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 |
Cheniere Energy
LNG
|
+$397M |
| 2 |
Onity Group
ONIT
|
+$211M |
| 3 |
Antero Resources
AR
|
+$160M |
| 4 |
KERX
Keryx Biopharmaceuticals Inc
KERX
|
+$119M |
| 5 |
VRTV
VERITIV CORPORATION
VRTV
|
+$100M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
IDIX
IDENIX PHARMACEUTICALS INC
IDIX
|
+$1.27B |
| 2 |
Boyd Gaming
BYD
|
+$19.7M |
| 3 |
Innoviva
INVA
|
+$13.3M |
| 4 |
ELOS
Syneron Medical Ltd
ELOS
|
+$10.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 44.59% |
| 2 | Energy | 22.16% |
| 3 | Healthcare | 13.8% |
| 4 | Miscellaneous | 6.56% |
| 5 | Consumer Discretionary | 6.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Micron Technology
MU
$903B
| $1.77B | 30.82% |
51,655,434
| – | – |
2013 Q2
5 quarters
|
|
|
2
Cheniere Energy
LNG
$63.2B
| $896M | 15.61% |
11,199,030
+5,211,100
| +87% | +$397M |
2014 Q1
2 quarters
|
|
3
Viasat
VSAT
$9.9B
| $636M | 11.07% |
11,533,137
| – | – |
2013 Q2
5 quarters
|
|
4
eBay
EBAY
$52.7B
| $345M | 6.01% |
14,485,776
+3,945,127
| +37% | +$87.8M |
2014 Q2
1 quarter
|
|
|
5
Innoviva
INVA
$1.35B
| $339M | 5.9% |
19,815,983
-579,073
| -3% | -$13.3M |
2013 Q2
5 quarters
|
|
|
KERX
6
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $252M | 4.38% |
18,300,000
+7,760,014
| +74% | +$119M |
2014 Q1
2 quarters
|
|
|
7
Onity Group
ONIT
$228M
| $183M | 3.19% |
+466,780
| New | +$211M |
2014 Q3
0 quarters
|
|
8
PBF Energy
PBF
$8.41B
| $171M | 2.99% |
7,145,418
+1,550,132
| +28% | +$40.9M |
2013 Q3
4 quarters
|
|
|
9
Antero Resources
AR
$11.9B
| $151M | 2.64% |
+2,759,510
| New | +$160M |
2014 Q3
0 quarters
|
|
10
DELISTED
Theravance Biopharma
TBPH
| $140M | 2.43% |
6,061,228
| – | – |
2014 Q2
1 quarter
|
|
|
VRTV
11
DELISTED
VERITIV CORPORATION
VRTV
| $118M | 2.06% |
+2,362,885
| New | +$100M |
2014 Q3
0 quarters
|
|
12
DELISTED
Citigroup Inc
C.WS.A
| $116M | 2.03% |
122,573,007
| – | – |
2013 Q2
5 quarters
|
|
|
RFMD
13
DELISTED
RF MICRO DEVICES INC
RFMD
| $113M | 1.96% |
9,759,185
| – | – |
2014 Q1
2 quarters
|
|
|
TQNT
14
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| $112M | 1.95% |
5,880,696
| – | – |
2014 Q1
2 quarters
|
|
15
DELISTED
SunEdison Semiconductor Limited
SEMI
| $80.2M | 1.4% |
4,145,379
| – | – |
2014 Q2
1 quarter
|
|
16
ChipMOS TECHNOLOGIES
IMOS
$1.76B
| $74.3M | 1.29% |
2,979,654
| – | – |
2013 Q2
5 quarters
|
|
17
NovaGold Resources
NG
$2.53B
| $65.7M | 1.14% |
21,688,300
| – | – |
2013 Q2
5 quarters
|
|
18
Kosmos Energy
KOS
$1.3B
| $47.3M | 0.82% |
4,750,000
| – | – |
2014 Q2
1 quarter
|
|
|
ELOS
19
DELISTED
Syneron Medical Ltd
ELOS
| $30M | 0.52% |
2,994,610
-1,005,390
| -25% | -$10.2M |
2013 Q2
5 quarters
|
|
|
KIN
20
DELISTED
Kindred Biosciences, Inc.
KIN
| $27.9M | 0.49% |
3,013,848
+250,000
| +9% | +$3.38M |
2013 Q4
3 quarters
|
|
21
DELISTED
American International Group, Inc.
AIG.WS
| $18.8M | 0.33% |
788,998
| – | – |
2013 Q2
5 quarters
|
|
|
AOI
22
DELISTED
Alliance One International
AOI
| $12.6M | 0.22% |
638,364
| – | – |
2013 Q2
5 quarters
|
|
|
23
Boyd Gaming
BYD
$5.45B
| $10M | 0.17% |
979,476
-1,815,154
| -65% | -$19.7M |
2014 Q2
1 quarter
|
|
|
ALDW
24
DELISTED
Alon USA Partners LP
ALDW
| $5.83M | 0.1% |
329,188
| – | – |
2013 Q4
3 quarters
|
|
25
Trilogy Metals
TMQ
$366M
| $5.54M | 0.1% |
6,005,298
+1,000,000
| +20% | +$1.06M |
2013 Q2
5 quarters
|
|
Similar funds
Baupost Group's Q3 2014 Portfolio in Review
As of Q3 2014, Baupost Group held 28 positions worth $5.74B, down 6.5% from $6.14B the previous quarter. Its ten largest holdings account for 85% of the portfolio.
Baupost Group withdrew a net $192M in Q3 2014, closing 1 position and reducing 3 holdings. Its most notable exit was IDENIX PHARMACEUTICALS INC, an estimated $1.27B position sold in full.
By sector, the portfolio is most concentrated in Technology at 45% of assets, up from 41% a quarter earlier, followed by Energy and Healthcare.
Against the trend, Baupost Group opened a new position in Onity Group worth $183M.
- Baupost Group's largest Q3 2014 buy was Onity Group: 466,780 shares worth $183M.
- Baupost Group added most to Cheniere Energy in Q3 2014, an estimated $397M increase.
- Baupost Group's biggest Q3 2014 reduction was Boyd Gaming, cutting an estimated $19.7M.
- Baupost Group fully exited IDENIX PHARMACEUTICALS INC in Q3 2014, selling an estimated $1.27B.
- Baupost Group's ten largest holdings make up 85% of its $5.74B portfolio in Q3 2014.
- Baupost Group opened 3 new positions and closed 1 in Q3 2014.
- Baupost Group's portfolio value fell 6.5% quarter-over-quarter to $5.74B.
Based on Baupost Group's 13F filing for Q3 2014, filed 14 Nov 2014.