Seth Klarman's Q1 2026 Portfolio Highlights Major Increases in Amazon, Ferguson, and Decreases in Willis Towers Watson, AON

As of March 31, 2026, Seth Klarman's Baupost Group portfolio showed notable quarterly trends. The fund significantly increased its positions in Amazon (AMZN) and Ferguson Enterprises (FERG), while substantially reducing holdings in Willis Towers Watson (WTW) and AON.

Baupost's stake in Amazon (AMZN) grew by 47% during the quarter, making it one of the most significant increases. Similarly, Ferguson Enterprises (FERG) saw a substantial 26.86% increase in its share count.

Conversely, the fund drastically cut its position in Willis Towers Watson (WTW), reducing shares by 34.21%. AON also experienced a significant decrease, with its share count dropping by 100%.

For more details on Seth Klarman's investment strategy and portfolio performance, visit the investor profile at https://www.insiderset.com/investor/seth-klarman-baupost-group.

Key holdings and their quarterly changes can be explored further:

• AMZN (Consumer Cyclical): +47% in shares
• WCC (Industrials): +1.27% in shares
• UNP (Industrials): -5.3% in shares
• ELV (Healthcare): +0.46% in shares
• GOOG (Communication Services): +8.64% in shares
• WTW (sector unspecified): -34.21% in shares
• AON (Financial Services): -100% in shares
• V (Financial Services): +100% in shares
• TFX (Healthcare): +100% in shares

Additional holdings with changes below 1% in shares can be viewed on the investor profile page.