Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Baupost Group (Klarman)
superinvestor_value
B
Reliability improving可靠性走强
leaderboard rank榜单排名 #23
Book持仓规模
$5M
long US listed only仅美股多头
Positions持仓数
22
91% resolved已解析
Top-10 concentration前十集中度
74%
% of book占组合%
Turnover换手
LOW
21.4% per quarter每季
Median excess中位超额
-12%
buys vs SPY, since filing买入相对SPY，自申报起 · n 67
Hit rate胜率
45%
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, NCLH (+14.0pp of book this quarter)核心倾向：非必需消费（等权） — 本季度加仓 AMZN、NCLH（占组合 +14.0pp）
Consumer Discretionary (Equal-Weight)非必需消费（等权）
+14.0pp
17.1% of book held占组合持有
· 3 names标的
· US Sectors (EW)
AMZN
NCLH
Magnificent Seven七巨头
+12.7pp
12.7% of book held占组合持有
· 1 names标的
· AI & Technology
AMZN
Financials (Equal-Weight)金融（等权）
+9.0pp
14.1% of book held占组合持有
· 3 names标的
· US Sectors (EW)
AON
V
Industrial Distribution & Capital Goods工业分销与资本品
+6.6pp
14.3% of book held占组合持有
· 2 names标的
· Industrials
FERG
Insurance & Brokers保险与经纪
+4.8pp
9.9% of book held占组合持有
· 2 names标的
· Financials
AON
Payments & Fintech支付与金融科技
+4.1pp
4.1% of book held占组合持有
· 1 names标的
· Financials
V
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——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，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 12 scored quarters已评分季度 · 25% positive为正 · recent-4 median近4季中位 -8% vs all-time对全期 -13%
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 | 7 | -27% | 29% | -5% |
| 2023-09-30 | 4 | -28% | 25% | — |
| 2023-12-31 | 2 | +6% | 50% | -14% |
| 2024-03-31 | 5 | -28% | 40% | -13% |
| 2024-06-30 | 11 | -27% | 36% | +3% |
| 2024-09-30 | 4 | +24% | 75% | -6% |
| 2024-12-31 | 4 | -9% | 50% | -6% |
| 2025-03-31 | 6 | -21% | 33% | +1% |
| 2025-06-30 | 7 | -12% | 43% | -7% |
| 2025-09-30 | 4 | -4% | 50% | +8% |
| 2025-12-31 | 6 | -15% | 33% | -17% |
| 2026-03-31 | 7 | +4% | 86% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Unclassified
30.4%
▲ +0.3pp
Consumer Cyclical
17.1%
▲ +4.4pp
Industrials
15.8%
▲ +2.1pp
Financial
14.1%
▼ -0.1pp
Healthcare
7.3%
▼ -1.1pp
Communication Services
6.6%
▲ +0.2pp
Health Care
5.4%
▲ +3.3pp
Materials
3.3%
▼ -1.3pp
Theme categories主题类别
US Sectors (EW) 17.0%
Industrials 14.3%
Financials 14.1%
AI & Technology 12.7%
Healthcare 8.9%
Consumer Cyclical 1.3%
Rotating into (QoQ)轮入（环比）
Consumer Cyclical +4.4pp
Health Care +3.3pp
Industrials +2.1pp
Rotating out of (QoQ)轮出（环比）
Consumer Defensive -5.2pp
Basic Materials -2.5pp
Materials -1.3pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Unclassified 30% · Consumer Cyclical 17% · Industrials 16% |
| 2025-12-31 | Unclassified 30% · Financial 14% · Industrials 14% |
| 2025-09-30 | Unclassified 31% · Industrials 14% · Financial 13% |
| 2025-06-30 | Unclassified 32% · Financial 17% · Communication Services 11% |
| 2025-03-31 | Unclassified 32% · Financial 22% · Communication Services 9% |
| 2024-12-31 | Unclassified 42% · Financial 17% · Communication Services 8% |
| 2024-09-30 | Unclassified 43% · Financial 17% · Industrials 7% |
| 2024-06-30 | Unclassified 36% · Financial 20% · Basic Materials 9% |
| 2024-03-31 | Unclassified 40% · Financial 24% · Communication Services 14% |
| 2023-12-31 | Unclassified 49% · Financial 17% · Communication Services 15% |
| 2023-09-30 | Unclassified 55% · Communication Services 15% · Financial 14% |
| 2023-06-30 | Unclassified 53% · Information Technology 17% · Communication Services 15% |
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.截至申报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。20 positions shown项持仓 · resolved已解析 20/22 (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自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | AMZN |
Amazon Com Inc | 12.7% | $649543 | add | +47% | 2q | 80 · HIGH | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -7% |
| 2 |  QSR |
Restaurant Brands Intl Inc | 11.7% | $597208 | hold | +0% | — | 68 · MODERATE | — | — | — |
| 3 |  WCC |
Wesco Intl Inc | 7.7% | $393159 | hold | +1% | — | 66 · MODERATE | Industrials | Industrial Distribution & Capital Goods | -12% |
| 4 |  UNP |
Union Pac Corp | 7.3% | $373876 | hold | -5% | — | 65 · MODERATE | Industrials | Industrials (Equal-Weight) | +11% |
| 5 |  ELV |
Elevance Health Inc Formerly | 7.3% | $373301 | hold | +0% | — | 63 · MODERATE | Healthcare | Managed Care & Insurers, Health Care (Equal-Weight) | -6% |
| 6 |  GOOG |
Alphabet Inc | 6.6% | $338819 | hold | +9% | — | 61 · MODERATE | Communication Services | Communication Services (Equal-Weight) | -11% |
| 7 | FERG |
Ferguson Enterprises Inc | 6.6% | $336457 | add | +27% | 1q | 64 · MODERATE | — | Industrial Distribution & Capital Goods | — |
| 8 |  WTW |
Willis Towers Watson Plc Ltd | 5.1% | $259632 | trim | -34% | — | 58 · MODERATE | Financial | Insurance & Brokers, Financials (Equal-Weight) | +14% |
| 9 | AON |
Aon Plc | 4.8% | $248218 | new | — | 1q | 61 · MODERATE | Financial | Insurance & Brokers, Financials (Equal-Weight) | +12% |
| 10 | V |
Visa Inc | 4.1% | $211978 | new | — | 1q | 49 · MODERATE | Financial | Payments & Fintech, Financials (Equal-Weight) | +13% |
| 11 |  TFX |
Teleflex Incorporated | 3.7% | $190778 | new | — | 1q | 32 · LOW | Health Care | — | +0% |
| 12 |  EXP |
Eagle Matls Inc | 3.3% | $169134 | trim | -25% | — | 26 · LOW | Materials | — | +1% |
| 13 |  GPC |
Genuine Parts Co | 3.1% | $157604 | hold | +0% | — | 24 · LOW | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | +25% |
| 14 |  GDS |
Gds Hldgs Ltd | 2.4% | $122676 | hold | +0% | — | 22 · LOW | — | — | -27% |
| 15 |  COLD |
Americold Realty Trust Inc | 1.7% | $89168 | add | +124% | 1q | 26 · LOW | — | Warehousing, Warehousing | — |
| 16 |  MOH |
Molina Healthcare Inc | 1.6% | $84460 | hold | +1% | — | 19 · LOW | Health Care | Managed Care & Insurers | +24% |
| 17 |  AERO |
Grupo Aeromexico Sab De Cv | 1.3% | $68371 | hold | +0% | — | 17 · LOW | — | — | — |
| 18 | NCLH |
Norwegian Cruise Line Hldgs | 1.3% | $67881 | new | — | 1q | 10 · LOW | Consumer Cyclical | Travel & Experiences, Consumer Discretionary (Equal-Weight) | +23% |
| 19 |  PCVX |
Vaxcyte Inc | 0.9% | $46488 | new | — | 1q | 8 · LOW | — | — | +4% |
| 20 |  DNOW |
Dnow Inc | 0.8% | $43174 | new | — | 1q | 7 · LOW | Industrials | — | +1% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，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 (9)
| AMZN add |
12.7% | -7% |
| FERG add |
6.6% | — |
| AON new |
4.8% | +12% |
| V new |
4.1% | +13% |
| TFX new |
3.7% | +0% |
| COLD add |
1.7% | — |
| NCLH new |
1.3% | +23% |
| PCVX new |
0.9% | +4% |
| DNOW new |
0.8% | +1% |
Rotated out of轮出 (6)
| WTW trim |
-34% | +14% |
| EXP trim |
-25% | +1% |
 CRH exit |
-100% | -4% |
 DG exit |
-100% | +15% |
 FIS exit |
-100% | +3% |
 FISV 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，以申报日为锚，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, long-only US listed ≥$100M. 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——衡量申报日之后持仓的表现，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。