BAUPOST GROUP LLC/MA — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, BAUPOST GROUP LLC/MA initiated 6 new positions, increased allocation to 9 existing positions, trimmed 4 positions, and exited 6 positions entirely. The fund's 13F equity book declined from $5.28B to $5.12B (-3.1% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $5.28BPrior quarter
- $5.12BCurrent quarter
- $-0.16BNet delta
- -3.1%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| AON PLC | AON | 4.85% | History → |
| VISA INC | V | 4.14% | History → |
| TELEFLEX INCORPORATED | TFX | 3.73% | Holders → |
| NORWEGIAN CRUISE LINE HLDGS | NCLH | 1.33% | Holders → |
| VAXCYTE INC | PCVX | 0.91% | Holders → |
| DNOW INC | DNOW | 0.84% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| AMERICOLD REALTY TRUST INC | COLD | +0.90% | +123.86% | Holders → |
| AMAZON COM INC | AMZN | +3.42% | +47.01% | History → |
| FERGUSON ENTERPRISES INC | FERG | +1.78% | +26.86% | History → |
| ALPHABET INC | GOOG | +0.16% | +8.64% | History → |
| MOLINA HEALTHCARE INC | MOH | +-0.40% | +1.38% | Holders → |
| WESCO INTL INC | WCC | +1.11% | +1.27% | History → |
| GRUPO AEROMEXICO SAB DE CV | AERO | +-0.68% | +0.52% | Holders → |
| ELEVANCE HEALTH INC FORMERLY | ELV | +-1.13% | +0.46% | History → |
| GENUINE PARTS CO | GPC | +-0.38% | +0.29% | Holders → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| LIBERTY GLOBAL LTD | LBTYK | -1.30% | -35.85% | Holders → |
| WILLIS TOWERS WATSON PLC LTD | WTW | -3.38% | -34.21% | History → |
| EAGLE MATLS INC | EXP | -1.33% | -24.68% | Holders → |
| UNION PACIFIC CORP (UNP) | UNP | 0.18% | -5.30% | History → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| FIDELITY NATL INFORMATION SV | FIS | 5.67% |
| DOLLAR GEN CORP | DG | 5.19% |
| FISERV, INC. | FISV | 2.80% |
| CRH PLC (CRH) | CRH | 2.54% |
| LIBERTY GLOBAL, LTD. | LBTYA | 0.44% |
| TAMBORAN RES CORP | TBN | 0.13% |
Methodology & FAQ
How BAUPOST GROUP LLC/MA Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for BAUPOST GROUP LLC/MA against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did BAUPOST GROUP LLC/MA initiate in Q1 2026?
BAUPOST GROUP LLC/MA established 6 new positions in Q1 2026: AON PLC (AON, 4.85%), VISA INC (V, 4.14%), TELEFLEX INCORPORATED (TFX, 3.73%), NORWEGIAN CRUISE LINE HLDGS (NCLH, 1.33%), VAXCYTE INC (PCVX, 0.91%), DNOW INC (DNOW, 0.84%).
Which existing positions saw the largest allocation increases for BAUPOST GROUP LLC/MA in Q1 2026?
The largest portfolio-weight increases in existing positions were: AMERICOLD REALTY TRUST INC (COLD, +0.90% weight, +123.86% shares), AMAZON COM INC (AMZN, +3.42% weight, +47.01% shares), FERGUSON ENTERPRISES INC (FERG, +1.78% weight, +26.86% shares), ALPHABET INC (GOOG, +0.16% weight, +8.64% shares), MOLINA HEALTHCARE INC (MOH, +-0.40% weight, +1.38% shares), WESCO INTL INC (WCC, +1.11% weight, +1.27% shares), GRUPO AEROMEXICO SAB DE CV (AERO, +-0.68% weight, +0.52% shares), ELEVANCE HEALTH INC FORMERLY (ELV, +-1.13% weight, +0.46% shares), GENUINE PARTS CO (GPC, +-0.38% weight, +0.29% shares).
Which positions did BAUPOST GROUP LLC/MA fully exit in Q1 2026?
BAUPOST GROUP LLC/MA fully exited 6 positions in Q1 2026: FIDELITY NATL INFORMATION SV (FIS, last-reported weight 5.67%), DOLLAR GEN CORP (DG, last-reported weight 5.19%), FISERV, INC. (FISV, last-reported weight 2.80%), CRH PLC (CRH) (CRH, last-reported weight 2.54%), LIBERTY GLOBAL, LTD. (LBTYA, last-reported weight 0.44%), TAMBORAN RES CORP (TBN, last-reported weight 0.13%).
Which existing positions saw the largest allocation reductions for BAUPOST GROUP LLC/MA in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: LIBERTY GLOBAL LTD (LBTYK, -1.30% weight, -35.85% shares), WILLIS TOWERS WATSON PLC LTD (WTW, -3.38% weight, -34.21% shares), EAGLE MATLS INC (EXP, -1.33% weight, -24.68% shares), UNION PACIFIC CORP (UNP) (UNP, 0.18% weight, -5.30% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.