What stocks does Seth Klarman own?

As of the Q1 2026 13F filing, Seth Klarman disclosed 22 positions. The largest holdings include AMZN (12.7%), QSR (11.7%), WCC (7.7%).

What is Seth Klarman's largest holding?

AMZN (AMAZON COM INC), representing 12.7% of the disclosed portfolio.

How concentrated is Seth Klarman's portfolio?

The top 5 holdings represent 46.7% of total portfolio value.

When did Seth Klarman last file a 13F?

Seth Klarman filed the most recent Form 13F-HR for the period ending 2026-03-31, dated May 14, 2026.

What changed in Seth Klarman's portfolio last quarter?

Quarter-over-quarter changes: 6 new positions, 5 exits, 9 increased, 4 reduced.

About Seth Klarman

## Seth Klarman / Baupost Group — Institutional Portfolio Profile

**Seth Klarman** serves as the founder and portfolio manager of Baupost Group, a Boston-based private investment partnership widely recognized as one of the largest hedge funds in the United States. As of the Q1 2026 13F filing, Baupost Group's disclosed equity portfolio holds $5.1 billion in market value across 22 positions, reflecting a concentrated, selective approach to public equity exposure consistent with the firm's long-standing value-oriented investment philosophy.

The latest filing, submitted May 14, 2026, shows the portfolio anchored by five core positions representing 46.7% of total reported holdings. Amazon.com Inc. (AMZN) constitutes the largest single position at 12.7%, followed by Restaurant Brands International Inc. (QSR) at 11.7%, WESCO International Inc. (WCC) at 7.7%, Union Pacific Corp at 7.3%, and Elevance Health Inc. at 7.3%. The largest disclosed sector classification is "Unclassified," accounting for 39.3% of the portfolio, a weighting consistent with Baupost's documented history of holding positions in special situations, distressed instruments, and non-standard equity structures.

Quarter-over-quarter activity reflects meaningful portfolio reconstruction during the period. Baupost filed 6 new positions and exited 5, while increasing exposure across 9 existing holdings and reducing 4 others. The combination of new entries and simultaneous exits across 11 positions in a single quarter represents notable turnover relative to the portfolio's total of 22 disclosed holdings, indicating active repositioning within the reported period.

*All data sourced from SEC 13F filings.*

Frequently asked questions

What stocks does Seth Klarman own?: As of the Q1 2026 13F filing, Seth Klarman disclosed 22 positions. The largest holdings include AMZN (12.7%), QSR (11.7%), WCC (7.7%).
What is Seth Klarman's largest holding?: AMZN (AMAZON COM INC), representing 12.7% of the disclosed portfolio.
What sectors is Seth Klarman exposed to?: The portfolio's largest sector exposures are Unclassified (39.3%), Consumer Discretionary (24.4%), Financial Services (14.1%). 7 sectors are represented in total.
How concentrated is Seth Klarman's portfolio?: The top 5 holdings represent 46.7% of total portfolio value.
When did Seth Klarman last file a 13F?: Seth Klarman filed the most recent Form 13F-HR for the period ending 2026-03-31, dated May 14, 2026.
What changed in Seth Klarman's portfolio last quarter?: Quarter-over-quarter changes: 6 new positions, 5 exits, 9 increased, 4 reduced.

Seth Klarman

Name: Seth Klarman — 13F Portfolio Holdings
Creator: InvestorLens
License: https://www.sec.gov/about/website-policies

Baupost Group · Deep value

Latest filingQ1 2026· filed May 14, 2026· report period Mar 31, 2026

View on SEC EDGAR ↗

For educational research only.InvestorLens analyzes public regulatory filings (SEC EDGAR, STOCK Act PTRs) that may be delayed by 45 days or more. Information shown is historical and is not financial, legal, or tax advice, nor a recommendation or solicitation to buy or sell any security. Always do your own research.

Portfolio Value

$5.1B

Holdings: 22
Turnover (LTM): 25%
Persistence (QoQ): 84%
First 13F: Q3 2025

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Investor Fingerprint

Seth Klarman

v1 · 4-axis

LowHigh

Descriptive snapshot computed from this investor's most recent public 13F filing dated 2026-03-31. Educational research, not investment advice.

Portfolio DNA

Categorical breakdown from this investor's 13F. Hover any row for the formula.

Diversified
Moderate
Even Weights
Moderate
Sector Tilt
Above Avg.
Steady Adjuster
Above Avg.
Persistent Thesis
Very High
Tech-Moderate
Above Avg.

Six descriptive labels derived from public 13F data. Additional axes (Value, Quality, Growth, Dividends) require fundamentals data and ship in v2.

47%

Concentration

Top 5 Holdings · 47%

Diversified

Investor Style

Balanced Strategy

Mixed signals across concentration, turnover, and persistence.

Fingerprint SummaryAI-generated · educational research only

The portfolio holds 22 positions valued at approximately $5.1 billion, with the top five positions accounting for 46.7% of assets and an HHI of 6.8, reflecting moderate concentration without extreme single-position dominance. Sector tilt registers at 24.8, indicating a meaningful but not extreme skew away from market-weight distribution, while AI and technology exposure remains limited at 19.3% of the portfolio. Turnover over the trailing twelve months is low at 25.2%, consistent with an 84.2% quarter-over-quarter position persistence rate, characterizing a portfolio that rotates holdings infrequently and maintains most positions across consecutive filing periods.

AI-generated analysis. This summary is produced by an automated language model from public regulatory filings. It may contain errors, omissions, or outdated information, and is provided for educational research only — not as financial, legal, or tax advice, a recommendation, or a solicitation to buy or sell any security.

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Investor Macro Outlook™

Pro

Portfolio-positioning signal · 2026-Q1 · based on public filings

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See the implied macro positioning of every tracked super investor — inflation view, GDP outlook, rate bias, growth vs value tilt, and more. Derived from public 13F filing data. For research purposes only.

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Inferred from public filing data. For informational purposes only. Not financial advice.

Investor Inflation & Dollar Outlook™

Portfolio-positioning signal · based on public 13F filings · not investment advice

ConfidenceModerate (69%)

Inflation

30/100

Falling Inflation Bias

← FallingNeutralRising →

U.S. Dollar

30/100

Strong Dollar Bias

← StrongNeutralWeak →

Portfolio allocation is concentrated in defensive and long-duration assets, sectors that have historically performed well in lower-inflation environments. Dollar-sensitive positioning — including exposure to short-duration domestic assets and limited international/commodity allocation — reflects a relative dollar-strength signal from observable holdings. This analysis is based on public 13F filing data and observable portfolio positioning only. It is for informational purposes only and should not be considered investment advice.

This analysis is based on public filings and portfolio positioning. It is for informational purposes only and should not be considered investment advice. Scores represent implied views inferred from observable 13F sector weights and quarter-over-quarter changes only — not predictions or guaranteed forecasts.

Portfolio Analytics™

Based on latest 13F

/100

Concentration Score™

Concentrated

Top 5 → 47%

Top 10 → 74%

Largest Position

AMZN

AMAZON COM INC

12.7%of portfolio

$649.5M market value

Conviction Holdings

Positions > 5% of portfolio

AMZN12.7%
QSR11.7%
WCC7.7%
9078181087.3%
ELV7.3%
+3 more

Top 10 Holdings

#	Stock	% Portfolio	Cumulative
1	AMZN AMAZON COM INC	12.7%	12.7%
2	QSR RESTAURANT BRANDS INTL INC	11.7%	24.4%
3	WCC WESCO INTL INC	7.7%	32.1%
4	907818108 UNION PAC CORP	7.3%	39.4%
5	ELV ELEVANCE HEALTH INC FORMERLY	7.3%	46.7%
6	GOOGL ALPHABET INC	6.6%	53.3%
7	FERG FERGUSON ENTERPRISES INC	6.6%	59.9%
8	WTW WILLIS TOWERS WATSON PLC LTD	5.1%	64.9%
9	AON AON PLC	4.8%	69.8%
10	V VISA INC	4.1%	73.9%

Sector Allocation

Unclassified39.3%
Consumer Discretionary24.4%
Financial Services14.1%
Health Care7.3%
Communication Services6.6%
Industrials6.6%
Real Estate1.7%

Unclassified39.3%

Consumer Discretionary24.4%

Financial Services14.1%

Health Care7.3%

Communication Services6.6%

Industrials6.6%

+1 more sectors

About

Founder of Baupost Group. Author of "Margin of Safety" and a leading proponent of value investing.

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Top 10 holdings

AMZNAMAZON COM INC
$649.5M12.7%
QSRRESTAURANT BRANDS INTL INC
$597.2M11.7%
WCCWESCO INTL INC
$393.2M7.7%
Ticker unavailableCUSIP 907818108UNION PAC CORP
$373.9M7.3%
ELVELEVANCE HEALTH INC FORMERLY
$373.3M7.3%
GOOGLALPHABET INC
$338.8M6.6%
FERGFERGUSON ENTERPRISES INC
$336.5M6.6%
WTWWILLIS TOWERS WATSON PLC LTD
$259.6M5.1%
AONAON PLC
$248.2M4.8%
VVISA INC
$212M4.1%

Sector exposure

Unclassified39.3%
Consumer Discretionary24.4%
Financial Services14.1%
Health Care7.3%
Communication Services6.6%
Industrials6.6%
Real Estate1.7%

New positions

AONAON PLC
New
DNOWDNOW INC
New
NCLHNORWEGIAN CRUISE LINE HLDGS
New
PCVXVAXCYTE INC
New
TFXTELEFLEX INCORPORATED
New
VVISA INC
New

Why this matters

Why a new position matters

Opening a new position can suggest the manager sees value or a thesis worth committing capital to. It does not necessarily mean they are bullish on the broader market — concentrated managers add positions infrequently while quants may rotate constantly.

Educational research only. Not financial advice.

Increased

Ticker unavailableCUSIP 40054J109GRUPO AEROMEXICO SAB DE CV
Increased
AMZNAMAZON COM INC
Increased
COLDAMERICOLD REALTY TRUST INC
Increased
ELVELEVANCE HEALTH INC FORMERLY
Increased
FERGFERGUSON ENTERPRISES INC
Increased
GOOGLALPHABET INC
Increased

Why this matters

Why an increase matters

Adding to an existing position may indicate higher conviction, scaling into a thesis, or rebalancing toward a target weight. It does not necessarily mean the position is undervalued at the current price.

Educational research only. Not financial advice.

Reduced

Ticker unavailableCUSIP 26969P108EAGLE MATLS INC
Reduced
Ticker unavailableCUSIP 907818108UNION PAC CORP
Reduced
LBTYALIBERTY GLOBAL LTD
Reduced
WTWWILLIS TOWERS WATSON PLC LTD
Reduced

Why this matters

Why a reduction matters

Trimming a position may suggest portfolio rebalancing, profit-taking, or risk management. It does not necessarily mean the manager has turned bearish on the underlying company.

Educational research only. Not financial advice.

Sold out

Ticker unavailableCUSIP 256677105DOLLAR GEN CORP NEW
Sold
Ticker unavailableCUSIP 31620M106FIDELITY NATL INFORMATION SV
Sold
CRHCRH PLC
Sold
FISVFISERV INC
Sold
TBNTAMBORAN RES CORP
Sold

Why this matters

Why a full exit matters

Fully exiting a position can suggest that the manager's thesis has played out, was wrong, or that capital is being redeployed elsewhere. It does not mean the company is broken — exits are often as much about portfolio fit as about the security itself.

Educational research only. Not financial advice.

Current holdings

Reported portfolio value: $5.1B

Reported values come from public SEC filings and may be delayed up to 45 days. Not investment advice.

Sourced from SEC EDGAR public filings

Ticker	Company	Shares	Reported position valuei	Portfolio weighti	Delta Shares	Status
AMZN	AMAZON COM INC	3.1M	$649.5M	12.70%	47.01%	Increased
QSR	RESTAURANT BRANDS INTL INC	8.1M	$597.2M	11.67%	0.00%	Unchanged
WCC	WESCO INTL INC	1.4M	$393.2M	7.69%	1.27%	Increased
Ticker unavailableCUSIP 907818108	UNION PAC CORP	1.5M	$373.9M	7.31%	-5.30%	Reduced
ELV	ELEVANCE HEALTH INC FORMERLY	1.3M	$373.3M	7.30%	0.46%	Increased
GOOGL	ALPHABET INC	1.2M	$338.8M	6.62%	8.64%	Increased
FERG	FERGUSON ENTERPRISES INC	1.4M	$336.5M	6.58%	26.86%	Increased
WTW	WILLIS TOWERS WATSON PLC LTD	893.1K	$259.6M	5.08%	-34.21%	Reduced
AON	AON PLC	769K	$248.2M	4.85%	—	New
V	VISA INC	701.4K	$212M	4.14%	—	New
TFX	TELEFLEX INCORPORATED	1.6M	$190.8M	3.73%	—	New
Ticker unavailableCUSIP 26969P108	EAGLE MATLS INC	892.8K	$169.1M	3.31%	-24.68%	Reduced
GPC	GENUINE PARTS CO	1.5M	$157.6M	3.08%	0.29%	Increased
LBTYA	LIBERTY GLOBAL LTD	13.4M	$157.2M	3.07%	-35.85%	Reduced
HLF	HERBALIFE LTD	9.3M	$136.3M	2.66%	0.00%	Unchanged
GDS	GDS HLDGS LTD	3M	$122.7M	2.40%	0.00%	Unchanged
COLD	AMERICOLD REALTY TRUST INC	7.8M	$89.2M	1.74%	123.86%	Increased
MOH	MOLINA HEALTHCARE INC	633.6K	$84.5M	1.65%	1.38%	Increased
Ticker unavailableCUSIP 40054J109	GRUPO AEROMEXICO SAB DE CV	4.9M	$68.4M	1.34%	0.52%	Increased
NCLH	NORWEGIAN CRUISE LINE HLDGS	3.6M	$67.9M	1.33%	—	New
PCVX	VAXCYTE INC	800K	$46.5M	0.91%	—	New
DNOW	DNOW INC	3.6M	$43.2M	0.84%	—	New
Ticker unavailableCUSIP 256677105	DOLLAR GEN CORP NEW	0	$0	0.00%	-100.00%	Sold
Ticker unavailableCUSIP 31620M106	FIDELITY NATL INFORMATION SV	0	$0	0.00%	-100.00%	Sold
CRH	CRH PLC	0	$0	0.00%	-100.00%	Sold
FISV	FISERV INC	0	$0	0.00%	-100.00%	Sold
TBN	TAMBORAN RES CORP	0	$0	0.00%	-100.00%	Sold

AMZNIncreased
AMAZON COM INC
Position value
$649.5M
Portfolio %
12.70%
Delta Shares
47.01%
QSRUnchanged
RESTAURANT BRANDS INTL INC
Position value
$597.2M
Portfolio %
11.67%
Delta Shares
0.00%
WCCIncreased
WESCO INTL INC
Position value
$393.2M
Portfolio %
7.69%
Delta Shares
1.27%
Ticker unavailableCUSIP 907818108Reduced
UNION PAC CORP
Position value
$373.9M
Portfolio %
7.31%
Delta Shares
-5.30%
ELVIncreased
ELEVANCE HEALTH INC FORMERLY
Position value
$373.3M
Portfolio %
7.30%
Delta Shares
0.46%
GOOGLIncreased
ALPHABET INC
Position value
$338.8M
Portfolio %
6.62%
Delta Shares
8.64%
FERGIncreased
FERGUSON ENTERPRISES INC
Position value
$336.5M
Portfolio %
6.58%
Delta Shares
26.86%
WTWReduced
WILLIS TOWERS WATSON PLC LTD
Position value
$259.6M
Portfolio %
5.08%
Delta Shares
-34.21%
AONNew
AON PLC
Position value
$248.2M
Portfolio %
4.85%
Delta Shares
—
VNew
VISA INC
Position value
$212M
Portfolio %
4.14%
Delta Shares
—
TFXNew
TELEFLEX INCORPORATED
Position value
$190.8M
Portfolio %
3.73%
Delta Shares
—
Ticker unavailableCUSIP 26969P108Reduced
EAGLE MATLS INC
Position value
$169.1M
Portfolio %
3.31%
Delta Shares
-24.68%
GPCIncreased
GENUINE PARTS CO
Position value
$157.6M
Portfolio %
3.08%
Delta Shares
0.29%
LBTYAReduced
LIBERTY GLOBAL LTD
Position value
$157.2M
Portfolio %
3.07%
Delta Shares
-35.85%
HLFUnchanged
HERBALIFE LTD
Position value
$136.3M
Portfolio %
2.66%
Delta Shares
0.00%
GDSUnchanged
GDS HLDGS LTD
Position value
$122.7M
Portfolio %
2.40%
Delta Shares
0.00%
COLDIncreased
AMERICOLD REALTY TRUST INC
Position value
$89.2M
Portfolio %
1.74%
Delta Shares
123.86%
MOHIncreased
MOLINA HEALTHCARE INC
Position value
$84.5M
Portfolio %
1.65%
Delta Shares
1.38%
Ticker unavailableCUSIP 40054J109Increased
GRUPO AEROMEXICO SAB DE CV
Position value
$68.4M
Portfolio %
1.34%
Delta Shares
0.52%
NCLHNew
NORWEGIAN CRUISE LINE HLDGS
Position value
$67.9M
Portfolio %
1.33%
Delta Shares
—
PCVXNew
VAXCYTE INC
Position value
$46.5M
Portfolio %
0.91%
Delta Shares
—
DNOWNew
DNOW INC
Position value
$43.2M
Portfolio %
0.84%
Delta Shares
—
Ticker unavailableCUSIP 256677105Sold
DOLLAR GEN CORP NEW
Position value
$0
Portfolio %
0.00%
Delta Shares
-100.00%
Ticker unavailableCUSIP 31620M106Sold
FIDELITY NATL INFORMATION SV
Position value
$0
Portfolio %
0.00%
Delta Shares
-100.00%
CRHSold
CRH PLC
Position value
$0
Portfolio %
0.00%
Delta Shares
-100.00%
FISVSold
FISERV INC
Position value
$0
Portfolio %
0.00%
Delta Shares
-100.00%
TBNSold
TAMBORAN RES CORP
Position value
$0
Portfolio %
0.00%
Delta Shares
-100.00%

Sector breakdown

Unclassified39.3%
Consumer Discretionary24.4%
Financial Services14.1%
Health Care7.3%
Communication Services6.6%
Industrials6.6%
Real Estate1.7%

Filing history

13F-HR · Q1 2026
Filed May 14, 2026
View on SEC ↗

2 earlier filings available on Pro. Upgrade for full quarter-over-quarter history →