Baupost Group Portfolio holdings
Baupost Group invests for the long term in companies and other investments it judges to be undervalued, on behalf of families, foundations, endowments and other institutions. Its philosophy puts risk management first. Seth Klarman, its chief executive and portfolio manager, founded it in 1982 with William Poorvu, a Harvard professor, and partners Howard Stevenson, Jordan Baruch and Isaac Auerbach, and the name is an acronym built from the founders' names. Poorvu supplied the first money to manage, which he had raised by selling his share in a local television station, and Seth Klarman's team ran it. Seth Klarman wrote a 1991 book on value investing, Margin of Safety.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$230M |
| 2 |
Theravance Biopharma
TBPH
|
+$182M |
| 3 |
SunEdison Semiconductor Limited
SEMI
|
+$68.3M |
| 4 |
KERX
Keryx Biopharmaceuticals Inc
KERX
|
+$59.9M |
| 5 |
Kosmos Energy
KOS
|
+$50.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BP
BP
|
+$152M |
| 2 |
Innoviva
INVA
|
+$127M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 41.04% |
| 2 | Miscellaneous | 25.27% |
| 3 | Healthcare | 17.3% |
| 4 | Energy | 10.38% |
| 5 | Consumer Discretionary | 4.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Micron Technology
MU
$1T
| $1.7B | 27.72% |
51,655,434
| – | – |
2013 Q2
4 quarters
|
|
|
IDIX
2
DELISTED
IDENIX PHARMACEUTICALS INC
IDIX
| $1.27B | 20.67% |
53,331,109
| – | – |
2013 Q2
4 quarters
|
|
3
Viasat
VSAT
$10.6B
| $668M | 10.89% |
11,533,137
+137,237
| +1% | +$8.29M |
2013 Q2
4 quarters
|
|
|
4
Innoviva
INVA
$1.53B
| $607M | 9.89% |
20,395,056
-5,300,843
| -21% | -$127M |
2013 Q2
4 quarters
|
|
5
Cheniere Energy
LNG
$67.5B
| $429M | 6.99% |
5,987,930
+327,930
| +6% | +$19.9M |
2014 Q1
1 quarter
|
|
|
6
eBay
EBAY
$53.4B
| $222M | 3.62% |
+10,540,649
| New | +$230M |
2014 Q2
0 quarters
|
|
|
7
DELISTED
Theravance Biopharma
TBPH
| $193M | 3.15% |
+6,061,228
| New | +$182M |
2014 Q2
0 quarters
|
|
|
KERX
8
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $162M | 2.64% |
10,539,986
+4,229,136
| +67% | +$59.9M |
2014 Q1
1 quarter
|
|
9
PBF Energy
PBF
$9.25B
| $149M | 2.43% |
5,595,286
+178,680
| +3% | +$5.29M |
2013 Q3
3 quarters
|
|
|
RFMD
10
DELISTED
RF MICRO DEVICES INC
RFMD
| $93.6M | 1.52% |
9,759,185
+3,174,185
| +48% | +$28.2M |
2014 Q1
1 quarter
|
|
|
TQNT
11
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| $93M | 1.51% |
5,880,696
+2,055,696
| +54% | +$30.5M |
2014 Q1
1 quarter
|
|
12
NovaGold Resources
NG
$2.55B
| $91.3M | 1.49% |
21,688,300
| – | – |
2013 Q2
4 quarters
|
|
13
ChipMOS TECHNOLOGIES
IMOS
$1.89B
| $79.2M | 1.29% |
2,979,654
| – | – |
2013 Q2
4 quarters
|
|
14
DELISTED
Citigroup Inc
C.WS.A
| $74.8M | 1.22% |
122,573,007
+18,327,000
| +18% | +$11.6M |
2013 Q2
4 quarters
|
|
|
15
DELISTED
SunEdison Semiconductor Limited
SEMI
| $70.2M | 1.14% |
+4,145,379
| New | +$68.3M |
2014 Q2
0 quarters
|
|
|
16
Kosmos Energy
KOS
$1.7B
| $53.3M | 0.87% |
+4,750,000
| New | +$50.8M |
2014 Q2
0 quarters
|
|
|
KIN
17
DELISTED
Kindred Biosciences, Inc.
KIN
| $51.5M | 0.84% |
2,763,848
| – | – |
2013 Q4
2 quarters
|
|
|
ELOS
18
DELISTED
Syneron Medical Ltd
ELOS
| $41.3M | 0.67% |
4,000,000
| – | – |
2013 Q2
4 quarters
|
|
19
Boyd Gaming
BYD
$5.15B
| $33.9M | 0.55% |
+2,794,630
| New | +$32.3M |
2014 Q2
0 quarters
|
|
20
DELISTED
American International Group, Inc.
AIG.WS
| $21M | 0.34% |
788,998
+132,555
| +20% | +$3.08M |
2013 Q2
4 quarters
|
|
|
AOI
21
DELISTED
Alliance One International
AOI
| $16M | 0.26% |
638,364
| – | – |
2013 Q2
4 quarters
|
|
|
AVEO
22
DELISTED
AVEO Pharmaceuticals, Inc.
AVEO
| $7.01M | 0.11% |
382,935
| – | – |
2013 Q2
4 quarters
|
|
|
ALDW
23
DELISTED
Alon USA Partners LP
ALDW
| $5.9M | 0.1% |
329,188
| – | – |
2013 Q4
2 quarters
|
|
24
Trilogy Metals
TMQ
$397M
| $5.46M | 0.09% |
5,005,298
| – | – |
2013 Q2
4 quarters
|
|
|
25
BP
BP
$130B
| – | – |
-3,871,089
| Closed | -$152M | – |
|
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Baupost Group's Q2 2014 Portfolio in Review
As of Q2 2014, Baupost Group held 25 positions worth $6.14B, up 48% from $4.14B the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Baupost Group deployed $451M of net new capital in Q2 2014, opening 5 new positions and adding to 8 existing holdings. Its largest new stake was eBay: 10,540,649 shares worth $222M.
By sector, the portfolio is most concentrated in Technology at 41% of assets, down from 50% a quarter earlier, followed by Miscellaneous and Healthcare.
On the sell side, the largest reduction was Innoviva, an estimated $127M trimmed.
- Baupost Group's largest Q2 2014 buy was eBay: 10,540,649 shares worth $222M.
- Baupost Group added most to Keryx Biopharmaceuticals Inc in Q2 2014, an estimated $59.9M increase.
- Baupost Group's biggest Q2 2014 reduction was Innoviva, cutting an estimated $127M.
- Baupost Group fully exited BP in Q2 2014, selling an estimated $152M.
- Baupost Group's ten largest holdings make up 90% of its $6.14B portfolio in Q2 2014.
- Baupost Group opened 5 new positions and closed 1 in Q2 2014.
- Baupost Group's portfolio value rose 48% quarter-over-quarter to $6.14B.
Based on Baupost Group's 13F filing for Q2 2014, filed 14 Aug 2014.