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 14 of 35 rows. Rows without a quote are marked unavailable.


1	LBTYK	LIBERTY GLOBAL PLC	12.30%	Add +4.8%	43,958,295	$1.05B	$23.79	No quote
2	VSAT	VIASAT INC	12.17%	-	13,732,068	$1.03B	$75.32	No quote
3	FOXA	FOX CORP	10.14%	-	27,322,720	$861.62M	$31.54	No quote
4	EBAY	EBAY INC	7.63%	Reduce -31.1%	16,646,000	$648.86M	$38.98	No quote
5	LNG	CHENIERE ENERGY INC	7.52%	Reduce -5.0%	10,139,133	$639.37M	No quote	No quote
6	BMY	BRISTOL MYERS SQUIBB CO	5.97%	Reduce -23.1%	10,000,000	$507.1M	$50.71	No quote
7	CBS	CBS CORP NEW	5.70%	Add +20.0%	12,000,000	$484.44M	No quote	No quote
8	QRVO	QORVO INC	4.96%	Reduce -34.6%	5,681,181	$421.2M	$74.14	No quote
9	CLNY	COLONY CAP INC NEW	3.52%	-	49,687,370	$299.12M	No quote	No quote
10	PCG	PG&E CORP	2.88%	-	24,500,000	$245M	$10.00	No quote
11	NXST	NEXSTAR MEDIA GROUP INC	2.41%	Add +43.1%	2,000,000	$204.62M	No quote	No quote
12	UNVR	UNIVAR SOLUTIONS INC	2.32%	-	9,500,000	$197.22M	No quote	No quote
13	LBTYA	LIBERTY GLOBAL PLC	2.23%	Add +2.9%	7,657,205	$189.52M	$24.75	No quote
14	TBPH	THERAVANCE BIOPHARMA INC	2.13%	-	9,309,168	$181.34M	No quote	No quote
15	FOX	FOX CORP	2.11%	-	5,680,307	$179.16M	$31.54	No quote
16	MCK	MCKESSON CORP	2.10%	Reduce -49.7%	1,306,011	$178.48M	$136.66	No quote
17	TBIO	TRANSLATE BIO INC	2.03%	Add +98.4%	17,544,239	$172.23M	No quote	No quote
18	SYF	SYNCHRONY FINL	2.01%	Reduce -46.0%	5,003,981	$170.59M	$34.09	No quote
19	TAK	TAKEDA PHARMACEUTICAL CO LTD	1.91%	Reduce -0.0%	9,434,803	$162.28M	$17.20	No quote
20	NUAN	NUANCE COMMUNICATIONS INC	1.58%	New	8,245,456	$134.48M	No quote	No quote
21	ATRA	ATARA BIOTHERAPEUTICS INC	1.38%	Add +18.7%	8,308,900	$117.32M	No quote	No quote
22	COR	AMERISOURCEBERGEN CORP	1.13%	Reduce -47.3%	1,166,299	$96.02M	No quote	No quote
23	AKBA	AKEBIA THERAPEUTICS INC	1.13%	-	24,471,453	$95.93M	No quote	No quote
24	VRTV	VERITIV CORP	0.76%	-	3,564,439	$64.45M	No quote	No quote
25	AR	ANTERO RES CORP	0.75%	Reduce -26.2%	21,087,791	$63.69M	$3.02	No quote
26	VIST	VISTA OIL & GAS S A B DE C V	0.38%	New	6,175,000	$31.93M	$5.17	No quote
27	CARS	CARS COM INC	0.32%	New	3,000,000	$26.94M	No quote	No quote
28	TMQ	TRILOGY METALS INC NEW	0.23%	Reduce -10.7%	12,182,568	$19.96M	No quote	No quote
29	GOSS	GOSSAMER BIO INC	0.19%	Reduce -23.7%	967,171	$15.87M	No quote	No quote
30	PRTK	PARATEK PHARMACEUTICALS INC	0.12%	-	2,394,498	$10.34M	No quote	No quote
33	XPO	XPO LOGISTICS INC	-	Sold	0	$0	No quote	No quote
32	SBGI	SINCLAIR BROADCAST GROUP INC	-	Sold	0	$0	No quote	No quote
31	AGN	ALLERGAN PLC	-	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	$303.49M
2	TBPH 3.25 11/01/23	THERAVANCE BIOPHARMA INCNOTE 3.250%11/0	OTHER	30,000,000	$27.66M