The Baupost Group, L.L.C.

The firm manages a group of privately offered, exempt investment limited partnerships and a co‑investment fund, providing discretionary management of pooled vehicles for institutional and high‑net‑worth investors. It invests across a wide spectrum of public and private instruments — including equities and debt, bank loans, real estate and related vehicles, litigation and trade claims, SPACs and PIPEs, and digital assets — and does not provide customized advice to individual limited partners.

Baupost follows an opportunistic, value‑oriented investment approach that seeks assets trading below perceived economic value, often focusing on out‑of‑favor, complex or illiquid opportunities. Portfolio decisions are made using fundamental analysis and may employ derivatives, hedging, limited leverage, operating partners, follow‑on financings and co‑investment structures, with allocations and liquidity governed by each partnership’s operating agreement.

Among features that distinguish the firm, its ADV discloses a disciplinary event involving a partner arising from French tax audits of Luxembourg entities, noting that the partnerships paid assessed taxes, interest and penalties and that the partner’s appeal was withdrawn. The firm also discloses an indirect affiliation with a broker‑dealer through a substantial partnership ownership interest and describes active use of commodity and derivatives markets (futures, swaps, forwards), including discussion of CFTC‑related clearing, margin and registration considerations even though the adviser itself is not registered as a CPO/CTA.