Baupost Group Investment Analysis: Significant Changes in Holdings for Q2 2026

As reported by Baupost Group, the investment strategy led by Seth Klarman as of June 30, 2026, reflects a dynamic portfolio focused on value and quality. The fund's total assets under management stood at $5,315,129 during this period.

Significant Purchases This Quarter

Baupost Group demonstrated active buying behavior in the second quarter of 2026, adding new positions and increasing stakes in existing holdings. Notably, the fund made a substantial purchase of LIBERTY GLOBAL LTD (LBTYK), acquiring approximately 854,316 shares valued at $93,975. This significant investment suggests confidence in the company's prospects.

Furthermore, Baupost significantly increased its position in NORWEGIAN CRUISE LINE HOLDINGS (NCLH), adding 4,100,000 shares during the quarter. This represents a portfolio weight increase of over 36% and positions NCLH as one of the fund's notable buys.

Elsewhere in the Consumer Cyclical sector, Baupost also bolstered its stake in CME GROUP INC (CME), acquiring all 619,000 shares held by the fund previously. This move added $136,694 to the portfolio and increased its weight percentage.

Additionally, the fund made a fresh investment in AXALTA COATING SYSTEMS LTD (AXTA), purchasing 1,274,356 shares valued at $43,608. This established a new position for Baupost.

Major Adjustments and Continued Holdings

Besides these significant additions, Baupost also saw substantial changes in its existing portfolio allocations this quarter:

• The fund notably increased its stake in GENUINE PARTS CO (GPC), acquiring an additional 1,325,830 shares during the period.
• Conversely, Baupost significantly reduced its position in RESTAURANT BRANDS INTERNATIONAL INC (QSR), selling 1.3 million shares over the quarter.

Notable Sales and Reductions

The Baupost Group also engaged in strategic reductions this quarter:

• The fund sold a portion of its holdings in WESCO INTERNATIONAL INC (WCC), reducing the position by 53.87% during the period.
• Furthermore, Baupost decreased its stake in DNOW INC (DNOW) significantly, selling shares that represented a nearly 23% reduction in position weight over the quarter.

Maintained Positions and Other Changes

The fund maintained its positions in several key holdings:

• Baupost kept its stake in VISA INC (V) unchanged during the quarter.
• Similarly, the position in ELEVANCE HEALTH INC FORMERLY (ELV) remained static.

Other changes included a reduction of 0.57% in FERGUSON ENTERPRISES INC (FERG), and an increase of just under 12% in the position for AMERICOLD REALTY TRUST INC (COLD). The fund also acquired shares in GDS HLDGS LTD (GDS) and disposed of its position in TELEFLEX INCORPORATED (TFX).

Overall Portfolio Allocation

Baupost's portfolio as of June 30, 2026, is heavily concentrated in the Consumer Cyclical sector at approximately 32.25% ($1,714,175), followed by Industrials (17.53%) and Healthcare (15.36%). Financial Services holds a significant portion of assets (11.39%), while Communication Services, Technology, Real Estate, Basic Materials, and Unknown sectors round out the allocation.