Seth Klarman's Baupost adds Pershing Square in Q2; boosts Amazon, Alphabet

Baupost’s Q2 13F shows Seth Klarman’s fund added to several large-cap positions while starting new stakes in CME Group and Pershing Square, and exiting Willis Towers Watson and Vaxcyte. The filing is notable because it highlights a shift toward selective additions in high-quality names, including increased exposure to Amazon and Alphabet, alongside reductions in a number of other holdings such as Union Pacific, Liberty Global, Restaurant Brands, and Aon. For Amazon investors, the key takeaway is that a major hedge fund manager added shares rather than trimming, reinforcing a constructive institutional signal. The broader market implication is modest but supportive for the names accumulated, especially AMZN and GOOG/Alphabet, while the exits and trims suggest portfolio rebalancing rather than a broad risk-off move.