What stocks does Seth Klarman own?

As of the Q2 2026 13F filing, Seth Klarman disclosed 23 positions. The largest holdings include AMZN (16.5%), ELV (9.1%), QSR (9.0%).

What is Seth Klarman's largest holding?

AMZN (AMAZON COM INC), representing 16.5% of the disclosed portfolio.

How concentrated is Seth Klarman's portfolio?

The top 5 holdings represent 49.9% 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 2026-06-30, dated Aug 13, 2026.

What changed in Seth Klarman's portfolio last quarter?

Quarter-over-quarter changes: 5 new positions, 4 exits, 6 increased, 7 reduced.

About Seth Klarman

# Seth Klarman / Baupost Group

Seth Klarman operates Baupost Group, a Boston-based investment firm managing approximately $5.4 billion across 23 positions as of the second quarter of 2026. The portfolio reflects a balanced approach, with holdings distributed across multiple sectors and individual names, though concentration remains material in the top positions.

The Q2 2026 filing, submitted August 13, 2026, shows Amazon as the largest holding at 16.5% of portfolio value, followed by Elevance Health at 9.1%, Restaurant Brands International at 9.0%, Alphabet at 8.9%, and Ferguson Enterprises at 6.4%. These five positions collectively represent 49.9% of total portfolio value. The unclassified sector accounts for 29.2% of the portfolio, with the remaining exposure distributed across other classifications. The largest individual positions are anchored by technology and healthcare exposure, with consumer discretionary represented through the restaurant operating company.

Quarter-over-quarter activity in Q2 2026 included five new positions initiated, four complete exits, six positions increased in size, and seven positions reduced. This moderate turnover reflects ongoing portfolio rebalancing rather than wholesale repositioning. The net additions and continued sizing adjustments across existing holdings indicate active management within the existing framework, consistent with the firm's established investment discipline.

All data sourced from SEC 13F filings.

Frequently asked questions

What stocks does Seth Klarman own?: As of the Q2 2026 13F filing, Seth Klarman disclosed 23 positions. The largest holdings include AMZN (16.5%), ELV (9.1%), QSR (9.0%).
What is Seth Klarman's largest holding?: AMZN (AMAZON COM INC), representing 16.5% of the disclosed portfolio.
What sectors is Seth Klarman exposed to?: The portfolio's largest sector exposures are Unclassified (29.2%), Consumer Discretionary (25.5%), Industrials (12.3%). 7 sectors are represented in total.
How concentrated is Seth Klarman's portfolio?: The top 5 holdings represent 49.9% 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 2026-06-30, dated Aug 13, 2026.
What changed in Seth Klarman's portfolio last quarter?: Quarter-over-quarter changes: 5 new positions, 4 exits, 6 increased, 7 reduced.

Seth Klarman

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

Baupost Group · Deep value

Latest filingQ2 2026· filed Aug 13, 2026· report period Jun 30, 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

$5.4B

Holdings: 23
Turnover (LTM): 41%
Persistence (QoQ): 88%
First 13F: Q3 2023

View Full Profile

Investor Fingerprint

Seth Klarman

v1 · 4-axis

LowHigh

Descriptive snapshot computed from this investor's most recent public 13F filing dated 2026-06-30. 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.
Active Manager
High
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.

50%

Concentration

Top 5 Holdings · 50%

Concentrated

Investor Style

Balanced Strategy

Mixed signals across concentration, turnover, and persistence.

Fingerprint SummaryAI-generated · educational research only

The portfolio exhibits moderate diversification across 23 holdings with a top-5 concentration of 49.9% and low position overlap (HHI of 7.4), reflecting a balanced approach to capital deployment. High position persistence at 88.3% indicates stable core holdings, while moderate turnover of 40.8% suggests selective rebalancing activity. Sector tilt and AI/Tech exposure remain restrained at 19.8 and 27.2 respectively, characterizing a generalist allocation strategy.

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™

Portfolio-positioning signal · 2026-Q2 · based on public filings

ConfidenceModerate (67%)

Inflationi

Bearish

Dollari

Strong

GDPi

Expanding

Employmenti

Strong

Ratesi

Neutral

Energyi

Bearish

Technologyi

Bullish

Fixed Incomei

Minimal

Growth vs Valuei

Growth tilt

← Pure ValuePure Growth →

Seth Klarman's portfolio positioning shows meaningful technology and AI/digital infrastructure exposure. with minimal allocation to inflation-sensitive sectors. The overall sector mix is pro-cyclical, with heavier weight in economically sensitive industries. The portfolio shows a growth-oriented tilt (implied growth score: 80/100).

Macro Trend — last 4 quarters

	2025-Q3	2025-Q4	2026-Q1	2026-Q2
Inflation	Bearish	Bearish→	Bearish→	Bearish→
GDP	Expanding	Expanding→	Expanding↑	Expanding→
Rates	Neutral	Neutral→	Neutral→	Neutral→
Energy	Bearish	Bearish→	Bearish→	Bearish→
Technology	Neutral	Neutral↑	Neutral→	Bullish↑
Growth / Value	Growth	Growth→	Growth↓	Growth→

This analysis is inferred from public filing data and portfolio positioning. It is for informational purposes only and is not financial advice. Scores represent implied macro views based on sector weights and quarter-over-quarter changes in public 13F disclosures — not predictions, buy/sell signals, or guaranteed forecasts.

Investor Inflation & Dollar Outlook™

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

ConfidenceHigh (73%)

Inflation

22/100

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™

Highly Concentrated

Top 5 → 50%

Top 10 → 75%

Largest Position

AMZN

AMAZON COM INC

16.5%of portfolio

$892.3M market value

Conviction Holdings

Positions > 5% of portfolio

AMZN16.5%
ELV9.1%
QSR9.0%
GOOGL8.9%
FERG6.4%
+2 more

Top 10 Holdings

#	Stock	% Portfolio	Cumulative
1	AMZN AMAZON COM INC	16.5%	16.5%
2	ELV ELEVANCE HEALTH INC FORMERLY	9.1%	25.6%
3	QSR RESTAURANT BRANDS INTL INC	9.0%	34.6%
4	GOOGL ALPHABET INC	8.9%	43.6%
5	FERG FERGUSON ENTERPRISES INC	6.4%	49.9%
6	GPC GENUINE PARTS CO	6.1%	56.1%
7	UNP UNION PAC CORP	6.0%	62.0%
8	V VISA INC	4.4%	66.5%
9	WCC WESCO INTL INC	4.2%	70.7%
10	AON AON PLC	4.2%	74.9%

Sector Allocation

Unclassified29.2%
Consumer Discretionary25.5%
Industrials12.3%
Financial Services11.2%
Communication Services10.7%
Health Care9.1%
Real Estate2.0%

Unclassified29.2%

Consumer Discretionary25.5%

Industrials12.3%

Financial Services11.2%

Communication Services10.7%

Health Care9.1%

+1 more sectors

Portfolio Risk Profile™

Moderate

Structure of disclosed 13F positions — not a prediction of returns

49/100

45% concentration · 35% sector · 20% turnover

Concentration

Elevated

58/100

·Top position AMZN is 16.5% of the portfolio
·Top 10 holdings account for 74.9% of value
·23 total positions (HHI 0.074)

Sector exposure

Low

27/100

·Consumer Discretionary is the largest classified sector at 36% of classified value
·Exposure spans 6 sectors (sector HHI 0.23)
·Next largest: Industrials at 17.4%
·29.2% of value is unclassified and excluded from this score

Turnover

Elevated

66/100

·26.5% of portfolio value rotated quarter-over-quarter
·5 new positions, 4 full exits

Largest sector weights

Unclassified 29.2%Consumer Discretionary 25.5%Industrials 12.3%Financial Services 11.2%Communication Services 10.7%Health Care 9.1%

AI risk read

The portfolio exhibits moderate structural concentration with 23 disclosed positions where the top ten holdings account for approximately 75% of value, led by Amazon at 16.5%. Sector exposure is heavily skewed toward Consumer Discretionary at 36% across only six sectors, creating meaningful clustering risk. Quarterly turnover of 26.5% reflects moderate portfolio rotation, with five new positions and four exits during the period.

Derived solely from Seth Klarman's public 13F filings, which disclose long US equity positions only — shorts, options hedges, cash, and non-US holdings are not included. Educational research only, not financial advice.

About

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

AI filing intelligenceEducational research only — not financial advice

Baupost Group increased exposure to large-cap technology and diversified industrials in Q2 2026, adding $242.8 million to Amazon and $145.9 million to Alphabet while nearly doubling the Genuine Parts position with an $174.6 million increase. The portfolio simultaneously exited three positions entirely—Union Pacific, Willis Towers Watson, and Eagle Materials—totaling approximately $802.6 million in liquidations, though Union Pacific was re-entered through a new $322.4 million stake in the ticker UNP. Reductions in Restaurant Brands, Wesco International, and smaller trims in AON and Teleflex suggest a rotation away from certain industrial and insurance holdings. The net activity reflects a concentration shift toward mega-cap technology and selective industrial exposure while de-risking from prior positions. Because 13F filings are delayed by up to 45 days, this should not be treated as real-time investment advice. Always do your own research.

Top 10 holdings

AMZNAMAZON COM INC
$892.3M16.5%
ELVELEVANCE HEALTH INC FORMERLY
$493.1M9.1%
QSRRESTAURANT BRANDS INTL INC
$489.6M9.0%
GOOGLALPHABET INC
$484.7M8.9%
FERGFERGUSON ENTERPRISES INC
$344.3M6.4%
GPCGENUINE PARTS CO
$332.3M6.1%
UNPUNION PAC CORP
$322.4M6.0%
VVISA INC
$240.6M4.4%
WCCWESCO INTL INC
$229M4.2%
AONAON PLC
$227.9M4.2%

Sector exposure

Unclassified29.2%
Consumer Discretionary25.5%
Industrials12.3%
Financial Services11.2%
Communication Services10.7%
Health Care9.1%
Real Estate2.0%

New positions

AXTAAXALTA COATING SYS LTD
New
CMECME GROUP INC
New
EXPEAGLE MATLS INC
New
PSPERSHING SQUARE INC
New
UNPUNION PAC CORP
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

AMZNAMAZON COM INC
Increased
FERGFERGUSON ENTERPRISES INC
Increased
GDSGDS HLDGS LTD
Increased
GOOGLALPHABET INC
Increased
GPCGENUINE PARTS CO
Increased
NCLHNORWEGIAN CRUISE LINE HLDGS
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

AONAON PLC
Reduced
COLDAMERICOLD REALTY TRUST INC
Reduced
DNOWDNOW INC
Reduced
LBTYALIBERTY GLOBAL LTD
Reduced
QSRRESTAURANT BRANDS INTL INC
Reduced
TFXTELEFLEX INCORPORATED
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 26969P108EAGLE MATLS INC
Sold
Ticker unavailableCUSIP 907818108UNION PAC CORP
Sold
PCVXVAXCYTE INC
Sold
WTWWILLIS TOWERS WATSON PLC LTD
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: $5.4B

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	3.7M	$892.3M	16.48%	20.04%	Increased
ELV	ELEVANCE HEALTH INC FORMERLY	1.3M	$493.1M	9.11%	0.00%	Unchanged
QSR	RESTAURANT BRANDS INTL INC	6.8M	$489.6M	9.04%	-16.42%	Reduced
GOOGL	ALPHABET INC	1.4M	$484.7M	8.95%	16.15%	Increased
FERG	FERGUSON ENTERPRISES INC	1.5M	$344.3M	6.36%	0.57%	Increased
GPC	GENUINE PARTS CO	2.8M	$332.3M	6.13%	88.96%	Increased
UNP	UNION PAC CORP	1.2M	$322.4M	5.95%	—	New
V	VISA INC	701.4K	$240.6M	4.44%	0.00%	Unchanged
WCC	WESCO INTL INC	662.9K	$229M	4.23%	-53.87%	Reduced
AON	AON PLC	687K	$227.9M	4.21%	-10.66%	Reduced
TFX	TELEFLEX INCORPORATED	1.4M	$178.6M	3.30%	-11.66%	Reduced
NCLH	NORWEGIAN CRUISE LINE HLDGS	7.7M	$163.2M	3.01%	112.95%	Increased
MOH	MOLINA HEALTHCARE INC	633.6K	$144.9M	2.68%	0.00%	Unchanged
CME	CME GROUP INC	619K	$136.7M	2.52%	—	New
HLF	HERBALIFE LTD	9.3M	$121.8M	2.25%	0.00%	Unchanged
EXP	EAGLE MATLS INC	530.8K	$119.4M	2.21%	—	New
GDS	GDS HLDGS LTD	3.8M	$113.2M	2.09%	23.81%	Increased
COLD	AMERICOLD REALTY TRUST INC	6.8M	$107.4M	1.98%	-12.22%	Reduced
LBTYA	LIBERTY GLOBAL LTD	8.5M	$94M	1.74%	-36.23%	Reduced
Ticker unavailableCUSIP 40054J109	GRUPO AEROMEXICO SAB DE CV	4.9M	$87.8M	1.62%	0.00%	Unchanged
AXTA	AXALTA COATING SYS LTD	1.3M	$43.6M	0.81%	—	New
DNOW	DNOW INC	2.8M	$36.2M	0.67%	-23.09%	Reduced
PS	PERSHING SQUARE INC	392K	$12.9M	0.24%	—	New
Ticker unavailableCUSIP 26969P108	EAGLE MATLS INC	0	$0	0.00%	-100.00%	Sold
Ticker unavailableCUSIP 907818108	UNION PAC CORP	0	$0	0.00%	-100.00%	Sold
PCVX	VAXCYTE INC	0	$0	0.00%	-100.00%	Sold
WTW	WILLIS TOWERS WATSON PLC LTD	0	$0	0.00%	-100.00%	Sold

AMZNIncreased
AMAZON COM INC
Position value
$892.3M
Portfolio %
16.48%
Delta Shares
20.04%
ELVUnchanged
ELEVANCE HEALTH INC FORMERLY
Position value
$493.1M
Portfolio %
9.11%
Delta Shares
0.00%
QSRReduced
RESTAURANT BRANDS INTL INC
Position value
$489.6M
Portfolio %
9.04%
Delta Shares
-16.42%
GOOGLIncreased
ALPHABET INC
Position value
$484.7M
Portfolio %
8.95%
Delta Shares
16.15%
FERGIncreased
FERGUSON ENTERPRISES INC
Position value
$344.3M
Portfolio %
6.36%
Delta Shares
0.57%
GPCIncreased
GENUINE PARTS CO
Position value
$332.3M
Portfolio %
6.13%
Delta Shares
88.96%
UNPNew
UNION PAC CORP
Position value
$322.4M
Portfolio %
5.95%
Delta Shares
—
VUnchanged
VISA INC
Position value
$240.6M
Portfolio %
4.44%
Delta Shares
0.00%
WCCReduced
WESCO INTL INC
Position value
$229M
Portfolio %
4.23%
Delta Shares
-53.87%
AONReduced
AON PLC
Position value
$227.9M
Portfolio %
4.21%
Delta Shares
-10.66%
TFXReduced
TELEFLEX INCORPORATED
Position value
$178.6M
Portfolio %
3.30%
Delta Shares
-11.66%
NCLHIncreased
NORWEGIAN CRUISE LINE HLDGS
Position value
$163.2M
Portfolio %
3.01%
Delta Shares
112.95%
MOHUnchanged
MOLINA HEALTHCARE INC
Position value
$144.9M
Portfolio %
2.68%
Delta Shares
0.00%
CMENew
CME GROUP INC
Position value
$136.7M
Portfolio %
2.52%
Delta Shares
—
HLFUnchanged
HERBALIFE LTD
Position value
$121.8M
Portfolio %
2.25%
Delta Shares
0.00%
EXPNew
EAGLE MATLS INC
Position value
$119.4M
Portfolio %
2.21%
Delta Shares
—
GDSIncreased
GDS HLDGS LTD
Position value
$113.2M
Portfolio %
2.09%
Delta Shares
23.81%
COLDReduced
AMERICOLD REALTY TRUST INC
Position value
$107.4M
Portfolio %
1.98%
Delta Shares
-12.22%
LBTYAReduced
LIBERTY GLOBAL LTD
Position value
$94M
Portfolio %
1.74%
Delta Shares
-36.23%
Ticker unavailableCUSIP 40054J109Unchanged
GRUPO AEROMEXICO SAB DE CV
Position value
$87.8M
Portfolio %
1.62%
Delta Shares
0.00%
AXTANew
AXALTA COATING SYS LTD
Position value
$43.6M
Portfolio %
0.81%
Delta Shares
—
DNOWReduced
DNOW INC
Position value
$36.2M
Portfolio %
0.67%
Delta Shares
-23.09%
PSNew
PERSHING SQUARE INC
Position value
$12.9M
Portfolio %
0.24%
Delta Shares
—
Ticker unavailableCUSIP 26969P108Sold
EAGLE MATLS INC
Position value
$0
Portfolio %
0.00%
Delta Shares
-100.00%
Ticker unavailableCUSIP 907818108Sold
UNION PAC CORP
Position value
$0
Portfolio %
0.00%
Delta Shares
-100.00%
PCVXSold
VAXCYTE INC
Position value
$0
Portfolio %
0.00%
Delta Shares
-100.00%
WTWSold
WILLIS TOWERS WATSON PLC LTD
Position value
$0
Portfolio %
0.00%
Delta Shares
-100.00%

Sector breakdown

Unclassified29.2%
Consumer Discretionary25.5%
Industrials12.3%
Financial Services11.2%
Communication Services10.7%
Health Care9.1%
Real Estate2.0%

Filing history

13F-HR · Q2 2026
Filed Aug 13, 2026
View on SEC ↗
13F-HR · Q1 2026
Filed May 14, 2026
View on SEC ↗
13F-HR · Q4 2025
Filed Feb 13, 2026
View on SEC ↗
13F-HR · Q3 2025
Filed Nov 13, 2025
View on SEC ↗
13F-HR · Q2 2025
Filed Aug 13, 2025
View on SEC ↗
13F-HR · Q1 2025
Filed May 14, 2025
View on SEC ↗
13F-HR · Q4 2024
Filed Feb 13, 2025
View on SEC ↗
13F-HR · Q3 2024
Filed Nov 13, 2024
View on SEC ↗
13F-HR · Q2 2024
Filed Aug 13, 2024
View on SEC ↗
13F-HR · Q1 2024
Filed May 14, 2024
View on SEC ↗
13F-HR · Q4 2023
Filed Feb 13, 2024
View on SEC ↗
13F-HR · Q3 2023
Filed Nov 13, 2023
View on SEC ↗