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 36 rows. Rows without a quote are marked unavailable.


1	LBTYK	LIBERTY GLOBAL PLC	10.37%	Add +7.3%	41,937,674	$1.11B	$26.53	No quote
2	VSAT	VIASAT INC	10.35%	-	13,732,068	$1.11B	$80.82	No quote
3	FOXA	FOX CORP	9.33%	-	27,322,720	$1B	$36.64	No quote
4	EBAY	EBAY INC	8.89%	Reduce -17.6%	24,146,000	$953.77M	$39.50	No quote
5	LNG	CHENIERE ENERGY INC	6.81%	Reduce -15.4%	10,674,135	$730.65M	No quote	No quote
6	AGN	ALLERGAN PLC	5.74%	Reduce -22.9%	3,679,549	$616.07M	No quote	No quote
7	BMY	BRISTOL MYERS SQUIBB CO	5.50%	Add +225.0%	13,000,000	$589.55M	$45.35	No quote
8	QRVO	QORVO INC	5.39%	Reduce -18.0%	8,681,181	$578.25M	$66.61	No quote
9	PCG	PG&E CORP	5.24%	-	24,500,000	$561.54M	$22.92	No quote
10	CBS	CBS CORP NEW	4.65%	Add +17.1%	10,000,000	$499M	No quote	No quote
11	MCK	MCKESSON CORP	3.25%	Reduce -7.8%	2,595,011	$348.74M	$134.39	No quote
12	SYF	SYNCHRONY FINL	2.99%	Reduce -35.1%	9,260,557	$321.06M	$34.67	No quote
13	CLNY	COLONY CAP INC NEW	2.32%	-	49,687,370	$248.44M	No quote	No quote
14	UNVR	UNIVAR INC	1.95%	-	9,500,000	$209.38M	No quote	No quote
15	FOX	FOX CORP	1.93%	-	5,680,307	$207.5M	$36.53	No quote
16	LBTYA	LIBERTY GLOBAL PLC	1.87%	Add +50.1%	7,440,705	$200.83M	$26.99	No quote
17	COR	AMERISOURCEBERGEN CORP	1.76%	Reduce -7.9%	2,214,192	$188.78M	No quote	No quote
18	TAK	TAKEDA PHARMACEUTICAL CO LTD	1.56%	Reduce -11.5%	9,438,003	$167.05M	$17.70	No quote
19	AR	ANTERO RES CORP	1.47%	-	28,587,791	$158.09M	$5.53	No quote
20	TBPH	THERAVANCE BIOPHARMA INC	1.42%	-	9,309,168	$152.02M	No quote	No quote
21	NXST	NEXSTAR MEDIA GROUP INC	1.32%	Add +39.8%	1,397,755	$141.17M	No quote	No quote
22	ATRA	ATARA BIOTHERAPEUTICS INC	1.31%	Add +9.7%	7,000,000	$140.77M	No quote	No quote
23	AKBA	AKEBIA THERAPEUTICS INC	1.10%	-	24,471,453	$118.44M	No quote	No quote
24	TBIO	TRANSLATE BIO INC	1.02%	Add +36.3%	8,844,239	$109.37M	No quote	No quote
25	XPO	XPO LOGISTICS INC	0.81%	New	1,500,000	$86.72M	$57.81	No quote
26	VRTV	VERITIV CORP	0.65%	-	3,564,439	$69.22M	No quote	No quote
27	TMQ	TRILOGY METALS INC NEW	0.37%	Add +4.5%	13,641,368	$39.77M	No quote	No quote
28	SBGI	SINCLAIR BROADCAST GROUP INC	0.27%	Reduce -81.1%	549,423	$29.47M	$53.63	No quote
29	GOSS	GOSSAMER BIO INC	0.25%	-	1,267,171	$27.25M	No quote	No quote
30	PRTK	PARATEK PHARMACEUTICALS INC	0.09%	-	2,394,498	$9.55M	No quote	No quote
34	PXD	PIONEER NAT RES CO	-	Sold	0	$0	No quote	No quote
33	GTYHW	GTY TECHNOLOGY HOLDINGS INC	-	Sold	0	$0	No quote	No quote
32	DIS	DISNEY WALT CO	-	Sold	0	$0	No quote	No quote
31	CELG	CELGENE CORP	-	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	$295.54M
2	TBPH 3.25 11/01/23	THERAVANCE BIOPHARMA INCNOTE 3.250%11/0	OTHER	30,000,000	$25.73M