Hedge Fund · CIK 0001061768

Seth Klarman

Baupost Group
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Seth Klarman runs Baupost Group, a hedge fund overseeing $5.28B in disclosed equity holdings (SEC CIK 0001061768). The latest portfolio (2025Q4) discloses 22 positions across 8 sectors, with the largest positions in QSR, AMZN and WILLIS TOWERS WATSON PLC LTD. On a mark-to-market basis the tracked portfolio has returned 19.7% over the past year. OpenStocks tracks 40 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.

Track Seth's filingsView holdings
Portfolio
$5.28B
Positions
22
Quarter
2025Q4
Filings tracked
40
1Y+19.7%3Y+59.6%5Y+50.2%10Y+159.7%Full performance →
Quarter
2025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q1
1-YearTWR
+19.71%
since 2024Q4
3-YearTWR
+59.57%
since 2022Q4
5-YearTWR
+50.20%
since 2020Q4
10-Yearbacktest
+159.71%
since 2016-04-20

Methodology: TWR tiles chain-link quarterly mark-to-market across consecutive filings (GIPS-compliant) · actual tiles use a real 13F snapshot marked to today · backtest tiles re-price the current book to historical prices.

Performance overview

We mark Seth Klarman (Baupost Group)'s disclosed portfolio to current market prices and compare its growth against the S&P 500 (SPY). Seth's portfolio is 19.7% over the last 12 months · 161.8% since 2016Q1.

Portfolio growth vs SPY
Rebased to 100 at 2021Q2 · through 2025Q4
Seth Klarman
+21.5%
SPY
+69.5%
Alpha
-48.1pp
62911201491782021Q22023Q32025Q4
Portfolio line is the GIPS-compliant time-weighted return chain-linked across the manager's quarterly 13F filings — unaffected by capital flows. Quarters with insufficient held-through coverage are skipped, which can briefly flatten the line.
Capital flow per quarter
BuysSellsNet
+$2.18B+$1.09B$0-$1.09B-$2.18B'22Q1'22Q2'22Q3'22Q4'23Q1'23Q2'23Q3'23Q4'24Q1'24Q2'24Q3'24Q4'25Q1'25Q2'25Q3'25Q4
Latest · 2025Q4
+$263M
Lifetime buys
$12.12B
Lifetime sells
$14.92B
Portfolio over time
AUMPositions
$0$3.07B$6.14B$9.30B5521'22Q1'23Q4'25Q4
QoQ AUM
+10.2%
16Q lifetime AUM
-43.2%
QoQ positions
+0
16Q lifetime positions
-33
Position concentration
22 positions
Top 1
10%
of book
  • Top 110%$551.3MQSR
  • Top 2-533%$1.76BAMZN, WILLIS TOWER, ELV
  • Top 6-1029%$1.51BWCC, GOOG, FIS
  • Top 11-2027%$1.43BEXP, LIBERTY GLOB, GPC
  • Rest1%$30.2MLIBERTY GLOB, TBN