
	Seth Klarman 13F
	The Baupost Group

	Last update 2026-08-13	23 Stocks (3 new)
	Value $5.42 Bil	Turnover 12 %
	Countries: Top Holdings: AMZN(16.48%)ELV(9.11%)QSR(9.04%)GOOG(8.95%)FERG(6.36%) SEC Filings

Seth Klarman Profile

Seth Klarman is a value investor and Portfolio Manager of the investment partnership The Baupost Group, which he founded in 1983. The guru, who authored the $1,000 book "Margin of Safety," received an economics degree at Cornell University and an MBA at Harvard University.

Seth Klarman Investing Philosophy

Seth Klarman invests in a wide array of investments, ranging from fairly traditional value stocks to more esoteric investments like distressed debt, liquidations and foreign equities or bonds. Klarman doesn't mind "doing nothing" on occasion. He is completely unperturbed by the idea of sitting on the sidelines holding cash whenever investment opportunities are scarce. Investing, he cautions, is more than just producing absolute returns. Too often investors focus on that one easy number "return" and ignore the risks incurred to generate that number.

Seth Klarman Portfolio and Latest Trades

* When viewing the latest picks, trades are first grouped by date (with the most recent shown first) and then sorted within each date group based on the selected field.

* The transaction information on this page (share changes) is calculated by comparing the latest transaction with the most recent filing—13F, 13D/G, or Form 4—whichever is filed most recently. This may differ from the values shown on the Insider page.

Ticker
Ticker
WTW
WCC
GPC
AMZN
CME
QSR
UNP
NCLH
EXP
GOOG
LBTYK
PCVX
AXTA
AON
TFX
GDS
PS
COLD
DNOW
FERG
FIS
DG
AON
V
AMZN
TFX
WTW
FISV
CRH
LBTYK
FERG
NCLH
EXP
COLD
PCVX
DNOW
GOOG
LBTYA
UNP
TBN
WCC
ELV
MOH
GPC
AERO
AMZN
CRH
GOOG
MOH
AERO
WTW
FISV
DG
EXP
FIS
LBTYA
UNP
PAGS
HLF
WCC
ELV
QSR
GPC
LBTYK
TBN
GDS
FERG
COLD
UNP
QSR
ELV
GPC
GOOG
VSAT
WCC
LBRDK
WTW
ICLR
EXP
AMCR
CRH
COLD
LBTYK
FERG
LBRDA
FISV
ELV
CRH
GOOG
SOLV
WTW
DG
EXP
LBRDK
AMCR
CLVT
SGI
WCC
GDS
FIS

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
WTW	Willis Towers Watson PLC	2026-06-30	Sold Out Sold Out	-5.08%	● 242.12 ($267.88) 297.84	$339.10	26.59%	Sold Out	0	-893,126
WCC	WESCO International Inc	2026-06-30	Reduce Reduce	-4.14%	● 273.62 ($338.3) 374.52	$338.90	0.18%	Reduce -53.87%	662,881	-774,000
GPC	Genuine Parts Co	2026-06-30	Add Add	+2.89%	● 92.47 ($104.4) 117.98	$136.38	30.63%	Add 88.96%	2,816,178	1,325,830
AMZN	Amazon.com Inc	2026-06-30	Add Add	+2.75%	● 208.27 ($250.33) 274.99	$260.56	4.09%	Add 20.04%	3,743,854	625,100
CME	CME Group Inc	2026-06-30	New Buy New Buy	+2.52%	● 218.58 ($276.93) 310.58	$286.56	3.48%	New holding	619,000	619,000
QSR	Restaurant Brands International Inc	2026-06-30	Reduce Reduce	-1.92%	● 71.5 ($76.11) 81.67	$78.10	2.61%	Reduce -16.42%	6,753,112	-1,327,000
UNP	Union Pacific Corp	2026-06-30	Reduce Reduce	-1.69%	● 242.62 ($262.26) 279.39	$303.68	15.79%	Reduce -23.08%	1,185,395	-355,600
NCLH	Norwegian Cruise Line Holdings Ltd	2026-06-30	Add Add	+1.60%	● 14.79 ($18.66) 21.92	$16.27	-12.83%	Add 112.95%	7,730,000	4,100,000
EXP	Eagle Materials Inc	2026-06-30	Reduce Reduce	-1.34%	● 185.14 ($208.79) 235.44	$194.49	-6.85%	Reduce -40.55%	530,763	-362,000
GOOG	Alphabet Inc	2026-06-30	Add Add	+1.24%	● 286.86 ($356.27) 399.04	$333.86	-6.29%	Add 16.15%	1,371,931	190,800
LBTYK	Liberty Global Ltd	2026-06-30	Reduce Reduce	-1.11%	● 10.6 ($11.58) 12.29	$10.49	-9.41%	Reduce -36.23%	8,543,161	-4,854,086
PCVX	Vaxcyte Inc	2026-06-30	Sold Out Sold Out	-0.91%	● 45.42 ($54.37) 62.76	$59.72	9.84%	Sold Out	0	-800,000
AXTA	Axalta Coating Systems Ltd	2026-06-30	New Buy New Buy	+0.81%	● 26.13 ($30.04) 34.78	$36.96	23.04%	New holding	1,274,356	1,274,356
AON	Aon PLC	2026-06-30	Reduce Reduce	-0.52%	● 308.27 ($322.6) 336.33	$330.70	2.51%	Reduce -10.66%	687,000	-82,000
TFX	Teleflex Inc	2026-06-30	Reduce Reduce	-0.43%	● 115.04 ($127.88) 138.81	$140.14	9.59%	Reduce -11.66%	1,409,000	-186,000
GDS	GDS Holdings Ltd	2026-06-30	Add Add	+0.40%	● 29.25 ($38.63) 46.01	$32.27	-16.48%	Add 23.81%	3,769,818	725,000
PS	Pershing Square Inc	2026-06-30	New Buy New Buy	+0.24%	● 24.2 ($36.11) 52.09	$42.30	17.14%	New holding	392,000	392,000
COLD	Americold Realty Trust Inc	2026-06-30	Reduce Reduce	-0.21%	● 11.23 ($13.69) 16.11	$14.96	9.24%	Reduce -12.22%	6,830,230	-950,570
DNOW	Dnow Inc	2026-06-30	Reduce Reduce	-0.19%	● 11.84 ($12.97) 14.03	$15.97	23.13%	Reduce -23.09%	2,788,000	-837,000
FERG	Ferguson Enterprises Inc	2026-06-30	Add Add	+0.04%	● 219.95 ($241.13) 267.71	$225.85	-6.33%	Add 0.57%	1,450,594	8,183
FIS	Fidelity National Information Services Inc Fidelity National Information Services Inc	2026-03-31	Sold Out Sold Out	-5.67%	● 46.8 ($53.78) 67.54	$41.07	-23.63%	Sold Out	0	-4,503,801
DG	Dollar General Corp	2026-03-31	Sold Out Sold Out	-5.19%	● 117.16 ($142.58) 156.24	$123.04	-13.70%	Sold Out	0	-2,062,821
AON	Aon PLC	2026-03-31	New Buy New Buy	+4.85%	● 309.97 ($332.33) 351.97	$330.70	-0.49%	New holding	769,000	769,000
V	Visa Inc	2026-03-31	New Buy New Buy	+4.14%	● 295.52 ($321.55) 357.56	$381.98	18.79%	New holding	701,355	701,355
AMZN	Amazon.com Inc	2026-03-31	Add Add	+4.06%	● 198.79 ($220.17) 247.38	$260.56	18.34%	Add 47.01%	3,118,754	997,363
TFX	Teleflex Inc	2026-03-31	New Buy New Buy	+3.73%	● 100.34 ($110.25) 126.53	$140.14	27.11%	New holding	1,595,000	1,595,000
WTW	Willis Towers Watson PLC	2026-03-31	Reduce Reduce	-2.89%	● 280.09 ($306.82) 339.74	$339.10	10.52%	Reduce -34.21%	893,126	-464,475
FISV	Fiserv Inc	2026-03-31	Sold Out Sold Out	-2.80%	● 53.9 ($61.88) 69.85	$53.28	-13.90%	Sold Out	0	-2,200,000
CRH	CRH PLC	2026-03-31	Sold Out Sold Out	-2.54%	● 99.73 ($117.45) 131.38	$94.66	-19.41%	Sold Out	0	-1,072,957
LBTYK	Liberty Global Ltd	2026-03-31	Reduce Reduce	-1.57%	● 10.21 ($11.46) 12.67	$10.49	-8.46%	Reduce -35.85%	13,397,247	-7,487,534
FERG	Ferguson Enterprises Inc	2026-03-31	Add Add	+1.39%	● 217.56 ($243.36) 267.36	$225.85	-7.19%	Add 26.86%	1,442,411	305,376
NCLH	Norwegian Cruise Line Holdings Ltd	2026-03-31	New Buy New Buy	+1.33%	● 17.65 ($21.85) 25.02	$16.27	-25.56%	New holding	3,630,000	3,630,000
EXP	Eagle Materials Inc	2026-03-31	Reduce Reduce	-1.15%	● 173.07 ($212.79) 240.24	$194.49	-8.60%	Reduce -24.68%	892,763	-292,485
COLD	Americold Realty Trust Inc	2026-03-31	Add Add	+0.96%	● 10.94 ($12.53) 13.89	$14.96	19.35%	Add 123.86%	7,780,800	4,305,115
PCVX	Vaxcyte Inc	2026-03-31	New Buy New Buy	+0.91%	● 44.85 ($54.29) 63.04	$59.72	10.00%	New holding	800,000	800,000
DNOW	Dnow Inc	2026-03-31	New Buy New Buy	+0.84%	● 11.12 ($13.53) 16.87	$15.97	18.03%	New holding	3,625,000	3,625,000
GOOG	Alphabet Inc	2026-03-31	Add Add	+0.53%	● 273.14 ($314.16) 344.9	$333.86	6.27%	Add 8.64%	1,181,131	93,950
LBTYA	Liberty Global Ltd	2026-03-31	Sold Out Sold Out	-0.44%	● 10.24 ($11.64) 13.03	$10.68	-8.29%	Sold Out	0	-2,080,456
UNP	Union Pacific Corp	2026-03-31	Reduce Reduce	-0.38%	● 221.69 ($244.86) 266.97	$303.68	24.02%	Reduce -5.3%	1,540,995	-86,259
TBN	Tamboran Resources Corp	2026-03-31	Sold Out Sold Out	-0.13%	● 25.81 ($30.1) 49.99	$37.53	24.68%	Sold Out	0	-257,226
WCC	WESCO International Inc	2026-03-31	Add Add	+0.10%	● 250.02 ($280.84) 315.27	$338.90	20.67%	Add 1.27%	1,436,881	18,050
ELV	Elevance Health Inc	2026-03-31	Add Add	+0.03%	● 280.74 ($328.66) 381.93	$394.62	20.07%	Add 0.46%	1,275,154	5,852
MOH	Molina Healthcare Inc	2026-03-31	Add Add	+0.02%	● 122.65 ($159.17) 201.89	$198.44	24.67%	Add 1.38%	633,609	8,609
GPC	Genuine Parts Co	2026-03-31	Add Add	+0.01%	● 96.38 ($123.79) 149.26	$136.38	10.17%	Add 0.29%	1,490,348	4,260
AERO	Grupo Aeromexico SAB de CV	2026-03-31	Add Add	+0.01%	● 12.36 ($18.15) 21.95	$14.54	-19.92%	Add 0.52%	4,880,188	25,008
AMZN	Amazon.com Inc	2025-12-31	New Buy New Buy	+9.28%	● 213.04 ($228.92) 254	$260.56	13.82%	New holding	2,121,391	2,121,391
CRH	CRH PLC	2025-12-31	Reduce Reduce	-5.82%	● 108.37 ($119.12) 128.94	$94.66	-20.54%	Reduce -68.29%	1,072,957	-2,310,438
GOOG	Alphabet Inc	2025-12-31	Reduce Reduce	-3.94%	● 237.49 ($287.12) 323.64	$333.86	16.28%	Reduce -41.49%	1,087,181	-770,957
MOH	Molina Healthcare Inc	2025-12-31	New Buy New Buy	+2.05%	● 134.51 ($163.92) 203.26	$198.44	21.06%	New holding	625,000	625,000
AERO	Grupo Aeromexico SAB de CV	2025-12-31	New Buy New Buy	+2.02%	● 16.21 ($19.16) 22.91	$14.54	-24.14%	New holding	4,855,180	4,855,180
WTW	Willis Towers Watson PLC	2025-12-31	Add Add	+1.67%	● 313.1 ($327.1) 349.93	$339.10	3.67%	Add 24.66%	1,357,601	268,536
FISV	Fiserv Inc	2025-12-31	Add Add	+1.66%	● 59.77 ($83.04) 127.56	$53.28	-35.84%	Add 145.81%	2,200,000	1,305,000
DG	Dollar General Corp	2025-12-31	Reduce Reduce	-1.31%	● 95.94 ($111.74) 137.84	$123.04	10.11%	Reduce -22.65%	2,062,821	-604,055
EXP	Eagle Materials Inc	2025-12-31	Add Add	+0.96%	● 199.01 ($220.54) 241.84	$194.49	-11.81%	Add 26.14%	1,185,248	245,588
FIS	Fidelity National Information Services Inc Fidelity National Information Services Inc	2025-12-31	Add Add	+0.90%	● 61.5 ($65.93) 68.57	$41.07	-37.71%	Add 18.84%	4,503,801	714,090
LBTYA	Liberty Global Ltd	2025-12-31	Reduce Reduce	-0.72%	● 10.56 ($11.06) 11.76	$10.68	-3.48%	Reduce -59.02%	2,080,456	-2,996,306
UNP	Union Pacific Corp	2025-12-31	Add Add	+0.57%	● 216.37 ($228.16) 240.47	$303.68	33.10%	Add 8.76%	1,627,254	131,050
PAGS	PagSeguro Digital Ltd	2025-12-31	Sold Out Sold Out	-0.52%	● 8.75 ($9.59) 10.93	$8.96	-6.57%	Sold Out	0	-2,500,000
HLF	Herbalife Ltd	2025-12-31	Add Add	+0.37%	● 7.75 ($10.62) 14.9	$10.75	1.22%	Add 19.33%	9,259,844	1,500,000
WCC	WESCO International Inc	2025-12-31	Reduce Reduce	-0.37%	● 208.29 ($245.78) 277.42	$338.90	37.89%	Reduce -5.61%	1,418,831	-84,349
ELV	Elevance Health Inc	2025-12-31	Reduce Reduce	-0.34%	● 303.78 ($338.01) 362.34	$394.62	16.75%	Reduce -3.77%	1,269,302	-49,698
QSR	Restaurant Brands International Inc	2025-12-31	Reduce Reduce	-0.23%	● 65.69 ($68.95) 73.54	$78.10	13.27%	Reduce -2.09%	8,080,112	-172,750
GPC	Genuine Parts Co	2025-12-31	Add Add	+0.21%	● 122.69 ($129.29) 140.39	$136.38	5.48%	Add 6.53%	1,486,088	91,088
LBTYK	Liberty Global Ltd	2025-12-31	Reduce Reduce	-0.19%	● 10.61 ($11.11) 11.87	$10.49	-5.58%	Reduce -3.57%	20,884,781	-773,022
TBN	Tamboran Resources Corp	2025-12-31	Reduce Reduce	-0.18%	● 22.6 ($25.38) 30.44	$37.53	47.87%	Reduce -54.94%	257,226	-313,607
GDS	GDS Holdings Ltd	2025-12-31	Reduce Reduce	-0.17%	● 29.02 ($34.49) 41.35	$32.27	-6.45%	Reduce -6.31%	3,044,818	-205,134
FERG	Ferguson Enterprises Inc	2025-12-31	Reduce Reduce	-0.09%	● 222.63 ($239.12) 254.13	$225.85	-5.55%	Reduce -1.6%	1,137,035	-18,465
COLD	Americold Realty Trust Inc	2025-12-31	Reduce Reduce	-0.03%	● 10.12 ($12.26) 14.08	$14.96	21.98%	Reduce -3.45%	3,475,685	-124,315
UNP	Union Pacific Corp	2025-09-30	New Buy New Buy	+7.43%	● 214.91 ($225.38) 237.16	$303.68	34.74%	New holding	1,496,204	1,496,204
QSR	Restaurant Brands International Inc	2025-09-30	Add Add	+5.66%	● 61.86 ($65.79) 71.34	$78.10	18.71%	Add 103.8%	8,252,862	4,203,300
ELV	Elevance Health Inc	2025-09-30	Add Add	+4.77%	● 274.66 ($311.02) 395.76	$394.62	26.88%	Add 114.12%	1,319,000	703,000
GPC	Genuine Parts Co	2025-09-30	New Buy New Buy	+4.06%	● 122.23 ($134.14) 142.77	$136.38	1.67%	New holding	1,395,000	1,395,000
GOOG	Alphabet Inc	2025-09-30	Reduce Reduce	-3.35%	● 175.16 ($210.2) 255.24	$333.86	58.83%	Reduce -29.46%	1,858,138	-775,850
VSAT	Viasat Inc	2025-09-30	Sold Out Sold Out	-3.26%	● 14.47 ($23.92) 32.92	$67.58	182.53%	Sold Out	0	-9,190,728
WCC	WESCO International Inc	2025-09-30	Reduce Reduce	-3.17%	● 189.22 ($210) 227.19	$338.90	61.38%	Reduce -31.91%	1,503,180	-704,421
LBRDK	Liberty Broadband Corp	2025-09-30	Sold Out Sold Out	-1.78%	● 58.3 ($69.01) 94.36	$36.02	-47.80%	Sold Out	0	-745,610
WTW	Willis Towers Watson PLC	2025-09-30	Reduce Reduce	-1.68%	● 301.83 ($323.86) 345.45	$339.10	4.71%	Reduce -17.13%	1,089,065	-225,119
ICLR	Icon PLC	2025-09-30	Sold Out Sold Out	-1.43%	● 139.63 ($167.36) 195.01	$167.91	0.33%	Sold Out	0	-405,000
EXP	Eagle Materials Inc	2025-09-30	Add Add	+1.29%	● 209.12 ($226.68) 242.26	$194.49	-14.20%	Add 38.95%	939,660	263,403
AMCR	Amcor PLC	2025-09-30	Sold Out Sold Out	-1.23%	● 39.85 ($44.83) 49.7	$46.40	3.50%	Sold Out	0	-5,500,000
CRH	CRH PLC	2025-09-30	Reduce Reduce	-0.99%	● 92.88 ($105.61) 119.9	$94.66	-10.37%	Reduce -11.55%	3,383,395	-442,000
COLD	Americold Realty Trust Inc	2025-09-30	New Buy New Buy	+0.93%	● 12.14 ($14.9) 16.98	$14.96	0.37%	New holding	3,600,000	3,600,000
LBTYK	Liberty Global Ltd	2025-09-30	Reduce Reduce	-0.75%	● 10.07 ($11.2) 12.14	$10.49	-6.34%	Reduce -12.17%	21,657,803	-3,000,000
FERG	Ferguson Enterprises Inc	2025-09-30	Add Add	+0.11%	● 211.61 ($226.42) 238.34	$225.85	-0.25%	Add 2.08%	1,155,500	23,500
LBRDA	Liberty Broadband Corp	2025-09-30	Sold Out Sold Out	-0.02%	● 58.06 ($68.72) 93.94	$35.99	-47.63%	Sold Out	0	-7,560
FISV	Fiserv Inc	2025-06-30	New Buy New Buy	+3.75%	● 159.13 ($181.98) 226.15	$53.28	-70.72%	New holding	895,000	895,000
ELV	Elevance Health Inc	2025-06-30	Add Add	+3.50%	● 372.27 ($402.74) 452.69	$394.62	-2.02%	Add 150.41%	616,000	370,000
CRH	CRH PLC	2025-06-30	Add Add	+2.52%	● 80.35 ($91.16) 98.94	$94.66	3.83%	Add 41.98%	3,825,395	1,131,000
GOOG	Alphabet Inc	2025-06-30	Add Add	+2.40%	● 146.58 ($165.11) 180.01	$333.86	102.20%	Add 26.76%	2,633,988	556,000
SOLV	Solventum Corp	2025-06-30	Sold Out Sold Out	-2.30%	● 63.01 ($70.89) 76.62	$91.25	28.72%	Sold Out	0	-1,053,240
WTW	Willis Towers Watson PLC	2025-06-30	Reduce Reduce	-2.05%	● 295.96 ($310.55) 337.95	$339.10	9.19%	Reduce -13.86%	1,314,184	-211,483
DG	Dollar General Corp	2025-06-30	Add Add	+1.56%	● 86.02 ($99.08) 114.95	$123.04	24.18%	Add 26.7%	2,666,876	562,000
EXP	Eagle Materials Inc	2025-06-30	Reduce Reduce	-1.49%	● 193.68 ($215.61) 241.95	$194.49	-9.80%	Reduce -25.66%	676,257	-233,376
LBRDK	Liberty Broadband Corp	2025-06-30	Add Add	+1.37%	● 68.95 ($83.86) 94.82	$36.02	-57.05%	Add 337.03%	745,610	575,000
AMCR	Amcor PLC	2025-06-30	New Buy New Buy	+1.23%	● 42.85 ($46.17) 49.05	$46.40	0.50%	New holding	1,100,000	5,500,000
CLVT	Clarivate PLC	2025-06-30	Sold Out Sold Out	-1.22%	● 3.1 ($4.03) 4.5	$2.03	-49.63%	Sold Out	0	-10,777,863
SGI	Somnigroup International Inc	2025-06-30	Sold Out Sold Out	-1.21%	● 54.47 ($62.87) 68.05	$64.50	2.59%	Sold Out	0	-703,349
WCC	WESCO International Inc	2025-06-30	Add Add	+0.91%	● 132.86 ($164.75) 186.1	$338.90	105.71%	Add 10.07%	2,207,601	202,000
GDS	GDS Holdings Ltd	2025-06-30	Reduce Reduce	-0.73%	● 17.68 ($25.35) 30.57	$32.27	27.28%	Reduce -23.53%	3,249,952	-1,000,000
FIS	Fidelity National Information Services Inc Fidelity National Information Services Inc	2025-06-30	Add Add	+0.59%	● 68.14 ($77.75) 82.13	$41.07	-47.18%	Add 8.5%	3,789,711	296,764

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