Baupost dumped all 800,000 PCVX shares and 893,126 WTW shares by June 30, weeks before retail investors learned Klarman had held either. 13F filings run 45 days stale, so retail investors who copied Klarman's disclosed PCVX stake bought a position he had already abandoned. Vaxcyte's OPUS-1 Phase 3 readout arrives Q4 2026, but a $284 million Q2 loss and $602 million equity raise sharpened Baupost's exit logic. The most widely read finance newsletter on Substack isn't published by a bank, it's Doomberg, where 383,000+ readers get the energy and macro analysis the mainstream press misses. 24/7 Wall St. readers save 17% on their first year here.
Seth Klarman's Baupost Group eliminated its entire stake in Vaxcyte (NASDAQ:PCVX) during the June quarter, according to the 13F filed August 13, 2026. The position went from 800,000 shares to zero, a reduction of 800,000 shares and a change in position value of -$46,488,000. In the same filing, Baupost also exited 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.
Both were positions Baupost had only recently established. The prior 13F, covering holdings as of March 31, 2026, was filed in mid-May, revealing a fresh Vaxcyte stake. Retail investors who took that as a Klarman endorsement and bought alongside him were stepping into a position that Baupost would eliminate entirely by June 30.
The May stock price at the Q1 earnings filing was $56.00. By the time anyone knew Klarman had walked away, the quarter he walked away in was already six weeks over. Before Doomberg published a word, its team spent long careers in heavy industry, private equity, and the hard sciences.
They take no advertisers and serve no institution — which is why their lateral-thinking coverage of energy, finance, and geopolitics reads nothing like consensus financial media. Doomberg has set aside a discounted rate exclusively for 24/7 Wall St. readers — it isn't available on their main page. Vaxcyte is a clinical-stage vaccine developer with no product revenue.
Its value hinges on VAX-31, a 31-valent pneumococcal conjugate vaccine being run head-to-head against competing pneumococcal vaccines in the OPUS-1 Phase 3 trial, with topline data expected in the fourth quarter of 2026. That is a binary event on a defined timeline, and value investors sometimes take pre-catalyst positions when they think the market misprices probability. It is a legitimate trade, but it is also the kind Baupost historically closes fast if the risk/reward tightens.
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