Baupost Group Adjusts Portfolio with New Positions and Exits
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 14 2026
0mins
Source: seekingalpha
- New Investment Positions: Baupost Group's latest 13F filing reveals new investments in Aon, Norwegian Cruise Line, and DNOW, indicating confidence in their growth potential and market positioning.
- Increased Stakes in Americold and Amazon: The fund boosted its stake in Americold Realty Trust from 3.48 million shares to 7.78 million shares, valued at $89.2 million, and increased its Amazon holdings from 1.09 million shares to 3.12 million shares, valued at $649 million, reflecting a strong bullish outlook on both companies.
- Reduced Holdings in Liberty Global and Willis Towers Watson: Baupost decreased its stake in Liberty Global to 13.4 million shares, valued at $157 million, and reduced its Willis Towers Watson holdings to 893,000 shares, valued at $259.6 million, indicating a cautious stance towards these investments.
- Current Holdings Valuation: Baupost now holds 769,000 shares of Aon valued at $248.2 million, 3.63 million shares of Norwegian Cruise Line valued at $67.9 million, and 3.63 million shares of DNOW valued at $43.2 million, showcasing a strategic diversification in its investment portfolio.
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Analyst Views on AON
Wall Street analysts forecast AON stock price to rise
16 Analyst Rating
11 Buy
4 Hold
1 Sell
Moderate Buy
Current: 318.300
Low
326.00
Averages
396.67
High
443.00
Current: 318.300
Low
326.00
Averages
396.67
High
443.00
About AON
Aon plc is an Ireland-based professional services company, which is engaged in providing a range of risk capital and human capital solutions. The Company operates through two segments, which include Risk Capital and Human Capital. The Risk Capital segment supports clients through its commercial risk and reinsurance solution lines. Its commercial risk includes insurance and specialty brokerage, global risk consulting, captives management, and affinity programs. Its reinsurance includes treaty reinsurance, facultative reinsurance, strategy and technology group, and capital markets. The Human Capital segment supports clients through its health and wealth solution lines. Health includes consulting and brokerage, consumer benefits solutions, and talent advisory services. Wealth includes retirement consulting, pension administration, and investments consulting. Its commercial risk solutions include insurance and specialty brokerage, global risk consulting, captives management, and others.
About the author

Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Decisive Exit from Losers: Berkshire sold off underperforming stocks like Pool Corp. and Domino's Pizza in Q1, which may have locked in losses, but Abel believes that timely exits are necessary to prevent dragging down overall investment performance amid uncertainty.
- Investment in Special Situations: Abel initiated new stakes in Delta Air Lines and Macy's during Q1, both facing systemic challenges, indicating a strategic willingness to invest in potentially undervalued companies that could yield returns in the future despite current difficulties.
- Increased Cash Reserves: As of the end of March, Berkshire's cash reserves reached $397 billion, suggesting that Abel may be waiting for more attractive investment opportunities while potentially shifting towards wholly-owned cash-generating businesses to reduce reliance on volatile stocks.
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- Portfolio Adjustment: New CEO Greg Abel reduced investments in long-held positions like Visa and Mastercard in Q1, indicating a shift away from smaller stakes, which may enhance the overall quality and return potential of the portfolio.
- Increased Cash Reserves: As of the end of March, Berkshire Hathaway's cash reserves reached a record $397 billion, reflecting the company's strategy to wait for more attractive investment opportunities in an overvalued stock market.
- New Investment Direction: Abel initiated new stakes in Delta Air Lines and Macy's during Q1, signaling a willingness to take on higher risks for potential returns despite the systemic challenges these companies face, which may alter the company's investment style.
- Long-Term Strategic Thinking: Abel's decisions suggest that Berkshire may gradually reduce reliance on volatile stocks and shift towards more controllable cash-generating businesses, potentially providing shareholders with more stable returns.
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- Small Position Sell-Off: In the first quarter, Abel and his team sold out of 16 smaller positions, including Visa and Mastercard, which accounted for about a third of Berkshire's total holdings, demonstrating decisive action in optimizing the investment portfolio.
- Core Holdings Retained: Despite the significant sell-off, Abel retained core holdings such as Apple, American Express, and Coca-Cola, reflecting his respect for and continuation of the company's traditional investment strategies established by Buffett.
- Positive Market Reaction: Following the announcement of Abel's investment strategy, Berkshire Hathaway's stock ticked higher, reflecting market confidence in his management capabilities and further solidifying the company's position in the investment community.
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- Portfolio Restructuring: Greg Abel cut 16 small positions in the first quarter, including long-held Visa and Mastercard, demonstrating a strategic focus on concentrated high-conviction stocks while maintaining Buffett's traditional investment style.
- New Investment Directions: Abel added positions in Delta Airlines and Macy's, and tripled the investment in Alphabet, indicating a strategy aligned with Buffett's tech stock preferences, which may attract younger investors.
- Increased Concentration: Excluding investments in Japan, Berkshire now holds only 29 positions, retaining Buffett favorites like Apple, American Express, and Coca-Cola, reflecting ongoing confidence in classic quality assets.
- Positive Market Reaction: Despite the reduction of about one-third of the portfolio, Berkshire's stock price rose following the announcement, indicating market approval of Abel's investment strategy and suggesting optimistic expectations for future performance.
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- Portfolio Adjustment: In Q1 2026, Abel exited 16 positions, a move rarely seen during Buffett's tenure, indicating a potential preference for shorter holding periods, despite Buffett's claim that his 'favorite holding period is forever.'
- Surprising Sales: Abel sold unexpected stocks like Amazon and UnitedHealth Group, both of which still have solid prospects, suggesting that he may be cleaning up the portfolio, particularly positions managed by former investment manager Todd Combs.
- Market Reaction: While Abel's sales have drawn market attention, Amazon and UnitedHealth Group are still considered excellent investment choices, especially given their ongoing growth potential in AI and healthcare, which may attract interest from other investors.
- Long-Term Value: Abel's decisions may be viewed as short-term clean-up, but the fundamentals of Amazon and UnitedHealth Group remain strong, particularly with Amazon's upcoming satellite internet service and UnitedHealth's cash flow performance, potentially yielding substantial returns for long-term investors.
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- Major Portfolio Shift: In Q1 2026, Berkshire Hathaway, under new CEO Greg Abel, completely exited 16 positions, indicating a stark departure from Buffett's investment strategy, which may impact the company's future investment direction.
- Surprising Stock Exits: Abel's sale of Amazon and UnitedHealth Group, both considered quality assets under Buffett's philosophy, could shake market confidence in Berkshire's future investment decisions, raising questions about the company's strategic focus.
- Exit from Financial Stocks: Berkshire also fully divested from several financial stocks, including Mastercard and Visa, reflecting a cautious stance towards the financial sector, which may indicate concerns over market volatility and affect investor sentiment towards financial equities.
- Investor Reactions: Despite the market's focus on Abel's sell-off, analysts believe that Amazon and UnitedHealth Group remain strong investment candidates, particularly due to their long-term growth potential in artificial intelligence and healthcare, which could yield substantial returns for investors.
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