Billionaire Investor Seth Klarman’s Top 5 Stocks: Would He Buy More Today?

Quick Read WCC's data center sales surged 70% YoY while AMZN's AWS grew 28%, making Klarman's AI capex barbell the portfolio's highest-conviction growth engine. Elevance Health trades at a 13x forward P/E with zero sell ratings and 43% upside as Klarman bets on a managed-care margin reversal. Union Pacific's bid to create America's first transcontinental railroad with Norfolk Southern adds unpriced merger optionality on top of shares already up 31% YTD.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Amazon didn't make the cut. Grab the names FREE today. Seth Klarman's Baupost Group rarely shows its cards, so when the latest 13F filing (holdings as of March 31, 2026, filed May 14, 2026) disclosed his five largest long common-stock positions, the disclosure read like a treasure map.

One of them, an industrial distributor most retail investors have never heard of, posted YoY earnings growth of 48.1% while quietly becoming a pure-play on the AI data-center buildout. If Klarman is buying value where nobody is looking, this is the list to reverse-engineer before the next 13F resets the game.

24/7 Wall St. 1. Wesco International: The Surprise Data-Center Kingmaker Klarman built his career on mispriced compounders hiding in plain sight, and Wesco International (NYSE:WCC) is exactly that.

The electrical and communications distributor sells the picks and shovels of the AI infrastructure boom, from switchgear to fiber to the copper that connects hyperscaler racks. When Goldman, PineBridge, and Neuberger all frame 2026 as an AI capex-driven multiyear infrastructure cycle spanning data centers, power, and grid upgrades, Wesco sits on the receiving end of every purchase order. Q1 2026 confirmed the thesis violently.

Data center sales of $1.4 billion were up approximately 70% YoY, now representing 24% of total revenue, while backlog jumped 22% to a new record and adjusted diluted EPS climbed 52.5% YoY to $3.

37. Management raised full-year 2026 adjusted EPS guidance to $15.00 to $17.

00. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Amazon didn't make the cut. Grab the names FREE today.

Our model tags WCC a BUY with 20.1% upside to a base case of $393.94, backed by 82% bullish analyst sentiment and a confidence level of 0.

9. Shares are already up 65.23% over the past year.

Klarman had a reason to size this position first. The reason gets bigger when the next name enters the room. 2.

Amazon: The Heavyweight That Still Has Room to Run Story Continues The obvious anchor. Amazon (NASDAQ:AMZN) is Klarman's largest disclosed common-stock holding and the highest-conviction way to own the same AI capex cycle Wesco sells into. AWS is the customer that funds the buildout, and Andy Jassy just told the market "AWS is growing 28% (our fastest growth in 15 quarters)...

our chips business topped a $20 billion revenue run rate." That is a hyperscaler compounding faster on a bigger base, exactly what mega-cap bulls need to justify the multiple. Q1 2026 was a five-peat: EPS of $2.

78 vs $1.73 estimate, a 60.69% beat and the fifth consecutive EPS beat, on revenue of $181.

52B, up 16.6% YoY. Advertising ran to $17.

24B, up 24%, and management guided Q2 sales to $194 to $199B. Meanwhile, prediction markets assign a 98.5% probability that Amazon's 2026 capex exceeds $170B, with meaningful mass above $200B.

That is the demand signal for every downstream infrastructure name on this list. Our read is BUY with 31.18% upside to $324.

47 and a 94% bullish analyst consensus (62 buy or strong buy ratings, 0 sells). Shares are up 8.26% YTD at $247.

38. Klarman's next position swings hard in the opposite direction: value, not growth, and bleeding on the front page. AMZN Price Target — 24/7 Wall St.

3. Elevance Health: The Contrarian Managed-Care Bet This is the Klarman trade in its purest form. Elevance Health (NYSE:ELV) is dumped, hated, and pricing in a permanent margin impairment that the company itself is telling investors will reverse.

The July 15 earnings report landed with a thud: benefit expense ratio of 89.7%, up 80 basis points, Health Benefits operating gain compressed to $896M from $1.56B YoY, and the stock got hit for -11.

31% over one week. Klarman buys numbers. CEO Gail Boudreaux told investors, "We are raising our 2026 adjusted EPS guidance to at least $27.

00... reinforce our confidence in returning to at least 12% adjusted EPS growth in 2027." Elevance carries $5.

3B of remaining buyback authorization and raised operating cash flow guidance to at least $6.0B. On a forward EPS of $32.

39, that is an implied P/E of 13. Our conviction: BUY with 42.87% upside to a base case of $529.

66, backed by zero sell ratings across 22 analysts and a beta of 0.68 that keeps a lid on drawdown volatility. This is the position Klarman would rationally add to on weakness.

The fourth name plays a different game entirely: predictable cash and quiet compounding. 4. Restaurant Brands Internation