Seth Klarman Q1 2026 Portfolio Analysis: Major Amazon Stake Increase and Selective Sales
Baupost Group's Q1 2026 filing shows significant growth in Amazon holdings, reductions in Travelers and Willis Towers Watson, and new positions in AON, Visa, and Teleflex.
In Q1 2026, Baupost Group, managed by Seth Klarman, demonstrated a focused investment strategy with notable changes across its portfolio. The fund's total value stood at $5,047,009 as of March 31, 2026.
The most significant activity during this quarter was a substantial increase in Amazon.com Inc. (AMZN). Baupost added over 997,363 shares, representing a nearly 47% increase in its stake. This brought Amazon's portfolio allocation up to 12.7%, making it the largest holding. Investors can explore Baupost's complete position at https://www.insiderset.com/investor/seth-klarman-baupost-group and learn more about Amazon directly at https://www.insiderset.com/investors/stocks/AMZN.
Elsewhere in the industrials sector, Baupost maintained its position in WESCO International Inc. (WCC) and Ferguson Enterprises Inc. (FERG), both showing modest share increases. However, the fund significantly reduced its stake in Willis Towers Watson PLC (WTW), decreasing shares by over 34% quarter-over-quarter, reducing its allocation to 5.08%. Willis Towers Watson's stock details are available at https://www.insiderset.com/investors/stocks/WTW.
In the industrials and healthcare sectors, Baupost also increased its stakes in WESCO and Ellevant Health Inc. (ELV), respectively. Union Pacific Corp. (UNP) saw a moderate reduction in its stake, albeit still maintaining a significant 7.31% allocation.
A particularly noteworthy development was Baupost's initiation of positions in three companies during the quarter: AON PLC (AON), Visa Inc. (V), and Teleflex Incorporated (TFX). The fund entered these positions with full quarter coverage, meaning they were established within this reporting period. Details on AON can be found at https://www.insiderset.com/investors/stocks/AON, Visa at https://www.insiderset.com/investors/stocks/V, and Teleflex at https://www.insiderset.com/investors/stocks/TFX.
No positions were reported as fully exited during this quarter.