Seth Klarman's Baupost Group Adds CME, Axalta, and Pagaya in Q2
Value investing legend Seth Klarman’s Baupost Group added three new positions during the second quarter of 2026. The largest was a $136.69 million stake in CME Group Inc., representing 2.52% of its portfolio, followed by Axalta Coating Systems Ltd. and Pagaya Technologies Ltd. CME operates financial exchanges where futures and options contracts are traded. Despite modest year-over-year revenue growth of about 1%, the company reported healthy trading activity with open interest rising 8%. CME is exploring new opportunities in U.S. Treasuries through its Treasury Link initiative, which aims to integrate cash and futures trading. However, a key risk for CME lies in perpetual futures contracts that do not expire on fixed dates—offered by rival platforms—which could shift retail and speculative volume away from traditional products like those offered by CME.
Topics: 13F Filing Axalta Coating Systems CME Group Pagaya Technologies Value Investing