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 11 of 36 rows. Rows without a quote are marked unavailable.


1	LNG	CHENIERE ENERGY INC	10.77%	-	20,726,340	$1.11B	No quote	No quote
2	SYF	SYNCHRONY FINL	9.55%	-	29,295,030	$982.26M	$33.53	No quote
3	FOXA	TWENTY FIRST CENTY FOX INC	9.48%	Add +19.3%	26,588,731	$975.54M	$36.69	No quote
4	VSAT	VIASAT INC	8.73%	Add +3.8%	13,658,137	$897.61M	$65.72	No quote
5	AGN	ALLERGAN PLC	7.77%	Add +5.6%	4,750,000	$799.38M	No quote	No quote
6	QRVO	QORVO INC	7.53%	-	11,000,000	$774.95M	$70.45	No quote
7	TWX	TIME WARNER INC	7.45%	-	8,100,000	$766.1M	No quote	No quote
8	PXD	PIONEER NAT RES CO	6.68%	Add +100.0%	4,000,000	$687.12M	No quote	No quote
9	AR	ANTERO RES CORP	5.13%	Add +7.5%	26,587,791	$527.77M	$19.85	No quote
10	FOX	TWENTY FIRST CENTY FOX INC	4.04%	Add +8.6%	11,433,358	$415.83M	$36.37	No quote
11	CAH	CARDINAL HEALTH INC	3.11%	-	5,100,000	$319.67M	$62.68	No quote
12	CLNS	COLONY NORTHSTAR INC	2.71%	Add +3.7%	49,687,370	$279.24M	No quote	No quote
13	PBF	PBF ENERGY INC	2.61%	Reduce -27.5%	7,924,175	$268.63M	$33.90	No quote
14	ATRA	ATARA BIOTHERAPEUTICS INC	2.37%	Add +16.7%	6,254,632	$243.93M	No quote	No quote
15	MCK	MCKESSON CORP	2.21%	Add +18.8%	1,615,700	$227.6M	$140.87	No quote
16	TBPH	THERAVANCE BIOPHARMA INC	2.19%	-	9,309,168	$225.75M	No quote	No quote
17	VRTV	VERITIV CORP	1.46%	Add +5.0%	3,824,385	$149.92M	No quote	No quote
18	PCG	PG&E CORP	1.35%	New	3,149,972	$138.38M	$43.93	No quote
19	COR	AMERISOURCEBERGEN CORP	1.10%	Reduce -8.2%	1,317,216	$113.56M	No quote	No quote
20	KERX	KERYX BIOPHARMACEUTICALS INC	1.03%	-	25,791,678	$105.49M	No quote	No quote
21	AMC	AMC ENTMT HLDGS INC	0.68%	-	5,000,000	$70.25M	No quote	No quote
22	NG	NOVAGOLD RES INC	0.57%	Add +25.4%	13,467,145	$58.31M	$4.33	No quote
23	GTYHU	GTY TECHNOLOGY HOLDINGS INC	0.44%	-	4,400,000	$45.54M	No quote	No quote
24	PRTK	PARATEK PHARMACEUTICALS INC	0.30%	-	2,394,498	$31.13M	No quote	No quote
25	SCAC	SABAN CAP ACQUISITION CORP	0.22%	-	2,326,500	$23.13M	No quote	No quote
26	STNLU	SENTINEL ENERGY SVCS INC	0.15%	-	1,600,000	$15.87M	No quote	No quote
27	IMOS	CHIPMOS TECHNOLOGIES INC	0.14%	Reduce -36.5%	933,658	$14.8M	No quote	No quote
28	TMQ	TRILOGY METALS INC NEW	0.13%	-	10,600,758	$13.41M	No quote	No quote
29	FWP	FORWARD PHARMA A/S	0.06%	Reduce -31.9%	2,848,003	$6.18M	No quote	No quote
30	SCACW	SABAN CAP ACQUISITION CORP	0.01%	-	1,163,250	$1.51M	No quote	No quote
31	OREX	OREXIGEN THERAPEUTICS INC	0.00%	-	2,226,839	$465K	No quote	No quote
34	RUN	SUNRUN INC	-	Sold	0	$0	No quote	No quote
33	ESRX	EXPRESS SCRIPTS HLDG CO	-	Sold	0	$0	No quote	No quote
32	CASC	CASCADIAN THERAPEUTICS 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	50,000,000	$52.19M
2	TBPH 3.25 11/01/23	THERAVANCE BIOPHARMA INCNOTE 3.250%11/0	OTHER	30,000,000	$30.21M