Seth Klarman
Baupost 创始人，安全邊際、現金和複杂資產的代表
Baupost Group 是安全邊際、現金纪律和複杂資產價值投資的代表機構，Seth Klarman 的公開資料虽然不多，但 investor letter、訪談和監管持倉仍能提供價值/困境/风險周期線索。最值得看的是現金耐心、特殊情景、公開股票和风險控制框架之間的關系。
| 股票 | 股數 | 市值 | 权重 |
|---|---|---|---|
AMZN
|
3,118,754 | $649,543 | 12.7% |
QSR
|
8,080,112 | $597,208 | 11.7% |
WCC
|
1,436,881 | $393,159 | 7.7% |
UNP
|
1,540,995 | $373,876 | 7.3% |
ELV
|
1,275,154 | $373,301 | 7.3% |
GOOG
|
1,181,131 | $338,819 | 6.6% |
FERG
|
1,442,411 | $336,457 | 6.6% |
WTW
|
893,126 | $259,632 | 5.1% |
AON
|
769,000 | $248,218 | 4.9% |
V
|
701,355 | $211,978 | 4.1% |
TFX
|
1,595,000 | $190,778 | 3.7% |
EXP
|
892,763 | $169,134 | 3.3% |
GPC
|
1,490,348 | $157,604 | 3.1% |
LBTYA
|
13,397,247 | $157,150 | 3.1% |
HLF
|
9,259,844 | $136,305 | 2.7% |
GDS
|
3,044,818 | $122,676 | 2.4% |
COLD
|
7,780,800 | $89,168 | 1.7% |
MOH
|
633,609 | $84,460 | 1.7% |
AERO
|
4,880,188 | $68,371 | 1.3% |
NCLH
|
3,630,000 | $67,881 | 1.3% |
| 股票 | 動作 | 13F 時間 | 當前股數 | 上期股數 | 股數變化 | 13F市值變化 |
|---|---|---|---|---|---|---|
FIS
|
清倉 | 2026-03-31 披露 2026-05-14 | 0 | 4,503,801 | -100.0% | -$299,323 |
DG
|
清倉 | 2026-03-31 披露 2026-05-14 | 0 | 2,062,821 | -100.0% | -$273,881 |
|
AON
|
新增 | 2026-03-31 披露 2026-05-14 | 769,000 | 0 | - | +$248,218 |
|
V
|
新增 | 2026-03-31 披露 2026-05-14 | 701,355 | 0 | - | +$211,978 |
|
TFX
|
新增 | 2026-03-31 披露 2026-05-14 | 1,595,000 | 0 | - | +$190,778 |
|
WTW
|
大幅減持 | 2026-03-31 披露 2026-05-14 | 893,126 | 1,357,601 | -34.2% | -$186,476 |
|
AMZN
|
大幅增持 | 2026-03-31 披露 2026-05-14 | 3,118,754 | 2,121,391 | 47.0% | +$159,884 |
FISV
|
清倉 | 2026-03-31 披露 2026-05-14 | 0 | 2,200,000 | -100.0% | -$147,774 |
CRH
|
清倉 | 2026-03-31 披露 2026-05-14 | 0 | 1,072,957 | -100.0% | -$133,905 |
|
LBTYA
|
大幅減持 | 2026-03-31 披露 2026-05-14 | 13,397,247 | 22,965,237 | -41.7% | -$96,594 |
|
FERG
|
大幅增持 | 2026-03-31 披露 2026-05-14 | 1,442,411 | 1,137,035 | 26.9% | +$83,319 |
|
EXP
|
大幅減持 | 2026-03-31 披露 2026-05-14 | 892,763 | 1,185,248 | -24.7% | -$75,833 |
|
ELV
|
小幅增持 | 2026-03-31 披露 2026-05-14 | 1,275,154 | 1,269,302 | 0.5% | -$71,653 |
|
NCLH
|
新增 | 2026-03-31 披露 2026-05-14 | 3,630,000 | 0 | - | +$67,881 |
PCVX
|
新增 | 2026-03-31 披露 2026-05-14 | 800,000 | 0 | - | +$46,488 |
|
WCC
|
小幅增持 | 2026-03-31 披露 2026-05-14 | 1,436,881 | 1,418,831 | 1.3% | +$46,056 |
|
COLD
|
大幅增持 | 2026-03-31 披露 2026-05-14 | 7,780,800 | 3,475,685 | 123.9% | +$44,471 |
DNOW
|
新增 | 2026-03-31 披露 2026-05-14 | 3,625,000 | 0 | - | +$43,174 |
|
AERO
|
小幅增持 | 2026-03-31 披露 2026-05-14 | 4,880,188 | 4,855,180 | 0.5% | -$38,249 |
|
GPC
|
小幅增持 | 2026-03-31 披露 2026-05-14 | 1,490,348 | 1,486,088 | 0.3% | -$25,125 |
|
MOH
|
小幅增持 | 2026-03-31 披露 2026-05-14 | 633,609 | 625,000 | 1.4% | -$24,003 |
TBN
|
清倉 | 2026-03-31 披露 2026-05-14 | 0 | 257,226 | -100.0% | -$7,004 |
|
UNP
|
小幅減持 | 2026-03-31 披露 2026-05-14 | 1,540,995 | 1,627,254 | -5.3% | -$2,540 |
|
GOOG
|
小幅增持 | 2026-03-31 披露 2026-05-14 | 1,181,131 | 1,087,181 | 8.6% | -$2,338 |
|
AMZN
|
新增 | 2025-12-31 披露 2026-02-13 | 2,121,391 | 0 | - | +$489,659 |
|
CRH
|
大幅減持 | 2025-12-31 披露 2026-02-13 | 1,072,957 | 3,383,395 | -68.3% | -$271,764 |
|
GOOG
|
大幅減持 | 2025-12-31 披露 2026-02-13 | 1,087,181 | 1,858,138 | -41.5% | -$111,393 |
|
MOH
|
新增 | 2025-12-31 披露 2026-02-13 | 625,000 | 0 | - | +$108,463 |
|
AERO
|
新增 | 2025-12-31 披露 2026-02-13 | 4,855,180 | 0 | - | +$106,620 |
|
WTW
|
大幅增持 | 2025-12-31 披露 2026-02-13 | 1,357,601 | 1,089,065 | 24.7% | +$69,890 |
|
LBTYA
|
小幅減持 | 2025-12-31 披露 2026-02-13 | 22,965,237 | 26,734,565 | -14.1% | -$58,915 |
|
HLF
|
大幅增持 | 2025-12-31 披露 2026-02-13 | 9,259,844 | 7,759,844 | 19.3% | +$53,866 |
|
FIS
|
大幅增持 | 2025-12-31 披露 2026-02-13 | 4,503,801 | 3,789,711 | 18.8% | +$49,429 |
|
FISV
|
大幅增持 | 2025-12-31 披露 2026-02-13 | 2,200,000 | 895,000 | 145.8% | +$32,382 |
|
WCC
|
小幅減持 | 2025-12-31 披露 2026-02-13 | 1,418,831 | 1,503,180 | -5.6% | +$29,180 |
|
EXP
|
大幅增持 | 2025-12-31 披露 2026-02-13 | 1,185,248 | 939,660 | 26.1% | +$25,989 |
PAGS
|
清倉 | 2025-12-31 披露 2026-02-13 | 0 | 2,500,000 | -100.0% | -$25,000 |
|
UNP
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 1,627,254 | 1,496,204 | 8.8% | +$22,758 |
|
QSR
|
小幅減持 | 2025-12-31 披露 2026-02-13 | 8,080,112 | 8,252,862 | -2.1% | +$21,988 |
|
GDS
|
小幅減持 | 2025-12-31 披露 2026-02-13 | 3,044,818 | 3,249,952 | -6.3% | -$19,509 |
|
ELV
|
小幅減持 | 2025-12-31 披露 2026-02-13 | 1,269,302 | 1,319,000 | -3.8% | +$18,759 |
|
GPC
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 1,486,088 | 1,395,000 | 6.5% | -$10,618 |
|
TBN
|
大幅減持 | 2025-12-31 披露 2026-02-13 | 257,226 | 570,833 | -54.9% | -$8,625 |
|
FERG
|
小幅減持 | 2025-12-31 披露 2026-02-13 | 1,137,035 | 1,155,500 | -1.6% | -$6,364 |
|
DG
|
大幅減持 | 2025-12-31 披露 2026-02-13 | 2,062,821 | 2,666,876 | -22.7% | -$1,741 |
|
COLD
|
小幅減持 | 2025-12-31 披露 2026-02-13 | 3,475,685 | 3,600,000 | -3.5% | +$633 |
Klarman 在 Goldman Sachs Talks 中談 Baupost 的價值投資框架、风險控制、現金、耐心和市場周期。它是少數可公開引用的 Klarman 长訪談之一。
Harvard Business School 的校友資料介绍 Klarman 的职業路徑、Baupost 文化和慈善活動。它不是實時觀點，但能补充人物背景和长期投資风格。