Seth Klarman
Filer: Baupost Group LLC
A value investor devoted to the margin of safety
Born in New York City and raised in Baltimore, he joined Baupost Group at its start in 1982 after Harvard Business School and has led it since. It manages outside money such as endowments, and he is known for value investing built on a margin of safety.
In the latest report the top five make up 49.9%, effectively 13.4 holdings.Compare all five
Not personal wealth: US-listed holdings the institution reported to the SEC as of each quarter end.
Stats
- Born
- 1957, New York City
- Education
- Cornell; Harvard Business School
- Firm
- Baupost Group (since 1982, one of its founding team)
- Now
- Manages outside money (endowments, foundations)
TriviaEarly Voting, his Klaravich Stables colt, won the 2022 Preakness Stakes on his 65th birthday.Source
Defining moments
Well-known episodes, each with its source.
- Scene 1Turning point
1982
Starting with $27 million
In 1982 he helped found Baupost with $27 million pooled from four families.
Source: Institutional Investor (2008) - Scene 2Anecdote
1991
The phantom book, Margin of Safety
Only 5,000 copies of his book Margin of Safety were printed and it has long been out of print; print copies have been reported to sell for well over $1,000.
Source: Money (2018) - Scene 3Turning point
2013
Handing back $4 billion
Citing a lack of opportunities, Baupost was reported to plan to return about $4 billion to investors at year-end, only the second time in its history.
Source: Institutional Investor (2013)
Filers this quarter: BAUPOST GROUP LLC/MA
Report summary
Reported value
$5.4B
Sum of reported values
Positions
23
Options counted separately
Top 10 weight
74.9%
Share of reported value
As of
2026-06-30
Filed 2026-08-13 · Retrieved 2026-10-01
Holdings
Largest first. Tickers link to each US stock page.
| # | Security | Shares | Value | Weight | vs prior (shares) |
|---|---|---|---|---|---|
| 1 | AMZNAMAZON COM INC | 3,743,854 | $892.3M | 16.5% | Up +20.0% |
| 2 | ANTMELEVANCE HEALTH INC FORMERLY | 1,275,154 | $493.1M | 9.1% | Unchanged |
| 3 | QSRRESTAURANT BRANDS INTL INC | 6,753,112 | $489.6M | 9.0% | Down -16.4% |
| 4 | GOOGALPHABET INC | 1,371,931 | $484.7M | 8.9% | Up +16.1% |
| 5 | FERGFERGUSON ENTERPRISES INC | 1,450,594 | $344.3M | 6.4% | Up +0.6% |
| 6 | GPCGENUINE PARTS CO | 2,816,178 | $332.3M | 6.1% | Up +89.0% |
| 7 | UNPUNION PAC CORP | 1,185,395 | $322.4M | 6.0% | Down -23.1% |
| 8 | VVISA INC | 701,355 | $240.6M | 4.4% | Unchanged |
| 9 | WCCWESCO INTL INC | 662,881 | $229.0M | 4.2% | Down -53.9% |
| 10 | AONAON PLC | 687,000 | $227.9M | 4.2% | Down -10.7% |
Weights are shares of the reported value. Prior share counts are restated for splits before comparing (marked split-adj.). PUT / CALL rows are options held, not short positions.
Weights (top 5 and other)
- 1. AMZN16.5%
- 2. ANTM9.1%
- 3. QSR9.0%
- 4. GOOG8.9%
- 5. FERG6.4%
- Other50.1%
Changes from the previous quarter
Compared with Q1 2026 (shares)
Up6
Down9
- QSRRESTAURANT BRANDS INTL INC-16.4%8,080,112→6,753,112
- UNPUNION PAC CORP-23.1%1,540,995→1,185,395
- WCCWESCO INTL INC-53.9%1,436,881→662,881
- AONAON PLC-10.7%769,000→687,000
- TFXTELEFLEX INCORPORATED-11.7%1,595,000→1,409,000
- EXPEAGLE MATLS INC-40.5%892,763→530,763
- COLDAMERICOLD REALTY TRUST INC-12.2%7,780,800→6,830,230
- LBTYKLIBERTY GLOBAL LTD-36.2%13,397,247→8,543,161
- DNOWDNOW INC-23.1%3,625,000→2,788,000
"New" appeared this quarter but not last; "Dropped" was reported last quarter but not this one. 13F does not show trade dates or prices, and some positions may be omitted under confidential treatment.
What moved the reported value
The change since Q1 2026, split into share-count changes and price moves.
- Total change
- +$300.5M
- From share changes
- -$301.6M
- From price moves
- +$602.0M
| Security | Change | From shares | From price |
|---|---|---|---|
WTWWILLIS TOWERS WATSON PLC LTD | -$259.6M | -$259.6M | $0 |
AMZNAMAZON COM INC | +$242.8M | +$149.0M | +$93.8M |
GPCGENUINE PARTS CO | +$174.6M | +$156.4M | +$18.2M |
WCCWESCO INTL INC | -$164.2M | -$267.4M | +$103.2M |
GOOGALPHABET INC | +$145.9M | +$67.4M | +$78.5M |
CMECME GROUP INC | +$136.7M | +$136.7M | $0 |
ANTMELEVANCE HEALTH INC FORMERLY | +$119.8M | $0 | +$119.8M |
QSRRESTAURANT BRANDS INTL INC | -$107.6M | -$96.2M | -$11.4M |
NCLHNORWEGIAN CRUISE LINE HLDGS | +$95.3M | +$86.6M | +$8.7M |
LBTYKLIBERTY GLOBAL LTD | -$63.2M | -$53.4M | -$9.8M |
From shares = change in shares × this quarter's value per share; from price = prior shares × change in value per share. New positions count fully as share changes and dropped positions as negative share changes. Actual trade prices are unknown, so this is an estimate, not investment performance.
Weights over time
Latest top 5 holdings and other, stacked to 100% of each quarter's reported value.
- AMZN
- ANTM
- QSR
- GOOG
- FERG
- Other
Holdings missing from a quarter's report count as 0% for that quarter.
Q3 2026: Not yet due (within 45 days of quarter end) (no bar)
Shares held over time
Values from each quarter-end report. Zero means the position was not in that quarter's report.
Q3 2026: Not yet due (within 45 days of quarter end) (no bar; not zero holdings)
For price and earnings, see the AMZN page.
Sources
Form 13F filed on SEC EDGAR. As-of is the quarter end; retrieved is when Stock Club collected the filing.
| As of | Filer (CIK) | Form | Filed | Retrieved | Document |
|---|---|---|---|---|---|
| 2026-06-30 | BAUPOST GROUP LLC/MACIK 0001061768 | 13F-HRHoldings report | 2026-08-13 | 2026-10-01 | View on EDGAR |
| 2026-03-31 | BAUPOST GROUP LLC/MACIK 0001061768 | 13F-HRHoldings report | 2026-05-14 | 2026-10-01 | View on EDGAR |
| 2025-12-31 | BAUPOST GROUP LLC/MACIK 0001061768 | 13F-HRHoldings report | 2026-02-13 | 2026-10-01 | View on EDGAR |
| 2025-09-30 | BAUPOST GROUP LLC/MACIK 0001061768 | 13F-HRHoldings report | 2025-11-13 | 2026-10-01 | View on EDGAR |
| 2025-06-30 | BAUPOST GROUP LLC/MACIK 0001061768 | 13F-HRHoldings report | 2025-08-13 | 2026-10-01 | View on EDGAR |
| 2025-03-31 | BAUPOST GROUP LLC/MACIK 0001061768 | 13F-HRHoldings report | 2025-05-14 | 2026-10-01 | View on EDGAR |
| 2024-12-31 | BAUPOST GROUP LLC/MACIK 0001061768 | 13F-HRHoldings report | 2025-02-13 | 2026-10-01 | View on EDGAR |
2026-09-30: Not yet due (within 45 days of quarter end)
Filers: BAUPOST GROUP LLC/MA
About 13F data
- This is not the person's entire wealth. It is the Form 13F filed with the SEC by the institution named (an asset manager or family office).
- Each report shows holdings at quarter end, not current holdings. Reports are generally filed within 45 days of quarter end; check both the as-of date and the filing date.
- It mainly covers US-listed stocks and ETFs. Cash, most bonds, non-US shares, short positions and written options are not included.
- Positions granted confidential treatment may be added later in an amended filing.
- It does not show when or at what price shares were traded, daily trading or investment returns. Quarter-to-quarter changes compare what was reported.