中文
Value GiantsValue investors’ 13F holdings, as a whole
Q2 2026 13FData as of Aug 18, 2026
Deep value

Seth Klarman

Q2 2026 13F: 23 holdings worth about $5.4B; that quarter 3 new, 6 added, 9 trimmed, 2 sold out.

Firm: Baupost Group Llc/ma
Filer: BAUPOST GROUP LLC/MA CIK 1061768
Last filed: Aug 13, 2026 | Deep value | Counted in this quarter’s totals

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

  • Rule numbers (Q2 2026): 23 holdings, top 10 = 75%, stocks $5.4B, options 0%; all four rules met
  • Source for the value approach: Form ADV Part 2A – The Baupost Group, L.L.C. (The Baupost Group, L.L.C. (filed with the SEC, Investment Adviser Public Disclosure), 2026-03-30, p. 10): “Baupost is an opportunistic, value-oriented, open mandate investment organization” (checked 2026-10-11)

Full selection rules →

13F value
$5.4B
previous $5.1B (+5.9%)
Holdings
23
3 new / 2 sold out
Net deploymentest.
−5.0%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
75%
overlap with the composite 12%
Turnoverest.
12.7%
held 7 quarters on average
I

Trades in Q2 2026

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

MoveCompanyChange in sharesChange %Position shift (pts)Start → end priceEst. trade price
TrimmedWCCWesco International Inc−774.0K−54%−4.94$273.62 → $345.43$309.52
Sold outWTWWillis Towers Watson PLC−893.1K—−4.31$290.70 → $261.37$276.03
AddedGPCGenuine Parts Co+1.33M+89%+2.89$105.75 → $117.98$111.87
AddedAMZNAmazon.com Inc+625.1K+20%+2.75$208.27 → $238.34$223.31
NewCMECME Group Inc+619.0K—+2.52$295.35 → $220.83$258.09
TrimmedUNPUnion Pacific Corp−355.6K−23%−1.79$242.62 → $272.00$257.31
TrimmedQSRRestaurant Brands International Inc−1.33M−16%−1.78$73.90 → $72.51$73.20
AddedNCLHNorwegian Cruise Line Holdings Ltd+4.10M+113%+1.60$18.70 → $21.11$19.91
TrimmedEXPEagle Materials Inc−362.0K−41%−1.50$189.45 → $225.00$207.23
AddedGOOGLAlphabet Inc+190.8K+16%+1.24$287.56 → $357.37$322.47
TrimmedLBTYALiberty Global Ltd−4.85M−36%−0.99$12.09 → $11.37$11.73
Sold outPCVXVaxcyte, Inc−800.0K—−0.86$58.11 → ——
NewAXTAAxalta Coating Systems Ltd+1.27M—+0.81$27.70 → $34.22$30.96
TrimmedAONAon plc−82.0K−11%−0.50$322.78 → $331.69$327.23
TrimmedTFXTeleflex Inc−186.0K−12%−0.44$119.61 → $126.76$123.19
AddedGDSGDS Holdings Ltd+725.0K+24%+0.40$40.29 → $30.03$35.16
TrimmedCOLDAmericold Realty Trust Inc−950.6K−12%−0.28$11.46 → $15.72$13.59
NewPSPershing Square Inc+392.0K—+0.24— → $32.86—
TrimmedDNOWDNOW Inc−837.0K−23%−0.20$11.91 → $12.97$12.44
AddedFERGFerguson Enterprises Inc.+8.2K+1%+0.04$233.26 → $237.33$235.30
II

All Holdings (23 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

CompanySectorWeight (prev.)SharesValueThis quarterFirst boughtQuarters heldEst. avg costQuarter-end pricevs costHistory
AMZNAmazon.com IncConsumer discretionary16.5%12.7%3.74M$892.3MAdded +20%Q4 20253$223.37est.$238.34+7%History
ELVElevance Health, IncHealth care9.1%7.3%1.28M$493.1MHeldQ1 20256$380.29est.$386.73+2%History
QSRRestaurant Brands International IncConsumer discretionary9.0%11.7%6.75M$489.6MTrimmed −16%Q3 20248$66.54est.$72.51+9%History
GOOGLAlphabet IncInformation technology9.0%6.6%1.37M$484.7MAdded +16%Q1 202026$176.47est.$353.33+100%History
FERGFerguson Enterprises Inc.Industrials6.4%6.6%1.45M$344.3MAdded +1%Q4 20247$195.72est.$237.33+21%History
GPCGenuine Parts CoIndustrials6.1%3.1%2.82M$332.3MAdded +89%Q3 20254$121.47est.$117.98−3%History
UNPUnion Pacific CorpIndustrials6.0%7.3%1.19M$322.4MTrimmed −23%Q3 20254$233.27est.$272.00+17%History
VVisa IncFinancials4.4%4.1%701.4K$240.6MHeldQ1 20262$326.48est.$343.09+5%History
WCCWesco International IncIndustrials4.2%7.7%662.9K$229.0MTrimmed −54%Q1 202410$168.52est.$345.43+105%History
AONAon plcFinancials4.2%4.9%687.0K$227.9MTrimmed −11%Q1 20262$337.83est.$331.69−2%History
TFXTeleflex IncHealth care3.3%3.7%1.41M$178.6MTrimmed −12%Q1 20262$120.82est.$126.76+5%History
NCLHNorwegian Cruise Line Holdings LtdIndustrials3.0%1.3%7.73M$163.2MAdded +113%Q1 20262$20.19est.$21.11+5%History
MOHMolina Healthcare IncHealth care2.7%1.7%633.6K$144.9MHeldQ4 20253$182.06est.$228.70+26%History
CMECME Group IncFinancials2.5%—619.0K$136.7MNewQ2 20261$258.09est.$220.83−14%History
HLFHerbalife LtdHealth care2.2%2.7%9.26M$121.8MHeldQ4 202215$10.84est.$13.15+21%History
EXPEagle Materials IncMaterials2.2%3.3%530.8K$119.4MTrimmed −41%Q1 202410$233.27est.$225.00−4%History
GDSGDS Holdings LtdInformation technology2.1%2.4%3.77M$113.2MAdded +24%Q1 202410$12.55est.$30.03+139%History
COLDAmericold Realty Trust IncReal estate2.0%1.7%6.83M$107.4MTrimmed −12%Q3 20254$12.20est.$15.72+29%History
LBTYALiberty Global LtdCommunication & media1.7%3.1%8.54M$94.0MTrimmed −36%Q3 201832$24.25est.$11.00−55%History
AEROGrupo Aeromexico, S.A.B. de C.VIndustrials1.6%1.3%4.88M$87.8MHeldQ4 20253$21.94est.$18.00−18%History
AXTAAxalta Coating Systems LtdMaterials0.8%—1.27M$43.6MNewQ2 20261$30.96est.$34.22+11%History
DNOWDNOW IncIndustrials0.7%0.8%2.79M$36.2MTrimmed −23%Q1 20262$12.58est.$12.97+3%History
PSPershing Square IncFinancials0.2%—392.0K$12.9MNewQ2 20261$32.86est.$32.860%History
III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%
Portfolio MapAMZNAmazon.com IncELVElevance Health, IncQSRRestaurant Brands In…GOOGLAlphabet IncFERGFerguson Enterprises…GPCGenuine Parts CoUNPUnion Pacific CorpVVisa IncWCCWesco Interna…AONAon plcTFXTeleflex IncNCLHNorwegian Cruis…MOHMolina Healthca…CMECME Group IncHLFHerbalife Lt…EXPEagle Mat…GDSGDS Holdi…COLDAmericol…LBTYAAEROAXTADNOW
IV

Over Time

From Q1 1999, 105 quarters (this giant’s electronic 13F filings).

13F Value

13F Value$0$5.0B$10.0BQ1 1999Q1 2003Q4 2005Q3 2008Q2 2011Q1 2014Q4 2016Q3 2019Q2 2022Q2 2026

Holdings

Holdings0204060Q1 1999Q1 2003Q4 2005Q3 2008Q2 2011Q1 2014Q4 2016Q3 2019Q2 2022Q2 2026

Top-10 Concentration

Top-10 Concentration0%25%50%75%100%Q1 1999Q1 2003Q4 2005Q3 2008Q2 2011Q1 2014Q4 2016Q3 2019Q2 2022Q2 2026

Turnover (Est.)

Turnover0%20%40%Q1 1999Q1 2003Q4 2005Q3 2008Q2 2011Q1 2014Q4 2016Q3 2019Q2 2022Q2 2026

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
Sector Mix0%25%50%75%100%Q1 1999Q1 2003Q4 2005Q3 2008Q2 2011Q1 2014Q4 2016Q3 2019Q2 2022Q2 2026
V

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 105 Quarters
QuarterHoldingsNewSold out13F valueTurnoverNet deploymentSEC
Q2 20262332$5.4B12.7%−5.0%13F-HR
Q1 20262266$5.1B21.4%+2.1%13F-HR
Q4 20252231$5.3B14.0%+5.1%13F-HR
Q3 20252035$4.8B18.7%+8.0%13F-HR
Q2 20252233$4.1B8.6%+13.0%13F-HR
Q1 20252243$3.5B19.8%+4.4%13F-HR
Q4 20242143$3.4B9.3%+12.2%13F-HR
Q3 20242058$3.5B14.1%−11.3%13F-HR
Q2 20242353$3.5B19.8%+6.5%13F-HR
Q1 20242157$3.5B4.4%−21.5%13F-HR
Q4 20232319$4.6B4.2%−21.9%13F-HR
Q3 20233163$5.1B15.4%+1.5%13F-HR
Q2 20232846$5.5B10.0%−6.4%13F-HR
Q1 20233035$5.8B9.4%−7.4%13F-HR
Q4 202232315$6.1B10.7%−2.3%13F-HR
Q3 202244410$5.8B7.8%−3.8%13F-HR
Q2 20225037$6.7B8.7%−7.7%13F-HR
Q1 20225432$9.3B6.5%−0.9%13F-HR
Q4 202153811$10.1B10.4%−7.3%13F-HR
Q3 20215657$10.9B6.1%−10.4%13F-HR
Q2 20215888$12.3B6.8%−6.2%13F-HR
Q1 202158239$12.5B17.4%+3.1%13F-HR
Q4 202044157$10.8B20.6%+1.9%13F-HR
Q3 202036115$9.2B9.2%+15.5%13F-HR
Q2 20203046$8.0B2.7%−14.9%13F-HR
Q1 20203285$6.7B8.7%+16.2%13F-HR
Q4 20192945$8.6B15.1%−4.0%13F-HR
Q3 20193033$8.5B5.6%−12.5%13F-HR
Q2 20193014$10.7B7.2%−7.9%13F-HR
Q1 20193379$11.5B27.3%−8.3%13F-HR
Q4 20183556$11.1B10.1%+5.0%13F-HR
Q3 20183661$12.7B6.7%+15.6%13F-HR 13F-HR/A
Q2 20183155$11.1B12.7%−1.1%13F-HR
Q1 20183113$10.3B3.4%+5.3%13F-HR
Q4 20173325$10.1B6.2%+20.4%13F-HR
Q3 20173658$8.0B4.6%−4.7%13F-HR
Q2 20173935$8.7B6.9%+0.6%13F-HR
Q1 20174145$8.4B11.3%+5.7%13F-HR 13F-HR/A
Q4 201642910$7.6B13.5%+8.2%13F-HR
Q3 201643116$7.0B19.7%−11.0%13F-HR
Q2 201638105$7.3B5.5%+5.4%13F-HR
Q1 20163367$6.9B9.2%+25.1%13F-HR
Q4 20153417$5.5B17.4%−7.8%13F-HR
Q3 20154090$6.0B5.8%+31.6%13F-HR
Q2 20153151$6.0B1.3%+8.2%13F-HR
Q1 20152721$5.9B0.5%+16.6%13F-HR
Q4 20142644$5.1B18.8%−7.5%13F-HR
Q3 20142631$5.7B19.3%−3.0%13F-HR
Q2 20142451$6.1B3.3%+14.3%13F-HR
Q1 20142043$4.1B6.2%+13.2%13F-HR
Q4 20131933$3.5B7.0%−5.4%13F-HR
Q3 20131914$3.5B13.0%−15.5%13F-HR
Q2 20132253$3.9B12.3%+14.6%13F-HR
Q1 20132043$3.0B23.8%−6.9%13F-HR
Q4 20121913$3.0B12.1%−6.6%13F-HR
Q3 20122111$3.3B3.5%−15.4%13F-HR
Q2 20122142$3.8B0.3%+37.8%13F-HR
Q1 20121903$2.9B1.6%−14.4%13F-HR
Q4 20112211$3.3B6.3%−3.6%13F-HR
Q3 20112242$3.0B2.7%+51.2%13F-HR
Q2 20112040$2.4B1.0%+37.6%13F-HR
Q1 20111621$1.7B6.3%+1.3%13F-HR
Q4 20101524$1.7B7.0%−9.1%13F-HR
Q3 20101721$1.6B7.5%−2.1%13F-HR
Q2 20101612$1.3B4.2%−9.6%13F-HR
Q1 20101722$1.6B10.2%+7.3%13F-HR
Q4 200917310$1.4B14.0%+9.5%13F-HR
Q3 20092415$1.1B5.9%−13.1%13F-HR
Q2 200928110$1.0B6.4%−23.1%13F-HR
Q1 20093705$1.0B11.6%−2.9%13F-HR
Q4 200842312$1.1B20.4%−1.4%13F-HR
Q3 200851422$1.6B28.1%−1.5%13F-HR
Q2 2008691015$2.0B11.7%+24.9%13F-HR
Q1 2008741821$1.6B42.2%+11.4%13F-HR
Q4 200777376$1.8B11.5%+117.4%13F-HR
Q3 200746811$1.0B32.8%+11.7%13F-HR 13F-HR/A
Q2 200749155$985.9M10.3%+17.4%13F-HR
Q1 200739128$764.3M39.7%−0.9%13F-HR
Q4 20063555$755.8M22.2%−8.3%13F-HR
Q3 20063596$729.9M20.6%+34.6%13F-HR
Q2 200632132$590.1M22.8%+7.3%13F-HR
Q1 20062193$551.6M7.2%+47.2%13F-HR
Q4 20051552$385.9M18.6%+9.1%13F-HR
Q3 20051213$345.4M8.3%+7.0%13F-HR
Q2 20051450$335.6M0.0%+187.9%13F-HR
Q1 2005912$124.2M5.6%+3.1%13F-HR
Q4 20041011$129.1M4.9%−17.2%13F-HR
Q3 20041032$154.6M14.7%+33.5%13F-HR
Q2 2004901$121.2M3.6%+0.4%13F-HR
Q1 20041003$112.3M5.3%−13.9%13F-HR
Q4 2003 *1318$119.5M4.2%−46.3%13F-HR 13F-HR/A
Q3 2003 *2025$166.4M6.3%−20.6%13F-HR
Q2 2003 *23017$193.5M2.3%−46.0%13F-HR
Q1 2003 *4042$288.1M10.7%+33.0%13F-HR
Q4 2002 *38816$218.8M22.5%−19.1%13F-HR
Q3 2002 *46145$251.5M29.0%+16.8%13F-HR
Q2 2002 *3700$288.2M——13F-HR
Q4 20005659$764.4M9.7%−32.8%13F-HR
Q3 2000601214$1.1B16.0%+1.5%13F-HR
Q2 2000622310$993.9M19.9%+27.6%13F-HR
Q1 2000491110$789.0M18.1%+26.3%13F-HR
Q4 199948143$635.8M27.8%+26.9%13F-HR
Q3 199937124$535.5M20.8%+56.2%13F-HR
Q2 199929143$376.1M23.5%+44.9%13F-HR
Q1 19991800$233.7M——13F-HR
VI

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

CompanyHeldPeak weightCompany since
WTWWillis Towers Watson PLCQ1 2021 – Q2 202617%—
CRHCRH PLCQ3 2023 – Q1 20269%—
FISFidelity National Information Services, IncQ1 2025 – Q1 20267%—
DGDollar General CorpQ3 2024 – Q1 20267%—
LBTYALiberty Global LtdQ4 2023 – Q1 20264%—
FISVFiserv IncQ2 2025 – Q1 20264%—
VSATViasat IncQ2 2008 – Q3 202527%—
ICLRIcon PLCQ1 2025 – Q3 20252%—
CLVTClarivate PLCQ3 2023 – Q2 20258%—
SOLVSolventum CorpQ2 2024 – Q2 20254%—
SNREYSunrise CommunicationsQ4 2024 – Q1 20253%No SEC record found
HUMHumana IncQ4 2024 – Q1 20253%Still filing with the SEC
FISFidelity National Information Services, IncQ3 2022 – Q4 202412%—
JJacobs Solutions IncQ3 2023 – Q4 20242%—
FTREFortrea Holdings IncQ1 2024 – Q4 20242%—
LSXMKLiberty Media Corp-Liber-NewQ1 2020 – Q3 20249%Still filing with the SEC
FWONKLiberty Media CorpQ3 2020 – Q3 20245%Still filing with the SEC
HUMHumana IncQ2 2024 – Q3 20244%Still filing with the SEC
TBPHTheravance Biopharma IncQ2 2014 – Q3 20244%Still filing with the SEC
JAZZJazz Pharmaceuticals plcQ1 2023 – Q3 20244%—
WSCWillScot Holdings CorpQ2 2024 – Q3 20243%—
WBDWarner Bros. Discovery, IncQ2 2022 – Q2 20247%—
SSNCSS&C Technologies Holdings IncQ2 2020 – Q1 20244%—
GTXGarrett Motion IncQ2 2021 – Q1 20244%—
VRTVVeritiv CorpQ3 2014 – Q4 202311%Acquired or delisted Dec 11, 2023
QRVOQorvo, IncQ1 2017 – Q4 202310%—
—Atara Biotherapeutics, IncQ4 2014 – Q4 20234%Still filing with the SEC
EDUNew Oriental Education & Technology Group IncQ2 2022 – Q4 20234%—
—Liberty Global Holdings LtdQ3 2018 – Q4 20232%Still filing with the SEC
AMZNAmazon.com IncQ2 2023 – Q3 20232%—
FISVFiserv IncQ4 2021 – Q2 20236%—
—Garrett Motion IncQ4 2021 – Q2 20234%Bought after an earlier bankruptcy Sep 21, 2020
MUMicron Technology IncQ3 2020 – Q1 20235%—
METAMeta Platforms, IncQ1 2020 – Q1 20235%—
DBXDropbox IncQ3 2021 – Q4 20223%Still filing with the SEC
EHCEncompass Health CorpQ4 2021 – Q4 20222%—
INTCIntel CorpQ4 2020 – Q3 202212%—
NXSTNexstar Media Group IncQ4 2018 – Q3 20223%Still filing with the SEC
PSTHPershing Square TontineQ3 2020 – Q1 20224%Acquired or delisted Aug 5, 2022
EBAYeBay IncQ4 2018 – Q4 202121%—