - Position Entry	+3,625,000	-	$43.17K	3,625,000
Q1 2026	ELV Elevance Health, Inc.	Elevance Health, Inc.	Buy	+5,852	+0.5%	$373.30K	1,275,154
Q1 2026	EXP Eagle Materials Inc	Eagle Materials Inc	Sell	-292,485	-24.7%	$169.13K	892,763
Q1 2026	FERG Ferguson Enterprises Inc.	Ferguson Enterprises Inc.	Buy	+305,376	+26.9%	$336.46K	1,442,411
Q1 2026	FI Fiserv, Inc.	Fiserv, Inc.	Sell - Position Exit	-2,200,000	-100.0%	$0.00	-
Q1 2026	FIS Fidelity National Information S	Fidelity National Information S	Sell - Position Exit	-4,503,801	-100.0%	$0.00	-

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