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.
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.
- Cme Group Inc (CME)$137m · 2.5%
- Axalta Coating Sys LTD$44m · 0.8%
- Pershing Square Inc (PS)$13m · 0.2%
Sold out of this quarter
Exits are valued at what the position was worth in the previous filing, because by this one it is gone.
- Willis Towers Watson PLC LTD (WTW)$260m held before
- Vaxcyte Inc (PCVX)$47m held before
Every reported position, Q2 2026
23 positions, sorted by weight
| Position | Weight ↑ | Value | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
Pershing Square Inc (PS) COMMON STOCK · CUSIP 71531U102 | 0.2% | $13m | 392,000 | No earlier filing | New |
Dnow Inc (DNOW) COM · CUSIP 67011P100 | 0.7% | $36m | 2,788,000 | -$7.0m -837,000 shares | Trimmed |
Axalta Coating Sys LTD COM · CUSIP G0750C108 | 0.8% | $44m | 1,274,356 | No earlier filing | New |
Grupo Aeromexico Sab de CV SPONSORED ADS · CUSIP 40054J109 | 1.6% | $88m | 4,880,188 | +$20m 0 shares | Held |
Liberty Global LTD COM CL C · CUSIP G61188127 | 1.7% | $94m | 8,543,161 | -$63m -4,854,086 shares | Trimmed |
Americold Realty Trust Inc (COLD) COM · CUSIP 03064D108 | 2.0% | $107m | 6,830,230 | +$18m -950,570 shares | Trimmed |
Gds Hldgs Ltd SPONSORED ADS · CUSIP 36165L108 | 2.1% | $113m | 3,769,818 | -$9.5m +725,000 shares | Added |
Eagle Matls Inc COM · CUSIP 26969P108 | 2.2% | $119m | 530,763 | -$50m -362,000 shares | Trimmed |
Herbalife LTD (HLF) COM SHS · CUSIP G4412G101 | 2.2% | $122m | 9,259,844 | -$15m 0 shares | Held |
Cme Group Inc (CME) COM · CUSIP 12572Q105 | 2.5% | $137m | 619,000 | No earlier filing | New |
Molina Healthcare Inc (MOH) COM · CUSIP 60855R100 | 2.7% | $145m | 633,609 | +$60m 0 shares | Held |
Norwegian Cruise Line HLDGS SHS · CUSIP G66721104 | 3.0% | $163m | 7,730,000 | +$95m +4,100,000 shares | Added |
Teleflex Incorporated (TFX) COM · CUSIP 879369106 | 3.3% | $179m | 1,409,000 | -$12m -186,000 shares | Trimmed |
Aon PLC (AON) SHS CL A · CUSIP G0403H108 | 4.2% | $228m | 687,000 | -$20m -82,000 shares | Trimmed |
Wesco Intl Inc COM · CUSIP 95082P105 | 4.2% | $229m | 662,881 | -$164m -774,000 shares | Trimmed |
Visa Inc (V) COM CL A · CUSIP 92826C839 | 4.4% | $241m | 701,355 | +$29m 0 shares | Held |
Union Pac Corp COM · CUSIP 907818108 | 6.0% | $322m | 1,185,395 | -$51m -355,600 shares | Trimmed |
Genuine Parts Co (GPC) COM · CUSIP 372460105 | 6.1% | $332m | 2,816,178 | +$175m +1,325,830 shares | Added |
Ferguson Enterprises Inc COMMON STOCK NEW · CUSIP 31488V107 | 6.4% | $344m | 1,450,594 | +$7.8m +8,183 shares | Added |
Alphabet Inc CAP STK CL C · CUSIP 02079K107 | 9.0% | $485m | 1,371,931 | +$146m +190,800 shares | Added |
Restaurant Brands Intl Inc COM · CUSIP 76131D103 | 9.0% | $490m | 6,753,112 | -$108m -1,327,000 shares | Trimmed |
Elevance Health Inc Formerly COM · CUSIP 036752103 | 9.1% | $493m | 1,275,154 | +$120m 0 shares | Held |
Amazon Com Inc (AMZN) COM · CUSIP 023135106 | 16% | $892m | 3,743,854 | +$243m +625,100 shares | Added |
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.
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