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 |
Alcoa
AA
|
+$509M |
| 2 |
Cheniere Energy
LNG
|
+$451M |
| 3 |
PayPal
PYPL
|
+$391M |
| 4 |
Antero Resources
AR
|
+$215M |
| 5 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$194M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$345M |
| 2 |
Micron Technology
MU
|
+$322M |
| 3 |
Onity Group
ONIT
|
+$20.7M |
| 4 |
ALDW
Alon USA Partners LP
ALDW
|
+$6.28M |
| 5 |
AOI
Alliance One International
AOI
|
+$4.07M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 38.89% |
| 2 | Technology | 15.95% |
| 3 | Materials | 11.73% |
| 4 | Healthcare | 10.64% |
| 5 | Financials | 6.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Cheniere Energy
LNG
$63.2B
| $1.09B | 18.24% |
22,669,730
+7,304,500
| +48% | +$451M |
2014 Q1
6 quarters
|
|
2
Viasat
VSAT
$9.9B
| $741M | 12.35% |
11,533,137
| – | – |
2013 Q2
9 quarters
|
|
|
3
Alcoa
AA
$10.7B
| $505M | 8.41% |
+21,751,977
| New | +$509M |
2015 Q3
0 quarters
|
|
4
DELISTED
Pioneer Natural Resource Co.
PXD
| $503M | 8.38% |
4,137,000
+72,000
| +2% | +$8.97M |
2015 Q1
2 quarters
|
|
|
5
Antero Resources
AR
$11.9B
| $341M | 5.68% |
16,099,763
+8,076,900
| +101% | +$215M |
2014 Q3
4 quarters
|
|
|
6
PayPal
PYPL
$48.4B
| $338M | 5.64% |
+10,904,852
| New | +$391M |
2015 Q3
0 quarters
|
|
7
PBF Energy
PBF
$8.41B
| $311M | 5.19% |
11,025,000
| – | – |
2013 Q3
8 quarters
|
|
|
8
eBay
EBAY
$52.7B
| $228M | 3.79% |
9,315,000
-12,817,440
| -58% | -$345M |
2014 Q2
5 quarters
|
|
|
TFCF
9
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $177M | 2.94% |
+6,527,500
| New | +$194M |
2015 Q3
0 quarters
|
|
10
Atara Biotherapeutics
ATRA
$80.8M
| $169M | 2.81% |
214,385
+22,000
| +11% | +$26.8M |
2014 Q4
3 quarters
|
|
11
Innoviva
INVA
$1.35B
| $142M | 2.37% |
19,815,983
| – | – |
2013 Q2
9 quarters
|
|
|
FWP
12
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $126M | 2.11% |
766,757
| – | – |
2014 Q4
3 quarters
|
|
13
Olin
OLN
$2.01B
| $118M | 1.96% |
+7,000,000
| New | +$148M |
2015 Q3
0 quarters
|
|
|
TFCFA
14
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $111M | 1.84% |
+4,097,500
| New | +$122M |
2015 Q3
0 quarters
|
|
|
VRTV
15
DELISTED
VERITIV CORPORATION
VRTV
| $104M | 1.73% |
2,795,693
+313,536
| +13% | +$11.5M |
2014 Q3
4 quarters
|
|
16
AerCap
AER
$26.7B
| $93.7M | 1.56% |
+2,450,000
| New | +$108M |
2015 Q3
0 quarters
|
|
17
DELISTED
SunEdison Semiconductor Limited
SEMI
| $88.3M | 1.47% |
8,372,979
+75,000
| +0.9% | +$1.01M |
2014 Q2
5 quarters
|
|
|
KERX
18
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $84.5M | 1.41% |
25,791,678
| – | – |
2014 Q1
6 quarters
|
|
19
NovaGold Resources
NG
$2.53B
| $78.3M | 1.3% |
21,688,300
| – | – |
2013 Q2
9 quarters
|
|
20
DELISTED
Theravance Biopharma
TBPH
| $70.6M | 1.18% |
6,420,028
| – | – |
2014 Q2
5 quarters
|
|
|
FTR
21
DELISTED
Frontier Communications Corp.
FTR
| $64.1M | 1.07% |
900,000
| – | – |
2015 Q2
1 quarter
|
|
22
ChipMOS TECHNOLOGIES
IMOS
$1.76B
| $61.6M | 1.03% |
3,404,942
+425,288
| +14% | +$8.4M |
2013 Q2
9 quarters
|
|
|
KLXI
23
DELISTED
KLX Inc.
KLXI
| $53.6M | 0.89% |
1,779,000
| – | – |
2015 Q1
2 quarters
|
|
24
DELISTED
Citigroup Inc
C.WS.A
| $47.2M | 0.79% |
102,553,207
| – | – |
2013 Q2
9 quarters
|
|
|
LOCK
25
DELISTED
LifeLock, Inc.
LOCK
| $39.1M | 0.65% |
+4,460,760
| New | +$44M |
2015 Q3
0 quarters
|
|
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Baupost Group's Q3 2015 Portfolio in Review
As of Q3 2015, Baupost Group held 41 positions worth $6B, up 0.06% from $6B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Baupost Group deployed $1.52B of net new capital in Q3 2015, opening 9 new positions and adding to 10 existing holdings. Its largest new stake was Alcoa: 21,751,977 shares worth $505M.
By sector, the portfolio is most concentrated in Energy at 39% of assets, down from 39% a quarter earlier, followed by Technology and Materials.
On the sell side, the largest reduction was eBay, an estimated $345M trimmed.
- Baupost Group's largest Q3 2015 buy was Alcoa: 21,751,977 shares worth $505M.
- Baupost Group added most to Cheniere Energy in Q3 2015, an estimated $451M increase.
- Baupost Group's biggest Q3 2015 reduction was eBay, cutting an estimated $345M.
- Baupost Group's ten largest holdings make up 73% of its $6B portfolio in Q3 2015.
- Baupost Group opened 9 new positions and closed 0 in Q3 2015.
- Baupost Group's portfolio value rose 0.06% quarter-over-quarter to $6B.
Based on Baupost Group's 13F filing for Q3 2015, filed 13 Nov 2015.