Markets· August 16, 2026 at 07:45 p.m.
Baupost Exits Vaxcyte and Willis Towers Watson Stakes, Leaving Investors in the Dark
Key takeaways
- Baupost sold its entire stake in Vaxcyte during the June quarter
- Klarman had held a position in Vaxcyte that he had already abandoned by the time retail investors learned about it
- Vaxcyte is a clinical-stage vaccine developer with no product revenue
In a move that left many retail investors in the dark, Baupost Group, led by renowned value investor Seth Klarman, sold its entire stake in biotech company Vaxcyte (NASDAQ:PCVX) during the June quarter. The position was only disclosed in the 13F filing on August 13, revealing a reduction of 800,000 shares and a change in position value of -$46,488,000. Baupost also exited its stake in Willis Towers Watson (NASDAQ:WTW), reducing its position from 893,126 shares to zero, a -100% change with a position value change of -$259,632,000. The timing of the exit is significant as it occurred weeks before retail investors learned about Klarman's holdings in Vaxcyte.
