13F • Q2 2026 • FILED AUGUST 13, 2026

Seth Klarman

Baupost Group

positions

live prices

All23$5,415,853,000ETF0$0Stocks22$5,328,010,000Crypto0$0Other1$87,843,000

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AMZNAmazon.com Inc· 16.5%$892,310,000.00+$0.00 · +0.0%

ELVElevance Health Inc· 9.1%$493,140,000.00+$0.00 · +0.0%

QSRRestaurant Brands International Inc.· 9.0%$489,612,000.00+$0.00 · +0.0%

GOOGAlphabet Inc· 9.0%$484,744,000.00+$0.00 · +0.0%

FERGFerguson Enterprises Inc· 6.4%$344,269,000.00+$0.00 · +0.0%

GPCGenuine Parts Co· 6.1%$332,253,000.00+$0.00 · +0.0%

UNPUnion Pacific Corp· 6.0%$322,427,000.00+$0.00 · +0.0%

VVisa Inc· 4.4%$240,628,000.00+$0.00 · +0.0%

WCCWESCO International Inc· 4.2%$228,979,000.00+$0.00 · +0.0%

AONAon PLC· 4.2%$227,871,000.00+$0.00 · +0.0%

TFXTeleflex Inc· 3.3%$178,605,000.00+$0.00 · +0.0%

NCLHNorwegian Cruise Line Holdings Ltd· 3.0%$163,180,000.00+$0.00 · +0.0%

MOHMolina Healthcare Inc· 2.7%$144,906,000.00+$0.00 · +0.0%

CMECME Group Inc· 2.5%$136,694,000.00+$0.00 · +0.0%

HLFHerbalife Ltd· 2.2%$121,767,000.00+$0.00 · +0.0%

EXPEagle Materials Inc· 2.2%$119,422,000.00+$0.00 · +0.0%

GDSGDS Holdings Ltd· 2.1%$113,208,000.00+$0.00 · +0.0%

COLDAmericold Realty Trust Inc· 2.0%$107,371,000.00+$0.00 · +0.0%

LBTYALiberty Global Ltd.· 1.7%$93,975,000.00+$0.00 · +0.0%

GRUPO AEROMEXICO SAB DE CVGRUPO AEROMEXICO SAB DE CV· 1.6%$87,843,000.00+$0.00 · +0.0%

AXTAAxalta Coating Systems Ltd· 0.8%$43,608,000.00+$0.00 · +0.0%

DNOWDNOW Inc· 0.7%$36,160,000.00+$0.00 · +0.0%

PSPERSHING SQUARE INC.· 0.2%$12,881,000.00+$0.00 · +0.0%

ASSET	LAST	DAY %	MKT VAL	WEIGHT	P&L	RETURN
AM AMZNAmazon.com Inc	$1.00	0.00%	$892,310,000.00	16.48%	+$0.00	+0.00%
EL ELVElevance Health Inc	$1.00	0.00%	$493,140,000.00	9.11%	+$0.00	+0.00%
QS QSRRestaurant Brands International Inc.	$1.00	0.00%	$489,612,000.00	9.04%	+$0.00	+0.00%
GO GOOGAlphabet Inc	$1.00	0.00%	$484,744,000.00	8.95%	+$0.00	+0.00%
FE FERGFerguson Enterprises Inc	$1.00	0.00%	$344,269,000.00	6.36%	+$0.00	+0.00%
GP GPCGenuine Parts Co	$1.00	0.00%	$332,253,000.00	6.13%	+$0.00	+0.00%
UN UNPUnion Pacific Corp	$1.00	0.00%	$322,427,000.00	5.95%	+$0.00	+0.00%
V VVisa Inc	$1.00	0.00%	$240,628,000.00	4.44%	+$0.00	+0.00%
WC WCCWESCO International Inc	$1.00	0.00%	$228,979,000.00	4.23%	+$0.00	+0.00%
AO AONAon PLC	$1.00	0.00%	$227,871,000.00	4.21%	+$0.00	+0.00%
TF TFXTeleflex Inc	$1.00	0.00%	$178,605,000.00	3.30%	+$0.00	+0.00%
NC NCLHNorwegian Cruise Line Holdings Ltd	$1.00	0.00%	$163,180,000.00	3.01%	+$0.00	+0.00%
MO MOHMolina Healthcare Inc	$1.00	0.00%	$144,906,000.00	2.68%	+$0.00	+0.00%
CM CMECME Group Inc	$1.00	0.00%	$136,694,000.00	2.52%	+$0.00	+0.00%
HL HLFHerbalife Ltd	$1.00	0.00%	$121,767,000.00	2.25%	+$0.00	+0.00%
EX EXPEagle Materials Inc	$1.00	0.00%	$119,422,000.00	2.21%	+$0.00	+0.00%
GD GDSGDS Holdings Ltd	$1.00	0.00%	$113,208,000.00	2.09%	+$0.00	+0.00%
CO COLDAmericold Realty Trust Inc	$1.00	0.00%	$107,371,000.00	1.98%	+$0.00	+0.00%
LB LBTYALiberty Global Ltd.	$1.00	0.00%	$93,975,000.00	1.74%	+$0.00	+0.00%
GR GRUPO AEROMEXICO SAB DE CV	$1.00	0.00%	$87,843,000.00	1.62%	+$0.00	+0.00%
AX AXTAAxalta Coating Systems Ltd	$1.00	0.00%	$43,608,000.00	0.81%	+$0.00	+0.00%
DN DNOWDNOW Inc	$1.00	0.00%	$36,160,000.00	0.67%	+$0.00	+0.00%
PS PSPERSHING SQUARE INC.	$1.00	0.00%	$12,881,000.00	0.24%	+$0.00	+0.00%

23 positions·23 in profit0 in loss

since purchase +$0.00 (+0.00%)market value $5,415,853,000.00

Source: BAUPOST GROUP LLC/MA's Form 13F for Q2 2026. A 13F lists long positions in US-listed securities only, valued at the quarter's close; cash, short sales and foreign shares are not in it. Lines without a ticker are kept as filed. Weights are shares of everything the 13F reports, options included at their underlying's value as filed, so a large put or call can outweigh every stock line.