Seth Klarman’s Baupost Group took a new position in Bill Ackman’s recently listed asset management company in the second quarter, while adding to some of its biggest technology bets. The Boston-based investment firm disclosed a small stake in Pershing Square Inc., which trades under the ticker PS , valued at about $13 million as of June 30. Baupost established a much larger position in CME Group , parent of the Chicago Mercantile Exchange, worth nearly $137 million at quarter-end, according to a regulatory filing. Klarman, one of the best-known value investors, also leaned further into two of the biggest technology companies in the quarter. Baupost increased its Amazon position by about 20%, to 3.74 million shares valued at roughly $892 million, making the e-commerce and cloud-computing company its largest disclosed equity holding. The firm boosted its Alphabet stake by about 16%, to roughly 1.37 million shares. The position was valued at about $490 million at the end of June. Klarman pared several sizable holdings. Baupost cut its Restaurant Brands International position by more than 16% to about 6.75 million shares, worth roughly $490 million. The regulatory filings offer only a snapshot of Baupost’s U.S.-listed equity holdings at the end of the quarter and don’t disclose short positions. Klarman, 69, is a disciple of Benjamin Graham’s value-investing principles and has built a reputation for patient, contrarian bets, drawing frequent comparisons with Warren Buffett and the moniker “Oracle of Boston.” His 1991 book, Margin of Safety, which details his approach to valuing stocks and managing risk, has become a sought-after investing classic. Long out of print, used copies command thousands of dollars online.
