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Seth Klarman’s cannibal stocks

Baupost Group · 13F for Q2 2026

4%of the portfolio in cannibals
1cannibal held
$5.4Min 21 stock positions

Aon

AONReduced
$228K687,000 shares
4.2% of the 13F

Aon retired 1.3% of its shares in twelve months, so this stake grew 1.3% without buying a share.

Shares held, 8 quarters
Q3 2024Q2 2026

Values as reported in the 13F at quarter end. See the Q2 2026 filing on EDGAR.

Questions

Which cannibal stocks does Seth Klarman own?

In the Q2 2026 13F, Baupost Group held AON. 1 of them is on the Buyback Radar leaderboard.

How much of Seth Klarman's portfolio is in cannibals?

About 4% of the $5.4M reported in the Q2 2026 13F.

Where does this data come from?

From Baupost Group's 13F filings with the SEC, the last eight quarters, amendments applied, options excluded. A 13F shows US-listed stock positions at quarter end and is filed up to 45 days later, so it is a record, not a live portfolio.

How do buybacks help Seth Klarman?

Aon retired 1.3% of its shares in the last twelve months. That alone made every remaining share, including Seth Klarman's 687,000, 1.3% bigger as a slice of the company, without buying anything.

Seth Klarman’s moves in companies like these are covered on Cannibal Stocks.

Read Cannibal Stocks All superinvestors →