Fund · Seth Klarman
Baupost Group
Margin of safety, complexity and out-of-favour names.
Copying every 13F the day after it was filed returned 5.5% a year, against 14.2% for SPY over the same 13.2 years and 53 quarters, since Aug 2013. Clone score 23 of 100: Don't copy.
| Manager | Seth Klarman |
| Clone score | 23 / 100 |
| Verdict | Don't copy |
| Copy, a year | 5.5% |
| SPY, a year | 14.2% |
| Edge, a year | −8.8% |
| Latest quarter | Q2 2026 |
| Filed | 13 Aug 2026 |
| 13F value | $5.4B |
| Positions | 23 |
Largest holdings
| Ticker | Name | Weight | Value | Change |
|---|---|---|---|---|
| AMZN | AMAZON COM INC | 16.5% | $892M | ADD |
| ELV | ELEVANCE HEALTH INC FORMERLY | 9.1% | $493M | HOLD |
| QSR | RESTAURANT BRANDS INTL INC | 9.0% | $490M | TRIM |
| GOOG | ALPHABET INC | 9.0% | $485M | ADD |
| FERG | FERGUSON ENTERPRISES INC | 6.4% | $344M | HOLD |
| GPC | GENUINE PARTS CO | 6.1% | $332M | ADD |
| UNP | UNION PAC CORP | 6.0% | $322M | TRIM |
| V | VISA INC | 4.4% | $241M | HOLD |
| WCC | WESCO INTL INC | 4.2% | $229M | TRIM |
| AON | AON PLC | 4.2% | $228M | TRIM |
| TFX | TELEFLEX INCORPORATED | 3.3% | $179M | TRIM |
| NCLH | NORWEGIAN CRUISE LINE HLDGS | 3.0% | $163M | ADD |
| MOH | MOLINA HEALTHCARE INC | 2.7% | $145M | HOLD |
| CME | CME GROUP INC | 2.5% | $137M | NEW |
| HLF | HERBALIFE LTD | 2.2% | $122M | HOLD |