集中长期Concentrated long-term · famous
Baupost Group
包普斯特集团
研究可用度高High research usability
13F-RS 研究可用度13F-RS research usability
84.2
覆盖coverage 75% · 置信confidence B
结论先行Answer first
前五大占49.9%，最值得继续核验的动作是退出候选WILLIS TOWERS WATSON PLC LTDTop five represent 49.9%; apparent exit candidate in WILLIS TOWERS WATSON PLC LTD is the clearest next diligence lead
最大可见非期权证券持仓为AMAZON COM INC（16.5%）；季度快照换手代理为15.3%，前十大延续率为100.0%。该机构归入“集中长期”，13F只能解释公开的美国可报告证券多头。
The largest visible non-option security is AMAZON COM INC (16.5%). The quarterly snapshot turnover proxy is 15.3%, and top-ten persistence is 100.0%. The manager is classified as Concentrated long-term; 13F covers only visible reportable U.S. long securities.
按上季可见权重 × 股数降幅排序；完整非期权证券变化见下方。Ranked by prior visible weight × share decline; the full non-option security changes appear below.
下一步Next diligence
把退出候选WILLIS TOWERS WATSON PLC LTD作为研究线索，结合公司基本面、估值、催化剂及13D/G核验；不要直接跟单。
Treat the apparent exit candidate in WILLIS TOWERS WATSON PLC LTD as a research lead and verify fundamentals, valuation, catalysts and any 13D/G filings; do not copy mechanically.
CIK · accession · accepted date
本季申报链Current filing chain
先展示 13F-NT 关系通知，再展示解析到的 13F-HR / HR-A。价值单位说明保留检测结果和归一化倍数。
Relationship notices appear before resolved 13F-HR / HR-A filings. Unit notes preserve the detection result and normalization multiplier.
| 法律申报人Legal filer | CIK | Form | Accession | 申报日Filed | 解析 / 单位说明Resolution / unit note |
|---|---|---|---|---|---|
| BAUPOST GROUP LLC/MA | CIK 0001061768 | 13F-HR | 0001061768-26-000010 | 2026-08-13 | legacy_thousands_detected_from_implied_prices; ×1000 |
2026-03-31 → 2026-06-30
持仓与季度变化Holdings and quarterly change
前十大可见非期权证券Top visible non-option holdings 10
| 证券Security | Put / Call | 申报价值Filed value | 权重Weight | 股数 / 标的股数Shares / underlying shares | 股数变化Share change |
|---|---|---|---|---|---|
| AMAZON COM INCCOM · CUSIP 023135106 | — | $892.3m | 16.48% | 3,743,854 | 20.0% |
| ELEVANCE HEALTH INC FORMERLYCOM · CUSIP 036752103 | — | $493.1m | 9.11% | 1,275,154 | 0.0% |
| RESTAURANT BRANDS INTL INCCOM · CUSIP 76131D103 | — | $489.6m | 9.04% | 6,753,112 | -16.4% |
| ALPHABET INCCAP STK CL C · CUSIP 02079K107 | — | $484.7m | 8.95% | 1,371,931 | 16.1% |
| FERGUSON ENTERPRISES INCCOMMON STOCK NEW · CUSIP 31488V107 | — | $344.3m | 6.36% | 1,450,594 | 0.6% |
| GENUINE PARTS COCOM · CUSIP 372460105 | — | $332.3m | 6.13% | 2,816,178 | 89.0% |
| UNION PAC CORPCOM · CUSIP 907818108 | — | $322.4m | 5.95% | 1,185,395 | -23.1% |
| VISA INCCOM CL A · CUSIP 92826C839 | — | $240.6m | 4.44% | 701,355 | 0.0% |
| WESCO INTL INCCOM · CUSIP 95082P105 | — | $229.0m | 4.23% | 662,881 | -53.9% |
| AON PLCSHS CL A · CUSIP G0403H108 | — | $227.9m | 4.21% | 687,000 | -10.7% |
新建仓位New positions 3
| 证券Security | Put / Call | 申报价值Filed value | 权重Weight | 股数 / 标的股数Shares / underlying shares | 股数变化Share change |
|---|---|---|---|---|---|
| CME GROUP INCCOM · CUSIP 12572Q105 | — | $136.7m | 2.52% | 619,000 | — |
| AXALTA COATING SYS LTDCOM · CUSIP G0750C108 | — | $43.6m | 0.81% | 1,274,356 | — |
| PERSHING SQUARE INCCOMMON STOCK · CUSIP 71531U102 | — | $12.9m | 0.24% | 392,000 | — |
增持仓位Added positions 5
| 证券Security | Put / Call | 申报价值Filed value | 权重Weight | 股数 / 标的股数Shares / underlying shares | 股数变化Share change |
|---|---|---|---|---|---|
| AMAZON COM INCCOM · CUSIP 023135106 | — | $892.3m | 16.48% | 3,743,854 | 20.0% |
| GENUINE PARTS COCOM · CUSIP 372460105 | — | $332.3m | 6.13% | 2,816,178 | 89.0% |
| ALPHABET INCCAP STK CL C · CUSIP 02079K107 | — | $484.7m | 8.95% | 1,371,931 | 16.1% |
| NORWEGIAN CRUISE LINE HLDGSSHS · CUSIP G66721104 | — | $163.2m | 3.01% | 7,730,000 | 113.0% |
| GDS HLDGS LTDSPONSORED ADS · CUSIP 36165L108 | — | $113.2m | 2.09% | 3,769,818 | 23.8% |
减持仓位Reduced positions 9
用公司行动调整后的股数判断，按上季可见权重 × 股数降幅排序；报告权重变化不是交易量。Classified from corporate-action-adjusted shares and ranked by prior visible weight × share decline; reported weight change is not trading volume.
| 证券Security | Put / Call | 申报价值Filed value | 权重Weight | 股数 / 标的股数Shares / underlying shares | 股数变化Share change |
|---|---|---|---|---|---|
| WESCO INTL INCCOM · CUSIP 95082P105 | — | $229.0m | 4.23% | 662,881 | -53.9% |
| RESTAURANT BRANDS INTL INCCOM · CUSIP 76131D103 | — | $489.6m | 9.04% | 6,753,112 | -16.4% |
| UNION PAC CORPCOM · CUSIP 907818108 | — | $322.4m | 5.95% | 1,185,395 | -23.1% |
| EAGLE MATLS INCCOM · CUSIP 26969P108 | — | $119.4m | 2.21% | 530,763 | -40.5% |
| LIBERTY GLOBAL LTDCOM CL C · CUSIP G61188127 | — | $94.0m | 1.74% | 8,543,161 | -36.2% |
| AON PLCSHS CL A · CUSIP G0403H108 | — | $227.9m | 4.21% | 687,000 | -10.7% |
| TELEFLEX INCORPORATEDCOM · CUSIP 879369106 | — | $178.6m | 3.30% | 1,409,000 | -11.7% |
| AMERICOLD REALTY TRUST INCCOM · CUSIP 03064D108 | — | $107.4m | 1.98% | 6,830,230 | -12.2% |
| DNOW INCCOM · CUSIP 67011P100 | — | $36.2m | 0.67% | 2,788,000 | -23.1% |
退出候选Apparent exits 2
仅表示排除已知公司事件后，本期未见同一可比证券；到期、退市及未知事件仍须核验。Only means the comparable security is absent after known event checks; maturities, delistings and unknown events still require review.
| 证券Security | Put / Call | 申报价值Filed value | 权重Weight | 股数 / 标的股数Shares / underlying shares | 股数变化Share change |
|---|---|---|---|---|---|
| WILLIS TOWERS WATSON PLC LTDSHS · CUSIP G96629103 | — | $259.6m | 5.08% | 893,126 | -100.0% |
| VAXCYTE INCCOM · CUSIP 92243G108 | — | $46.5m | 0.91% | 800,000 | -100.0% |
期权切片Options slice 0
Put/Call 股数是标的股数；13F 没有执行价、到期日、权利金或净方向。Put/call shares are underlying shares; 13F omits strike, expiry, premium and net direction.
| 证券Security | Put / Call | 申报价值Filed value | 权重Weight | 股数 / 标的股数Shares / underlying shares | 股数变化Share change |
|---|---|---|---|---|---|
| 无可展示记录No records to display | |||||
13F-RS-v1.0
评分拆解Score breakdown
| 维度Dimension | 得分Score | 相对满分Relative to max | 比例Ratio |
|---|---|---|---|
| 申报完整性Filing integrity | 12.8 / 15 | 85% | |
| 实体映射Entity mapping | 10.0 / 10 | 100% | |
| 策略适配度Strategy fit | 13.5 / 15 | 90% | |
| 集中度信息密度Concentration signal | 10.0 / 10 | 100% | |
| 高确信度可识别性Conviction identifiability | 15.0 / 15 | 100% | |
| 延续性 / 换手Persistence / turnover | 9.1 / 10 | 91% | |
| 申报时滞Filing lag | 0.3 / 10 | 3% | |
| 不可见风险Opacity risk | 9.6 / 10 | 96% | |
| 独立共识Independent consensus | 3.9 / 5 | 78% |
策略分类：集中长期。分数衡量公开13F的研究可用度，不评价未来收益。Strategy classification: Concentrated long-term. The score measures public-13F research usability, not future returns.
H（高确信度可识别性）当前以单仓≥2%为有限代理，尚未接入风格基准主动权重，因此该分项覆盖度只有50%。H (conviction identifiability) currently uses positions ≥2% as a limited proxy; style-benchmark active weights are not yet available, so this component has only 50% coverage.