Seth Klarman - Baupost Group 13F Activity & Position Changes (Q1 2026)

As of Mar 31, 2026, the Baupost Group portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 14, 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 Q1 2026, the filing reported:

New Buys - Aon Plc, DNOW Inc., Norwegian Cruise Line, Vaxcyte, Inc., Teleflex Incorporated, and 1 more

Increases - Amazon.com, Inc., Americold Realty Trust, Inc., Elevance Health, Inc., Ferguson Enterprises Inc., Alphabet Inc., and 3 more

Reductions - Eagle Materials Inc, Liberty Global, Union Pacific Corporation, Willis Towers Watson

Complete Exits - CRH, Dollar General Corporation, Fiserv, Inc., Fidelity National Information S, Liberty Global, and 1 more

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
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	-
Q1 2026	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+93,950	+8.6%	$338.82K	1,181,131
Q1 2026	GPC Genuine Parts Company	Genuine Parts Company	Buy	+4,260	+0.3%	$157.60K	1,490,348
Q1 2026	LBTYA Liberty Global	Liberty Global	Sell - Position Exit	-2,080,456	-100.0%	$0.00	-
Q1 2026	LBTYK Liberty Global	Liberty Global	Sell	-7,487,534	-35.9%	$157.15K	13,397,247
Q1 2026	MOH Molina Healthcare Inc	Molina Healthcare Inc	Buy	+8,609	+1.4%	$84.46K	633,609
Q1 2026	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Buy - Position Entry	+3,630,000	-	$67.88K	3,630,000
Q1 2026	PCVX Vaxcyte, Inc.	Vaxcyte, Inc.	Buy - Position Entry	+800,000	-	$46.49K	800,000
Q1 2026	TBN Tamboran Resources Corporation	Tamboran Resources Corporation	Sell - Position Exit	-257,226	-100.0%	$0.00	-
Q1 2026	TFX Teleflex Incorporated	Teleflex Incorporated	Buy - Position Entry	+1,595,000	-	$190.78K	1,595,000
Q1 2026	UNP Union Pacific Corporation	Union Pacific Corporation	Sell	-86,259	-5.3%	$373.88K	1,540,995
Q1 2026	V Visa Inc.	Visa Inc.	Buy - Position Entry	+701,355	-	$211.98K	701,355
Q1 2026	WCC WESCO International, Inc.	WESCO International, Inc.	Buy	+18,050	+1.3%	$393.16K	1,436,881
Q1 2026	WTW Willis Towers Watson	Willis Towers Watson	Sell	-464,475	-34.2%	$259.63K	893,126
Q4 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+2,121,391	-	$489.66K	2,121,391
Q4 2025	COLD Americold Realty Trust, Inc.	Americold Realty Trust, Inc.	Sell	-124,315	-3.5%	$44.70K	3,475,685
Q4 2025	CRH CRH	CRH	Sell	-2,310,438	-68.3%	$133.91K	1,072,957
Q4 2025	DG Dollar General Corporation	Dollar General Corporation	Sell	-604,055	-22.7%	$273.88K	2,062,821
Q4 2025	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-49,698	-3.8%	$444.95K	1,269,302
Q4 2025	EXP Eagle Materials Inc	Eagle Materials Inc	Buy	+245,588	+26.1%	$244.97K	1,185,248

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