Baupost Group LLC
The positions Baupost Group LLC reported on its Form 13F for Q2 2026, the quarter ending 30 Jun 2026, filed on 13 Aug 2026. Every figure below is the filing’s own: US-listed long equity, valued at the quarter end, with the change measured against the same manager’s previous filing.
Reported book is the quarter-end market value of the securities on the 13F, mostly US-listed long equity. It is not the manager’s assets under management: shorts, cash, leverage and most non-US or private holdings sit outside it.
Opened this quarter
A new position is the clearest thing a filing says. Somebody argued for it recently, and it is the easiest question to be ready for.
Every reported position, Q2 2026
23 positions, sorted by weight
| Position | Weight ↓ | Value | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
| Amazon Com Inc (AMZN) CUSIP 023135106 | 16% | $892m | 3,743,854 | +$243m +625,100 shares | Added |
| Elevance Health Inc Formerly (ELV) CUSIP 036752103 | 9.1% | $493m | 1,275,154 | +$120m 0 shares | Held |
| Restaurant Brands Intl Inc (QSR) CUSIP 76131D103 | 9.0% | $490m | 6,753,112 | -$108m -1,327,000 shares | Trimmed |
| Alphabet Inc (GOOG) Capital Stock Class C · CUSIP 02079K107 | 9.0% | $485m | 1,371,931 | +$146m +190,800 shares | Added |
| Ferguson Enterprises Inc (FERG) Common Stock New · CUSIP 31488V107 | 6.4% | $344m | 1,450,594 | +$7.8m +8,183 shares | Added |
| Genuine Parts Co (GPC) CUSIP 372460105 | 6.1% | $332m | 2,816,178 | +$175m +1,325,830 shares | Added |
| Union Pac Corp (UNP) CUSIP 907818108 | 6.0% | $322m | 1,185,395 | -$51m -355,600 shares | Trimmed |
| Visa Inc (V) Common Class A · CUSIP 92826C839 | 4.4% | $241m | 701,355 | +$29m 0 shares | Held |
| Wesco Intl Inc (WCC) CUSIP 95082P105 | 4.2% | $229m | 662,881 | -$164m -774,000 shares | Trimmed |
| Aon PLC (AON) Shares Class A · CUSIP G0403H108 | 4.2% | $228m | 687,000 | -$20m -82,000 shares | Trimmed |
| Teleflex Incorporated (TFX) CUSIP 879369106 | 3.3% | $179m | 1,409,000 | -$12m -186,000 shares | Trimmed |
| Norwegian Cruise Line HLDGS (NCLH) CUSIP G66721104 | 3.0% | $163m | 7,730,000 | +$95m +4,100,000 shares | Added |
| Molina Healthcare Inc (MOH) CUSIP 60855R100 | 2.7% | $145m | 633,609 | +$60m 0 shares | Held |
| Cme Group Inc (CME) CUSIP 12572Q105 | 2.5% | $137m | 619,000 | No earlier filing | New |
| Herbalife LTD (HLF) CUSIP G4412G101 | 2.2% | $122m | 9,259,844 | -$15m 0 shares | Held |
| Eagle Matls Inc (EXP) CUSIP 26969P108 | 2.2% | $119m | 530,763 | -$50m -362,000 shares | Trimmed |
| Gds Hldgs Ltd (GDS) Sponsored ADS · CUSIP 36165L108 | 2.1% | $113m | 3,769,818 | -$9.5m +725,000 shares | Added |
| Americold Realty Trust Inc (COLD) CUSIP 03064D108 | 2.0% | $107m | 6,830,230 | +$18m -950,570 shares | Trimmed |
| Liberty Global LTD (LBTYK) Common Class C · CUSIP G61188127 | 1.7% | $94m | 8,543,161 | -$63m -4,854,086 shares | Trimmed |
| Grupo Aeromexico Sab de CV (AERO) Sponsored ADS · CUSIP 40054J109 | 1.6% | $88m | 4,880,188 | +$20m 0 shares | Held |
| Axalta Coating Sys LTD (AXTA) CUSIP G0750C108 | 0.8% | $44m | 1,274,356 | No earlier filing | New |
| Dnow Inc (DNOW) CUSIP 67011P100 | 0.7% | $36m | 2,788,000 | -$7.0m -837,000 shares | Trimmed |
| Pershing Square Inc (PS) CUSIP 71531U102 | 0.2% | $13m | 392,000 | No earlier filing | New |
Every filing on file
| Quarter | Period end | Filed | Book | Positions | Top 10 | Filing |
|---|---|---|---|---|---|---|
| Q2 2026 | 30 Jun 2026 | 13 Aug 2026 | $5.4bn | 23 | 75% | 13F-HR |
| Q1 2026 | 31 Mar 2026 | 14 May 2026 | $5.1bn | 22 | 74% | 13F-HR |
| Q4 2025 | 31 Dec 2025 | 13 Feb 2026 | $5.3bn | 22 | 72% | 13F-HR |
| Q3 2025 | 30 Sept 2025 | 13 Nov 2025 | $4.8bn | 22 | 76% | 13F-HR |
| Q2 2025 | 30 Jun 2025 | 13 Aug 2025 | $4.1bn | 23 | 79% | 13F-HR |
| Q1 2025 | 31 Mar 2025 | 14 May 2025 | $3.5bn | 23 | 79% | 13F-HR |
| Q4 2024 | 31 Dec 2024 | 13 Feb 2025 | $3.4bn | 22 | 80% | 13F-HR |
| Q3 2024 | 30 Sept 2024 | 13 Nov 2024 | $3.5bn | 21 | 87% | 13F-HR |
Taking this into the room
Pick one name from the top of the book and one from the new positions, and know both properly: what the company earns, what it is priced at, and what has to be true for the position to work. That is a conversation. Reciting the whole table is not, and the interviewer wrote it.
A position sold out of is worth as much preparation as one opened. Ask what changed rather than asserting the fund was wrong, and be ready for the answer that the thesis played out and the money went somewhere better.
What this filing leaves out
A 13F covers US-listed long equity at one moment in time. Shorts, bonds, cash, private positions and non-US listings never appear, and options are reported in a form that will mislead you if you read them as a position. A long/short manager showing $8bn here may run a book several times that size.
The lag matters too. Positions are as at the quarter end and the filing arrives up to forty-five days later, so what you are reading is at least six weeks old and possibly four months. Phrase it as what the filing showed, not what the fund holds today.
You have read the book. Now have a view on one name
Pick a position, work out what it is worth, and be ready to defend it. That is the difference between a candidate who read the filing and one who did something with it.
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