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 15 of 44 rows. Rows without a quote are marked unavailable.


1	EBAY	EBAY INC	9.42%	Add +39.5%	29,286,000	$1.09B	$37.14	No quote
2	VSAT	VIASAT INC	9.22%	-	13,732,068	$1.06B	$77.50	No quote
3	FOXA	FOX CORP	8.69%	New	27,322,720	$1B	$36.71	No quote
4	LBTYK	LIBERTY GLOBAL PLC	8.20%	Add +31.4%	39,092,995	$946.44M	$24.21	No quote
5	LNG	CHENIERE ENERGY INC	7.47%	Reduce -11.1%	12,618,308	$862.59M	No quote	No quote
6	QRVO	QORVO INC	6.58%	Reduce -0.9%	10,589,082	$759.56M	$71.73	No quote
7	AGN	ALLERGAN PLC	6.05%	Add +0.3%	4,769,695	$698.33M	No quote	No quote
8	SYF	SYNCHRONY FINL	3.94%	Reduce -2.0%	14,260,557	$454.91M	$31.90	No quote
9	PCG	PG&E CORP	3.78%	Add +58.3%	24,500,000	$436.1M	$17.80	No quote
10	CBS	CBS CORP NEW	3.52%	Add +235.4%	8,542,016	$406M	No quote	No quote
11	CELG	CELGENE CORP	3.27%	New	4,000,000	$377.36M	No quote	No quote
12	MCK	MCKESSON CORP	2.85%	Add +63.7%	2,815,011	$329.53M	$117.06	No quote
13	PXD	PIONEER NAT RES CO	2.64%	Reduce -55.5%	2,001,814	$304.84M	No quote	No quote
14	CLNY	COLONY CAP INC NEW	2.29%	-	49,687,370	$264.34M	No quote	No quote
15	ATRA	ATARA BIOTHERAPEUTICS INC	2.20%	Add +2.0%	6,380,519	$253.63M	No quote	No quote
16	AR	ANTERO RES CORP	2.19%	-	28,587,791	$252.43M	$8.83	No quote
17	TAK	TAKEDA PHARMACEUTICAL CO LTD	1.88%	New	10,669,021	$217.33M	$20.37	No quote
18	TBPH	THERAVANCE BIOPHARMA INC	1.83%	-	9,309,168	$211.04M	No quote	No quote
19	UNVR	UNIVAR INC	1.82%	-	9,500,000	$210.52M	No quote	No quote
20	FOX	FOX CORP	1.77%	New	5,680,307	$203.81M	$35.88	No quote
21	AKBA	AKEBIA THERAPEUTICS INC	1.74%	-	24,471,453	$200.42M	No quote	No quote
22	COR	AMERISOURCEBERGEN CORP	1.66%	Add +19.4%	2,404,299	$191.19M	No quote	No quote
23	BMY	BRISTOL MYERS SQUIBB CO	1.65%	New	4,000,000	$190.84M	$47.71	No quote
24	LBTYA	LIBERTY GLOBAL PLC	1.07%	-	4,957,205	$123.53M	$24.92	No quote
25	SBGI	SINCLAIR BROADCAST GROUP INC	0.97%	Reduce -3.1%	2,908,096	$111.9M	$38.48	No quote
26	NXST	NEXSTAR MEDIA GROUP INC	0.94%	Add +5.3%	1,000,000	$108.37M	No quote	No quote
27	VRTV	VERITIV CORP	0.81%	-	3,564,439	$93.82M	No quote	No quote
28	TBIO	TRANSLATE BIO INC	0.55%	Add +0.0%	6,491,298	$63.94M	No quote	No quote
29	DIS	DISNEY WALT CO	0.38%	New	399,151	$44.32M	$111.03	No quote
30	TMQ	TRILOGY METALS INC NEW	0.28%	-	13,050,758	$31.99M	No quote	No quote
31	GOSS	GOSSAMER BIO INC	0.23%	New	1,267,171	$26.11M	No quote	No quote
32	PRTK	PARATEK PHARMACEUTICALS INC	0.11%	-	2,394,498	$12.84M	No quote	No quote
33	GTYHW	GTY TECHNOLOGY HOLDINGS INC	0.01%	-	1,466,666	$884K	No quote	No quote
42	YPF	YPF SOCIEDAD ANONIMA	-	Sold	0	$0	No quote	No quote
41	FOX	TWENTY FIRST CENTY FOX INC	-	Sold	0	$0	No quote	No quote
40	FOXA	TWENTY FIRST CENTY FOX INC	-	Sold	0	$0	No quote	No quote
39	SHPG	SHIRE PLC	-	Sold	0	$0	No quote	No quote
38	STNLUZZZZ	SENTINEL ENERGY SVCS INC	-	Sold	0	$0	No quote	No quote
37	SCACW	SABAN CAP ACQUISITION CORP	-	Sold	0	$0	No quote	No quote
36	NXEOW	NEXEO SOLUTIONS INC	-	Sold	0	$0	No quote	No quote
35	CAH	CARDINAL HEALTH INC	-	Sold	0	$0	No quote	No quote
34	AMC	AMC ENTMT HLDGS 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	$328.32M
2	TBPH 3.25 11/01/23	THERAVANCE BIOPHARMA INCNOTE 3.250%11/0	OTHER	30,000,000	$29.21M