SuperworthSeth Klarman
Baupost GroupMargin-of-safety value
Margin-of-safety value investor who holds cash when bargains are scarce.
- US stock portfolio
- $5.4B
- Positions
- 23
- Quarter
- Q2 2026
- 13F filed with the SEC
- In its top 10
- 75%
- Active share
- 89%
- different from S&P 500
- Turnover a year
- 35%
- Median holding
- 1.0 yrs
How the picks did
Trailed its closest index (mostly the S&P 500 Growth) by 4.2 pts a year over 3 years (10 quarters).
How this is measured
Each 13F report is held from the week it was filed to the week of the next, priced weekly without dividends, and compared with the price of an ETF tracking the index it was closest to that quarter. No shorts, cash, bonds or options. Small and delisted companies we do not price are left out, and a quarter counts only when 70% or more of the portfolio is priced. Past results say nothing about future ones.
13F shows US long stock positions only, filed up to 45 days after the quarter.
Largest holdings
Each tile's size is its share of the portfolio at the end of Q2 2026. Green was bought or added to that quarter, red trimmed.
What changed in Q2 2026
Bought
Its bets against S&P 500
Holds much more than the index
Holds much less, or none
By sector
Every position, Q2 2026
| Company | Share of portfolio | Value | Change |
|---|---|---|---|
| AMZNAmazon.com | 16.48% | $892.3M | added |
| ELVElevance Health | 9.11% | $493.1M | |
| QSRRestaurant Brands International | 9.04% | $489.6M | trimmed |
| GOOGAlphabet | 8.95% | $484.7M | added |
| FERGFerguson | 6.36% | $344.3M | added |
| GPCGenuine Parts | 6.13% | $332.3M | added |
| UNPUnion Pacific | 5.95% | $322.4M | trimmed |
| VVisa | 4.44% | $240.6M | |
| WCCWESCO International | 4.23% | $229M | trimmed |
| AONAon | 4.21% | $227.9M | trimmed |
| TFXTeleflex | 3.30% | $178.6M | trimmed |
| NCLHNorwegian Cruise Line | 3.01% | $163.2M | added |
| MOHMolina Healthcare | 2.68% | $144.9M | |
| CMECME | 2.52% | $136.7M | new |
| HLFHerbalife | 2.25% | $121.8M | |
| EXPEagle Materials | 2.21% | $119.4M | trimmed |
| GDSGDS | 2.09% | $113.2M | added |
| COLDAmericold Realty Trust | 1.98% | $107.4M | trimmed |
| Liberty Global | 1.74% | $94M | trimmed |
| AEROGrupo Aeromexico, S.A.B. de C.V. | 1.62% | $87.8M | |
| AXTAAxalta Coating Systems | 0.81% | $43.6M | new |
| DNOWDNOW | 0.67% | $36.2M | trimmed |
| PSPershing Square | 0.24% | $12.9M | new |
About these numbers
A 13F lists a manager's US stock positions at the end of a quarter and is filed up to 45 days later. It leaves out shorts, cash, bonds and most non-US holdings, so it is a picture of the stock book, not the whole firm. The filings on SEC EDGAR