Seth Klarman - Baupost Group

As of Q2 2026, Seth Klarman reported 23 long-equity positions worth $5.42B in aggregate.

Copy-investor backtest

Latest quarter: +3.22%
1-year: +20.94%
3-year: +48.31%
5-year: +12.01%
3-year vs S&P 500: -25.70%
5-year vs S&P 500: -61.90%
5-year top 5: -0.29%

Return from mechanically copying the disclosed 13F equity portfolio after each filing and rebalancing at the next. The vs S&P 500 figures subtract SPY over that manager's own rebalance dates, so both sides cover the same days; both are price return, excluding dividends. Method & limitations.

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Filing period

Updated 2026-06-06 from SEC 13F data.

Live quotes available for 10 of 42 rows. Rows without a quote are marked unavailable.


1	LNG	CHENIERE ENERGY INC	17.74%	Add +15.1%	26,089,669	$971.84M	No quote	No quote
2	EMC	E M C CORP MASS	13.71%	New	29,248,619	$751.11M	No quote	No quote
3	VSAT	VIASAT INC	12.85%	-	11,533,137	$703.64M	$61.01	No quote
4	AR	ANTERO RES CORP	7.63%	Add +19.1%	19,167,944	$417.86M	$21.80	No quote
5	PBF	PBF ENERGY INC	7.41%	-	11,025,000	$405.83M	$36.81	No quote
6	PYPL	PAYPAL HLDGS INC	7.34%	Add +1.9%	11,109,278	$402.16M	$36.20	No quote
7	THRX	THERAVANCE INC	3.81%	-	19,815,983	$208.86M	No quote	No quote
8	FOX	TWENTY FIRST CENTY FOX INC	3.25%	-	6,527,500	$177.74M	$27.23	No quote
9	ATRA	ATARA BIOTHERAPEUTICS INC	2.58%	-	5,359,632	$141.55M	No quote	No quote
10	KERX	KERYX BIOPHARMACEUTICALS INC	2.38%	-	25,791,678	$130.25M	No quote	No quote
11	OLN	OLIN CORP	2.21%	-	7,000,000	$120.82M	$17.26	No quote
12	FOXA	TWENTY FIRST CENTY FOX INC	2.03%	-	4,097,500	$111.29M	$27.16	No quote
13	TBPH	THERAVANCE BIOPHARMA INC	1.92%	-	6,420,028	$105.22M	No quote	No quote
14	VRTV	VERITIV CORP	1.91%	Add +3.2%	2,885,682	$104.52M	No quote	No quote
15	FWP	FORWARD PHARMA A/S	1.86%	-	5,367,300	$101.98M	No quote	No quote
16	NG	NOVAGOLD RES INC	1.46%	Reduce -12.5%	18,977,449	$79.9M	$4.21	No quote
17	IMOS	CHIPMOS TECH BERMUDA LTD	1.36%	-	3,751,853	$74.29M	No quote	No quote
18	SEMI	SUNEDISON SEMICONDUCTOR LTD	1.20%	-	8,372,979	$65.64M	No quote	No quote
19	KLXI	KLX INC	1.12%	Add +33.3%	2,000,000	$61.58M	No quote	No quote
20	FTR	FRONTIER COMMUNICATIONS CORP	0.93%	Reduce -19.1%	10,915,236	$50.97M	No quote	No quote
21	OCN	OCWEN FINL CORP	0.66%	-	5,200,427	$36.25M	No quote	No quote
22	RUN	SUNRUN INC	0.61%	Add +143.2%	2,848,082	$33.52M	No quote	No quote
23	AIGWS	AMERICAN INTL GROUP INC	0.55%	-	1,258,496	$29.9M	No quote	No quote
24	FTRPR	FRONTIER COMMUNICATIONS CORP	0.54%	-	325,000	$29.76M	No quote	No quote
25	PRTK	PARATEK PHARMACEUTICALS INC	0.53%	-	1,544,498	$29.3M	No quote	No quote
26	BXE	BELLATRIX EXPLORATION LTD	0.53%	-	23,990,500	$29.03M	No quote	No quote
27	KOS	KOSMOS ENERGY LTD	0.44%	Reduce -23.0%	4,618,796	$24.02M	No quote	No quote
28	BITI	BIOTIE THERAPIES OYJ	0.37%	Add +11.1%	1,395,000	$20.02M	No quote	No quote
29	CWSA	CITIGROUP INC	0.34%	-	102,553,207	$18.46M	No quote	No quote
30	MU	MICRON TECHNOLOGY INC	0.26%	-	1,000,000	$14.16M	$14.16	No quote
31	KIN	KINDRED BIOSCIENCES INC	0.19%	-	3,013,848	$10.25M	No quote	No quote
32	SN	SANCHEZ ENERGY CORP	0.16%	Add +100.0%	2,000,000	$8.62M	$4.31	No quote
33	OREX	OREXIGEN THERAPEUTICS INC	0.07%	Add +176.2%	2,268,399	$3.9M	No quote	No quote
34	NCQ	NOVACOPPER INC	0.05%	-	10,600,758	$3M	No quote	No quote
41	PXD	PIONEER NAT RES CO	-	Sold	0	$0	No quote	No quote
40	LOCK	LIFELOCK INC	-	Sold	0	$0	No quote	No quote
39	EBAY	EBAY INC	-	Sold	0	$0	No quote	No quote
38	ALDW	ALON USA PARTNERS LP	-	Sold	0	$0	No quote	No quote
37	AOI	ALLIANCE ONE INTL INC	-	Sold	0	$0	No quote	No quote
36	AA	ALCOA INC	-	Sold	0	$0	No quote	No quote
35	AER	AERCAP HOLDINGS NV	-	Sold	0	$0	No quote	No quote

Other instruments

Bonds, warrants, or non-share principal positions reported alongside the equity portfolio.


1	THRX	THERAVANCE INCNOTE 2.125% 1/1	OTHER	48,230,000	$36.05M