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Focused investors/Seth Klarman

Seth Klarman - Baupost Group

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

Copy-investor backtest

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

Live quotes available for 12 of 46 rows. Rows without a quote are marked unavailable.

1EMCE M C CORP MASS21.12%Add +9.9%56,961,725$1.55BNo quoteNo quote
2LNGCHENIERE ENERGY INC15.29%-29,841,174$1.12BNo quoteNo quote
3VSATVIASAT INC11.24%-11,533,137$823.47M$71.40No quote
4AGNALLERGAN PLC6.31%Add +16.3%2,001,978$462.64MNo quoteNo quote
5ARANTERO RES CORP5.14%Reduce -32.5%14,505,881$376.86M$25.98No quote
6OLNOLIN CORP3.64%-10,739,202$266.76M$24.84No quote
7PBFPBF ENERGY INC3.45%-10,641,175$253.05M$23.78No quote
8CCITIGROUP INC2.99%New5,167,000$219.03M$42.39No quote
9FOXATWENTY FIRST CENTY FOX INC2.84%-7,696,922$208.2M$27.05No quote
10PYPLPAYPAL HLDGS INC2.82%Reduce -19.8%5,664,087$206.8M$36.51No quote
11FOXTWENTY FIRST CENTY FOX INC2.71%-7,278,100$198.33M$27.25No quote
12INVAINNOVIVA INC2.53%Reduce -11.1%17,610,091$185.43MNo quoteNo quote
13KERXKERYX BIOPHARMACEUTICALS INC2.33%-25,791,678$170.74MNo quoteNo quote
14TBPHTHERAVANCE BIOPHARMA INC2.28%Add +13.1%7,350,991$166.79MNo quoteNo quote
15VMWVMWARE INC1.76%-2,252,694$128.9MNo quoteNo quote
16ATRAATARA BIOTHERAPEUTICS INC1.65%-5,359,632$120.65MNo quoteNo quote
17VRTVVERITIV CORP1.56%-3,044,385$114.41MNo quoteNo quote
18FWPFORWARD PHARMA A/S1.33%-5,367,300$97.52MNo quoteNo quote
19LVNTALIBERTY INTERACTIVE CORP1.25%New2,469,533$91.55MNo quoteNo quote
20IMOSCHIPMOS TECH BERMUDA LTD0.93%-3,751,853$67.95MNo quoteNo quote
21KLXIKLX INC0.85%-2,000,000$62MNo quoteNo quote
22NGNOVAGOLD RES INC0.79%Reduce -36.7%9,500,000$58.14M$6.12No quote
23CARAVIS BUDGET GROUP0.79%New1,787,227$57.6MNo quoteNo quote
24SEMISUNEDISON SEMICONDUCTOR LTD0.68%-8,372,979$49.65MNo quoteNo quote
25AIGWSAMERICAN INTL GROUP INC0.65%Add +20.1%2,550,917$47.68MNo quoteNo quote
26BATRKLIBERTY MEDIA CORP DELAWARE0.60%New2,994,010$43.89M$14.66No quote
27SRAQSILVER RUN ACQUISITION CORP0.50%New3,750,000$36.75MNo quoteNo quote
28PRTKPARATEK PHARMACEUTICALS INC0.39%Add +32.4%2,044,498$28.44MNo quoteNo quote
29CASCCASCADIAN THERAPEUTICS INC0.32%New25,000,000$23.58MNo quoteNo quote
30CACCCREDIT ACCEP CORP MICH0.25%New100,000$18.51M$185.08No quote
31RUNSUNRUN INC0.23%-2,848,082$16.89MNo quoteNo quote
32OZMOCH ZIFF CAP MGMT GROUP0.17%New3,373,891$12.82MNo quoteNo quote
33BATRALIBERTY MEDIA CORP DELAWARE0.16%New800,000$12.03M$15.04No quote
34KINKINDRED BIOSCIENCES INC0.15%-3,013,848$10.67MNo quoteNo quote
35OREXOREXIGEN THERAPEUTICS INC0.13%-22,268,399$9.58MNo quoteNo quote
36CWSACITIGROUP INC0.08%-102,553,207$6.03MNo quoteNo quote
37NCQNOVACOPPER INC0.07%-10,600,758$5.3MNo quoteNo quote
38SRAQWSILVER RUN ACQUISITION CORP0.02%New1,250,000$1.43MNo quoteNo quote
43SRAQUSILVER RUN ACQUISITION CORP-Sold0$0No quoteNo quote
42LQLA QUINTA HLDGS INC-Sold0$0No quoteNo quote
41GNWGENWORTH FINL INC-Sold0$0No quoteNo quote
40BITIBIOTIE THERAPIES OYJ-Sold0$0No quoteNo quote
39BXEBELLATRIX EXPLORATION LTD-Sold0$0No quoteNo quote

Other instruments

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

1THRXTHERAVANCE INCNOTE 2.125% 1/1OTHER48,230,000$38.93M
3CHKCHESAPEAKE ENERGY CORPNOTE 2.500% 5/1OTHER0$0
2CHKCHESAPEAKE ENERGY CORPNOTE 2.500% 5/1OTHER0$0