Baupost Group LLC

Background

Baupost Group LLC is a Boston-based investment partnership founded in 1982 by Seth Klarman, who remains one of the more closely watched value practitioners in the industry. The firm is known for its patient, margin-of-safety approach to equity investing — a framework Klarman elaborated in his now out-of-print book Margin of Safety. Baupost manages a concentrated, long-only public equity sleeve alongside other asset classes, and its 13F filings attract attention precisely because the public portfolio is small by institutional standards, making each disclosed position meaningful. The curator note — "Value, Klarman style" — captures the essential orientation: mispriced businesses, long time horizons, limited tolerance for speculative positioning.

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Current Portfolio Signal

The portfolio holds just 16 positions, which makes concentration analysis straightforward and each weight consequential. Amazon (AMZN) leads at 13.9%, followed by Restaurant Brands International (QSR) at 12.8% and WESCO International (WCC) at 8.4%. Together the top five holdings — AMZN, QSR, WCC, Union Pacific (UNP) at 8.0%, and Elevance Health (ELV) at 8.0% — account for roughly 51% of the portfolio. Alphabet (GOOG) at 7.2% and Ferguson Enterprises (FERG) at 7.2% push the top seven past 65%. What's distinctive against a market-cap-weighted index is the…