Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Baupost Group (Klarman)
superinvestor_value
B
Reliability improving可靠性走强
leaderboard rank榜单排名 #18FADE淡出
Book持仓规模
$5.4B
long US listed only仅美股多头
Positions持仓数
23
91% resolved已解析
Top-10 concentration前十集中度
75%
% of book占组合%
Turnover换手
LOW
21.1% per quarter每季
Median excess中位超额
-8%
buys vs SPY, since filing买入相对SPY，自披露起 · n 93
Hit rate胜率
39%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Consumer Discretionary (Equal-Weight) — added AMZN, GPC, NCLH (+25.6pp of book this quarter)核心倾向：非必需消费（等权） — 本季度加仓 AMZN、GPC、NCLH（占组合 +25.6pp）
Consumer Discretionary (Equal-Weight)非必需消费（等权）
+25.6pp
25.6% of book held占组合持有
· 3 names标的
· US Sectors (EW)
AMZN
GPC
NCLH
Magnificent Seven七巨头
+16.5pp
16.5% of book held占组合持有
· 1 names标的
· AI & Technology
AMZN
Communication Services (Equal-Weight)通信服务（等权）
+8.9pp
8.9% of book held占组合持有
· 1 names标的
· US Sectors (EW)
GOOG
Travel & Experiences旅行与体验
+3.0pp
3.0% of book held占组合持有
· 1 names标的
· Consumer Cyclical
NCLH
Crypto & Digital Rails加密与数字轨道
+2.5pp
2.5% of book held占组合持有
· 1 names标的
· Crypto & Digital Assets
CME
Financials (Equal-Weight)金融（等权）
+2.5pp
11.2% of book held占组合持有
· 3 names标的
· US Sectors (EW)
CME
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新披露的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 13 scored quarters已评分季度 · 15% positive为正 · recent-4 median近4季中位 -1% vs all-time对全期 -18%
Median excess by quarter各季度中位超额: ▁▂▁▂█▄▃▄▅▂▄▄ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 8 | -20% | 25% | -5% |
| 2023-09-30 | 5 | -45% | 0% | +3% |
| 2023-12-31 | 3 | -33% | 33% | -17% |
| 2024-03-31 | 7 | -38% | 29% | -13% |
| 2024-06-30 | 13 | -29% | 46% | -1% |
| 2024-09-30 | 6 | +36% | 67% | -7% |
| 2024-12-31 | 7 | -1% | 43% | +3% |
| 2025-03-31 | 7 | -18% | 29% | -10% |
| 2025-06-30 | 7 | -9% | 43% | -5% |
| 2025-09-30 | 6 | +9% | 67% | +8% |
| 2025-12-31 | 8 | -30% | 25% | -20% |
| 2026-03-31 | 9 | -0% | 44% | +5% |
| 2026-06-30 | 7 | -2% | 43% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Consumer Cyclical
34.7%
▲ +5.9pp
Industrials
19.2%
▼ -5.0pp
Healthcare
15.1%
▲ +1.5pp
Financial
11.2%
▼ -2.9pp
Communication Services
8.9%
▲ +2.3pp
Unclassified
4.4%
▼ -0.0pp
Consumer Defensive
2.2%
▼ -0.4pp
Basic Materials
2.2%
▼ -1.1pp
Technology
2.1%
▼ -0.3pp
Theme categories主题类别
US Sectors (EW) 21.0%
AI & Technology 16.5%
Healthcare 11.8%
Industrials 10.6%
Financials 8.7%
Consumer Cyclical 3.0%
Rotating into (QoQ)轮入（环比）
Consumer Cyclical +5.9pp
Communication Services +2.3pp
Healthcare +1.5pp
Rotating out of (QoQ)轮出（环比）
Industrials -5.0pp
Financial -2.9pp
Basic Materials -1.1pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Consumer Cyclical 35% · Industrials 19% · Healthcare 15% |
| 2026-03-31 | Consumer Cyclical 29% · Industrials 24% · Financial 14% |
| 2025-12-31 | Consumer Cyclical 23% · Industrials 19% · Financial 17% |
| 2025-09-30 | Industrials 20% · Financial 16% · Consumer Cyclical 15% |
| 2025-06-30 | Financial 21% · Industrials 16% · Basic Materials 12% |
| 2025-03-31 | Financial 22% · Industrials 14% · Unclassified 13% |
| 2024-12-31 | Unclassified 21% · Financial 17% · Industrials 13% |
| 2024-09-30 | Unclassified 31% · Financial 17% · Technology 15% |
| 2024-06-30 | Unclassified 26% · Financial 20% · Healthcare 14% |
| 2024-03-31 | Unclassified 30% · Financial 24% · Technology 15% |
| 2023-12-31 | Unclassified 40% · Financial 17% · Communication Services 16% |
| 2023-09-30 | Unclassified 48% · Communication Services 16% · Financial 14% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至披露日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。21 positions shown项持仓 · resolved已解析 21/23 (91%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | AMZN |
Amazon Com Inc | 16.5% | $892M | add | +20% | 3q | 85 · HIGH | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -2% |
| 2 |  ELV |
Elevance Health Inc Formerly | 9.1% | $493M | hold | +0% | — | 68 · MODERATE | Healthcare | Managed Care & Insurers, Health Care (Equal-Weight) | +9% |
| 3 |  QSR |
Restaurant Brands Intl Inc | 9.0% | $490M | trim | -16% | — | 67 · MODERATE | Consumer Cyclical | — | +3% |
| 4 | GOOG |
Alphabet Inc | 8.9% | $485M | add | +16% | 1q | 70 · HIGH | Communication Services | Communication Services (Equal-Weight) | +3% |
| 5 |  FERG |
Ferguson Enterprises Inc | 6.4% | $344M | hold | +1% | — | 63 · MODERATE | Industrials | Industrial Distribution & Capital Goods | -8% |
| 6 | GPC |
Genuine Parts Co | 6.1% | $332M | add | +89% | 1q | 67 · MODERATE | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | +1% |
| 7 |  UNP |
Union Pac Corp | 6.0% | $322M | trim | -23% | — | 60 · MODERATE | Industrials | Industrials (Equal-Weight) | -2% |
| 8 |  V |
Visa Inc | 4.4% | $241M | hold | +0% | — | 48 · MODERATE | Financial | Payments & Fintech, Financials (Equal-Weight) | +5% |
| 9 |  WCC |
Wesco Intl Inc | 4.2% | $229M | trim | -54% | — | 47 · MODERATE | Industrials | Industrial Distribution & Capital Goods | -4% |
| 10 |  AON |
Aon Plc | 4.2% | $228M | trim | -11% | — | 45 · MODERATE | Financial | Insurance & Brokers, Financials (Equal-Weight) | -13% |
| 11 |  TFX |
Teleflex Incorporated | 3.3% | $179M | trim | -12% | — | 28 · LOW | Healthcare | — | -1% |
| 12 | NCLH |
Norwegian Cruise Line Hldgs | 3.0% | $163M | add | +113% | 2q | 37 · LOW | Consumer Cyclical | Travel & Experiences, Consumer Discretionary (Equal-Weight) | -20% |
| 13 |  MOH |
Molina Healthcare Inc | 2.7% | $145M | hold | +0% | — | 25 · LOW | Healthcare | Managed Care & Insurers | -3% |
| 14 | CME |
Cme Group Inc | 2.5% | $137M | new | — | 1q | 28 · LOW | Financial | Crypto & Digital Rails, Financials (Equal-Weight) | +5% |
| 15 |  HLF |
Herbalife Ltd | 2.2% | $122M | hold | +0% | — | 22 · LOW | Consumer Defensive | Supplements | +3% |
| 16 |  EXP |
Eagle Matls Inc | 2.2% | $119M | trim | -40% | — | 20 · LOW | Basic Materials | — | -10% |
| 17 |  GDS |
Gds Hldgs Ltd | 2.1% | $113M | add | +24% | 1q | 23 · LOW | Technology | — | -11% |
| 18 |  COLD |
Americold Realty Trust Inc | 2.0% | $107M | trim | -12% | — | 17 · LOW | Industrials | Warehousing, Warehousing | -2% |
| 19 |  AERO |
Grupo Aeromexico Sab De Cv | 1.6% | $88M | hold | +0% | — | 15 · LOW | — | — | -4% |
| 20 |  DNOW |
Dnow Inc | 0.7% | $36M | trim | -23% | — | 13 · LOW | Industrials | — | -2% |
| 21 |  PS |
Pershing Square Inc | 0.2% | $13M | new | — | 1q | 7 · LOW | — | — | -10% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (7)
| AMZN add |
16.5% | -2% |
| GOOG add |
8.9% | +3% |
| GPC add |
6.1% | +1% |
| NCLH add |
3.0% | -20% |
| CME new |
2.5% | +5% |
| GDS add |
2.1% | -11% |
| PS new |
0.2% | -10% |
Rotated out of轮出 (10)
| QSR trim |
-16% | +3% |
| UNP trim |
-23% | -2% |
| WCC trim |
-54% | -4% |
| AON trim |
-11% | -13% |
| TFX trim |
-12% | -1% |
| EXP trim |
-40% | -10% |
| COLD trim |
-12% | -2% |
| DNOW trim |
-23% | -2% |
 PCVX exit |
-100% | +3% |
 WTW exit |
-100% | -4% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以披露日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, reported long positions from managers with at least $100M in Section 13(f) securities. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量披露日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。