Seth Klarman - Baupost Group
Period:    Q1 2026
Portfolio date:    31 Mar 2026
No. of stocks:    22
Portfolio value:    $5,115,380,000
Holdings Activity Buys Sells    History
History Stock % of
Portfolio
Recent
Activity
Shares Reported
Price*
Value Current
Price
+/-
Reported
Price
52
Week
Low
52
Week
High
AMZN - Amazon.com Inc. 12.70 Add 47.01% 3,118,754 $208.27 $649,543,000 $246.03 18.13% $196.00 $278.56
QSR - Restaurant Brands International Inc. 11.67 8,080,112 $73.91 $597,208,000 $72.66 -1.69% $61.33 $81.96
WCC - WESCO International Inc. 7.69 Add 1.27% 1,436,881 $273.62 $393,159,000 $354.31 29.49% $168.86 $377.90
UNP - Union Pacific 7.31 Reduce 5.30% 1,540,995 $242.62 $373,876,000 $272.32 12.24% $210.84 $279.70
ELV - Elevance Health Inc. 7.30 Add 0.46% 1,275,154 $292.75 $373,301,000 $415.53 41.94% $273.71 $416.56
GOOG - Alphabet Inc. CL C 6.62 Add 8.64% 1,181,131 $286.86 $338,819,000 $365.76 27.50% $163.33 $404.47
FERG - Ferguson Enterprises Inc. 6.58 Add 26.86% 1,442,411 $233.26 $336,457,000 $229.58 -1.58% $207.64 $271.64
WTW - Willis Towers Watson plc 5.08 Reduce 34.21% 893,126 $290.70 $259,632,000 $263.54 -9.34% $240.61 $352.79
AON - Aon Plc 4.85 Buy 769,000 $322.78 $248,218,000 $328.53 1.78% $304.59 $381.00
V - Visa Inc. 4.14 Buy 701,355 $302.24 $211,978,000 $323.57 7.06% $293.89 $375.51
TFX - Teleflex 3.73 Buy 1,595,000 $119.61 $190,778,000 $129.84 8.55% $100.18 $139.67
EXP - Eagle Materials Inc. 3.31 Reduce 24.68% 892,763 $189.45 $169,134,000 $212.72 12.28% $171.99 $243.64
GPC - Genuine Parts 3.08 Add 0.29% 1,490,348 $105.75 $157,604,000 $98.15 -7.19% $90.78 $151.57
LBTYK - Liberty Global Ltd CL C 3.07 Reduce 35.85% 13,397,247 $11.73 $157,150,000 $11.33 -3.41% $9.67 $13.12
HLF - Herbalife Nutrition Ltd. 2.66 9,259,844 $14.72 $136,305,000 $11.43 -22.35% $7.44 $20.40
GDS - GDS Holdings Ltd 2.40 3,044,818 $40.29 $122,676,000 $34.00 -15.61% $24.57 $48.61
COLD - Americold Realty Trust 1.74 Add 123.86% 7,780,800 $11.46 $89,168,000 $14.71 28.36% $10.10 $18.08
MOH - Molina Healthcare Inc. 1.65 Add 1.38% 633,609 $133.30 $84,460,000 $190.86 43.18% $121.06 $311.52
AERO - Grupo Aeromexico Sab De Cv 1.34 Add 0.52% 4,880,188 $14.01 $68,371,000 $16.09 14.85% $12.26 $23.05
NCLH - Norwegian Cruise Line Hlgs Ltd. 1.33 Buy 3,630,000 $18.70 $67,881,000 $18.75 0.27% $14.53 $27.18
PCVX - Vaxcyte Inc. 0.91 Buy 800,000 $58.11 $46,488,000 $47.36 -18.50% $29.08 $65.00
DNOW - NOW Inc. 0.84 Buy 3,625,000 $11.91 $43,174,000 $13.23 11.08% $10.94 $17.26
* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
Sector % analysis
Consumer Cyclical 28.78
Industrials 23.75
Financial Services 14.07
Healthcare 13.59
Communication Services 9.70
Basic Materials 3.31
Consumer Defensive 2.66
Technology 2.40
Real Estate 1.74