Baupost’s annual letter to investors typically follows its fiscal year end (January 31). The letter reflecting full-year 2024 performance and commentary will likely be issued in early 2025 . Any PDF claiming to be the “2024 letter” before that date is either a forgery, a placeholder, or a scam.

: Klarman expressed increased confidence in the "increasingly excited" portfolio, noting that restructuring has improved the firm's ability to uncover attractive investments in a challenging environment. Top 13F Holdings (as of Q3/Q4 2024) Portfolio Impact Remains a top holding despite recent reductions. Liberty Global A core long-term position. Willis Towers Watson Significant position maintained or increased in 2024. Ferguson Enterprises A major new stake added in late 2024 worth nearly $200M. Dollar General A new significant stake added in Q3 2024. For those tracking specific trades, the latest 13F filings offer a quarterly window into these moves. Dollar General positions?

Klarman has long criticized indexing. The 2024 letter would double down: “Passive flows have suspended price discovery.” He would note that the S&P 500’s top 10 stocks now constitute ~35% of the index — a concentration last seen in 1960s. When sentiment reverses, he warns, passive outflows will accelerate selling indiscriminately, creating the kind of panic Baupost waits years for.

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The by Seth Klarman, while not publicly released in its full 25-page PDF form, has had its core themes and strategic shifts detailed through investor reporting and regulatory filings.

Before diving into the specifics of the 2024 letter, it's essential to understand the stature and reputation of Baupost Group and its founder, Seth Klarman. Baupost Group, founded in 1982, is one of the most successful hedge funds in the world, known for its value-oriented investment approach. Seth Klarman, the founder and managing partner, is a highly respected figure in the investment community. His annual letters are widely read and studied not just by Baupost's investors but by anyone interested in deep-value investing.

: The portfolio remains heavily concentrated, with Willis Towers Watson (WTW) , Liberty Global , and Alphabet (GOOGL) making up a large portion of holdings.