Seth Klarman
Seth Klarman
Investment Philosophy
Seth Klarman is one of the most respected value investors alive, running Baupost Group with an unwavering focus on capital preservation and margin of safety. His book “Margin of Safety” has become a cult classic in value investing circles, often selling for over $1,000 on secondary markets.
Klarman’s approach is characterized by extreme patience — he frequently holds large cash positions (sometimes 30–50% of the fund) when he cannot find investments meeting his strict criteria. He specializes in complex, illiquid, and distressed situations that most institutional investors avoid: bankruptcies, spin-offs, litigation claims, and real estate workouts.
Klarman believes that the biggest edge in investing is temperament, not intellect — the ability to remain disciplined and unemotional when markets are euphoric or panicked. His singular focus on avoiding permanent capital loss makes him one of the most trustworthy stewards of capital in the industry.
Current Portfolio
Source: SEC 13F Filing (Q4 2025)
| Ticker / Security | Type | Shares (MM) | Δ Shares (%) | Value (Full $) | Portfolio (%) |
|---|---|---|---|---|---|
| EXE / Expand Energy Corp. | Common | 5.06 | 0.00% | $558,680,000 | 7.95% |
| TRMD / TORM plc | Common | 26.43 | -34.88% | $527,290,000 | 7.50% |
| AU / AngloGold Ashanti plc | Common | 3.85 | -8.06% | $328,160,000 | 4.67% |
| SMH / VanEck Semi ETF | Put | 0.86 | NEW | $311,510,000 | 4.43% |
| GTX / Garrett Motion Inc. | Common | 17.09 | -46.40% | $297,960,000 | 4.24% |
| SPY / SPDR S&P 500 ETF | Put | 0.39 | +16.67% | $262,540,000 | 3.74% |
| INDV / Indivior Pharma | Common | 7.11 | -97.24% | $255,060,000 | 3.63% |
| VNOM / Viper Energy, Inc. | Common | 6.29 | 0.00% | $242,790,000 | 3.45% |
| TDS / Telephone and Data | Common | 3.69 | 0.00% | $151,220,000 | 2.15% |
| B / Barrick Gold Corp. | Common | 2.98 | -9.90% | $129,570,000 | 1.84% |
| TLN / Talen Energy Corp. | Common | 0.33 | +13.74% | $124,120,000 | 1.77% |
| CORZ / Core Scientific | Common | 8.35 | +30.47% | $121,590,000 | 1.73% |
| NOK / Nokia Oyj | Common | 18.75 | 0.00% | $121,330,000 | 1.73% |
| TLN / Talen Energy | Call | 0.30 | +361.54% | $112,450,000 | 1.60% |
| FTAI / FTAI Aviation Ltd. | Common | 0.52 | -11.59% | $101,840,000 | 1.45% |
| ITUB / Itaú Unibanco | Common | 13.82 | +9.13% | $98,970,000 | 1.41% |
| ORCL / Oracle Corp. | Put | 0.50 | 0.00% | $97,450,000 | 1.39% |
| LBTYA / Liberty Global | Common | 8.55 | 0.00% | $95,260,000 | 1.36% |
| CBL / CBL & Assoc Properties | Common | 2.52 | -16.22% | $93,150,000 | 1.33% |
| RIOT / Riot Platforms | Conv. Bond | 92.92 | NEW | $21,320,000 | 1.32% |
| AERO / Grupo Aeroméxico | Common | 3.78 | NEW | $82,940,000 | 1.18% |
| TAC / TransAlta Corp. | Common | 6.42 | 0.00% | $81,250,000 | 1.16% |
| STKL / SunOpta Inc. | Common | 20.73 | 0.00% | $78,880,000 | 1.12% |
| NU / Nu Holdings Ltd. | Common | 4.48 | -0.88% | $74,980,000 | 1.07% |
| FCX / Freeport-McMoRan | Common | 1.39 | -7.63% | $70,600,000 | 1.00% |
| KRC / Kilroy Realty Corp. | Common | 1.85 | 0.00% | $69,130,000 | 0.98% |
| CX / CEMEX S.A. | Common | 5.75 | -44.98% | $66,060,000 | 0.94% |
| RWAY / Runway Growth | Common | 7.03 | -15.10% | $62,770,000 | 0.89% |
| ECHO / EchoStar Corp. | Conv. Bond | 60.16 | NEW | $58,140,000 | 0.86% |
| BLCO / Bausch + Lomb | Common | 3.38 | +4.23% | $57,780,000 | 0.82% |
| GRAB / Grab Holdings | Common | 11.21 | -7.33% | $55,930,000 | 0.80% |
| XP / XP Inc. | Common | 3.32 | +63.32% | $54,350,000 | 0.77% |
| MAR / Marriott Int. | Put | 0.15 | 0.00% | $46,540,000 | 0.66% |
| LILAK / Liberty Latin Am. | Common | 5.75 | -13.81% | $42,890,000 | 0.61% |
| ECVT / Ecovyst Inc. | Common | 4.25 | +48.81% | $41,400,000 | 0.59% |
| AD / Array Digital Infra | Common | 0.72 | 0.00% | $38,840,000 | 0.55% |
| VIST / Vista Energy | Common | 0.78 | -57.52% | $38,060,000 | 0.54% |
| YMM / Full Truck Alliance | Common | 3.52 | -7.32% | $37,770,000 | 0.54% |
| SE / Sea Limited | Common | 37.77 | NEW | $37,770,000 | 0.54% |
| SBLK / Star Bulk Carriers | Common | 1.96 | 0.00% | $37,730,000 | 0.54% |
| CRC / California Resources | Common | 0.69 | 0.00% | $31,050,000 | 0.44% |
| BZ / Kanzhun Limited | Common | 1.52 | -7.32% | $31,040,000 | 0.44% |
| CORZ / Core Scientific | Call | 2.00 | NEW | $29,120,000 | 0.41% |
| TEO / Telecom Argentina | Common | 2.35 | -10.72% | $27,250,000 | 0.38% |
| VALE / Vale S.A. | Common | 2.02 | -0.49% | $26,370,000 | 0.38% |
| TX / Ternium S.A. | Common | 0.66 | -26.62% | $25,150,000 | 0.36% |
| KRSP / Rice Acquisition | Common | 32.40 | NEW | $24,660,000 | 0.35% |
| OCSL / Oaktree Specialty | Common | 1.85 | 0.00% | $23,600,000 | 0.34% |
| INFY / Infosys Limited | Common | 1.09 | NEW | $19,510,000 | 0.28% |
| ONIT / Onity Group Inc. | Common | 0.39 | NEW | $17,900,000 | 0.25% |
| SMRT / SmartRent, Inc. | Common | 7.51 | 0.00% | $15,160,000 | 0.22% |
| OPTU / Optimum Comm. | Common | 7.50 | 0.00% | $12,380,000 | 0.18% |
| BHC / Bausch Health Co. | Common | 1.27 | 0.00% | $8,830,000 | 0.13% |
| MX / Magnachip Semi | Common | 2.85 | 0.00% | $7,270,000 | 0.10% |
| LILA / Liberty Latin Am. | Common | 0.84 | -0.88% | $6,200,000 | 0.09% |
| HDB / HDFC Bank Limited | Common | 0.13 | -13.73% | $4,770,000 | 0.07% |
| BATL / Battalion Oil | Common | 3.01 | -0.13% | $3,400,000 | 0.05% |
| ALVO / Alvotech | Common | 0.53 | -65.87% | $2,020,000 | 0.03% |
| BTAI / BioXcel Therapeutics | Common | 0.24 | 0.00% | $390,000 | 0.01% |
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