Seth Klarman runs BAUPOST GROUP LLC/MA. The other canonical value investor. Obsessed with margin of safety. Very patient, concentrated. As of the Q2 2026 13F filing, the disclosed long-equity portfolio is valued at $5.4B across 23 positions. The largest holdings are AMAZON COM INC, ELEVANCE HEALTH INC FORMERLY, and RESTAURANT BRANDS INTL INC (AMAZON COM INC alone is 16.5% of the book).

New positions opened in the latest quarter include AXALTA COATING SYS LTD, CME GROUP INC, and PERSHING SQUARE INC. Recently exited names: VAXCYTE INC and WILLIS TOWERS WATSON PLC LTD.

Seth Klarman runs BAUPOST GROUP LLC/MA. The other canonical value investor. Obsessed with margin of safety. Very patient, concentrated. As of the Q2 2026 13F filing, the disclosed long-equity portfolio is valued at $5.4B across 23 positions. The largest holdings are AMAZON COM INC, ELEVANCE HEALTH INC FORMERLY, and RESTAURANT BRANDS INTL INC (AMAZON COM INC alone is 16.5% of the book).

New positions opened in the latest quarter include AXALTA COATING SYS LTD, CME GROUP INC, and PERSHING SQUARE INC. Recently exited names: VAXCYTE INC and WILLIS TOWERS WATSON PLC LTD.