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Baupost Group LLC (Seth Klarman): 13F portfolio Q2 2026 and what copying it returned
Seth Klarman's fund. Baupost Group LLC's 13F for the quarter ended 2026-06-30 (filed Aug 13, 2026): 23 common-share positions, $5.4B reported. Copying each 13F the day after it was filed returned +68.4% from Jun 2, 2022 to Nov 6, 2026, against +79.5% for SPY.
Copying the 13F
Each 13F bought at the close of the first trading day after it was filed and held, drifting, until the next one; value-weighted over the common-share positions with a price (51.6% of the portfolio on average); 18 filings since Nov 13, 2013. Price returns for the clone and SPY alike (no dividends, no costs). A 13F lists only US long positions at quarter end, reported up to 45 days later.
Largest holdings (2026-06-30)
| Ticker | Company | Weight | Value | Change in the quarter |
|---|---|---|---|---|
| AMZN | Amazon.com | 16.5% | $892M | +20.0% |
| ELV | Elevance Health | 9.1% | $493M | unchanged |
| QSR | Restaurant Brands International | 9.0% | $490M | -16.4% |
| GOOG | Alphabet | 8.9% | $485M | +16.2% |
| FERG | Ferguson Enterprises | 6.4% | $344M | +0.6% |
| GPC | Genuine Parts | 6.1% | $332M | +89.0% |
| UNP | Union Pacific | 5.9% | $322M | -23.1% |
| V | Visa | 4.4% | $241M | unchanged |
| WCC | Wesco International | 4.2% | $229M | -53.9% |
| TFX | Teleflex | 3.3% | $179M | -11.7% |
| MOH | Molina Healthcare | 2.7% | $145M | unchanged |
| CME | CME Group | 2.5% | $137M | new |
| EXP | Eagle Materials | 2.2% | $119M | -40.5% |
| GDS | GDS Holdings | 2.1% | $113M | +23.8% |
| COLD | Americold Realty Trust | 2.0% | $107M | -12.2% |
| AERO | Grupo Aeromexico, S.A.B. de C.V. | 1.6% | $87.8M | unchanged |
| DNOW | Dnow | 0.7% | $36.2M | -23.1% |
| PS | Pershing Square | 0.2% | $12.9M | new |
Biggest adds
- CME new
- PS new
- GPC +89.0%
- GDS +23.8%
- AMZN +20.0%
- GOOG +16.2%
- FERG +0.6%
Biggest cuts
- PCVX exit
- WCC -53.9%
- EXP -40.5%
- UNP -23.1%
- DNOW -23.1%
- QSR -16.4%
- COLD -12.2%
- TFX -11.7%
Track record
Of 201 position changes scored in 201 separate decisions, 51.2% were on the right side of SPY over the next three months (Disclosures → Smart money).
Open in Disclosures → every quarter, the clone month by month, the smart-money record
Source: SEC Form 13F-HR, filer CIK 1061768. Not investment advice.