Baupost Group.
The book · Q1 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q1 |
|---|---|---|---|---|---|---|
| 1 | BN | BROOKFIELD CORP | 59.70M | $2.4B | 17.6% | −3% |
| 2 | AMZN | AMAZON COM INC | 11.45M | $2.4B | 17.4% | +19% |
| 3 | UBER | UBER TECHNOLOGIES INC | 29.96M | $2.2B | 15.7% | −1% |
| 4 | MSFT | MICROSOFT CORP | 5.65M | $2.1B | 15.3% | NEW |
| 5 | QSR | RESTAURANT BRANDS INTL INC | 22.65M | $1.7B | 12.2% | −1% |
| 6 | META | META PLATFORMS INC | 2.66M | $1.5B | 11.1% | ±0% |
| 7 | HHH | HOWARD HUGHES HOLDINGS INC | 18.85M | $1.2B | 8.7% | ±0% |
| 8 | SEG | SEAPORT ENTMT GROUP INC | 5.02M | $108M | 0.8% | ±0% |
| 9 | GOOG | ALPHABET INC | 312K | $89M | 0.7% | −95% |
| 10 | HTZ | HERTZ GLOBAL HLDGS INC | 15.24M | $70M | 0.5% | ±0% |
Where the money is
AC read
Baupost Group's most recent 13F filing presents an unusual data picture worth flagging before drawing any conclusions: the filing shows zero new positions and zero exited positions this quarter, yet the top holdings list contains what appear to be duplicate tickers with different valuations and weightings—Brookfield (BN) appears twice at $2,817.8 million (18.1%) and $2,415.9 million (17.6%), Amazon (AMZN) twice at $2,385.1 million (17.4%) and $2,217.7 million (14.3%), and Uber (UBER) twice at $2,468.3 million (15.9%) and $2,154.9 million (15.7%). This pattern is consistent with either a comparison between two reporting periods embedded in a single dataset, or potential share-class/voting-vs-non-voting distinctions within the same issuer, and it underscores why 13F data requires careful reconciliation before any interpretation is drawn. As always, the SEC's 13F disclosure regime means this snapshot reflects positions as of a quarter-end date that is now 45 to 90 days old, so it does not capture any intra-quarter trading Baupost may have conducted since.
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