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Seth Klarman

Baupost Group

Baupost Group, Seth Klarman's margin of safety, cash and complex assets

Baupost is important because Seth Klarman's record combines value investing, patience, cash, distressed assets, and complex situations. The 13F can show public equities, but the real method is broader: wait for mispricing, protect capital, and avoid forcing exposure when opportunity is poor.

Sources SEC EDGAR profile
Value / distressed / special situations CIK 1061768
2026-03-31 Latest 13F 20 Current holdings 62 Last 3 periods Change 2 Public materials
Latest 13F snapshot 2026-03-31 · 22 disclosed positions · $5.1M Top five 46.7%: AMZN, QSR, WCC, UNP, ELV

Performance materials

  • Baupost does not publish a continuous current fund-level return series. Public letters, interviews, historical materials, and 13F filings provide context.

Firm and key people

  • Klarman joined and later led Baupost, building one of the best-known modern value-investing firms.
  • His book and letters shaped the language of margin of safety, patience, and risk control.
  • Public equity filings are useful, but Baupost has historically invested across many asset types.

Investment style

  • Prioritize downside protection and price paid over near-term excitement.
  • Hold cash when opportunity is unattractive rather than lowering standards.
  • Complex, distressed, or misunderstood assets can matter as much as conventional equities.

Public materials

View timeline
Shareholder letters / memos 0
Interview 1
Public video 0
Public Q&A / speeches / presentations 1

Current holdings

13F period 2026-03-31 · Filed 2026-05-14
Stocks Shares Value Weight
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%

Last 3 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-14
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
FIS Sold out 2026-03-31 Filed 2026-05-14 0 4,503,801 -100.0% -$299,323
DG Sold out 2026-03-31 Filed 2026-05-14 0 2,062,821 -100.0% -$273,881
AON New 2026-03-31 Filed 2026-05-14 769,000 0 - +$248,218
V New 2026-03-31 Filed 2026-05-14 701,355 0 - +$211,978
TFX New 2026-03-31 Filed 2026-05-14 1,595,000 0 - +$190,778
WTW Major reduction 2026-03-31 Filed 2026-05-14 893,126 1,357,601 -34.2% -$186,476
AMZN Major increase 2026-03-31 Filed 2026-05-14 3,118,754 2,121,391 47.0% +$159,884
FISV Sold out 2026-03-31 Filed 2026-05-14 0 2,200,000 -100.0% -$147,774
CRH Sold out 2026-03-31 Filed 2026-05-14 0 1,072,957 -100.0% -$133,905
LBTYA Major reduction 2026-03-31 Filed 2026-05-14 13,397,247 22,965,237 -41.7% -$96,594
FERG Major increase 2026-03-31 Filed 2026-05-14 1,442,411 1,137,035 26.9% +$83,319
EXP Major reduction 2026-03-31 Filed 2026-05-14 892,763 1,185,248 -24.7% -$75,833
ELV Minor increase 2026-03-31 Filed 2026-05-14 1,275,154 1,269,302 0.5% -$71,653
NCLH New 2026-03-31 Filed 2026-05-14 3,630,000 0 - +$67,881
PCVX New 2026-03-31 Filed 2026-05-14 800,000 0 - +$46,488
WCC Minor increase 2026-03-31 Filed 2026-05-14 1,436,881 1,418,831 1.3% +$46,056
COLD Major increase 2026-03-31 Filed 2026-05-14 7,780,800 3,475,685 123.9% +$44,471
DNOW New 2026-03-31 Filed 2026-05-14 3,625,000 0 - +$43,174
AERO Minor increase 2026-03-31 Filed 2026-05-14 4,880,188 4,855,180 0.5% -$38,249
GPC Minor increase 2026-03-31 Filed 2026-05-14 1,490,348 1,486,088 0.3% -$25,125
MOH Minor increase 2026-03-31 Filed 2026-05-14 633,609 625,000 1.4% -$24,003
TBN Sold out 2026-03-31 Filed 2026-05-14 0 257,226 -100.0% -$7,004
UNP Minor reduction 2026-03-31 Filed 2026-05-14 1,540,995 1,627,254 -5.3% -$2,540
GOOG Minor increase 2026-03-31 Filed 2026-05-14 1,181,131 1,087,181 8.6% -$2,338
AMZN New 2025-12-31 Filed 2026-02-13 2,121,391 0 - +$489,659
CRH Major reduction 2025-12-31 Filed 2026-02-13 1,072,957 3,383,395 -68.3% -$271,764
GOOG Major reduction 2025-12-31 Filed 2026-02-13 1,087,181 1,858,138 -41.5% -$111,393
MOH New 2025-12-31 Filed 2026-02-13 625,000 0 - +$108,463
AERO New 2025-12-31 Filed 2026-02-13 4,855,180 0 - +$106,620
WTW Major increase 2025-12-31 Filed 2026-02-13 1,357,601 1,089,065 24.7% +$69,890
LBTYA Minor reduction 2025-12-31 Filed 2026-02-13 22,965,237 26,734,565 -14.1% -$58,915
HLF Major increase 2025-12-31 Filed 2026-02-13 9,259,844 7,759,844 19.3% +$53,866
FIS Major increase 2025-12-31 Filed 2026-02-13 4,503,801 3,789,711 18.8% +$49,429
FISV Major increase 2025-12-31 Filed 2026-02-13 2,200,000 895,000 145.8% +$32,382
WCC Minor reduction 2025-12-31 Filed 2026-02-13 1,418,831 1,503,180 -5.6% +$29,180
EXP Major increase 2025-12-31 Filed 2026-02-13 1,185,248 939,660 26.1% +$25,989
PAGS Sold out 2025-12-31 Filed 2026-02-13 0 2,500,000 -100.0% -$25,000
UNP Minor increase 2025-12-31 Filed 2026-02-13 1,627,254 1,496,204 8.8% +$22,758
QSR Minor reduction 2025-12-31 Filed 2026-02-13 8,080,112 8,252,862 -2.1% +$21,988
GDS Minor reduction 2025-12-31 Filed 2026-02-13 3,044,818 3,249,952 -6.3% -$19,509
ELV Minor reduction 2025-12-31 Filed 2026-02-13 1,269,302 1,319,000 -3.8% +$18,759
GPC Minor increase 2025-12-31 Filed 2026-02-13 1,486,088 1,395,000 6.5% -$10,618
TBN Major reduction 2025-12-31 Filed 2026-02-13 257,226 570,833 -54.9% -$8,625
FERG Minor reduction 2025-12-31 Filed 2026-02-13 1,137,035 1,155,500 -1.6% -$6,364
DG Major reduction 2025-12-31 Filed 2026-02-13 2,062,821 2,666,876 -22.7% -$1,741
COLD Minor reduction 2025-12-31 Filed 2026-02-13 3,475,685 3,600,000 -3.5% +$633
UNP New 2025-09-30 Filed 2025-11-13 1,496,204 0 - +$353,658
QSR Major increase 2025-09-30 Filed 2025-11-13 8,252,862 4,049,562 103.8% +$260,892
GPC New 2025-09-30 Filed 2025-11-13 1,395,000 0 - +$193,347
ELV Major increase 2025-09-30 Filed 2025-11-13 1,319,000 616,000 114.1% +$186,596
VSAT Sold out 2025-09-30 Filed 2025-11-13 0 9,190,728 -100.0% -$134,185
WCC Major reduction 2025-09-30 Filed 2025-11-13 1,503,180 2,207,601 -31.9% -$90,925
EXP Major increase 2025-09-30 Filed 2025-11-13 939,660 676,257 39.0% +$82,300
LBRDK Sold out 2025-09-30 Filed 2025-11-13 0 745,610 -100.0% -$73,353
ICLR Sold out 2025-09-30 Filed 2025-11-13 0 405,000 -100.0% -$58,907
CRH Minor reduction 2025-09-30 Filed 2025-11-13 3,383,395 3,825,395 -11.6% +$54,498
AMCR Sold out 2025-09-30 Filed 2025-11-13 0 5,500,000 -100.0% -$50,545
COLD New 2025-09-30 Filed 2025-11-13 3,600,000 0 - +$44,064
WTW Major reduction 2025-09-30 Filed 2025-11-13 1,089,065 1,314,184 -17.1% -$26,579
GOOG Major reduction 2025-09-30 Filed 2025-11-13 1,858,138 2,633,988 -29.5% -$14,693
FERG Minor increase 2025-09-30 Filed 2025-11-13 1,155,500 1,132,000 2.1% +$13,009
LBTYA Minor reduction 2025-09-30 Filed 2025-11-13 26,734,565 29,734,565 -10.1% +$7,619

Public video / Interview / Shareholder letter / Public Q&A

2 reliable public materials
Interview

Seth Klarman Talks at Goldman Sachs

Klarman talks Baupost's value investing framework, risk control, cash, patience and market cycles in Goldman Sachs Talks. It is one of the few long interviews with Klarman that can be publicly quoted.

  • Klarman explains value investing as a risk-first discipline, not simply buying undervalued stocks, but protecting principal in an uncertain environment.
  • He emphasized that cash and patience are strategic assets and that there is no need to lower standards in order to appear active when opportunities are scarce.
  • The interview can be viewed in conjunction with Baupost's 13F, as public holdings only show a small number of U.S. stocks and are not representative of the full portfolio.
  • His vigilance about market crowding, passive funding, and short-term performance pressures explains Baupost's long-term conservative positioning expression.
  • This material is of high quality because the source is an official long-form interview page and centers around the investment approach itself, rather than a news clip.
Public Q&A

Seth Klarman HBS Alumni Achievement Award Profile

Harvard Business School alumni profile describes Klarman's career path, Baupost culture, and philanthropic activities. It's not a real-time view, but it complements the character's background and long-term investing style.

  • The information explains that Klarman's investment status and HBS background help to understand Baupost as a long-term risk management institution.
  • Page emphasizes long-termism, independent judgment, and caution, elements that explain Baupost's public portfolio characteristics better than any single season of 13F.
  • Profiles help distinguish Klarman's own framework from Baupost's institutional-level multi-asset strategy.
  • It also reminds investors that Baupost's public equity is only a small portion and that credit, distressed assets and private placement opportunities are not fully visible from the 13F.
  • This information, along with the Goldman interview, could form a starting point for traceable public information.