Public filings (13Fs) from late 2024 and early 2025 reveal how these views translated into action:
While remaining rooted in , Baupost’s 2024 strategy shows a notable evolution toward flexibility.
Regulatory filings through late 2024 and early 2025 highlight a "harvesting" of long-term tech gains to fund new, contrarian bets. baupost letter 2024 pdf exclusive
Passive investment vehicles automatically channel capital into the largest overvalued assets, driving valuations detached from fundamental cash flows.
: Significant positions were established or increased in companies like Restaurant Brands International (QSR), Union Pacific (UNP) , and Elevance Health (ELV). Public filings (13Fs) from late 2024 and early
Willingness to hold high levels of cash until truly attractive opportunities emerge.
: The fund optimized its historically large cash drag, pulling cash down to approximately 10% to aggressively fund mispriced private credits and complex corporate events. : Significant positions were established or increased in
The 2024 letter underscores Klarman’s classic philosophy of while addressing modern market phenomena like the rise of AI and passive investing.
For Klarman, inflation is not merely an economic variable but a fundamental risk to his clients’ wealth. The 2024 letter suggests that Baupost continues to position its portfolio with an eye toward protecting purchasing power over the long term — even if that means forgoing short-term gains.
(11 out of 59 personnel) to streamline its equities and real estate units. Refined Focus