Klarman's Baupost Q2 2026: Amazon Grows, CME Enters, Cyclicals Dominate

Seth Klarman's Baupost Group is the archetype of patient, margin-of-safety investing, and its 13F for the quarter ended June 30, 2026 is a useful reminder that a value-oriented fund can still hold the biggest names in tech. Figures below come from third-party summaries of the filing (Stocktwits and InsiderSet), which differ on some details, so verify exact numbers against the SEC filing itself.

Amazon and Alphabet: concentration at the top

According to a Stocktwits summary of the filing, Baupost increased Amazon (AMZN) by about 20% to roughly 3.74 million shares, worth around $892 million, which makes it the fund's largest disclosed equity holding. Alphabet (GOOGL) rose about 16% to roughly 1.37 million shares, valued near $490 million.

Amazon is not a new idea for Klarman, and the add suggests the thesis is intact rather than changing. If you want to see how widely this stock is held among other top managers, the overlap tool shows which investors share it.

New positions: CME Group and Pershing Square

The headline new name was CME Group (CME), reported at nearly $137 million at quarter-end. One summary describes the filing wording around CME confusingly, so treat the precise share count with caution. An exchange operator fits a classic value profile: a toll-road business with durable cash flows that tends to benefit from market volatility.

Baupost also opened a small stake, worth nearly $13 million, in Pershing Square Inc. (PS). That is tiny against Baupost's book, but it is a notable cross-holding between two famous investors. We covered the earlier angle in our post on Klarman and the Pershing Square asset manager trade. You can browse both managers on the investors page.

Cyclicals and consumer exposure

InsiderSet's summary describes a portfolio tilted toward consumer cyclicals, at roughly 32% of the reported book, followed by industrials at about 17.5%, healthcare at about 15.4% and financial services at about 11.4%. The same summary reports:

• Norwegian Cruise Line (NCLH): about 4.1 million shares added.
• Genuine Parts (GPC): about 1.3 million shares added.
• Americold Realty Trust (COLD): position up just under 12%.
• Axalta Coating Systems (AXTA): reported as a new position of about 1.27 million shares.

For a fund known for caution, the cruise and auto-parts exposure shows a willingness to own cyclical businesses when the price is right.

Trims and exits

On the other side, Restaurant Brands International (QSR) was cut by more than 16%, to about 6.75 million shares worth roughly $490 million. Wesco International (WCC) was reduced by about 54%, DNOW was trimmed by roughly 23% in weight, and Teleflex (TFX) appears to have been sold entirely. Visa (V) and Elevance Health (ELV) were reportedly left unchanged.

Trims in 13F data can reflect valuation discipline, rebalancing or a change of view. A 13F cannot tell you which, and it also cannot show short positions or non-U.S. holdings, so Baupost's full picture is wider than what is filed.

How to use this

Klarman's moves are best read as slow-moving signals rather than trade ideas. Large adds to mega-cap names like Amazon and Alphabet show where a disciplined value investor still finds opportunity. To see whether other top managers are moving the same way, check the flow page for net buying and selling, and the macro consensus view for how these positions fit into broader institutional positioning.

Remember the 45-day filing lag: these positions are as of June 30, and Baupost may have changed course since.

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Data sourced from public SEC 13F filings. Educational research only — not investment advice.