Klarman's Baupost Group Shifts Focus to Amazon as Top Holding

Seth Klarman's Baupost Group portfolio has undergone significant changes in the latest quarter, with a focus on increasing stakes in top holdings and introducing new positions. The portfolio, worth $5.42 billion, now features Amazon as its largest disclosed holding at 16.48% of the portfolio, up from 9.28% in Q1 2026.

Klarman's bet on Amazon has been a notable one, with the fund increasing its stake by about 20% during the quarter and adding roughly 625,000 shares to bring the total holding to about 3.74 million shares, worth around $892 million at the end of June.

Other top holdings include Elevance Health (9.11%), Restaurant Brands International (9.04%), Alphabet (8.95%), and Ferguson (6.36%). Baupost also reduced its stake in Restaurant Brands by 16.42% and exited two positions, Willis Towers Watson and Vaxcyte.

The fund has introduced new positions in CME Group, Axalta Coating Systems, and Pershing Square, with the latter being Bill Ackman's own holding company. These new additions are relatively small compared to Amazon and other top holdings but demonstrate Klarman's ongoing search for value opportunities.