Seth Klarman portfolio against fair value
Author of "Margin of Safety", a strict value investor. Holdings from Baupost Group's 13F filing for Q2 2026, filed Aug 13, 2026. Fair value and quality as of Nov 8, 2026.
Of the 19 stocks we value in Baupost Group' 13F filing for Q2 2026, 5 trade below our fair value (as of Nov 8, 2026).
Adds the largest valued positions, as many as fit on your watchlist: 5 without an account, 10 with a free account, all with Pro.
All Baupost Group stocks with fair value
more than 10% below fair value (cheap)near fair value (±10%)more than 10% above fair value (expensive)
| Holding | Weight | vs prior qtr | vs fair value | Quality |
|---|---|---|---|---|
| Amazon.com Inc AMZN+20 % vs prior qtr | 16.5 % | +20 % | FV 46.0 % lower | 56 |
| Elevance Health Inc ELVunchanged | 9.1 % | unchanged | 8.5 % below FV | 63 |
| Restaurant Brands International Inc QSR−16 % vs prior qtr | 9.0 % | −16 % | FV 6.8 % lower | 58 |
| Alphabet Inc Class C GOOG+16 % vs prior qtr | 9.0 % | +16 % | 10.2 % below FV | 68 |
| Ferguson Enterprises Inc+1 % vs prior qtr | 6.4 % | +1 % | not covered | n/a |
| Genuine Parts Co GPC+89 % vs prior qtr | 6.1 % | +89 % | FV 5.6 % lower | 50 |
| Union Pacific Corporation UNP−23 % vs prior qtr | 6.0 % | −23 % | FV 47.0 % lower | 66 |
| Visa Inc. Class A Vunchanged | 4.4 % | unchanged | FV 42.5 % lower | 88 |
| WESCO International Inc WCC−54 % vs prior qtr | 4.2 % | −54 % | FV 48.2 % lower | 53 |
| Aon PLC AON−11 % vs prior qtr | 4.2 % | −11 % | FV 64.2 % lower | 58 |
| Teleflex Incorporated TFX−12 % vs prior qtr | 3.3 % | −12 % | FV 68.5 % lower | 52 |
| Norwegian Cruise Line Holdings Ltd NCLH+113 % vs prior qtr | 3.0 % | +113 % | 11.6 % below FV | 34 |
| Molina Healthcare Inc MOHunchanged | 2.7 % | unchanged | 9.7 % below FV | 51 |
| CME Group Inc CMEnew | 2.5 % | new | FV 34.4 % lower | 63 |
| Herbalife Nutrition Ltd HLFunchanged | 2.3 % | unchanged | 58.9 % below FV | 60 |
| Eagle Materials Inc EXP−41 % vs prior qtr | 2.2 % | −41 % | FV 28.6 % lower | 59 |
| GDS Holdings Ltd GDS+24 % vs prior qtr | 2.1 % | +24 % | FV 41.6 % lower | 35 |
| Americold Realty Trust COLD−12 % vs prior qtr | 2.0 % | −12 % | FV 22.1 % lower | 32 |
| Liberty Global Ltd−36 % vs prior qtr | 1.7 % | −36 % | not covered | n/a |
| Grupo Aeromexico Sab De Cv AEROunchanged | 1.6 % | unchanged | no fair value | n/a |
| Axalta Coating Systems Ltd AXTAnew | 0.8 % | new | FV 40.8 % lower | 56 |
| Now Inc DNOW−23 % vs prior qtr | 0.7 % | −23 % | FV 44.3 % lower | 24 |
| Pershing Square Inc PSnew | 0.2 % | new | no fair value | n/a |
"Weight" is the share of the total reported value. "Vs prior qtr" compares the share count with the previous filing. "Not covered" means we could not match this position to one of our stocks with two independent sources, so we show no value.
Bought and sold in Q2 2026
New positions:
- CME Group Inc (2.5 %), FV 34.4 % lower
- Axalta Coating Systems Ltd (0.8 %), FV 40.8 % lower
- Pershing Square Inc (0.2 %)
Sold out:
- Willis Towers Watson Plc Ltd
- Vaxcyte Inc
Frequently asked questions
What stocks does Seth Klarman own?
According to Baupost Group' 13F filing for Q2 2026 (filed Aug 13, 2026), the five largest positions are Amazon.com Inc (16.5 %), Elevance Health Inc (9.1 %), Restaurant Brands International Inc (9.0 %), Alphabet Inc Class C (9.0 %), Ferguson Enterprises Inc (6.4 %). In total the filing lists 23 stocks worth $5.4 m.
Which Seth Klarman stocks trade below fair value?
5 of the 19 stocks we value. The largest of them: Elevance Health Inc: 9% below fair value; Alphabet Inc Class C: 10% below fair value; Norwegian Cruise Line Holdings Ltd: 12% below fair value; Molina Healthcare Inc: 10% below fair value; Herbalife Nutrition Ltd: 59% below fair value. As of Nov 8, 2026, not financial advice.
How current is this list?
Large US investment managers report their US stock holdings to the SEC once a quarter (Form 13F), at the latest 45 days after quarter end. This list shows Q2 2026, filed Aug 13, 2026. Baupost Group may have bought or sold since. We recalculate our fair value daily, last on Nov 8, 2026.
Source of the holdings: 13F filing with the SEC (Baupost Group, CIK 1061768). A 13F covers only US-listed stocks, options and certain bonds, no short positions and no foreign shares. Fair value and quality are our valuation and do not account for your personal situation.