Baupost Group

In Q2 2026, Baupost Group held 23 US-listed stocks worth $5.4bn. Its biggest move was selling all of its Willis Towers Watson (5.1% the quarter before), followed by adding to Amazon.com (20% more shares, now 16%). It started 3 new positions and sold out of 2. Its largest holding is Amazon.com at 16%.

Source: SEC Form 13F for Q2 2026, filed 13 Aug 2026. How we use them

Latest 13F

Q2 2026

Filed 13 Aug 2026

Q3 2026 13F due

26 days

Expected Fri 13 Nov

What changed in Q2 2026

New positions

CME Group2.5% of the portfolio
Axalta Coating Systems0.8% of the portfolio
Pershing Square0.2% of the portfolio

Added to

Amazon.com+20% shares, now 16.5%
Genuine Parts+89% shares, now 6.1%
Alphabet+16% shares, now 8.9%
Norwegian Cruise Line Holdings+113% shares, now 3.0%
Ferguson Enterprises+0.6% shares, now 6.4%

Trimmed

WESCO International-54% shares, now 4.2%
Restaurant Brands International-16% shares, now 9.0%
Union Pacific-23% shares, now 6.0%
Liberty Global-36% shares, now 1.7%
Eagle Materials-40% shares, now 2.2%

Sold out

Willis Towers Watsonwas 5.1%
Vaxcytewas 0.9%

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

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US holdings from the 13F

Q2 2026, filed 13 Aug 2026 (filing): 3 new, 6 added to, 9 trimmed, 2 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

Amazon.comAMZN	$892m	3,743,854	16.5%$892m	Added +20%	12.7%
Elevance HealthELV	$493m	1,275,154	9.1%$493m	Unchanged	7.3%
Restaurant Brands InternationalQSR	$490m	6,753,112	9.0%$490m	Trimmed -16%	11.7%
AlphabetGOOG	$485m	1,371,931	8.9%$485m	Added +16%	6.6%
Ferguson EnterprisesFERG	$344m	1,450,594	6.4%$344m	Added +0.6%	6.6%
Genuine PartsGPC	$332m	2,816,178	6.1%$332m	Added +89%	3.1%
Union PacificUNP	$322m	1,185,395	6.0%$322m	Trimmed -23%	7.3%
VisaV	$241m	701,355	4.4%$241m	Unchanged	4.1%
WESCO InternationalWCC	$229m	662,881	4.2%$229m	Trimmed -54%	7.7%
AonAON	$228m	687,000	4.2%$228m	Trimmed -11%	4.8%
TeleflexTFX	$179m	1,409,000	3.3%$179m	Trimmed -12%	3.7%
Norwegian Cruise Line HoldingsNCLH	$163m	7,730,000	3.0%$163m	Added +113%	1.3%
Molina HealthcareMOH	$145m	633,609	2.7%$145m	Unchanged	1.6%
CME GroupCME	$137m	619,000	2.5%$137m	New	–
HerbalifeHLF	$122m	9,259,844	2.3%$122m	Unchanged	2.7%
Eagle MaterialsEXP	$119m	530,763	2.2%$119m	Trimmed -40%	3.3%
GDS HoldingsGDS	$113m	3,769,818	2.1%$113m	Added +24%	2.4%
Americold Realty TrustCOLD	$107m	6,830,230	2.0%$107m	Trimmed -12%	1.7%
Liberty GlobalLBTYA	$94.0m	8,543,161	1.7%$94.0m	Trimmed -36%	3.1%
Grupo AeromexicoAERO	$87.8m	4,880,188	1.6%$87.8m	Unchanged	1.3%
Axalta Coating SystemsAXTA	$43.6m	1,274,356	0.8%$43.6m	New	–
NowDNOW	$36.2m	2,788,000	0.7%$36.2m	Trimmed -23%	0.8%
Pershing SquarePS	$12.9m	392,000	0.2%$12.9m	New	–
Willis Towers WatsonWTW	–	–	–	Sold out	5.1%
VaxcytePCVX	–	–	–	Sold out	0.9%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

VSATLBTYAWTWGOOGLNGLBTYKEverything else

Q2 2026

Q4 2013Q2 2026

Look-through earnings

Baupost Group’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

$85.7m

Last 12 months, holdings with SEC financials

Price paid for those earnings

53.9×

Value of those holdings ÷ their earnings

Earnings per share growth

+7.7%

Same holdings, against a year earlier

Portfolio covered

85%

Of the 13F value

$146m2017

−$121m2018

−$56.5m2019

$461m2020

$600m2021

−$8.9m2022

−$321m2023

$186m2024

−$393m2025

$124m2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

Amazon.comAMZN	0.03%	$135bn	$46.5m	$21.5m	+89.8%
AlphabetGOOG	0.01%	$244bn	$27.2m	$12.5m	+109.4%
Elevance HealthELV	0.6%	$5.0bn	$29.0m	$8.6m	-4.0%
Restaurant Brands InternationalQSR	1.5%	$1.6bn	$23.1m	$7.4m	+21.7%
Genuine PartsGPC	2.0%	$32.8m	$669k	$4.6m	-95.9%
Union PacificUNP	0.2%	$7.3bn	$14.6m	$4.0m	+5.8%
Norwegian Cruise Line HoldingsNCLH	1.7%	$761m	$12.7m	$3.7m	+2.1%
TeleflexTFX	3.2%	−$1.0bn	−$33.3m	$3.2m	-645.8%
WESCO InternationalWCC	1.3%	$710m	$9.5m	$2.8m	+7.2%
CME GroupCME	0.2%	$4.3bn	$7.4m	$1.8m	+13.8%
AonAON	0.3%	$3.9bn	$12.6m	$1.8m	+52.8%
Eagle MaterialsEXP	1.7%	$403m	$6.9m	$1.7m	-6.2%
Molina HealthcareMOH	1.2%	−$7.0m	−$86k	$741k	-100.6%
Axalta Coating SystemsAXTA	0.6%	$350m	$2.1m	$528k	-20.2%
NowDNOW	1.5%	−$100m	−$1.5m	−$321k	–
HerbalifeHLF	8.9%	$164m	$14.5m	−$2.3m	-50.1%
Americold Realty TrustCOLD	2.4%	−$457m	−$10.9m	−$8.2m	–
Liberty GlobalLBTYA	2.5%	−$3.0bn	−$75.2m	−$9.2m	–

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

5% stake filings

Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F. How this works

Baupost Group’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company. How to read a 13D.

Company	Owns	Form	Filed
Sunrise Communications	3.1%below 5%	13G/A	4 Feb 2026
Viasat	2.1%below 5%	13G/A	8 Sep 2025
Sunrise Communications	12.3%	13G/A	13 Aug 2025
Clarivate	1.6%below 5%	13G/A	14 May 2025
Viasat	7.9%	13G/A	14 May 2025

US holdings by sector

Industrials28.0%
Consumer discretionary25.5%
Health care17.3%
Communication and media10.7%
Financials9.2%
Insurance4.2%
Other2.2%
Technology2.1%
Materials0.8%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$5.2bnQ3 ’23

$4.6bnQ4 ’23

$3.7bnQ1 ’24

$3.6bnQ2 ’24

$3.5bnQ3 ’24

$3.4bnQ4 ’24

$3.5bnQ1 ’25

$4.1bnQ2 ’25

$4.8bnQ3 ’25

$5.3bnQ4 ’25

$5.1bnQ1 ’26

$5.4bnQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.