Smart Money
SK

Seth Klarman

Baupost Group·value·Concentrated / activist
Accredited only

~low teens since 1982

Portfolio value

$5.3B

Positions

22

Top 5 concentration

51%

New buys this quarter

3

Recent moves vs Mar 2026

$CMENew buy2.6%
$AXTANew buy0.8%
$PSNew buy0.2%
$AMZNAdded16.7%
$GOOGAdded9.1%
$GPCAdded6.2%
$NCLHAdded3.1%
$GDSAdded2.1%
$QSRTrimmed9.2%
$UNPTrimmed6.1%
$WCCTrimmed4.3%
$AONTrimmed4.3%
$TFXTrimmed3.4%
$EXPTrimmed2.2%
$COLDTrimmed2%
$LBTYKTrimmed1.8%
$DNOWTrimmed0.7%
$WTWSold out
$PCVXSold out
$AEROSold out

Holdings

StockMove% of portfolioValue
$AMZN

AMAZON COM INC

Added
16.7%
$892M
$ELV

ELEVANCE HEALTH INC FORMERLY

Held
9.3%
$493M
$QSR

RESTAURANT BRANDS INTL INC

Trimmed
9.2%
$490M
$GOOG

ALPHABET INC

Added
9.1%
$485M
$FERG

FERGUSON ENTERPRISES INC

Held
6.5%
$344M
$GPC

GENUINE PARTS CO

Added
6.2%
$332M
$UNP

UNION PAC CORP

Trimmed
6.1%
$322M
$V

VISA INC

Held
4.5%
$241M
$WCC

WESCO INTL INC

Trimmed
4.3%
$229M
$AON

AON PLC

Trimmed
4.3%
$228M
$TFX

TELEFLEX INCORPORATED

Trimmed
3.4%
$179M
$NCLH

NORWEGIAN CRUISE LINE HLDGS

Added
3.1%
$163M
$MOH

MOLINA HEALTHCARE INC

Held
2.7%
$145M
$CME

CME GROUP INC

New buy
2.6%
$137M
$HLF

HERBALIFE LTD

Held
2.3%
$122M
$EXP

EAGLE MATLS INC

Trimmed
2.2%
$119M
$GDS

GDS HLDGS LTD

Added
2.1%
$113M
$COLD

AMERICOLD REALTY TRUST INC

Trimmed
2%
$107M
$LBTYK

LIBERTY GLOBAL LTD

Trimmed
1.8%
$94M
$AXTA

AXALTA COATING SYS LTD

New buy
0.8%
$44M
$DNOW

DNOW INC

Trimmed
0.7%
$36M
$PS

PERSHING SQUARE INC

New buy
0.2%
$13M

Notable sell-outs this quarter: $WTW, $PCVX, $AERO

Source: SEC 13F via FMP · Jun 2026 report · 45-day filing delay. Long equity positions only. Not financial advice.