What Baupost Group LLC changed, 2013 to 2026
53 quarterly 13F filings, from Q2 2013 to Q2 2026, each read from the filing itself. A quarter is compared only with the quarter before it, so a quarter with no filing is a gap in the record, not a sale.
Reported book
$5.4bn
$4.0bn at Q2 2013
Positions
23
24 at Q2 2013
Top ten weight
75%
92% at Q2 2013
Typical quarterly turnover
about 10%
Estimated from share changes
- Q2 2013: $4.0bn
- Q3 2013: $3.5bn
- Q4 2013: $3.5bn
- Q1 2014: $4.1bn
- Q2 2014: $6.1bn
- Q3 2014: $5.7bn
- Q4 2014: $5.1bn
- Q1 2015: $6.0bn
- Q2 2015: $6.0bn
- Q3 2015: $6.0bn
- Q4 2015: $5.5bn
- Q1 2016: $6.9bn
- Q2 2016: $7.4bn
- Q3 2016: $7.0bn
- Q4 2016: $7.7bn
- Q1 2017: $8.5bn
- Q2 2017: $8.8bn
- Q3 2017: $8.0bn
- Q4 2017: $10.1bn
- Q1 2018: $10.4bn
- Q2 2018: $11.4bn
- Q3 2018: $13.1bn
- Q4 2018: $11.5bn
- Q1 2019: $11.9bn
- Q2 2019: $11.0bn
- Q3 2019: $8.8bn
- Q4 2019: $9.1bn
- Q1 2020: $6.8bn
- Q2 2020: $8.0bn
- Q3 2020: $9.3bn
- Q4 2020: $10.8bn
- Q1 2021: $12.6bn
- Q2 2021: $12.3bn
- Q3 2021: $10.9bn
- Q4 2021: $10.1bn
- Q1 2022: $9.3bn
- Q2 2022: $6.8bn
- Q3 2022: $5.8bn
- Q4 2022: $6.1bn
- Q1 2023: $5.8bn
- Q2 2023: $5.6bn
- Q3 2023: $5.2bn
- Q4 2023: $4.6bn
- Q1 2024: $3.7bn
- Q2 2024: $3.6bn
- Q3 2024: $3.5bn
- Q4 2024: $3.4bn
- Q1 2025: $3.5bn
- Q2 2025: $4.1bn
- Q3 2025: $4.8bn
- Q4 2025: $5.3bn
- Q1 2026: $5.1bn
- Q2 2026: $5.4bn
- Q2 2013: 92%
- Q3 2013: 95%
- Q4 2013: 95%
- Q1 2014: 92%
- Q2 2014: 90%
- Q3 2014: 85%
- Q4 2014: 83%
- Q1 2015: 80%
- Q2 2015: 79%
- Q3 2015: 73%
- Q4 2015: 78%
- Q1 2016: 80%
- Q2 2016: 74%
- Q3 2016: 69%
- Q4 2016: 72%
- Q1 2017: 69%
- Q2 2017: 72%
- Q3 2017: 78%
- Q4 2017: 75%
- Q1 2018: 77%
- Q2 2018: 77%
- Q3 2018: 72%
- Q4 2018: 73%
- Q1 2019: 65%
- Q2 2019: 70%
- Q3 2019: 71%
- Q4 2019: 71%
- Q1 2020: 71%
- Q2 2020: 76%
- Q3 2020: 66%
- Q4 2020: 66%
- Q1 2021: 65%
- Q2 2021: 68%
- Q3 2021: 68%
- Q4 2021: 66%
- Q1 2022: 70%
- Q2 2022: 68%
- Q3 2022: 70%
- Q4 2022: 71%
- Q1 2023: 78%
- Q2 2023: 77%
- Q3 2023: 75%
- Q4 2023: 84%
- Q1 2024: 86%
- Q2 2024: 77%
- Q3 2024: 87%
- Q4 2024: 80%
- Q1 2025: 79%
- Q2 2025: 79%
- Q3 2025: 76%
- Q4 2025: 72%
- Q1 2026: 74%
- Q2 2026: 75%
The positions that defined it
Every position that was ever among the 25 largest: when it first appeared, when it was largest, and where it stands in Q2 2026. The line is its reported value each quarter.
| Position | Value over time | First listed | Largest | Q2 2026 |
|---|---|---|---|---|
| Amazon Com Inc(AMZN) | Q2 2022 | $892mQ2 2026 | $892m | |
| Elevance Health Inc(ELV) | Q1 2025 | $493mQ2 2026 | $493m | |
| Restaurant Brands Intl Inc(QSR) | Q3 2024 | $597mQ1 2026 | $490m | |
| Alphabet Inc(GOOG)Capital Stock Class C | Q1 2020 | $775mQ3 2021 | $485m | |
| Ferguson Enterprises Inc(FERG)Common Stock New | Q4 2024 | $344mQ2 2026 | $344m | |
| Genuine Parts Co(GPC) | Q4 2024 | $332mQ2 2026 | $332m | |
| Union Pac Corp(UNP) | Q2 2023 | $376mQ4 2025 | $322m | |
| Visa Inc(V)Common Class A | Q1 2026 | $241mQ2 2026 | $241m | |
| Wesco Intl Inc(WCC) | Q1 2024 | $409mQ2 2025 | $229m | |
| Aon PLC(AON)Shares Class A | Q1 2026 | $248mQ1 2026 | $228m | |
| Teleflex Incorporated(TFX) | Q1 2026 | $191mQ1 2026 | $179m | |
| Norwegian Cruise Line HLDGS(NCLH) | Q1 2026 | $163mQ2 2026 | $163m | |
| Twenty First Centy Fox IncClass A | Q3 2015 | $2.5bnQ4 2018 | Soldlast listed Q4 2018 | |
| Micron Technology Inc(MU) | Q2 2013 | $1.8bnQ3 2014 | Soldlast listed Q4 2022 | |
| eBay Inc(EBAY) | Q2 2014 | $1.7bnQ2 2020 | Soldlast listed Q3 2021 | |
| Liberty Global PLCShares Class C | Q3 2018 | $1.6bnQ3 2021 | Soldlast listed Q3 2023 | |
| E M C Corp Mass | Q4 2015 | $1.5bnQ2 2016 | Soldlast listed Q2 2016 | |
| Intel Corp(INTC) | Q4 2020 | $1.5bnQ1 2021 | Soldlast listed Q2 2022 | |
| Idenix Pharmaceuticals Inc | Q2 2013 | $1.3bnQ2 2014 | Soldlast listed Q2 2014 | |
| Cheniere Energy Inc(LNG) | Q1 2014 | $1.2bnQ3 2016 | Soldlast listed Q1 2020 |
Quarter by quarter
Q2 2016: $7.4bn across 39 positions
Against Q1 2016: 10 new, 5 added to, 4 trimmed, 7 sold out, across all 39 positions.
Turnover about 6% of the book, estimated from share changes at quarter-end prices.
Largest additions
- E M C Corp Mass+$166m
- Theravance Biopharma Inc (TBPH)+$45m
- American Intl Group Inc+$7.9m
- Paratek Pharmaceuticals Inc+$5.0m
- Allergan PLC+$1.2m
Largest reductions
- Antero Res Corp (AR)-$158m
- PayPal HLDGS Inc (PYPL)-$66m
- Innoviva Inc (INVA)-$64m
- Novagold Res Inc (NG)-$17m
Opened
- Citigroup Inc (C)$219m
- Liberty Interactive Corp$92m
- Avis Budget Group (CAR)$58m
Sold out
- Silver Run Acquisition Corpwas $39m
- Biotie Therapies Oyjwas $37m
- Chesapeake Energy Corpwas $15m
- La Quinta HLDGS Incwas $14m
- Bellatrix Exploration LTDwas $8.7m
- Chesapeake Energy Corpwas $7.3m
- Genworth Finl Inc (GNW)was $4.6m
Largest positions, Q2 2016
The largest 25 of 39 reported positions.
| Position | Value | Weight | On the quarter |
|---|---|---|---|
| E M C Corp Mass | $1.5bn | 21.0% | Added |
| Cheniere Energy Inc (LNG) | $1.1bn | 15.2% | Held |
| Viasat Inc (VSAT) | $823m | 11.2% | Held |
| Allergan PLC | $463m | 6.3% | Added |
| Antero Res Corp (AR) | $377m | 5.1% | Trimmed |
| Olin Corp (OLN) | $267m | 3.6% | Held |
| PBF Energy Inc (PBF) | $253m | 3.4% | Held |
| Citigroup Inc (C) | $219m | 3.0% | New |
| Twenty First Centy Fox Inc | $208m | 2.8% | Held |
| PayPal HLDGS Inc (PYPL) | $207m | 2.8% | Trimmed |
| Twenty First Centy Fox Inc | $198m | 2.7% | Held |
| Innoviva Inc (INVA) | $185m | 2.5% | Trimmed |
| Keryx Biopharmaceuticals Inc | $171m | 2.3% | Held |
| Theravance Biopharma Inc (TBPH) | $167m | 2.3% | Added |
| Vmware Inc | $129m | 1.7% | Held |
| Atara Biotherapeutics Inc | $121m | 1.6% | Held |
| Veritiv Corp | $114m | 1.6% | Held |
| Forward Pharma A/s | $98m | 1.3% | Held |
| Liberty Interactive Corp | $92m | 1.2% | New |
| Chipmos Tech Bermuda LTD | $68m | 0.9% | Held |
| KLX Inc | $62m | 0.8% | Held |
| Novagold Res Inc (NG) | $58m | 0.8% | Trimmed |
| Avis Budget Group (CAR) | $58m | 0.8% | New |
| Sunedison Semiconductor LTD | $50m | 0.7% | Held |
| American Intl Group Inc | $48m | 0.6% | Added |
The books most like this one
Among the managers whose filings are on file, at Q2 2026. Overlap is the share of the two books that is the same: for every stock both list, the smaller of its two weights, added up. Two books can overlap because both own the largest companies; it says nothing about whether the managers agree.
| Manager | Overlap | Stocks in both | Overlap over time | |
|---|---|---|---|---|
| Pershing Square Capital Management LP | 24% | 3 | Compare | |
| Egerton Capital UK LLP | 24% | 4 | Compare | |
| Appaloosa LP | 24% | 2 | Compare | |
| Polen Capital Management LLC | 17% | 4 | Compare | |
| ValueAct Holdings LP | 17% | 2 | Compare | |
| Markel Group Inc | 15% | 8 | Compare | |
| TCI Fund Management Ltd | 11% | 2 | Compare | |
| Maverick Capital Ltd | 11% | 3 | Compare |
The filings behind it
Every quarter above is one 13F holdings report, with any amendment the filer made to it applied in the order it was filed. Where the reporting entity changed, each quarter keeps the filer that actually reported it.
| Quarter | Filer | Book | Amended | Filing |
|---|---|---|---|---|
| Q2 2026 | Baupost Group LLC | $5.4bn | 13F-HR | |
| Q1 2026 | Baupost Group LLC | $5.1bn | 13F-HR | |
| Q4 2025 | Baupost Group LLC | $5.3bn | 13F-HR | |
| Q3 2025 | Baupost Group LLC | $4.8bn | 13F-HR | |
| Q2 2025 | Baupost Group LLC | $4.1bn | 13F-HR | |
| Q1 2025 | Baupost Group LLC | $3.5bn | 13F-HR | |
| Q4 2024 | Baupost Group LLC | $3.4bn | 13F-HR | |
| Q3 2024 | Baupost Group LLC | $3.5bn | 13F-HR | |
| Q2 2024 | Baupost Group LLC | $3.6bn | 13F-HR | |
| Q1 2024 | Baupost Group LLC | $3.7bn | 13F-HR | |
| Q4 2023 | Baupost Group LLC | $4.6bn | 13F-HR | |
| Q3 2023 | Baupost Group LLC | $5.2bn | 13F-HR | |
| Q2 2023 | Baupost Group LLC | $5.6bn | 13F-HR | |
| Q1 2023 | Baupost Group LLC | $5.8bn | 13F-HR | |
| Q4 2022 | Baupost Group LLC | $6.1bn | 13F-HR | |
| Q3 2022 | Baupost Group LLC | $5.8bn | 13F-HR | |
| Q2 2022 | Baupost Group LLC | $6.8bn | 13F-HR | |
| Q1 2022 | Baupost Group LLC | $9.3bn | 13F-HR | |
| Q4 2021 | Baupost Group LLC | $10.1bn | 13F-HR | |
| Q3 2021 | Baupost Group LLC | $10.9bn | 13F-HR | |
| Q2 2021 | Baupost Group LLC | $12.3bn | 13F-HR | |
| Q1 2021 | Baupost Group LLC | $12.6bn | 13F-HR | |
| Q4 2020 | Baupost Group LLC | $10.8bn | 13F-HR | |
| Q3 2020 | Baupost Group LLC | $9.3bn | 13F-HR | |
| Q2 2020 | Baupost Group LLC | $8.0bn | 13F-HR | |
| Q1 2020 | Baupost Group LLC | $6.8bn | 13F-HR | |
| Q4 2019 | Baupost Group LLC | $9.1bn | 13F-HR | |
| Q3 2019 | Baupost Group LLC | $8.8bn | 13F-HR | |
| Q2 2019 | Baupost Group LLC | $11.0bn | 13F-HR | |
| Q1 2019 | Baupost Group LLC | $11.9bn | 13F-HR | |
| Q4 2018 | Baupost Group LLC | $11.5bn | 13F-HR | |
| Q3 2018 | Baupost Group LLC | $13.1bn | 13F-HR | |
| Q2 2018 | Baupost Group LLC | $11.4bn | 13F-HR | |
| Q1 2018 | Baupost Group LLC | $10.4bn | 13F-HR | |
| Q4 2017 | Baupost Group LLC | $10.1bn | 13F-HR | |
| Q3 2017 | Baupost Group LLC | $8.0bn | 13F-HR | |
| Q2 2017 | Baupost Group LLC | $8.8bn | 13F-HR | |
| Q1 2017 | Baupost Group LLC | $8.5bn | 13F-HR | |
| Q4 2016 | Baupost Group LLC | $7.7bn | 13F-HR | |
| Q3 2016 | Baupost Group LLC | $7.0bn | 13F-HR | |
| Q2 2016 | Baupost Group LLC | $7.4bn | 13F-HR | |
| Q1 2016 | Baupost Group LLC | $6.9bn | 13F-HR | |
| Q4 2015 | Baupost Group LLC | $5.5bn | 13F-HR | |
| Q3 2015 | Baupost Group LLC | $6.0bn | 13F-HR | |
| Q2 2015 | Baupost Group LLC | $6.0bn | 13F-HR | |
| Q1 2015 | Baupost Group LLC | $6.0bn | 13F-HR | |
| Q4 2014 | Baupost Group LLC | $5.1bn | 13F-HR | |
| Q3 2014 | Baupost Group LLC | $5.7bn | 13F-HR | |
| Q2 2014 | Baupost Group LLC | $6.1bn | 13F-HR | |
| Q1 2014 | Baupost Group LLC | $4.1bn | 13F-HR | |
| Q4 2013 | Baupost Group LLC | $3.5bn | 13F-HR | |
| Q3 2013 | Baupost Group LLC | $3.5bn | 13F-HR | |
| Q2 2013 | Baupost Group LLC | $4.0bn | 13F-HR |
Reading this record
A 13F lists US-listed long equity and options at the quarter end, filed up to 45 days later. It shows what was held, not when it was bought or at what price, and nothing short. Where a quarter lists only the largest positions, a name missing from it may still be held below that range; the counts of what was opened and sold always cover the whole filing.
Company names, tickers and logos are the trademarks of their respective owners and appear here to identify the company whose public figures are being used. L3VLUP is not affiliated with, sponsored by or endorsed by any company shown, and nothing here is a statement by or about that company. More