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 13 of 41 rows. Rows without a quote are marked unavailable.


1	LNG	CHENIERE ENERGY INC	18.34%	Add +47.5%	22,669,730	$1.09B	No quote	No quote
2	VSAT	VIASAT INC	12.42%	-	11,533,137	$741.47M	$64.29	No quote
3	AA	ALCOA INC	8.46%	New	52,270,000	$504.93M	$9.66	No quote
4	PXD	PIONEER NAT RES CO	8.43%	Add +1.8%	4,137,000	$503.23M	No quote	No quote
5	AR	ANTERO RES CORP	5.71%	Add +100.7%	16,099,763	$340.67M	$21.16	No quote
6	PYPL	PAYPAL HLDGS INC	5.67%	New	10,904,852	$338.49M	$31.04	No quote
7	PBF	PBF ENERGY INC	5.21%	-	11,025,000	$311.24M	$28.23	No quote
8	EBAY	EBAY INC	3.81%	-	9,315,000	$227.66M	$24.44	No quote
9	FOX	TWENTY FIRST CENTY FOX INC	2.96%	New	6,527,500	$176.7M	$27.07	No quote
10	ATRA	ATARA BIOTHERAPEUTICS INC	2.82%	Add +11.4%	5,359,632	$168.51M	No quote	No quote
11	THRX	THERAVANCE INC	2.38%	-	19,815,983	$142.28M	No quote	No quote
12	FWP	FORWARD PHARMA A/S	2.12%	-	5,367,300	$126.45M	No quote	No quote
13	OLN	OLIN CORP	1.97%	New	7,000,000	$117.67M	$16.81	No quote
14	FOXA	TWENTY FIRST CENTY FOX INC	1.85%	New	4,097,500	$110.55M	$26.98	No quote
15	VRTV	VERITIV CORP	1.74%	Add +12.6%	2,795,693	$104.11M	No quote	No quote
16	AER	AERCAP HOLDINGS NV	1.57%	New	2,450,000	$93.69M	$38.24	No quote
17	SEMI	SUNEDISON SEMICONDUCTOR LTD	1.48%	Add +0.9%	8,372,979	$88.25M	No quote	No quote
18	KERX	KERYX BIOPHARMACEUTICALS INC	1.42%	-	25,791,678	$84.52M	No quote	No quote
19	NG	NOVAGOLD RES INC	1.31%	-	21,688,300	$78.3M	$3.61	No quote
20	TBPH	THERAVANCE BIOPHARMA INC	1.18%	-	6,420,028	$70.56M	No quote	No quote
21	FTR	FRONTIER COMMUNICATIONS CORP	1.07%	-	13,500,000	$64.13M	No quote	No quote
22	IMOS	CHIPMOS TECH BERMUDA LTD	1.03%	Add +14.3%	3,751,853	$61.61M	No quote	No quote
23	KLXI	KLX INC	0.90%	-	1,500,000	$53.61M	No quote	No quote
24	CWSA	CITIGROUP INC	0.79%	-	102,553,207	$47.17M	No quote	No quote
25	LOCK	LIFELOCK INC	0.65%	New	4,460,760	$39.08M	No quote	No quote
26	BXE	BELLATRIX EXPLORATION LTD	0.61%	Add +9.8%	23,990,500	$36.47M	No quote	No quote
27	OCN	OCWEN FINL CORP	0.58%	Reduce -32.1%	5,200,427	$34.9M	No quote	No quote
28	KOS	KOSMOS ENERGY LTD	0.56%	-	6,000,000	$33.48M	No quote	No quote
29	FTRPR	FRONTIER COMMUNICATIONS CORP	0.51%	-	325,000	$30.27M	No quote	No quote
30	PRTK	PARATEK PHARMACEUTICALS INC	0.49%	-	1,544,498	$29.35M	No quote	No quote
31	AIGWS	AMERICAN INTL GROUP INC	0.48%	-	1,258,496	$28.57M	No quote	No quote
32	BITI	BIOTIE THERAPIES OYJ	0.28%	Add +44.4%	1,256,006	$16.44M	No quote	No quote
33	KIN	KINDRED BIOSCIENCES INC	0.26%	-	3,013,848	$15.67M	No quote	No quote
34	MU	MICRON TECHNOLOGY INC	0.25%	Reduce -94.9%	1,000,000	$14.98M	$14.98	No quote
35	RUN	SUNRUN INC	0.20%	New	1,170,910	$12.14M	No quote	No quote
36	AOI	ALLIANCE ONE INTL INC	0.16%	Reduce -28.2%	458,364	$9.34M	No quote	No quote
37	ALDW	ALON USA PARTNERS LP	0.14%	Reduce -42.3%	363,188	$8.47M	No quote	No quote
38	SN	SANCHEZ ENERGY CORP	0.10%	Add +61.4%	1,000,000	$6.15M	$6.15	No quote
39	NCQ	NOVACOPPER INC	0.06%	-	10,600,758	$3.34M	No quote	No quote
40	OREX	OREXIGEN THERAPEUTICS INC	0.03%	New	821,363	$1.53M	No quote	No quote

Other instruments

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


1	THRX	THERAVANCE INCNOTE 2.125% 1/1	OTHER	48,230,000	$31.59M