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 36 rows. Rows without a quote are marked unavailable.


1	LBTYK	LIBERTY GLOBAL PLC	13.27%	Add +19.2%	52,392,995	$1.14B	$21.80	No quote
2	FOXA	FOX CORP	11.77%	-	27,322,720	$1.01B	$37.07	No quote
3	VSAT	VIASAT INC	11.68%	-	13,732,068	$1.01B	$73.19	No quote
4	EBAY	EBAY INC	8.39%	Add +20.1%	19,994,970	$722.02M	$36.11	No quote
5	PARA	VIACOMCBS INC	8.29%	New	17,000,000	$713.49M	No quote	No quote
6	LNG	CHENIERE ENERGY INC	7.20%	-	10,139,133	$619.2M	No quote	No quote
7	QRVO	QORVO INC	3.72%	Reduce -51.6%	2,750,000	$319.63M	$116.23	No quote
8	BMY	BRISTOL MYERS SQUIBB CO	2.98%	Reduce -60.0%	4,000,000	$256.76M	$64.19	No quote
9	TBPH	THERAVANCE BIOPHARMA INC	2.80%	-	9,309,168	$241.01M	No quote	No quote
10	CLNY	COLONY CAP INC NEW	2.74%	-	49,687,370	$236.02M	No quote	No quote
11	NXST	NEXSTAR MEDIA GROUP INC	2.73%	-	2,000,000	$234.5M	No quote	No quote
12	UNVR	UNIVAR SOLUTIONS INC	2.68%	-	9,500,000	$230.28M	No quote	No quote
13	MCK	MCKESSON CORP	2.57%	Add +22.3%	1,597,516	$220.97M	$138.32	No quote
14	FOX	FOX CORP	2.40%	-	5,680,307	$206.76M	$36.40	No quote
15	HPQ	HP INC	2.39%	New	10,000,000	$205.5M	$20.55	No quote
16	PCG	PG&E CORP	2.39%	Reduce -22.9%	18,887,403	$205.31M	$10.87	No quote
17	LBTYA	LIBERTY GLOBAL PLC	2.02%	-	7,657,205	$174.13M	$22.74	No quote
18	TBIO	TRANSLATE BIO INC	1.64%	-	17,544,239	$141.36M	No quote	No quote
19	ATRA	ATARA BIOTHERAPEUTICS INC	1.59%	-	8,308,900	$136.85M	No quote	No quote
20	AKBA	AKEBIA THERAPEUTICS INC	1.44%	Reduce -20.0%	19,571,453	$123.69M	No quote	No quote
21	SYF	SYNCHRONY FINL	1.26%	Reduce -40.0%	3,003,981	$108.17M	$36.01	No quote
22	COR	AMERISOURCEBERGEN CORP	1.15%	-	1,166,299	$99.16M	No quote	No quote
23	VRTV	VERITIV CORP	0.81%	-	3,564,439	$70.11M	No quote	No quote
24	VIST	VISTA OIL & GAS S A B DE C V	0.56%	-	6,175,000	$48.47M	$7.85	No quote
25	NUAN	NUANCE COMMUNICATIONS INC	0.48%	Reduce -72.1%	2,299,300	$41M	No quote	No quote
26	CARS	CARS COM INC	0.38%	Reduce -9.8%	2,707,313	$33.08M	No quote	No quote
27	TMQ	TRILOGY METALS INC NEW	0.37%	-	12,182,568	$31.52M	No quote	No quote
28	ERI	ELDORADO RESORTS INC	0.27%	New	389,026	$23.2M	No quote	No quote
29	MDR	MCDERMOTT INTL INC	0.01%	New	805,693	$535K	No quote	No quote
34	TAK	TAKEDA PHARMACEUTICAL CO LTD	-	Sold	0	$0	No quote	No quote
33	PRTK	PARATEK PHARMACEUTICALS INC	-	Sold	0	$0	No quote	No quote
32	GOSS	GOSSAMER BIO INC	-	Sold	0	$0	No quote	No quote
31	CBS	CBS CORP NEW	-	Sold	0	$0	No quote	No quote
30	AR	ANTERO RES 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	$421.51M
2	TBPH 3.25 11/01/23	THERAVANCE BIOPHARMA INCNOTE 3.250%11/0	OTHER	30,000,000	$31.12M