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Focused investors/Seth Klarman

Seth Klarman - Baupost Group

As of Q2 2026, Seth Klarman reported 23 long-equity positions worth $5.42B in aggregate.

Copy-investor backtest

Full auditCompare with peers
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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Updated 2026-06-06 from SEC 13F data.

Live quotes available for 16 of 66 rows. Rows without a quote are marked unavailable.

1LBTYKLIBERTY GLOBAL PLC14.64%-53,971,307$1.59B$29.4652w: $9.61 - $15.96; reported $29.46
2INTCINTEL CORP9.69%Reduce -9.2%19,744,950$1.05B$53.2852w: $43.61 - $68.49; reported $53.28
3VSATVIASAT INC8.26%-16,288,959$897.03M$55.0752w: $29.82 - $61.35; reported $55.07
4QRVOQORVO INC7.83%Reduce -4.7%5,084,466$850.07M$167.1952w: $124.56 - $201.68; reported $167.19
5GOOGALPHABET INC7.14%-290,930$775.42M$2665.3152w: $71.80 - $146.82; reported $2665.31
6METAFACEBOOK INC4.84%-1,547,000$525.04M$339.3952w: $244.61 - $384.33; reported $339.39
7MUMICRON TECHNOLOGY INC4.68%-7,163,416$508.46M$70.9852w: $46.50 - $96.96; reported $70.98
8LSXMKLIBERTY MEDIA CORP DEL3.97%Add +40.1%9,084,867$431.26MNo quoteNo quote
9EBAYEBAY INC.3.84%Reduce -59.8%5,982,667$416.81M$69.6752w: $45.36 - $77.83; reported $69.67
10VRTVVERITIV CORP2.94%-3,564,439$319.23MNo quoteNo quote
11NXSTNEXSTAR MEDIA GROUP INC2.86%-2,046,000$310.91MNo quoteNo quote
12DBXDROPBOX INC2.50%New9,287,500$271.38MNo quoteNo quote
13SSNCSS&C TECHNOLOGIES HLDGS INC2.44%Add +15.1%3,816,892$264.89M$69.4052w: $58.40 - $79.71; reported $69.40
14WTWWILLIS TOWERS WATSON PLC LTD2.14%Reduce -47.1%1,000,000$232.46M$232.4652w: $179.31 - $271.87; reported $232.46
15LBTYALIBERTY GLOBAL PLC2.10%-7,657,205$228.19M$29.8052w: $9.65 - $15.75; reported $29.80
16SJRSHAW COMMUNICATIONS INC2.01%-7,530,807$218.68MNo quoteNo quote
17LSXMALIBERTY MEDIA CORP DEL1.91%Add +25.7%4,400,000$207.55MNo quoteNo quote
18PSTHPERSHING SQUARE TONTINE HLDG1.73%Reduce -5.3%9,550,504$188.15MNo quoteNo quote
19IFFINTERNATIONAL FLAVORS&FRAGRA1.53%Reduce -40.8%1,242,483$166.15M$133.7252w: $99.54 - $157.08; reported $133.72
20VRNTVERINT SYS INC1.46%Add +16.1%3,528,484$158.04MNo quoteNo quote
21ATRAATARA BIOTHERAPEUTICS INC1.40%-8,477,488$151.75MNo quoteNo quote
22DBRGDIGITALBRIDGE GROUP INC1.27%-22,877,059$137.95MNo quoteNo quote
23ADVADVANTAGE SOLUTIONS INC0.95%-12,195,000$103.69MNo quoteNo quote
24TBPHTHERAVANCE BIOPHARMA INC0.93%Add +37.8%13,660,168$101.09MNo quoteNo quote
25JOBYJOBY AVIATION INC0.88%New10,000,000$96.05M$9.6152w: $7.83 - $17.00; reported $9.61
26ISIRONSOURCE LTD0.80%-8,000,000$86.96MNo quoteNo quote
27NUVBNUVATION BIO INC0.79%-8,623,021$85.37M$9.9052w: $7.66 - $15.23; reported $9.90
28PCGPG&E CORP0.64%Reduce -76.5%7,216,458$69.28M$9.6052w: $8.24 - $12.91; reported $9.60
29LFGARCHAEA ENERGY INC0.54%New3,500,000$58.97MNo quoteNo quote
30CGEMCULLINAN ONCOLOGY INC0.37%-1,835,560$40.24MNo quoteNo quote
31AVANAVANTI ACQUISITION CORP0.36%-4,000,000$39.16MNo quoteNo quote
32HZONHORIZON ACQUISITION CORPORAT0.32%-3,499,998$34.3MNo quoteNo quote
33LMACALIBERTY MEDIA ACQUISITION CO0.30%-3,200,000$32.26MNo quoteNo quote
34BSNBROADSTONE ACQUISITION CORP0.27%-2,970,000$29.55MNo quoteNo quote
35GTXGARRETT MOTION INC0.24%-3,575,000$26.35M$7.3752w: $2.60 - $8.90; reported $7.37
36AGCBALTIMETER GROWTH CORP 20.23%-2,500,000$24.73MNo quoteNo quote
37TMQTRILOGY METALS INC NEW0.21%-12,182,568$22.54MNo quoteNo quote
38IIACINVESTINDUSTRIAL ACQUISITION0.19%-2,100,000$20.85MNo quoteNo quote
39DGNUDRAGONEER GROWTH OPT CORP II0.18%-2,000,000$19.6MNo quoteNo quote
40FNCHFINCH THERAPEUTICS GROUP INC0.14%-1,208,159$15.71MNo quoteNo quote
41OBOUTBRAIN INC0.11%New792,000$11.72MNo quoteNo quote
42DGNSDRAGONEER GROWTH OPPTY CORP0.09%-1,000,000$9.95MNo quoteNo quote
43SVFASVF INVESTMENT CORP0.09%-1,000,000$9.76MNo quoteNo quote
44J209REORGPYMNTNOBLE CORP NEW0.03%-104,928$2.71MNo quoteNo quote
45PSTHWSPERSHING SQUARE TONTINE HLDG0.02%-1,944,444$2.51MNo quoteNo quote
46JOBYWSJOBY AVIATION INC0.02%New875,000$1.97MNo quoteNo quote
47CZOWFCAZOO GROUP LTD0.02%New1,250,000$1.86MNo quoteNo quote
48BSNWSBROADSTONE ACQUISITION CORP0.01%-1,485,000$1.6MNo quoteNo quote
49RBACWSREDBALL ACQUISITION CORP0.01%-1,650,000$1.33MNo quoteNo quote
50AVANWSAVANTI ACQUISITION CORP0.01%-2,000,000$1.31MNo quoteNo quote
51RTPYWREINVENT TECHNOLOGY PARTNERS0.01%-750,000$1.13MNo quoteNo quote
52HZONWSHORIZON ACQUISITION CORPORAT0.01%-1,166,666$1.05MNo quoteNo quote
53LMACWLIBERTY MEDIA ACQUISITION CO0.01%-640,000$928KNo quoteNo quote
54IIACWSINVESTINDUSTRIAL ACQUISITION0.01%-700,000$903KNo quoteNo quote
55SVFAWSVF INVESTMENT CORP0.00%-200,000$200KNo quoteNo quote
56HIPOWSHIPPO HLDGS INC0.00%New200,000$184KNo quoteNo quote
65TBIOTRANSLATE BIO INC-Sold0$0No quoteNo quote
64SKINWTHE BEAUTY HEALTH COMPANY-Sold0$0No quoteNo quote
63RTPYREINVENT TECHNOLOGY PARTNERS-Sold0$0No quoteNo quote
62RTPZWSREINVENT TECHNOLOGY PARTNERS-Sold0$0No quoteNo quote
61RTPZREINVENT TECHNOLOGY PARTNERS-Sold0$0No quoteNo quote
60RTPREINVENT TECHNOLOGY PARTNERS-Sold0$0No quoteNo quote
59RTPWSREINVENT TECHNOLOGY PARTNERS-Sold0$0No quoteNo quote
58AJAXWSAJAX I-Sold0$0No quoteNo quote
57AJAXAJAX I-Sold0$0No quoteNo quote

Other instruments

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

1TBPH 3.25 11/01/23THERAVANCE BIOPHARMA INCNOTE 3.250%11/0OTHER30,000,000$27.64M