Value investing icon Seth Klarman's Baupost Group trimmed its position in Union Pacific Corp. (UNP) by 23.08% during the second quarter of 2026. According to a quarterly disclosure filed with the SEC, the fund sold approximately 356,000 shares, reducing its total holding to 1.19 million shares. Following the sale, the railroad operator now constitutes 5.95% of Baupost's publicly disclosed stock portfolio, down from 7.31%.
As is typical, the 13F filing, made public on August 13, 2026, reflects trades made during the quarter ending June 30 and does not disclose the specific reasons for the transaction. The reduction came during a quarter where Union Pacific reported record financial performance, exceeding analyst expectations for revenue and earnings, driven by strong volume growth and operational efficiency. Other notable portfolio changes for Baupost during the quarter included significant additions to Genuine Parts and Norwegian Cruise Line, while trimming several industrial positions.