{
  "crd_number": 109530,
  "slug": "the-baupost-group-l-l-c-boston-ma-109530",
  "primary_business_name": "THE BAUPOST GROUP, L.L.C.",
  "legal_name": "THE BAUPOST GROUP, L.L.C.",
  "dbas": [],
  "city": "Boston",
  "state": "MA",
  "country": "United States",
  "cbsa_code": "14460",
  "metro": {
    "cbsa_code": "14460",
    "common_name": "Boston",
    "msa_name": "Boston-Cambridge-Newton, MA-NH",
    "path": "/advisors/ma/boston"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1998-01-02",
  "years_registered": 28,
  "period": "2026-10-01",
  "filing_date": "2026-03-30",
  "carried_forward": false,
  "raum_total": 24681434252.0,
  "raum_discretionary": 24681434252.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 210,
  "advisory_employees": 45,
  "client_count_bucket": null,
  "clients_by_type": {
    "pooled_investment_vehicles": {
      "raum": 24681434252.0,
      "count": 12
    }
  },
  "compensation_types": [
    "other",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 2,
  "states_registered": [
    "MA"
  ],
  "websites": [
    "https://baupost.com",
    "https://glassdoor.com/Overview/Working-at-The-Baupost-Group-EI_IE260422.11,28.htm",
    "https://linkedin.com/company/the-baupost-group"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/109530",
  "disclosure_items": [
    {
      "item": "11.A(1)",
      "question": "In the past ten years, has the firm or an advisory affiliate been convicted of, or pleaded guilty or no contest to, a felony?"
    },
    {
      "item": "11.D(2)",
      "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?"
    }
  ],
  "city_as_filed": "BOSTON",
  "url": "https://advisorcensus.com/firm/the-baupost-group-l-l-c-boston-ma-109530",
  "display_name": "The Baupost Group, L.L.C.",
  "summary": "The Baupost Group, L.L.C. is an SEC-registered investment advisory firm in Boston, MA, registered since 1998, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.",
  "citation": "AdvisorCensus. The Baupost Group, L.L.C. (CRD 109530): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees",
    "Other"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is The Baupost Group, L.L.C. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), The Baupost Group, L.L.C. reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other."
    },
    {
      "q": "Where is The Baupost Group, L.L.C. located?",
      "a": "The Baupost Group, L.L.C.'s principal office is in Boston, MA, according to its Form ADV."
    },
    {
      "q": "Is The Baupost Group, L.L.C. registered with the SEC or a state?",
      "a": "The Baupost Group, L.L.C. is an SEC-registered investment advisory firm, registered since 1998. Status as filed: Approved. CRD 109530."
    },
    {
      "q": "How much does The Baupost Group, L.L.C. manage?",
      "a": "The Baupost Group, L.L.C. reports $24,681,434,252 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary)."
    },
    {
      "q": "How have The Baupost Group, L.L.C.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for The Baupost Group, L.L.C.: Regulatory assets under management: $32,019,687,679 in the October 2021 data and $24,681,434,252 in the October 2026 data, down 23%. Total employees: 275 in October 2021 and 210 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does The Baupost Group, L.L.C. serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (12)."
    },
    {
      "q": "Does The Baupost Group, L.L.C. report any disciplinary disclosures?",
      "a": "Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.A(1) (felony conviction or plea in the past ten years) and 11.D(2) (another regulator's finding of a violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/109530"
    },
    {
      "q": "What changed in The Baupost Group, L.L.C.'s recent Form ADV filings?",
      "a": "In the April 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 32019687679.0,
      "total_employees": 275,
      "filing_date": "2021-06-28"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 31605784991.0,
      "total_employees": 265,
      "filing_date": "2022-03-29"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 27384539075.0,
      "total_employees": 266,
      "filing_date": "2023-03-31"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 24767034506.0,
      "total_employees": 272,
      "filing_date": "2024-03-28"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 23584785908.0,
      "total_employees": 244,
      "filing_date": "2025-03-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 24681434252.0,
      "total_employees": 210,
      "filing_date": "2026-03-30"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/the-baupost-group-l-l-c-boston-ma-109530.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 12,
      "fewer_than_5": false,
      "raum": 24681434252.0
    }
  ],
  "disclosure_line": "Reports 2 disclosure items on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/109530",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}