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Funds (13F)

Baupost Group LLC

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+4.6%
S&P 500 +14.1%
Last 12 months
+13.5%
S&P 500 +12.1%
Sharpe ratio
0.22
S&P 500 0.78
Biggest drop
−51.1%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$18.1k
Baupost Group LLCS&P 500 $10,000 in Baupost Group LLC from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Baupost Group LLC's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Baupost Group LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+4.6%+14.1%
Total return+81%+470%
Last 12 months+13.5%+12.1%
Last 3 months+0.1%—
Last month+5.1%—
This year so far+6.6%—
Volatility a year23.4%16.0%
Sharpe ratio0.220.78
Biggest drop−51.1%−31.8%
Beta to the S&P 5001.081.00
Alpha a year (t-statistic)−8.2% (−1.88)—
Share of weeks up52%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
AMZN18.1%——
ELV10.0%——
QSR9.9%——
FERG7.0%——
GPC6.7%——
UNP6.5%——
V4.9%——
WCC4.6%——
AON4.6%——
TFX3.6%——
NCLH3.3%——
MOH2.9%——
CME2.8%——
HLF2.5%——
EXP2.4%——
GDS2.3%——
COLD2.2%——
LBTYK1.9%——
AERO1.8%——
AXTA0.9%——
DNOW0.7%——
PS0.3%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+4.6%+14.1%0.220.78−51.1%1.08−8.2% (−1.88)
2018 onwards5 Jan 2018 to 2 Nov 2026+1.9%+13.9%0.080.66−51.0%1.03−10.1% (−1.93)
Last three years3 Nov 2023 to 2 Nov 2026+17.1%+21.8%0.781.16−17.6%0.64+2.2% (0.28)
Last year7 Nov 2025 to 2 Nov 2026+14.7%+14.2%0.740.84−11.5%0.77+3.1% (0.27)
DateCompanyAction
14 Aug 2026PSBought
14 Aug 2026CMEBought
14 Aug 2026AXTABought
15 May 2026VBought
15 May 2026TFXBought
15 May 2026PCVXBought
15 May 2026NCLHBought
15 May 2026DNOWBought
15 May 2026AONBought
20 Feb 2026MOHBought
20 Feb 2026AMZNBought
20 Feb 2026AEROBought
14 Nov 2025UNPBought
14 Nov 2025GPCBought
14 Nov 2025COLDBought
15 Aug 2025PAGSBought
15 Aug 2025FISVBought
16 May 2025SGIBought
16 May 2025ICLRBought
16 May 2025FISBought
16 May 2025ELVBought
14 Feb 2025HUMBought
14 Feb 2025GPCBought
14 Feb 2025FERGBought
15 Nov 2024WTWBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026WTWSold
14 Aug 2026PCVXSold
15 May 2026TBNSold
15 May 2026FISVSold
15 May 2026FISSold
15 May 2026DGSold
15 May 2026CRHSold
20 Feb 2026PAGSSold
14 Nov 2025VSATSold
14 Nov 2025ICLRSold
15 Aug 2025SOLVSold
15 Aug 2025SGISold
15 Aug 2025CLVTSold
16 May 2025HUMSold
16 May 2025GPCSold
14 Feb 2025JSold
14 Feb 2025FTRESold
14 Feb 2025FISSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest