BAUPOST GROUP LLC/MA
Long book
$5.12B
Q1 2026
Positions
22
Top-10 weight
74%
concentration
Last quarter
+13.7%
SPY +14.8%
Turnover
43%
of book per quarter
Strategy in plain words
auto-generated from filingsBAUPOST GROUP LLC/MA is a high-conviction value investor, running a $5.12B US long book across 22 positions.
The portfolio is concentrated: the top 10 names carry 74% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: AMAZON.COM INC, RESTAURANT BRANDS INTERN, WESCO INTERNATIONAL INC, UNION PACIFIC CORP, ELEVANCE HEALTH INC.
Over the last 9 quarters its long book ran on average 0pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-3.4%
Q2 2024
+13.1%
Q3 2024
+2.9%
Q4 2024
-2.2%
Q1 2025
+5.9%
Q2 2025
+10.8%
Q3 2025
+5.1%
Q4 2025
-5.4%
Q1 2026
+13.7%
Sector allocation
Consumer discretionary 47%
Financials 20%
Industrials 14%
Technology 7%
Healthcare 5%
Services media 4%
Communications 3%
Long book by quarter
What does BAUPOST GROUP own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AMZN AMAZON.COM INC | Consumer discretionary | 3.1M | $649.5M | 12.7% | +47.0% |
| QSR RESTAURANT BRANDS INTERN | Consumer discretionary | 8.1M | $597.2M | 11.7% | Held |
| WCC WESCO INTERNATIONAL INC | Consumer discretionary | 1.4M | $393.2M | 7.7% | +1.3% |
| UNP UNION PACIFIC CORP | Industrials | 1.5M | $373.9M | 7.3% | -5.3% |
| ELV ELEVANCE HEALTH INC | Financials | 1.3M | $373.3M | 7.3% | +0.5% |
| GOOG ALPHABET INC-CL C | Technology | 1.2M | $338.8M | 6.6% | +8.6% |
| FERG FERGUSON ENTERPRISES INC | Consumer discretionary | 1.4M | $336.5M | 6.6% | +26.9% |
| WTW WILLIS TOWERS WATSON PLC | Financials | 893.1K | $259.6M | 5.1% | -34.2% |
| AON AON PLC-CLASS A | Financials | 769.0K | $248.2M | 4.9% | New |
| V VISA INC-CLASS A SHARES | Services media | 701.4K | $212.0M | 4.1% | New |
| TFX TELEFLEX INC | Healthcare | 1.6M | $190.8M | 3.7% | New |
| EXP EAGLE MATERIALS INC | Industrials | 892.8K | $169.1M | 3.3% | -24.7% |
| GPC GENUINE PARTS CO | Consumer discretionary | 1.5M | $157.6M | 3.1% | +0.3% |
| LBTYK LIBERTY GLOBAL LTD-C | Communications | 13.4M | $157.2M | 3.1% | -35.9% |
| HLF HERBALIFE LTD | Consumer discretionary | 9.3M | $136.3M | 2.7% | Held |
| MOH MOLINA HEALTHCARE INC | Financials | 633.6K | $84.5M | 1.7% | +1.4% |
| NCLH NORWEGIAN CRUISE LINE HOLDIN | Industrials | 3.6M | $67.9M | 1.3% | New |
| PCVX VAXCYTE INC | Healthcare | 800.0K | $46.5M | 0.9% | New |
| DNOW DNOW INC | Industrials | 3.6M | $43.2M | 0.8% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 22 | $5.12B | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 22 | $5.28B | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 22 | $4.79B | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 23 | $4.13B | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 23 | $3.50B | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 22 | $3.43B | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 21 | $3.52B | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 24 | $3.63B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 22 | $3.65B | $K fixed canonical | SEC ↗ |