The Baupost Group

Seth Klarman.

CIK 0001061165 · Last filing 2026-03-31

Reported AUM (top 30)

$11,065,626,900.00

Today's value (top 30)

$12,080,053,421.42

Since filing

+9.17%

Total positions

TradeandTell is not affiliated with or endorsed by The Baupost Group. Holdings are derived from public SEC 13F filings and may be reported with a delay of up to 45 days.

Estimated performance

Chart from Jun 30, 2024

Daily value of the reported top-30 share positions, marked to market. Excludes cash, fund inflows/outflows, holdings outside the top 30, and option positions (puts/calls) — a 13F doesn't disclose strikes or expiries, so their P&L can't be reconstructed honestly. Treat as a directional indicator of the equity sleeve, not a full fund P&L.

Over this period · Portfolio vs

S&P 500(−19.3 pts behind)

Range+16.70%

Top holdings

VST+1.1%

CRS+27.8%

TER+28.2%

LPLA+12.7%

HUT+140.2%

TLN+4.2%

APP+2.4%

TSM+23.7%

THC+33.9%

CLH+10.6%

GLW+3.9%

COF+15.2%

BN+3.9%

MDLN-12.1%

PFGC+34.0%

MTZ-13.6%

USFD+9.0%

ENTG+4.1%

WULF+28.9%

MCK-0.8%

CIEN-0.8%

AGX+10.0%

CVNA-80.1%

GOOGL+18.7%

TDG

VMC-0.4%

APH

HLT

Positions detail

Symbol	Shares	Value	Now	Since filing
VST	6,187,585	$930.2M	$152.00	+1.1%
CRS	1,817,940	$716.5M	$503.71	+27.8%
LPLA	2,049,967	$616.7M	$339.17	+12.7%
APP	1,464,923	$583.0M	$407.50	+2.4%
TLN	1,817,947	$580.3M	$332.54	+4.2%
TER	1,872,876	$555.2M	$380.00	+28.2%
CVNA	1,754,709	$551.6M	$62.45	-80.1%
MDLN	11,789,156	$524.6M	$39.12	-12.1%
GLW	3,718,147	$505.6M	$141.33	+3.9%
CLH	1,754,950	$503.2M	$317.15	+10.6%
MTZ	1,531,050	$492.6M	$277.94	-13.6%
TSM	1,389,530	$469.6M	$418.19	+23.7%
BN	11,208,969	$453.6M	$42.03	+3.9%
THC	2,258,717	$426.2M	$252.73	+33.9%
COF	2,267,056	$413.6M	$210.14	+15.2%
ENTG	3,115,054	$365.2M	$122.03	+4.1%
USFD	3,795,998	$350.0M	$100.55	+9.0%
PFGC	3,978,158	$340.8M	$114.75	+34.0%
MCK	392,224	$339.4M	$858.01	-0.8%
CIEN	809,522	$314.3M	$385.00	-0.8%
WULF	19,921,430	$287.5M	$18.60	+28.9%
HUT	6,078,951	$285.2M	$112.70	+140.2%
AGX	393,134	$214.1M	$599.30	+10.0%
GOOGL	187,561	$53.9M	$341.31	+18.7%
TDG	35,677	$41.3M	$1,249.91	+7.8%
VMC	144,179	$39.3M	$271.24	-0.4%
MA	57,201	$28.6M	$576.37	+15.4%
APH	223,084	$28.2M	$163.50	+29.4%
V	92,775	$28.0M	$365.10	+20.8%
HLT	89,249	$27.1M	$322.02	+5.9%

Synthesized trades (quarter VWAP)

These are NOT actual broker fills — they're what we estimate the manager did, based on the share-count delta between successive 13F filings, priced at the volume-weighted average across the quarter.

Quarter	Side	Symbol	Shares	Est. price	Notional	% of position
2026-03-31	BUY	GOOGL	187,561	$314.74	$59.0M	NEW
2026-03-31	SELL	APH	2,586,689	$140.53	$363.5M	-92.1%
2026-03-31	BUY	APP	684,393	$471.76	$322.9M	+87.7%
2026-03-31	BUY	AGX	393,134	$428.03	$168.3M	NEW
2026-03-31	SELL	BKNG	2,225	$177.28	$394.4K	-48.1%
2026-03-31	SELL	BSX	97,048	$78.31	$7.6M	-48.1%
2026-03-31	SELL	BN	4,714,391	$44.01	$207.5M	-29.6%
2026-03-31	SELL	COF	27,835	$209.11	$5.8M	-1.2%
2026-03-31	BUY	CRS	505,002	$359.30	$181.4M	+38.5%
2026-03-31	SELL	CVNA	24,619	$73.86	$1.8M	-1.4%
2026-03-31	BUY	CIEN	809,522	$304.86	$246.8M	NEW
2026-03-31	BUY	CLH	376,825	$274.34	$103.4M	+27.3%
2026-03-31	BUY	GLW	3,718,147	$126.40	$470.0M	NEW
2026-03-31	BUY	ENTG	60,824	$117.92	$7.2M	+2.0%
2026-03-31	BUY	HLT	31,432	$303.77	$9.5M	+54.4%
2026-03-31	BUY	HUT	6,078,951	$54.33	$330.3M	NEW
2026-03-31	SELL	KKR	4,821,777	$100.84	$486.2M	-96.4%
2026-03-31	SELL	LPLA	24,981	$330.53	$8.3M	-1.2%
2026-03-31	BUY	MTZ	1,531,050	$272.53	$417.3M	NEW
2026-03-31	SELL	MA	39,137	$527.08	$20.6M	-40.6%
2026-03-31	BUY	MCK	392,224	$896.69	$351.7M	NEW
2026-03-31	BUY	MDLN	72,459	$43.57	$3.2M	+0.6%
2026-03-31	BUY	PFGC	3,978,158	$91.83	$365.3M	NEW
2026-03-31	SELL	TSM	1,662,870	$342.89	$570.2M	-54.5%
2026-03-31	BUY	TLN	525,431	$352.48	$185.2M	+40.7%
2026-03-31	BUY	THC	471,391	$211.88	$99.9M	+26.4%
2026-03-31	BUY	TER	1,872,876	$280.33	$525.0M	NEW
2026-03-31	BUY	WULF	19,921,430	$15.01	$299.1M	NEW
2026-03-31	BUY	TDG	16,449	$1,299.22	$21.4M	+85.5%
2026-03-31	BUY	USFD	3,795,998	$89.10	$338.2M	NEW
2026-03-31	BUY	V	77,558	$321.15	$24.9M	+509.7%
2026-03-31	BUY	VST	975,700	$161.10	$157.2M	+18.7%
2026-03-31	SELL	VMC	1,539,753	$291.53	$448.9M	-91.4%
2026-03-31	SELL	AFRM	3,817,170	$57.07	$217.8M	FULL EXIT
2026-03-31	SELL	AMZN	2,414,520	$218.25	$527.0M	FULL EXIT
2026-03-31	SELL	AVGO	1,730,216	$328.22	$567.9M	FULL EXIT
2026-03-31	SELL	DASH	2,529,879	$181.75	$459.8M	FULL EXIT
2026-03-31	SELL	MSFT	1,234,125	$414.86	$512.0M	FULL EXIT
2026-03-31	SELL	PM	2,643,579	$173.91	$459.7M	FULL EXIT
2026-03-31	SELL	WING	1,595,258	$232.67	$371.2M	FULL EXIT
2025-12-31	BUY	AFRM	3,817,170	$71.91	$274.5M	NEW
2025-12-31	SELL	AMZN	397,408	$229.14	$91.1M	-14.1%
2025-12-31	SELL	APH	213,458	$133.64	$28.5M	-7.1%
2025-12-31	SELL	APP	328,608	$623.79	$205.0M	-29.6%
2025-12-31	SELL	BKNG	26,521	$204.55	$5.4M	-85.1%
2025-12-31	BUY	BSX	201,703	$97.74	$19.7M	NEW
2025-12-31	BUY	AVGO	180,804	$356.16	$64.4M	+11.7%
2025-12-31	BUY	BN	5,742,012	$45.30	$260.1M	+56.4%
2025-12-31	SELL	COF	274,600	$220.38	$60.5M	-10.7%
2025-12-31	BUY	CRS	1,312,938	$303.00	$397.8M	NEW