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 |
Pioneer Natural Resource Co.
PXD
|
+$142M |
| 2 |
Cheniere Energy
LNG
|
+$117M |
| 3 |
FTR
Frontier Communications Corp.
FTR
|
+$80.3M |
| 4 |
PBF Energy
PBF
|
+$66.4M |
| 5 |
KERX
Keryx Biopharmaceuticals Inc
KERX
|
+$36.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Antero Resources
AR
|
+$52.6M |
| 2 |
Kosmos Energy
KOS
|
+$11.1M |
| 3 |
ALDW
Alon USA Partners LP
ALDW
|
+$6.54M |
| 4 |
PRTK
Paratek Pharmaceuticals, Inc.
PRTK
|
+$5.41M |
| 5 |
Onity Group
ONIT
|
+$1.73M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 38.97% |
| 2 | Technology | 21.36% |
| 3 | Healthcare | 20.29% |
| 4 | Consumer Discretionary | 9.35% |
| 5 | Miscellaneous | 3.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Cheniere Energy
LNG
$57.1B
| $1.06B | 17.74% |
15,365,230
+1,558,000
| +11% | +$117M |
2014 Q1
5 quarters
|
|
2
Viasat
VSAT
$8.18B
| $695M | 11.59% |
11,533,137
| – | – |
2013 Q2
8 quarters
|
|
|
3
DELISTED
Pioneer Natural Resource Co.
PXD
| $564M | 9.4% |
4,065,000
+898,063
| +28% | +$142M |
2015 Q1
1 quarter
|
|
4
eBay
EBAY
$54.2B
| $561M | 9.35% |
22,132,440
| – | – |
2014 Q2
4 quarters
|
|
5
Micron Technology
MU
$743B
| $371M | 6.19% |
19,706,035
| – | – |
2013 Q2
8 quarters
|
|
6
Innoviva
INVA
$1.39B
| $358M | 5.97% |
19,815,983
| – | – |
2013 Q2
8 quarters
|
|
|
7
PBF Energy
PBF
$8.1B
| $313M | 5.22% |
11,025,000
+2,361,886
| +27% | +$66.4M |
2013 Q3
7 quarters
|
|
|
8
Antero Resources
AR
$11.2B
| $276M | 4.59% |
8,022,863
-1,324,837
| -14% | -$52.6M |
2014 Q3
3 quarters
|
|
|
KERX
9
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $257M | 4.29% |
25,791,678
+3,411,478
| +15% | +$36.6M |
2014 Q1
5 quarters
|
|
10
Atara Biotherapeutics
ATRA
$79.9M
| $254M | 4.23% |
192,385
+1,854
| +1% | +$2.13M |
2014 Q4
2 quarters
|
|
|
FWP
11
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $204M | 3.4% |
766,757
| – | – |
2014 Q4
2 quarters
|
|
12
DELISTED
SunEdison Semiconductor Limited
SEMI
| $143M | 2.39% |
8,297,979
+400,000
| +5% | +$8.97M |
2014 Q2
4 quarters
|
|
|
VRTV
13
DELISTED
VERITIV CORPORATION
VRTV
| $90.5M | 1.51% |
2,482,157
+207,772
| +9% | +$8.44M |
2014 Q3
3 quarters
|
|
14
DELISTED
Theravance Biopharma
TBPH
| $83.6M | 1.39% |
6,420,028
+53,451
| +0.8% | +$829K |
2014 Q2
4 quarters
|
|
|
15
Onity Group
ONIT
$269M
| $78.1M | 1.3% |
510,380
-11,879
| -2% | -$1.73M |
2014 Q3
3 quarters
|
|
16
DELISTED
Citigroup Inc
C.WS.A
| $75.9M | 1.27% |
102,553,207
-119,800
| -0.1% | -$86.5K |
2013 Q2
8 quarters
|
|
17
NovaGold Resources
NG
$2.66B
| $74.2M | 1.24% |
21,688,300
| – | – |
2013 Q2
8 quarters
|
|
18
ChipMOS TECHNOLOGIES
IMOS
$1.47B
| $71.7M | 1.2% |
2,979,654
| – | – |
2013 Q2
8 quarters
|
|
|
FTR
19
DELISTED
Frontier Communications Corp.
FTR
| $66.8M | 1.11% |
+900,000
| New | +$80.3M |
2015 Q2
0 quarters
|
|
|
KLXI
20
DELISTED
KLX Inc.
KLXI
| $66.2M | 1.1% |
1,779,000
| – | – |
2015 Q1
1 quarter
|
|
|
BXE
21
DELISTED
Bellatrix Exploration Ltd.
BXE
| $50.9M | 0.85% |
4,368,100
| – | – |
2014 Q4
2 quarters
|
|
|
22
Kosmos Energy
KOS
$1.31B
| $50.6M | 0.84% |
6,000,000
-1,242,354
| -17% | -$11.1M |
2014 Q2
4 quarters
|
|
|
PRTK
23
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
| $39.8M | 0.66% |
1,544,498
-190,720
| -11% | -$5.41M |
2014 Q4
2 quarters
|
|
24
DELISTED
American International Group, Inc.
AIG.WS
| $34.9M | 0.58% |
1,258,496
+3,746
| +0.3% | +$93.1K |
2013 Q2
8 quarters
|
|
|
FTRPR
25
DELISTED
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
| $32.5M | 0.54% |
+325,000
| New | +$32.6M |
2015 Q2
0 quarters
|
|
Similar funds
Baupost Group's Q2 2015 Portfolio in Review
As of Q2 2015, Baupost Group held 32 positions worth $6B, up 0.8% from $5.95B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Baupost Group deployed $405M of net new capital in Q2 2015, opening 4 new positions and adding to 10 existing holdings. Its largest new stake was Frontier Communications Corp.: 900,000 shares worth $66.8M.
By sector, the portfolio is most concentrated in Energy at 39% of assets, down from 39% a quarter earlier, followed by Technology and Healthcare.
On the sell side, the largest reduction was Antero Resources, an estimated $52.6M trimmed.
- Baupost Group's largest Q2 2015 buy was Frontier Communications Corp.: 900,000 shares worth $66.8M.
- Baupost Group added most to Pioneer Natural Resource Co. in Q2 2015, an estimated $142M increase.
- Baupost Group's biggest Q2 2015 reduction was Antero Resources, cutting an estimated $52.6M.
- Baupost Group's ten largest holdings make up 79% of its $6B portfolio in Q2 2015.
- Baupost Group opened 4 new positions and closed 0 in Q2 2015.
- Baupost Group's portfolio value rose 0.8% quarter-over-quarter to $6B.
Based on Baupost Group's 13F filing for Q2 2015, filed 13 Aug 2015.