Value investor Seth Klarman rarely makes headlines with his moves, but his portfolio still draws close attention whenever it surfaces. Seth Klarman is a well-known value investor and the Chief Executive Officer and Portfolio Manager of Baupost Group, and has overseen the firm’s investments since its inception.
He is also the author of a book titled ‘Margin of Safety,’ which details his value investment philosophy. A sneak peek into his portfolio is what every investor wants to know regarding his value picks, and that’s now revealed in Baupost Group’s latest US SEC filings.
According to Forbes, Seth Klarman’s net worth stands at $1.5B, as of September 22.
Baupost Group’s latest 13F filing for the quarter ended June 30, 2026 shows a portfolio worth about $5.42 billion, spread across 23 disclosed securities. The portfolio had 20 changes during the quarter, including three new positions, six increases, nine reductions and two complete exits, as per data from Valuesider.
What stands out from the latest 13F filing is that Klarman has made several notable changes to his US stock portfolio, including a bigger bet on Amazon and fresh positions in CME Group and Axalta Coating Systems.
The latest portfolio also shows how quickly Klarman’s biggest holdings have changed. Amazon, which was not even among Baupost’s top holdings a year ago, is now the fund’s largest disclosed position.
Top 5 stocks in Seth Klarman’s portfolio
1. Amazon — 16.48%
Amazon has emerged as Klarman’s biggest disclosed holding, accounting for 16.48% of Baupost’s portfolio. The fund held about 3.74 million Amazon shares, worth roughly $892 million at the end of June. Baupost increased its Amazon stake by about 20% during the quarter, adding roughly 625,000 shares.
Amazon is also one of the newer major positions in the portfolio. Baupost first reported the holding in Q4 2025, making its rapid rise to the top of the portfolio particularly notable.
2. Elevance Health — 9.11%
Elevance Health is the second-largest disclosed position, representing 9.11% of the portfolio.
The healthcare company has been a significant Baupost holding for several quarters and remains one of the fund’s largest bets despite the rapid rise of Amazon and other newer positions.
3. Restaurant Brands International — 9.04%
Restaurant Brands International, the owner of brands including Burger King, Tim Hortons and Popeyes, accounts for 9.04% of Baupost’s portfolio.
But Klarman was not adding to this position in the latest quarter. Instead, Baupost cut its Restaurant Brands stake by 16.42%, reducing its holding by about 1.33 million shares. The position nevertheless remains one of the fund’s three largest investments.
4. Alphabet — 8.95%
Alphabet has also moved higher in Baupost’s portfolio. The fund held about 1.37 million shares of Alphabet Class C at the end of Q2, with the position accounting for 8.95% of the portfolio. More importantly, Baupost increased its Alphabet stake by 16.15% during the quarter. That puts Alphabet among the largest technology bets in Klarman’s portfolio, alongside Amazon.
5. Ferguson — 6.36%
Ferguson rounds out Baupost’s top five holdings at 6.36% of the portfolio. The position was increased slightly during the latest quarter, with Baupost adding about 0.57% to its share count.
Together, these five stocks account for almost half of Baupost’s disclosed portfolio.
Seth Klarman’s latest portfolio — key data
| Rank | Stock | Portfolio Weight |
| 1 | Amazon | 16.48% |
| 2 | Elevance Health | 9.11% |
| 3 | Restaurant Brands International | 9.04% |
| 4 | Alphabet | 8.95% |
| 5 | Ferguson | 6.36% |
| 6 | Genuine Parts | 6.13% |
| 7 | CME Group | 2.52% |
| 8 | Axalta Coating Systems | 0.81% |
| 9 | Pershing Square | 0.24% |
Source: Valuesider
Klarman’s portfolio has changed sharply
The current portfolio looks quite different from where Baupost stood only a few quarters ago. At the end of 2025, Restaurant Brands International was the fund’s largest holding at 10.44%, followed by Amazon at 9.28%, Willis Towers Watson at 8.45%, Anthem (now Elevance Health) at 8.43%, and Union Pacific at 7.13%.
By Q1 2026, Amazon had already moved to the top with a 12.70% portfolio weight, followed by Restaurant Brands International, Wesco International, Union Pacific and Elevance Health.
By Q2, Amazon had widened its lead substantially, while Alphabet, Ferguson and Elevance Health moved into the top five.
Biggest Additions and Exits
| Stock | Change |
| Norwegian Cruise Line | 112.95% |
| Genuine Parts | 88.96% |
| GDS Holdings | 23.81% |
| Amazon | 20.04% |
| Alphabet | 16.15% |
| Ferguson | 0.57% |
| Willis Towers Watson | Exited |
| Vaxcyte | Exited |
Source: Valuesider
Baupost’s latest moves also show the other side of portfolio management, about selling positions that had been around for years.
Willis Towers Watson, which had been in Baupost’s portfolio since Q1 2021, was completely sold during Q2 2026. The position had been repeatedly increased and reduced over the years before the final exit.
Baupost also exited Vaxcyte, which had been added only in Q1 2026. The contrast is striking: one of Klarman’s exits had been held for more than five years, while another was a much newer position.
The biggest surprise in the latest filing may be the three completely new positions.
CME Group: Baupost bought 619,000 shares of CME Group, creating a position worth about 2.52% of the portfolio.
Axalta Coating Systems: Klarman also initiated a position in Axalta Coating Systems, buying about 1.27 million shares. The stock represented 0.81% of the portfolio at the end of Q2.
Pershing Square: The third new position was Bill Ackman’s own holding company, one value investor quietly buying into another. Baupost reported about 392,000 shares, equivalent to 0.24% of the portfolio in Pershing Square.
These positions are still small compared with Amazon, Elevance Health and Restaurant Brands, but they show that Klarman continues to look beyond his established holdings for new opportunities.
The biggest additions last quarter
- Amazon: shares increased 20.04%
- Alphabet: shares increased 16.15%
- Ferguson: shares increased 0.57%
- Genuine Parts: shares increased 88.96%
- Norwegian Cruise Line: shares increased 112.95%
- GDS Holdings: shares increased 23.81%
Genuine Parts is particularly interesting. Baupost almost doubled its stake, adding about 1.33 million shares and taking the position to 2.82 million shares, worth about $332 million at the quarter-end reported price. It now represents 6.13% of the portfolio.
Norwegian Cruise Line was another aggressive addition. Baupost increased its stake by 112.95%, adding 4.1 million shares and taking the holding to 7.73 million shares.
The bigger picture
Klarman’s latest portfolio offers an interesting mix of old and new. Amazon has quickly become the centrepiece, while Alphabet has also grown into one of Baupost’s largest positions. At the same time, Restaurant Brands remains a major holding even after a sizeable reduction.
The fund is also continuing to build positions in more traditional value-oriented names such as Genuine Parts, while introducing completely new bets such as CME Group and Axalta.
And then there are the exits. Willis Towers Watson’s departure shows that even long-held positions are not permanent in Klarman’s portfolio. Meanwhile, the exit from a much newer position such as Vaxcyte highlights how quickly Baupost can change course when its investment thesis changes.
What Seth Klarman’s latest portfolio reveals
Seth Klarman’s latest portfolio is no longer dominated by the same group of stocks that led Baupost just a few quarters ago.
Amazon has gone from a new position in late 2025 to the fund’s largest disclosed holding at 16.48%. Alphabet has also moved sharply higher, while Elevance Health and Restaurant Brands remain major portfolio anchors.
At the same time, Klarman is trimming some established positions, exiting Willis Towers Watson and adding fresh names such as CME Group and Axalta.
The result is a portfolio that still carries Klarman’s value-investing approach, but with a noticeable shift in where the biggest bets are being placed.
For investors tracking super-investor portfolios, the bigger story may therefore not be any single stock, but how quickly the composition of Baupost’s biggest bets is changing.
Note: All data sourced from ValueSider
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investment in foreign securities involves significant risks, including currency fluctuations, different financial reporting standards, and varying regulatory environments. The historical performance of US stocks is not a guarantee of future returns, and gains should not be viewed as an offer or solicitation to buy. Investors must conduct their own independent due diligence and seek advice from a registered financial advisor. Financial Express is not responsible for any decisions made based on this information.