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Investor profile

Seth Klarman

Baupost Group · CEO · Net worth: ~$1.5B

Author of Margin of Safety — the most cited value-investing book never reprinted. Famous for holding 30%+ cash for years.

"Margin of safety. Cash is a position. Patience pays."

Data verified 2026-05-14 · sourced from SEC EDGAR · view filing

Informational only — not investment advice. HoldLens tracks institutional positioning from public 13F filings. We are not a registered investment advisor and do not provide recommendations to buy or sell securities. Our 2026 backtest over 221 ticker-quarter pairs found the ConvictionScore has no predictive signal for forward returns (Pearson r = −0.12). The rankings describe what tracked superinvestors were accumulating or selling at the latest 13F snapshot — useful as market intelligence, not as personal investment advice. 13F data is reported with a 45-day SEC filing lag.

See the backtest →

Latest 13F: Q1 2026(8d ago)Next due: Q2 2026by 2026-08-14View on SEC EDGAR →● RSS — move alerts

Tracked positions

Top concentration

74%

Longest holding

Liberty Global (since 2014)

Seth's portfolio concentration: top-1, top-5, top-10

Balanced

Top 1 · AMZN

12.7%

Top 5 combined

46.7%

Top 10 combined

74.0%

Tracked positions

AMZNTop-5 zoneTop-10

Seth's single largest bet is AMZN at 12.7% of tracked positions. Exposure is spread across a broader basket, reducing single-name risk.

Realized 10-year track record

Baupost Group letters (private)

See leaderboard →

10y CAGR

5.4%

net of fees

Alpha vs S&P

-7.7%

vs 13.1% benchmark

Win rate

20%

years beating S&P

Quality score

2.2

computed 0–10

Best year

+13%

Worst year

-3%

Cumulative 10y

1.7×

Volatility

Seth Klarman's recent 13F moves: buys, adds, trims, and exits

Manager quality score: 2.2/10

Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.

Q1 2026

6 buys · 6 sells

Ticker	Activity	Share change	% portfolio
AON	Buy (new)	+769K	4.90%
V	Buy (new)	+701K	4.10%
DNOW	Buy (new)	+3.63M	0.80%
AMZN	Add 47%	+997K	12.70%
FERG	Add 27%	+305K	6.60%
GOOG	Add 9%	+94K	6.60%
FNF	Sell (exit)	-4.50M	0.00%
DG	Sell (exit)	-2.06M	0.00%
FE	Sell (exit)	-2.20M	0.00%
CRH	Sell (exit)	-1.07M	0.00%
LBTYK	Reduce 42%	-9.57M	3.10%
WTW	Reduce 34%	-464K	5.10%

Q4 2025

16 buys · 1 sell

Ticker	Activity	Share change	% portfolio
QSR	Buy (new)	+8.08M	10.40%
AMZN	Buy (new)	+2.12M	9.30%
WTW	Buy (new)	+1.36M	8.50%
ELV	Buy (new)	+1.27M	8.40%
UNP	Buy (new)	+1.63M	7.10%
WCC	Buy (new)	+1.42M	6.60%
FNF	Buy (new)	+4.50M	5.70%
DG	Buy (new)	+2.06M	5.20%
FERG	Buy (new)	+1.14M	4.80%
LBTYK	Buy (new)	+22.97M	4.80%
FE	Buy (new)	+2.20M	2.80%
CRH	Buy (new)	+1.07M	2.50%
HLF	Buy (new)	+9.26M	2.30%
MOH	Buy (new)	+625K	2.10%
GOOG	Add 40% Building out new Alphabet position.	+480K	5.20%
VST	Add 25% Aggressive Vistra add — AI data center demand thesis.	+1.20M	11.40%
WBD	Reduce 12% Continued Warner Bros. profit-taking.	-7.20M	10.20%

Q3 2025

2 buys · 15 sells

Ticker	Activity	Share change	% portfolio
VST	Add 30% AI data center thesis — big add.	+1.38M	9.60%
GOOG	Buy (new) First-time Alphabet position.	+840K	3.80%
WCC	Sell (exit)	-2.21M	0.00%
WTW	Sell (exit)	-1.31M	0.00%
CRH	Sell (exit)	-3.83M	0.00%
FNF	Sell (exit)	-3.79M	0.00%
DG	Sell (exit)	-2.67M	0.00%
LBTYK	Sell (exit)	-29.73M	0.00%
QSR	Sell (exit)	-4.05M	0.00%
FERG	Sell (exit)	-1.13M	0.00%
ELV	Sell (exit)	-616K	0.00%
FE	Sell (exit)	-895K	0.00%
VSAT	Sell (exit)	-9.19M	0.00%
HLF	Sell (exit)	-7.76M	0.00%
ICON	Sell (exit)	-405K	0.00%
AMCOR	Sell (exit)	-5.50M	0.00%
WBD	Reduce 15% Taking Warner Bros. profits.	-10.80M	11.80%

Q2 2025

9 buys · 4 sells

Ticker	Activity	Share change	% portfolio
ELV	Add 150%	+370K	5.80%
FE	Buy (new)	+895K	3.70%
AMCOR	Buy (new)	+5.50M	1.20%
CRH	Add 42%	+1.13M	8.50%
GOOG	Add 27%	+556K	11.30%
DG	Add 27%	+562K	7.40%
VST	Add 22% First of three consecutive quarters building Vistra.	+1.00M	7.20%
WCC	Add 10%	+202K	9.90%
FNF	Add 8%	+297K	7.50%
CLVT	Sell (exit)	-10.78M	0.00%
WTW	Reduce 14%	-211K	9.80%
WBD	Reduce 10% Starting the Warner Bros. exit.	-7.00M	13.00%
VSAT	Reduce 10%	-1.00M	3.20%

Seth's sector breakdown

How the top 10 positions are diversified across 4 sectors. Weighted by stated portfolio percentage.

Other

6 positions · WCC, ELV, UNP, FERG, WTW, AON

52.6%

38.9% of AUM

Technology

2 positions · AMZN, GOOG

26.1%

19.3% of AUM

Consumer Discretionary

1 position · QSR

15.8%

11.7% of AUM

Financials

1 position · V

5.5%

4.1% of AUM

Position intelligence · 13F-derived

How Klarman is sized + moving

Every position classified by both portfolio weight (size bucket) and recent move activity (trend bucket). A 22% Apple position building +5% this quarter signals different intent than a 1% starter trimmed in half. Descriptive analysis of 13F filings — not recommendation.

Core

≥10% positions

Significant

3–10%

Starter

1–3%

Small

<1%

Building

Steady

Trimming

New

Exit pending

Position	% portfolio	Size	Trend
AMZN AMAZON COM INC	12.7%	core	↑ building
QSR RESTAURANT BRANDS INTL INC	11.7%	core	★ new
WCC WESCO INTL INC	7.7%	significant	★ new
ELV ELEVANCE HEALTH INC FORMERLY	7.3%	significant	★ new
UNP UNION PAC CORP	7.3%	significant	★ new
GOOG ALPHABET INC	6.6%	significant	↑ building
FERG FERGUSON ENTERPRISES INC	6.6%	significant	↑ building
WTW WILLIS TOWERS WATSON PLC LTD	5.1%	significant	↑ building
AON AON PLC	4.9%	significant	★ new
V VISA INC	4.1%	significant	★ new
LBTYK LIBERTY GLOBAL LTD	3.1%	significant	↑ building
HLF HERBALIFE LTD	2.7%	starter	★ new
MOH MOLINA HEALTHCARE INC	1.7%	starter	★ new
DNOW DNOW INC	0.8%	small	★ new

How to read: Size bucket from current 13F-filed portfolio weight. Trend bucket from the last 2 quarters of move activity (net delta >5% in either direction = building/trimming; new = first-appearance this quarter; exit pending = trimmed >50% last quarter). Data lag: SEC 13F filings are reported 45 days after quarter-end. This is descriptive intelligence — not investment advice.

Score explainability · 9-factor breakdown

What drives the ConvictionScore on Klarman's top positions

The HoldLens ConvictionScore combines 9 factors. This table shows the per-position breakdown — exactly which factors contribute and by how much for each of Klarman's top 8 holdings. Hover any header for factor definition. Empty cells (·) = neutral (no contribution).

Ticker	% port	Smart $	Insider	Track	Streak	Conc	Contra	Event	Dissent	Crowd
AMZN	12.7	+24	·	-4	+5	+9	·	·	+41	·
QSR	11.7	+5	·	-8	·	+5	·	·	+6	·
WCC	7.7	+2	-3	-10	·	+5	·	·	+1	·
ELV	7.3	+6	·	-6	·	+7	·	·	+14	·
UNP	7.3	+4	·	-10	·	+4	·	·	+4	·
GOOG	6.6	+14	·	-6	+5	+6	+6	·	+25	·
FERG	6.6	+3	·	-10	·	+3	·	·	+6	·
WTW	5.1	+6	·	-9	·	+7	·	·	+10	·

Factor definitions →

Smart $: Manager quality × consensus (0–30)
Insider: Form 4 net buy/sell (-15..+20)
Track: Buyer 10y CAGR × concentration (-10..+20)
Streak: Multi-quarter compounding (0–10)
Conc: Biggest position size as conviction (0–10)
Contra: Under-the-radar bonus (0–10)
Event: 8-K events last 90d (-15..+5)
Dissent: Sells subtract, weighted ×1.6 (0–60)
Crowd: Too many owners = priced in (0–10)

Factors are summed (positive add, penalties subtract), then clamped to the -100/+100 range. Each factor has a maximum contribution shown in parentheses next to its name. Read positive cells as bullish contributions, negative as bearish. See /learn/conviction-score-explained for the full methodology. ConvictionScore is descriptive synthesis of public filings — not investment advice.

Cross-portfolio overlap

Who else holds what Klarman holds

Top 6 highest-conviction overlap pairs containing Seth Klarman. Each page is the full intersection of two 13F-filed portfolios.

See all 435 overlap pairs →

Seth Klarman's top 10 disclosed holdings (Q1 2026)

Ticker	Company	% Portfolio	Shares (M)
AMZN	AMAZON COM INC	12.7%	3.12
QSR	RESTAURANT BRANDS INTL INC	11.7%	8.08
WCC	WESCO INTL INC	7.7%	1.44
ELV	ELEVANCE HEALTH INC FORMERLY	7.3%	1.28
UNP	UNION PAC CORP	7.3%	1.54
GOOG	ALPHABET INC	6.6%	1.18
FERG	FERGUSON ENTERPRISES INC	6.6%	1.44
WTW	WILLIS TOWERS WATSON PLC LTD	5.1%	0.89
AON	AON PLC	4.9%	0.77
V	VISA INC	4.1%	0.7

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Dividend tax by country

Estimate your withholding on cross-border dividends

Your country of residenceCompany is domiciled inGross dividend (example)

Withholding rate

Domestic (no cross-border)

Tax withheld

$0.00

You'd receive

$1000.00

Of $1000 gross

Source & treaty reference

Treaty: Domestic — no cross-border withholding

Citation: IRC §§ 1441–1446 (withholding applies to foreign persons; US residents not subject to WHT on US-source dividends)

U.S. residents receiving U.S.-source dividends: no cross-border withholding; taxed on return at qualified (0/15/20%) or ordinary rates.

Estimates for educational purposes only. Tax rules change; consult a qualified tax professional for your specific situation. Dividend-tax treatment depends on holding period, account type (taxable vs. retirement), investor type (individual vs. pension vs. mutual fund), limitation-on-benefits tests, and other factors not modeled here.

Full dividend-tax rules for United States investors →

Want Seth move-alerts?

One email per 13F filing. Summarizes every new position, exit, and trim.

Investors with portfolios similar to Seth Klarman

Tracked managers whose top positions overlap with Seth's portfolio.

Howard Marks

Oaktree Capital

1 shared position: VST

See all 29 investors ranked by portfolio similarity →

ETF replication

Which ETF replicates Seth's portfolio?

None of the 12 tracked ETFs has top-10 overlap with Seth's holdings — concentrated picks outside the most-AUM index ETFs. See full analysis →

Investing style

Seth is a value investor

See 8 other value managers tracked. Patient capital. Concentrated portfolios. Long average holding period.

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Per-quarter digests

What Seth Klarman did, quarter by quarter

Full move-by-move breakdown for each of the last 8 filed quarters.

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024

Frequently asked questions

Who is Seth Klarman?

Seth Klarman runs Baupost Group as ceo. Author of Margin of Safety — the most cited value-investing book never reprinted. Famous for holding 30%+ cash for years.

What fund does Seth Klarman run?

Seth Klarman is ceo of Baupost Group. Baupost Group files SEC Form 13F-HR quarterly with the latest disclosure dated 2026-05-14 (Q1 2026). Full holdings, share counts, dollar values, and quarter-over-quarter changes are listed below.

What does Seth Klarman invest in?

Seth Klarman's Baupost Group portfolio is disclosed quarterly via SEC Form 13F-HR. Each position below shows the ticker, share count, dollar value, percentage of portfolio, and quarter-over-quarter change. Data is sourced directly from SEC filings (public-domain regulatory disclosure).

What is Seth Klarman's investment philosophy?

Seth Klarman's stated investment philosophy: "Margin of safety. Cash is a position. Patience pays.". Seth Klarman has been ceo of Baupost Group; estimated net worth ~$1.5B.

What is Seth Klarman's net worth?

Seth Klarman's estimated net worth is ~$1.5B. Seth Klarman runs Baupost Group as ceo; full 13F holdings disclosed quarterly with the SEC are listed below.

Data sourced from Baupost Group 13F filings with the SEC. Approximate snapshot. Not investment advice.

Sister property: SecFilingDex — the encyclopedic reference for Form 13F (HR / NT / HR/A variants) and the regulatory citation behind every position shown above.