Adding $211,978 in fresh capital toward Visa Inc (V) suggests a specific appetite for payment processing infrastructure despite the broader trend of trimming exposure elsewhere in the Baupost Group portfolio. This new position represents 4.14% of the total $5,115,380 AUM. It sits alongside a second new entrant, Teleflex Incorporated (TFX), which accounts for a $190,778 allocation. While these additions are notable, the core of the portfolio remains tethered to high-conviction legacy stakes.

Total holding count stands at 15 distinct positions. Concentration remains the defining feature of the strategy, with the top eight holdings occupying a significant portion of the total asset base. Examining the filing reveals a clear hierarchy in how capital is shifted between industry staples and evolving service sectors. The decision to introduce these two new tickers signals a tactical pivot rather than a complete overhaul of the screener methodology typically associated with this filer.

Amazon, WESCO, and the Scaling of Scale

Amazon.com Inc (AMZN) saw its position size grow to $649,543, confirming its status as the portfolio’s primary holding at 12.69% of the total value. The increase here is not marginal; it reflects a deliberate expansion of the largest single bet in the book. Similarly, WESCO INTERNATIONAL INC (WCC) received a boost, reaching a valuation of $393,159, or 7.68% of the portfolio. The confidence signaled by these increases stands in stark contrast to the selective pruning elsewhere.

ELEVANCE HEALTH INC (ELV) was also bolstered to a $373,301 position, now representing 7.29% of the assets under management. The pattern continues with ALPHABET INC-CL C (GOOG), which now accounts for $338,819 and 6.62% of the fund’s weight. FERGUSON ENTERPRISES INC (FERG) rounds out this series of increases, sitting at $336,457 and 6.57% of the total allocation. When one observes these five tickers—AMZN, WCC, ELV, GOOG, and FERG—the tilt toward industrial, tech, and health services becomes the defining narrative of the recent filing. These are not small adjustments, but rather substantial commitments that lock in higher weightings across these specific sectors.

Union Pacific and the Contraction of Rail

While the growth of the top holdings dominates the report, UNION PACIFIC CORP (UNP) serves as a necessary counterbalance. The position was decreased to $373,876, representing 7.30% of the portfolio. This reduction acts as a signal of a cooling interest in the transportation sector, even as the fund maintains a meaningful stake. The move is not an exit, but it highlights a shift in risk assessment compared to the expanding positions in tech and distribution.

The strategy behind the portfolio is clear when looking at the remaining holdings:

* RESTAURANT BRANDS INTERN (QSR): $597,208, 11.67% of the portfolio, unchanged. * EXP (EXP): $169,134, representing a notable decrease in the filing.

The decision to keep QSR steady at 11.67% suggests that the fund is content with its second-largest position, choosing to leave the allocation untouched while shifting capital toward the growth of its Amazon and WESCO holdings. The reduction in EXP, however, suggests that the thesis for that particular asset has shifted enough to warrant a meaningful contraction in its weight within the fund.

The combination of new positions in V and TFX, alongside the concentrated increases in AMZN, WCC, ELV, GOOG, and FERG, portrays a manager actively consolidating capital into a smaller, more focused group of companies. The 15 holdings are being managed with a focus on maximizing exposure to assets where the conviction has risen. The reduction in UNP and the cut to EXP illustrate the disciplined, albeit selective, trimming required to fund those additions. This filing from 2026-05-14 demonstrates that while the total AUM of $5,115,380 is spread across 15 tickers, the actual weight is heavily skewed toward a handful of winners. The data shows no hesitation in abandoning previous weightings if they no longer align with the updated, more aggressive sizing of the top-tier holdings. By anchoring the portfolio with a large AMZN position and adding payment and medical technology exposure, the firm is effectively signaling which areas of the market it views as worthy of current capital retention.

The 13F filing is a delayed report of past holdings and is not investment advice.