Around 30% of Baupost's assets under management are invested in stocks and shares. The remainder is spread between cash, credit investments and some real estate, although these are only rough figures. The general public does not have a complete picture of where the assets are invested. Seth Klarman (Trades, Portfolio)'s hedge fund has no limits guiding where it can invest. That's why the portfolio is so diverse. The value investor is able to own virtually any asset he thinks is undervalued. That also includes private equity and private businesses.