Value fundBoston13F filer since 1999

Baupost Group

Managed by Seth Klarman, CEO

13F portfolio value$5MQ2 2026 · up 6% vs Q1

Positions233 new · 2 sold out

Top 10 weight75%of portfolio value

Turnover16%vs Q1

Largest holdingAMZN16.5% of portfolio

Last filingAug 13for Q2 2026

What changed in Q2 2026

Automated summary of the 13F · filed Aug 13, 2026

Added to AMZN (+20% shares) and GOOG (+16% shares); new positions in CME, Axalta Coating SYS and PS.

Biggest cut: WCC (−54% of shares). Sold out of Willis Towers Watson and PCVX.

Since the quarter ended, the top 10 holdings on Markets are up about 18.2% on average, led by V and AMZN.

New · 3

CME CME$137K

Axalta Coating SYS Axalta Coating SYS$44K

Added · 6

Norwegian Cruise Line Norwegian Cruise Line+113%

GPC Genuine Parts+89%

Trimmed · 9

WCC Wesco Intl−54%

EXP Eagle Matls−41%

Exited · 2

Willis Towers Watson Willis Towers Watsonsold all

PCVX Vaxcytesold all

Delayed 13F data. 13F filings show long US stock holdings at quarter end and are filed up to 45 days later. They don’t show today’s positions. Not a recommendation to copy any trade.

Holdings · Q2 2026

1AMZNAmazon.com, Inc.16.5%$892K3.7MAdded +20%+12.9%1.1%

2ELVElevance Health INC Formerly9.1%$493K1.3MNo change——

3QSRRestaurant Brands Intl9.0%$490K6.8MTrimmed −16%——

4GOOGAlphabet9.0%$485K1.4MAdded +16%——

5FERGFerguson Enterprises6.4%$344K1.5MAdded +1%——

6GPCGenuine Parts6.1%$332K2.8MAdded +89%——

7UNPUnion PAC6.0%$322K1.2MTrimmed −23%——

8VVisa Inc.4.4%$241K701KNo change+23.4%—

9WCCWesco Intl4.2%$229K663KTrimmed −54%——

10AONAON4.2%$228K687KTrimmed −11%——

Sector allocation

Consumer discretionary16%+3.8 ptFinancials4%+0.3 ptOther79%−4.1 pt

Change shown in percentage points vs Q1. Holdings outside Markets’ coverage count as Other.

Reported portfolio value

$4M

$3M

$4M

$5M

Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26

13F market value at each quarter end, US long positions only.

Not investment advice. From SEC Form 13F filings (SEC EDGAR 13F). Following an investor alerts you when their next filing lands; it does not copy trades.