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 16 of 37 rows. Rows without a quote are marked unavailable.


1	EBAY	EBAY INC.	21.08%	-	32,086,000	$1.68B	$52.45
2	LBTYK	LIBERTY GLOBAL PLC	14.70%	Add +1.6%	54,555,407	$1.17B	$21.51
3	FOXA	FOX CORP	9.18%	-	27,322,720	$732.8M	$26.82
4	VSAT	VIASAT INC	6.60%	-	13,732,068	$526.9M	$38.37
5	PARA	VIACOMCBS INC	5.50%	Reduce -16.3%	18,837,585	$439.29M	No quote	No quote
6	QRVO	QORVO INC	4.24%	Add +0.1%	3,065,086	$338.78M	$110.53
7	TBIO	TRANSLATE BIO INC	4.00%	Add +2.9%	18,044,239	$319.12M	No quote	No quote
8	HPQ	HP INC	3.93%	Reduce -10.0%	18,000,681	$313.75M	$17.43
9	GOOG	ALPHABET INC	3.80%	Reduce -28.6%	214,680	$303.47M	$1413.61
10	MCK	MCKESSON CORP	3.21%	-	1,669,181	$256.09M	$153.42
11	HDS	HD SUPPLY HLDGS INC	2.87%	Add +6.5%	6,621,583	$229.44M	No quote	No quote
12	AKBA	AKEBIA THERAPEUTICS INC	2.55%	Reduce -14.4%	15,000,000	$203.7M	No quote	No quote
13	TBPH	THERAVANCE BIOPHARMA INC	2.45%	-	9,309,168	$195.4M	No quote	No quote
14	META	FACEBOOK INC	2.42%	Reduce -57.1%	851,500	$193.35M	$227.07
15	NXST	NEXSTAR MEDIA GROUP INC	2.19%	-	2,085,000	$174.49M	No quote	No quote
16	LBTYA	LIBERTY GLOBAL PLC	2.10%	-	7,657,205	$167.39M	$21.86
17	FOX	FOX CORP	1.91%	-	5,680,307	$152.46M	$26.84
18	ATRA	ATARA BIOTHERAPEUTICS INC	1.81%	Add +19.4%	9,922,030	$144.56M	No quote	No quote
19	HCA	HCA HEALTHCARE INC	1.22%	New	1,000,000	$97.06M	$97.06
20	CLNY	COLONY CAP INC NEW	0.77%	Reduce -48.3%	25,687,370	$61.65M	No quote	No quote
21	VRTV	VERITIV CORP	0.76%	-	3,564,439	$60.45M	No quote	No quote
22	COR	AMERISOURCEBERGEN CORP	0.59%	Reduce -50.0%	468,150	$47.18M	No quote	No quote
23	PCG	PG&E CORP	0.52%	Reduce -51.5%	4,702,443	$41.71M	$8.87
24	VRNT	VERINT SYS INC	0.35%	New	616,328	$27.85M	No quote	No quote
25	TMQ	TRILOGY METALS INC NEW	0.30%	-	12,182,568	$24.25M	No quote	No quote
26	UNVR	UNIVAR SOLUTIONS INC	0.27%	Reduce -76.7%	1,283,248	$21.64M	No quote	No quote
27	VTR	VENTAS INC	0.25%	New	550,000	$20.14M	$36.62
28	VIST	VISTA OIL & GAS S A B DE C V	0.23%	Reduce -3.5%	5,961,709	$18.18M	$3.05
29	SSNC	SS&C TECHNOLOGIES HLDGS INC	0.10%	New	140,516	$7.94M	$56.48
30	LSXMK	LIBERTY MEDIA CORP DEL	0.08%	Reduce -85.3%	184,867	$6.37M	No quote	No quote
36	XPO	XPO LOGISTICS INC	-	Sold	0	$0	No quote	No quote
35	SPR	SPIRIT AEROSYSTEMS HLDGS INC	-	Sold	0	$0	No quote	No quote
34	LSXMA	LIBERTY MEDIA CORP DEL	-	Sold	0	$0	No quote	No quote
33	ET	ENERGY TRANSFER LP	-	Sold	0	$0	No quote	No quote
32	LNG	CHENIERE ENERGY INC	-	Sold	0	$0	No quote	No quote
31	CARS	CARS COM INC	-	Sold	0	$0	No quote	No quote

Other instruments

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


1	TBPH 3.25 11/01/23	THERAVANCE BIOPHARMA INCNOTE 3.250%11/0	OTHER	30,000,000	$29.18M