塞斯·卡拉曼

Seth Klarman

Baupost Group深度价值/安全边际$27B

季度

《安全边际》作者，Baupost 集团创始人。极度注重下行保护，长期保持大量现金仓位等待机会。

持仓数量

管理规模

$27B

做多

做空/对冲

组合收益

组合收益率

近1月

-1.8%

近3月

+0.6%

近6月

+3.7%

近1年

+2.7%

近3年

+24.8%

近5年

+6.2%

加权回报

+0.3%

胜率

78%

18W / 5L

盈亏比

1.8x

+0% / -0%

最大赢家

GDS

+1.5%

最大输家

LBTYK

-0.5%

Top5 集中度

50%

组合收益说明：收益涨幅基于假设虚拟净值计算。收益涨幅 = (最新虚拟净值 - X周期前虚拟净值) / X周期前虚拟净值 × 100%。组合虚拟净值 = 成份标的的虚拟持仓净值之和。成份标的虚拟持仓净值 = 成份标的持有份额 × 前复权收盘价格。加权回报率基于 SEC 13F 披露的加权平均成本价 vs 当前市价，按持仓占比加权。数据每个交易日盘后更新。组合调仓（季度 13F 披露）时重新计算份额。收益涨幅仅供参考，不代表对未来收益的预测与保证，也不构成任何投资建议。

🏆 最赚钱持仓

🟢

GDSGDS HOLDINGSShare2.1%

avg$13.09→$23.20+154.7%$113.2M

2024-03-31(2.6年)持平Technology

🟢

GOOGALPHABETShare8.9%

avg$163.90→$279.28+108.5%$484.7M

2020-03-31(6.6年)减仓Communication Services

🟢

WCCWESCO INTERNATIONALShare4.2%

avg$173.49→$343.85+98.2%$229.0M

2024-03-31(2.6年)减仓Industrials

🟢

UNPUNION PACIFICShare6.0%

avg$224.86→$307.00+34.2%$322.4M

2025-09-30(1.1年)加仓Industrials

🟢

MOHMOLINA HEALTHCAREShare2.7%

avg$160.28→$201.17+25.5%$144.9M

2025-12-31(10月)加仓Healthcare

🔔 重要信号2026年第2季度

新建

CME$137M新建

AXTA$44M新建

PS$13M-16%

QSR-23%

UNP-54%

WCC-11%

AON-12%

TFX-41%

EXP-12%

COLD-36%

LBTYK-23%

DNOW清仓

WTW清仓

PCVX

持仓分布2026年第2季度

25持仓数

AMZN16.5%

ELV9.1%

QSR9.0%

GOOG8.9%

FERG6.4%

GPC6.1%

UNP6.0%

V4.4%

其他33.5%

管理规模

$27B

近1年回报

+2.7%

胜率

78%

Top5 集中度

50%

完整持仓

共 25 个持仓，此处按组合权重显示前 23 个

#	方向	股票	类型	买入均价	当前价	收益率	占比 %	趋势	行业
1	🟢	AMZN AMAZON	Share	$229.79	$265.84	+15.7%	16.5%	加仓	Consumer Cyclical
2	🟢	ELV ELEVANCE HEALTH	Share	$352.35	$413.60	+13.1%	9.1%	加仓	Healthcare
3	🟢	QSR RESTAURANT BRANDS INTERNATIONAL	Share	$66.76	$74.64	+15.5%	9.0%	加仓	Consumer Cyclical
4	🟢	GOOG ALPHABET	Share	$163.90	$279.28	+108.5%	8.9%	减仓	Communication Services
5	🟢	FERG FERGUSON	Share	$209.04	$226.36	+16.3%	6.4%	加仓	Industrials
6	🟢	GPC GENUINE PARTS	Share	$119.93	$134.54	+12.2%	6.1%	加仓	Consumer Cyclical
7	🟢	UNP UNION PACIFIC	Share	$224.86	$307.00	+34.2%	6.0%	加仓	Industrials
8	🟢	V VISA	Share	$322.22	$413.20	+13.4%	4.4%	加仓	Financial Services
9	🟢	WCC WESCO INTERNATIONAL	Share	$173.49	$343.85	+98.2%	4.2%	减仓	Industrials
10	🟢	AON AON	Share	$330.07	$333.38	+5.6%	4.2%	加仓	Financial Services
11	🟢	TFX TELEFLEX	Share	$110.01	$135.86	+23.5%	3.3%	加仓	Healthcare
12	🟢	NCLH NORWEGIAN CRUISE LINE	Share	$20.05	$17.34	-13.5%	3.0%	加仓	Consumer Cyclical
13	🟢	MOH MOLINA HEALTHCARE	Share	$160.28	$201.17	+25.5%	2.7%	加仓	Healthcare
14	🟢	CME CME GROUP	Share	$269.59	$266.94	-1.0%	2.5%	持平	Financial Services
15	🟢	HLF HERBALIFE	Share	$10.47	$12.83	+18.9%	2.3%	加仓	Consumer Defensive
16	🟢	EXP EAGLE MATERIALS	Share	$238.43	$198.87	-13.4%	2.2%	减仓	Basic Materials
17	🟢	GDS GDS HOLDINGS	Share	$13.09	$23.20	+154.7%	2.1%	持平	Technology
18	🟢	COLD AMERICOLD REALTY TRUST	Share	$13.50	$15.08	+11.7%	2.0%	加仓	Real Estate
19	🟢	LBTYK LIBERTY GLOBAL	Share	$23.04	$10.22	-54.7%	1.7%	减仓	Communication Services
20	🟢	AERO Grupo Aeromexico, S.A.B. de C.V.	Share	$16.98	$14.33	-15.6%	1.6%	加仓	Industrials
21	🟢	AXTA AXALTA COATING SYSTEMS	Share	$30.29	$36.27	+19.7%	0.8%	持平	Basic Materials
22	🟢	DNOW NOW	Share	$13.07	$15.61	+19.4%	0.7%	加仓	Energy
23	🟢	PS Pershing Square Inc.	Share	$34.68	$39.81	+14.8%	0.2%	持平	Financial Services

持仓变动2026年第2季度

股票	类型	股数变动	变动比例	当前市值	占比
AMZN	增仓	+625K	+20.0%	$892.3M	16.5%
QSR	减仓	-1.3M	-16.4%	$489.6M	9.0%
GOOG	增仓	+191K	+16.1%	$484.7M	8.9%
FERG	增仓	+8K	+0.6%	$344.3M	6.4%
GPC	增仓	+1.3M	+89.0%	$332.3M	6.1%
UNP	减仓	-356K	-23.1%	$322.4M	6.0%
WCC	减仓	-774K	-53.9%	$229.0M	4.2%
AON	减仓	-82K	-10.7%	$227.9M	4.2%
TFX	减仓	-186K	-11.7%	$178.6M	3.3%
NCLH	增仓	+4.1M	+113.0%	$163.2M	3.0%
CME	建仓	+619K	新建	$136.7M	2.5%
EXP	减仓	-362K	-40.5%	$119.4M	2.2%
GDS	增仓	+725K	+23.8%	$113.2M	2.1%
COLD	减仓	-951K	-12.2%	$107.4M	2.0%
LBTYK	减仓	-4.9M	-36.2%	$94.0M	1.7%
AXTA	建仓	+1.3M	新建	$43.6M	0.8%
DNOW	减仓	-837K	-23.1%	$36.2M	0.7%
PS	建仓	+392K	新建	$12.9M	0.2%
WTW	清仓	-893K	清仓	-	-
PCVX	清仓	-800K	清仓	-	-