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
Q4 2023: $4.6bn across 23 positions
Against Q3 2023: 2 new, 3 added to, 8 trimmed, 11 sold out, across all 23 positions.
Turnover about 20% of the book, estimated from share changes at quarter-end prices.
Largest additions
- Clarivate PLC (CLVT)+$85m
- Jacobs Solutions Inc (J)+$28m
- Jazz Pharmaceuticals PLC+$15m
Largest reductions
- Alphabet Inc (GOOG)-$90m
- Ss&c Technologies HLDGS Inc (SSNC)-$58m
- Liberty Media Corp Del-$34m
- Garrett Motion Inc (GTX)-$18m
- Fidelity Natl Information SV (FIS)-$2.6m
- Herbalife Nutrition LTD (HLF)$1.9m
- Liberty Media Corp Del$6.3m
- Tower Semiconductor LTD (TSEM)$13m
Opened
- Liberty Global LTD (LBTYK)$789m
- Liberty Global LTD (LBTYA)$128m
Sold out
- Liberty Global PLCwas $785m
- Veritiv Corpwas $561m
- Liberty Global PLCwas $123m
- Dollar Gen Corp New (DG)was $98m
- Qorvo Inc (QRVO)was $89m
- Coinbase Global Incwas $71m
- New Oriental Ed & Technology (EDU)was $60m
- Seagate Technology Hldngs PL (STX)was $40m
Largest positions, Q4 2023
| Position | Value | Weight | On the quarter |
|---|---|---|---|
| Liberty Global LTD (LBTYK) | $789m | 17.2% | New |
| Viasat Inc (VSAT) | $452m | 9.9% | Held |
| Liberty Media Corp Del | $427m | 9.3% | Held |
| Alphabet Inc (GOOG) | $416m | 9.1% | Trimmed |
| Fidelity Natl Information SV (FIS) | $382m | 8.3% | Trimmed |
| Willis Towers Watson PLC LTD (WTW) | $375m | 8.2% | Held |
| Warner Bros Discovery Inc (WBD) | $287m | 6.3% | Held |
| Clarivate PLC (CLVT) | $236m | 5.2% | Added |
| Liberty Media Corp Del | $235m | 5.1% | Held |
| Crh plc (CRH) | $231m | 5.0% | Held |
| Liberty Global LTD (LBTYA) | $128m | 2.8% | New |
| Jazz Pharmaceuticals PLC | $103m | 2.2% | Added |
| Jacobs Solutions Inc (J) | $94m | 2.1% | Added |
| Theravance Biopharma Inc (TBPH) | $83m | 1.8% | Held |
| Tower Semiconductor LTD (TSEM) | $83m | 1.8% | Trimmed |
| Liberty Media Corp Del | $69m | 1.5% | Trimmed |
| Ss&c Technologies HLDGS Inc (SSNC) | $63m | 1.4% | Trimmed |
| Gray Television Inc (GTN) | $34m | 0.7% | Held |
| Garrett Motion Inc (GTX) | $29m | 0.6% | Trimmed |
| Liberty Media Corp Del | $27m | 0.6% | Trimmed |
| Herbalife Nutrition LTD (HLF) | $26m | 0.6% | Trimmed |
| Altice USA Inc (OPTU) | $16m | 0.3% | Held |
| Finch Therapeutics Group Inc (FNCHQ) | $243k | 0.0% | Held |
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.
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