Seth Klarman 's Baupost Group didn't have a brilliant first quarter as 12 stocks from its equity portfolio with a market cap of over $1.0 billion had an average decline of 2.3%. However, Baupost has a solid return over the last year, which amounts to 30% and its first quarter performance was still far better than Kyle Bass' Hayman Advisors, which was down by 18.9% based on its long positions in five stocks and was also the worst performing hedge fund on our list for the first quarter.