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Seth Andrew KlarmanOracle of Boston

The Baupost Group

United States

3.5

Seth Andrew Klarman — Investment style

Growth9Value

Buys deeply undervalued assets with a margin of safety

Macro9Companies

Studies specific asset values rather than macro forecasts

Quantitative6Qualitative

Combines valuation models with legal and business analysis

Short term8Long term

Waits patiently for value realization and new bargains

Concentrated5Diversified

Balances selective conviction with asset-class diversification

Aggressive9Conservative

Prioritizes avoiding permanent capital loss

Leveraged9Unleveraged

Avoids recourse borrowing at the portfolio level

Short8Long positions

Mainly holds longs with selective macro hedges

Innovative7Traditional

Seeks mispriced assets across sectors, not technology hype

Alternative assets4Stocks

Allocates heavily to distressed credit and real estate

Style and evaluation scores are subjective HappyStock editorial assessments.

Evaluation scores

Long-term excess returns9/10

Earned about 16.5% net annually from 1983 to 2008

Performance consistency8/10

Only three losing years reported over the first 33 years

Downside protection8/10

Cash and hedges reduced risk, but 2008 was negative

Replicability7/10

Clear value rules, but special situations demand expertise

Explosiveness8/10

Idenix investment reportedly earned around $1 billion

Top 3 investment successes

Idenix Acquisition Gain : Baupost began buying Idenix Pharmaceuticals in 2011 and held more than 35% by 2014 When Merck agreed to acquire the hepatitis C drug developer for about $3.85 billion, press estimates placed Baupost’s investment profit at just over $1 billion The figure is an estimate, not an audited trade record
Micron Investment Profits : Baupost built a major Micron position beginning in 2013, anticipating better memory-chip economics It sold most remaining shares after the 2015 downturn, yet Klarman’s investor letter reported lifetime profits exceeding $900 million on the investment despite losses on the final portion
Icelandic Bank Debt Recovery : After Iceland’s banking collapse in 2008, Baupost acquired bank claims at deep discounts to face value According to a later account of the investment, subsequent recoveries yielded roughly $880 million in profit, or a return of about 51% on committed capital The figure is externally reported

Top 3 investment setbacks

Hewlett-Packard Investment Loss : Baupost started buying HP shares around $29 in 2011, but operating troubles and a major Autonomy acquisition write-down drove the price sharply lower It exited the position by the end of 2012 Fortune estimated a loss exceeding $150 million, although the exact realized result was not disclosed
Keryx Drug Sales Forecast Error : In 2015, Baupost overestimated initial prescriptions for Keryx’s kidney-disease drug Auryxia after buying its initial stake at an average $14.50 per share Shares later fell to roughly $3 Klarman acknowledged the forecasting error, while the mark-to-market loss did not establish a complete realized exit
Energy Exposure and Annual Fund Loss : In 2015, falling oil and gas prices weighed on holdings such as Antero Resources and Cheniere Energy Baupost’s public-investment portfolio declined 6.7%, while the overall fund suffered a mid-single-digit loss The loss on any individual energy position was not publicly established

Top 10 reported SEC 13F holdings

Quarter ended: 2026-06-30 · Filed: 2026-08-13

#	Top 10 reported SEC 13F holdings	Share of reported 13F value
1	Amazon (AMZN)	16%
2	Elevance Health (ELV)	9%
3	Restaurant Brands International (QSR)	9%
4	Alphabet (GOOG)	9%
5	Ferguson Enterprises (FERG)	6%
6	Genuine Parts Company (GPC)	6%
7	Union Pacific (UNP)	6%
8	Visa (V)	4%
9	WESCO International (WCC)	4%
10	Aon	4%

SEC 13F covers reported positions of an associated investment manager, not the investor’s full current portfolio.