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 2026-09-12 from SEC 13F data.

Live quotes available for 14 of 39 rows. Rows without a quote are marked unavailable.


1	FOXA	TWENTY FIRST CENTY FOX INC	19.01%	Add +31.9%	52,001,167	$2.41B	$46.33	No quote
2	LNG	CHENIERE ENERGY INC	7.79%	-	14,196,135	$986.49M	No quote	No quote
3	AGN	ALLERGAN PLC	7.44%	-	4,950,000	$942.88M	No quote	No quote
4	VSAT	VIASAT INC	6.93%	-	13,732,068	$878.17M	$63.95	No quote
5	PCG	PG&E CORP	6.89%	Add +321.8%	18,979,790	$873.26M	$46.01	No quote
6	QRVO	QORVO INC	6.68%	-	11,000,000	$845.79M	$76.89	No quote
7	FOX	TWENTY FIRST CENTY FOX INC	6.26%	Add +27.3%	17,320,922	$793.65M	$45.82	No quote
8	PXD	PIONEER NAT RES CO	5.50%	-	4,000,000	$696.76M	No quote	No quote
9	SYF	SYNCHRONY FINL	4.01%	Reduce -44.3%	16,332,929	$507.63M	$31.08	No quote
10	AR	ANTERO RES CORP	3.72%	-	26,587,791	$470.87M	$17.71	No quote
11	TBPH	THERAVANCE BIOPHARMA INC	2.40%	-	9,309,168	$304.13M	No quote	No quote
12	LBTYK	LIBERTY GLOBAL PLC	2.39%	New	10,768,870	$303.25M	$28.16	No quote
13	CLNY	COLONY CAP INC NEW	2.39%	-	49,687,370	$302.6M	No quote	No quote
14	MCK	MCKESSON CORP	2.28%	Add +33.7%	2,175,700	$288.61M	$132.65	No quote
15	ATRA	ATARA BIOTHERAPEUTICS INC	2.04%	-	6,254,632	$258.63M	No quote	No quote
16	CAH	CARDINAL HEALTH INC	2.02%	Reduce -7.1%	4,738,485	$255.88M	$54.00	No quote
17	COR	AMERISOURCEBERGEN CORP	2.00%	Add +46.8%	2,751,056	$253.7M	No quote	No quote
18	TRCO	TRIBUNE MEDIA CO	1.82%	Add +100.1%	5,996,042	$230.43M	No quote	No quote
19	AABA	ALTABA INC	1.51%	New	2,810,775	$191.47M	No quote	No quote
20	LBTYA	LIBERTY GLOBAL PLC	1.13%	New	4,957,205	$143.41M	$28.93	No quote
21	VRTV	VERITIV CORP	1.02%	Reduce -6.8%	3,564,439	$129.75M	No quote	No quote
22	YPF	YPF SOCIEDAD ANONIMA	0.73%	New	6,000,000	$92.7M	$15.45	No quote
23	KERX	KERYX BIOPHARMACEUTICALS INC	0.69%	-	25,791,678	$87.69M	No quote	No quote
24	SBGI	SINCLAIR BROADCAST GROUP INC	0.67%	Add +16.7%	3,000,000	$85.05M	$28.35	No quote
25	AMC	AMC ENTMT HLDGS INC	0.44%	Reduce -45.4%	2,731,300	$55.99M	No quote	No quote
26	UNVR	UNIVAR INC	0.43%	New	1,771,100	$54.3M	No quote	No quote
27	NG	NOVAGOLD RES INC	0.39%	-	13,467,145	$49.96M	$3.71	No quote
28	GTYHU	GTY TECHNOLOGY HOLDINGS INC	0.38%	-	4,400,000	$47.61M	No quote	No quote
29	TMQ	TRILOGY METALS INC NEW	0.21%	-	13,050,758	$26.01M	No quote	No quote
30	SCAC	SABAN CAP ACQUISITION CORP	0.19%	-	2,326,500	$23.57M	No quote	No quote
31	PRTK	PARATEK PHARMACEUTICALS INC	0.18%	-	2,394,498	$23.23M	No quote	No quote
32	TBIO	TRANSLATE BIO INC	0.15%	-	1,923,076	$19.23M	No quote	No quote
33	SHPG	SHIRE PLC	0.14%	-	98,932	$17.93M	No quote	No quote
34	STNLU	SENTINEL ENERGY SVCS INC	0.13%	-	1,600,000	$16.45M	No quote	No quote
35	NXEOW	NEXEO SOLUTIONS INC	0.02%	New	2,850,000	$2.93M	No quote	No quote
36	SCACW	SABAN CAP ACQUISITION CORP	0.01%	-	1,163,250	$1.28M	No quote	No quote
37	T	AT&T INC	-	Sold	0	$0	No quote	No quote

Other instruments

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


1	TSLA 2.375 03/15/22	TESLA INCNOTE 2.375% 3/1	OTHER	300,000,000	$308.55M
2	TBPH 3.25 11/01/23	THERAVANCE BIOPHARMA INCNOTE 3.250%11/0	OTHER	30,000,000	$34.58M