Smart Money Radar / Whales / Seth Klarman
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Seth Klarman

The Baupost Group LLC · Holdings as of Mar 31, 2026, filed by May 16, 2026 · US long stock positions only

Deep value in unusual places. Much of the book never shows in filings.

Reported value
$5B
22 positions shown
Copycat since 2016
1.43x
4% per year · low coverage
vs SPY
behind
SPY 3.57x same window
Top position
AMZN
13% of book

Copying these filings vs SPY

$1 at every deadline since 2016
SPY 3.57x Seth Klarman 1.43x
Price returns, dividends excluded on both lines. A copycat of public filings traded at each deadline, not the fund's actual performance. Only 66% of this book is priceable; read the line loosely.
Mar 2026 Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Sep 2023 Jun 2023

The book

tile = share of the filed book · tap a tile for the ticker · Mar 2026
AMZN 13% QSR 12% WCC 8% UNP 7% ELV 7% GOOG 7% FERG 7% WTW 5% AON 5% V 4% TFX 4% EXP 3% GPC 3%
unlisted 3%
HLF 3%
+7 more 10%
SymbolValue% of bookvs prior quarter
AMZN $650M 13% added
QSR $597M 12% unchanged
WCC $393M 8% unchanged
UNP $374M 7% trimmed
ELV $373M 7% unchanged
GOOG $339M 7% added
FERG $336M 7% added
WTW $260M 5% trimmed
AON $248M 5% new
V $212M 4% new
TFX $191M 4% new
EXP $169M 3% trimmed
GPC $158M 3% unchanged
unlisted $157M 3% trimmed
HLF $136M 3% unchanged
GDS $123M 2% unchanged
COLD $89M 2% added
MOH $84M 2% unchanged
AERO $68M 1% unchanged
unlisted $68M 1% new
PCVX $46M 1% new
DNOW $43M 1% new
Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.