SeekingAlpha.com – This is the Third Quarter 2008 edition of our ongoing hedge fund tracking series. Next up is Baupost Group ran by Seth Klarman.

Klarman received his MBA from Harvard Business School and started working at Baupost at age 25. Over the past 25 years, Baupost has seen an annual compound return of 20% and is ranked 49th in Alpha’s hedge fund rankings. Klarman has always considered himself a value investor and has been patient through the market turmoil.

The past few years the fund had nearly half of its $14 billion in assets in cash. But, with turmoil comes opportunity, and, as such, Baupost’s cash has been gradually deployed by Klarman and Baupost’s 100 employees, leaving it with around a fourth of its assets left in cash.

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Tags: assets, compound return, harvard business school, market turmoil, mba, seth klarman, value investor