Seth Klarman - Baupost Group
As of Q2 2026, Seth Klarman reported 23 long-equity positions worth $5.42B in aggregate.
Copy-investor backtest
- Latest quarter
- +3.22%
- 1-year
- +20.94%
- 3-year
- +48.31%
- 5-year
- +12.01%
- 3-year vs S&P 500
- -25.70%
- 5-year vs S&P 500
- -61.90%
- 5-year top 5
- -0.29%
Return from mechanically copying the disclosed 13F equity portfolio after each filing and rebalancing at the next. The vs S&P 500 figures subtract SPY over that manager's own rebalance dates, so both sides cover the same days; both are price return, excluding dividends. Method & limitations.
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All activity
This tab shows every position the manager opened, added to, reduced, or exited compared with the prior quarter, so you can see exactly what changed. The quarter shown is Q2 2026.
| Ticker | Security | Activity | % portfolio | Shares | Value | Reported price | Q range |
|---|---|---|---|---|---|---|---|
| WCC | WESCO INTL INC | Reduce -53.9% | 4.23% | 662,881 | $228.98M | $345.43 | $267.10 - $377.90(71%)$282.46 -> $345.43 |
| GPC | GENUINE PARTS CO | Add +89.0% | 6.13% | 2,816,178 | $332.25M | $117.98 | $90.78 - $118.33(99%)$105.18 -> $117.98 |
| AMZN | AMAZON COM INC | Add +20.0% | 16.48% | 3,743,854 | $892.31M | $238.34 | $204.90 - $278.56(45%)$210.57 -> $238.72 |
| CME | CME GROUP INC | New | 2.52% | 619,000 | $136.69M | $220.83 | $218.33 - $312.68(3%)$296.94 -> $220.83 |
| UNP | UNION PAC CORP | Reduce -23.1% | 5.95% | 1,185,395 | $322.43M | $272.00 | $240.00 - $279.70(81%)$243.12 -> $272.00 |
| QSR | RESTAURANT BRANDS INTL INC | Reduce -16.4% | 9.04% | 6,753,112 | $489.61M | $72.50 | $70.95 - $81.96(14%)$75.10 -> $72.51 |
| NCLH | NORWEGIAN CRUISE LINE HLDGS | Add +113.0% | 3.01% | 7,730,000 | $163.18M | $21.11 | $14.53 - $22.22(86%)$19.38 -> $21.11 |
| EXP | EAGLE MATLS INC | Reduce -40.5% | 2.21% | 530,763 | $119.42M | $225.00 | $182.88 - $245.37(67%)$190.96 -> $225.17 |
| GOOG | ALPHABET INC | Add +16.1% | 8.95% | 1,371,931 | $484.74M | $353.33 | $287.57 - $404.47(56%)$294.90 -> $353.33 |
| AXTA | AXALTA COATING SYS LTD | New | 0.81% | 1,274,356 | $43.61M | $34.22 | $26.07 - $35.43(87%)$27.66 -> $34.21 |
| PS | PERSHING SQUARE INC | New | 0.24% | 392,000 | $12.88M | $32.86 | $29.38 - $43.77(24%)$41.17 -> $32.86 |
| PCVX | VAXCYTE INC | Sold | — | 0 | $0 | — | - |
| WTW | WILLIS TOWERS WATSON PLC LTD | Sold | — | 0 | $0 | — | - |
| LBTYK | LIBERTY GLOBAL LTD | Reduce -36.2% | 1.74% | 8,543,161 | $93.98M | $11.00 | $10.54 - $12.39(25%)$11.82 -> $11.00 |
| AON | AON PLC | Reduce -10.7% | 4.21% | 687,000 | $227.87M | $331.69 | $306.52 - $340.69(74%)$321.34 -> $332.17 |
| TFX | TELEFLEX INCORPORATED | Reduce -11.7% | 3.30% | 1,409,000 | $178.61M | $126.76 | $114.24 - $139.67(49%)$118.42 -> $126.76 |
| GDS | GDS HLDGS LTD | Add +23.8% | 2.09% | 3,769,818 | $113.21M | $30.03 | $28.45 - $46.84(9%)$41.66 -> $30.03 |
| COLD | AMERICOLD REALTY TRUST INC | Reduce -12.2% | 1.98% | 6,830,230 | $107.37M | $15.72 | $10.98 - $16.11(92%)$11.23 -> $15.72 |
| DNOW | DNOW INC | Reduce -23.1% | 0.67% | 2,788,000 | $36.16M | $12.97 | $11.51 - $14.16(55%)$11.84 -> $12.98 |
| FERG | FERGUSON ENTERPRISES INC | Add +0.6% | 6.36% | 1,450,594 | $344.27M | $237.33 | $214.44 - $268.95(42%)$239.06 -> $237.40 |