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Seth Klarman / Baupost

Tier 2 · PRIORITY · cloneable · 31-DEC-2025 → 31-MAR-2026

AUM $5,115,380 · 22 positions · top-10 73.9% · SEC filing history →

13FScore 60/100 — cloning their disclosed top holdings over ~4.6y returned +10%/yr vs S&P +11%/yr (alpha -0%/yr), ahead of the market in 42% of quarters. Cloneable 13F equity book only — excludes hedges/shorts/non-US.

New positions

Issuer% bookValueConvictionBusiness
AON PLC4.9%$248,218MedInsurance brokerage and risk advisory
$V · VISA INC4.1%$211,978MedGlobal card payment network
$TFX · TELEFLEX INCORPORATED3.7%$190,778MedSingle-use medical devices
NORWEGIAN CRUISE LINE HLDGS1.3%$67,881MedGlobal cruise line operator
$PCVX · VAXCYTE INC0.9%$46,488Med
$DNOW · DNOW INC0.8%$43,174Med

Added to (≥+25% shares)

Issuer% bookΔ sharesConvictionBusiness
$AMZN · AMAZON COM INC12.7%+47%HighE-commerce, AWS cloud computing, advertising, devices
$FERG · FERGUSON ENTERPRISES INC6.6%+27%MedPlumbing and HVAC products distributor
$COLD · AMERICOLD REALTY TRUST INC1.7%+124%MedTemperature-controlled warehouse REIT

Top holdings now

Issuer% bookBusiness
$AMZN · AMAZON COM INC12.7%E-commerce, AWS cloud computing, advertising, devices
$QSR · RESTAURANT BRANDS INTL INC11.7%Burger King, Tim Hortons, Popeyes franchisor
$WCC · WESCO INTL INC7.7%Electrical and industrial product distribution
$UNP · UNION PAC CORP7.3%Western US freight railroad
$ELV · ELEVANCE HEALTH INC FORMERLY7.3%Health insurance (formerly Anthem)
$GOOG · ALPHABET INC6.6%Google parent — search, ads, YouTube, Android, Google Cloud
$FERG · FERGUSON ENTERPRISES INC6.6%Plumbing and HVAC products distributor
WILLIS TOWERS WATSON PLC LTD5.1%Insurance brokerage and risk advisory
AON PLC4.9%Insurance brokerage and risk advisory
$V · VISA INC4.1%Global card payment network

Generated 2026-06-27 · Alpha-Investor tracker