Follow the Rich
Deep Value · Baupost
Seth Klarman
The Baupost Group
CEO & Portfolio Manager
Investing style
Deep value investing with a strong risk-management overlay — hunting mispriced securities across equities, credit and special situations, and holding cash when nothing is cheap.
Famous principles
- Margin of safety above all.
- The willingness to hold cash is a weapon.
- Avoid permanent loss, not volatility.
NoteLatest available filing — no Q1 2026 13F had been filed as of July 23, 2026. Important: this 13F shows only Baupost's US-listed public equity sleeve (~$5.3B); most of Baupost's much larger book (private investments, credit, real estate, cash) never appears in 13Fs. Q4 headline: a new ~$490M Amazon stake.
Total portfolio value
$5.28B
Positions
22
Largest holding
QSR · 10.4%
Biggest move this quarter
New: AMZN $489.7M
Allocation
Top 8 holdings + Other
| Ticker | Company | Value | % of Portfolio | Change |
|---|---|---|---|---|
| Restaurant Brands International | $551.3M | 10.44% | trimmed | |
| Amazon.com Inc | $489.7M | 9.28% | new | |
| Willis Towers Watson | $446.1M | 8.45% | added | |
| Elevance Health | $445.0M | 8.43% | trimmed | |
| Union Pacific | $376.4M | 7.13% | added | |
| WESCO International | $347.1M | 6.58% | trimmed | |
| Alphabet Inc (Cl C) | $341.2M | 6.46% | trimmed | |
| Fidelity National Information Services | $299.3M | 5.67% | added | |
| Dollar General | $273.9M | 5.19% | trimmed | |
| Ferguson Enterprises | $253.1M | 4.80% | trimmed |
Showing top 10 of 22 reported positions.
What changed this quarter
- trimmedQSRRestaurant Brands International
- newAMZNAmazon.com Inc
- addedWTWWillis Towers Watson
- trimmedELVElevance Health
- addedUNPUnion Pacific
- trimmedWCCWESCO International
- trimmedGOOGAlphabet Inc (Cl C)
- addedFISFidelity National Information Services
- trimmedDGDollar General
- trimmedFERGFerguson Enterprises
- exitedPAGSPagSeguro Digital