Baupost Group's Q2 13F: Firm adds CME Group, exits Willis Towers Watson, and boosts top Amazon stake by 20%.

In its Q2 2026 13F filing, Seth Klarman's Baupost Group reported a portfolio value of $5.42 million. The firm made several significant adjustments, including establishing new positions, exiting others, and making substantial changes to existing holdings.

Most notably, Baupost initiated three new positions, with the largest being a $137K stake in CME Group Inc (CME), representing 2.5% of the total portfolio. The firm also completely exited two holdings, including a sizable $260K position in Willis Towers Watson PLC LTD and a smaller $46K stake in Vaxcyte Inc.

Baupost significantly increased its exposure to several companies. The firm boosted its top holding, Amazon.com Inc (AMZN), by 20% to a new value of $892K. Other major increases included an 89% addition to its Genuine Parts Co (GPC) stake, bringing it to $332K, and more than doubling its investment in Norwegian Cruise Line Holdings with a 113% increase.

Conversely, the fund reduced several key positions. The holding in Wesco International Inc (WCC) was more than halved, with a 54% decrease to $229K. Other notable reductions included a 16% trim of Restaurant Brands International Inc (QSR) to $490K, a 23% cut in Union Pacific Corp (UNP), and a 41% decrease in Eagle Materials Inc (EXP).

Position changes