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Seth Klarman / Baupost

⭐ Priority · cloneable · 31-DEC-2025 → 31-MAR-2026

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

13FScore 64/100 — cloning their disclosed top holdings over ~4.7y returned +12%/yr vs S&P +10%/yr (alpha +1%/yr), ahead of the market in 47% of quarters. Cloneable 13F equity book only — excludes hedges/shorts/non-US.

New positions

Issuer% bookValueSince entryConvictionBusinessTags
$AON · AON PLC4.9%$248,218+2%MedAon is a global professional services firm providing insurance and reinsurance brokerage, risk management, and human capital and retirement consulting.S&P
$V · VISA INC4.1%$211,978+19%MedVisa operates a global electronic-payments network that processes card and digital transactions between consumers, merchants, and financial institutions.S&PBitget →
$TFX · TELEFLEX INCORPORATED3.7%$190,778+13%MedTeleflex designs and manufactures single-use medical devices used in vascular access, surgery, interventional cardiology, urology and respiratory care for hospitals and clinicians.
$NCLH · NORWEGIAN CRUISE LINE HLDGS1.3%$67,881+14%MedNorwegian Cruise Line Holdings operates cruise vacations globally through its Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands.S&P
$PCVX · VAXCYTE INC0.9%$46,488-3%MedVaxcyte is a clinical-stage biotechnology company developing novel protein-based vaccines, including advanced pneumococcal conjugate vaccine candidates.NASDAQ
$DNOW · DNOW INC0.8%$43,174+17%MedDistributes pipe, valves, fittings, and other energy and industrial products and provides supply-chain and MRO services to the oil, gas, and industrial sectors.

Added to (≥+25% shares)

Issuer% bookΔ sharesSince addConvictionBusinessTags
$AMZN · AMAZON COM INC12.7%+47%+19%HighAmazon.com is a technology and retail company operating online marketplaces, Amazon Web Services (AWS) cloud computing, advertising, streaming media, and consumer devices.NASDAQS&PSerenityBitget →
$FERG · FERGUSON ENTERPRISES INC6.6%+27%-1%MedFerguson Enterprises is a distributor of plumbing, HVAC, waterworks, and related building products, serving residential and commercial contractors and industrial customers, primarily in North America.
$COLD · AMERICOLD REALTY TRUST INC1.7%+124%+39%MedAmericold Realty Trust is a real estate investment trust that owns and operates temperature-controlled warehouses for storing and distributing frozen and refrigerated food.

Top holdings now

Issuer% bookSince entryBusinessTags
$AMZN · AMAZON COM INC12.7%+7% Q4 '25Amazon.com is a technology and retail company operating online marketplaces, Amazon Web Services (AWS) cloud computing, advertising, streaming media, and consumer devices.NASDAQS&PSerenityBitget →
$QSR · RESTAURANT BRANDS INTL INC11.7%+4% Q3 '24Restaurant Brands International is a global quick-service restaurant franchisor whose brands include Burger King, Tim Hortons, Popeyes, and Firehouse Subs.Citrini
$WCC · WESCO INTL INC7.7%+91% Q1 '24WESCO International is a distributor of electrical, industrial, communications, and utility products and provides related supply-chain and services to businesses.
$UNP · UNION PAC CORP7.3%+28% Q3 '25Union Pacific operates one of North America's largest freight railroads, hauling agricultural, industrial, chemical, and intermodal goods across the western United States.S&P
$ELV · ELEVANCE HEALTH INC FORMERLY7.3%-14% Q1 '25Elevance Health, formerly Anthem, is a health-benefits company providing medical, pharmacy, dental, and behavioral insurance plans, largely through Blue Cross Blue Shield licenses across many states.S&PCitrini
$GOOG · ALPHABET INC6.6%+174% ≥Q2 '21Alphabet is the holding company for Google, generating revenue from search and advertising, YouTube, Android, Google Cloud, and other technology businesses.NASDAQS&P
$FERG · FERGUSON ENTERPRISES INC6.6%+34% Q4 '24Ferguson Enterprises is a distributor of plumbing, HVAC, waterworks, and related building products, serving residential and commercial contractors and industrial customers, primarily in North America.
$WTW · WILLIS TOWERS WATSON PLC LTD5.1%+14% ≥Q1 '22Willis Towers Watson (WTW) is a global advisory, broking, and solutions firm providing insurance brokerage, risk management, and human-capital and benefits consulting.NASDAQS&P
$AON · AON PLC4.9%+2% Q1 '26Aon is a global professional services firm providing insurance and reinsurance brokerage, risk management, and human capital and retirement consulting.S&P
$V · VISA INC4.1%+19% Q1 '26Visa operates a global electronic-payments network that processes card and digital transactions between consumers, merchants, and financial institutions.S&PBitget →

Since entry / add = price change to the latest close (31-MAR-2026 book marked to market). Top holdings measure from the quarter-end when the name first entered the filer's disclosed top holdings (tagged e.g. Q1 '26); new & added positions measure from this quarter's quarter-end. Based on disclosed 13F snapshots — an approximation of entry, not the manager's actual cost basis. Generated 2026-07-20 · Alpha-Investor tracker