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Seth Klarman
The Baupost Group
Founder of Baupost, a value investor known for holding large cash positions while waiting for genuine margin-of-safety opportunities.
The Baupost Group reported 23 positions worth $5.42B in U.S.-listed equities as of Q2 2026. It opened 3 new positions that quarter. It exited 2 positions. The largest holding is Amazon Com Inc (AMZN), at 16.5% of the portfolio. The biggest new position was Cme Group Inc (CME), at $136.69M. The ten largest holdings account for 75% of the total.
Photo: Maryland GovPics / Wikimedia Commons (CC BY 2.0)
- Portfolio value
- $5.42B
- Positions
- 23
- Dividends (est.)
- $71.28M
- Estimated over 4 quarters, to Q2 2026
Positions as of Q2 2026, per the 13F filed on Aug 13, 2026. Current positions may differ.
What changed last quarter
Positions opened, added to, trimmed or closed in the Q2 2026 filing.
- $676.27M
- $977.84M
- $301.56M
- Took money out of stocks
A 13F does not report cash. It covers only U.S.-listed securities — cash, bonds, foreign stocks and private holdings are invisible in it, which is why Berkshire’s cash pile appears in its 10-Q and not here. What the filing does show is direction: selling more than buying means money left U.S. equities that quarter. Where it went — cash, fixed income, other markets — the form does not say.
Composition
Positions (23)
Estimated across every position in each quarter, so a single stock can be compared against the whole. Same caveat as elsewhere: a 13F reports the share count on the last day of the quarter, while dividends are paid throughout it.
Analysis
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