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 |
EMC CORPORATION
EMC
|
+$573M |
| 2 |
AGN
Allergan plc
AGN
|
+$493M |
| 3 |
Cheniere Energy
LNG
|
+$122M |
| 4 |
VMW
VMware, Inc
VMW
|
+$112M |
| 5 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$96.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PayPal
PYPL
|
+$146M |
| 2 |
FTR
Frontier Communications Corp.
FTR
|
+$51M |
| 3 |
Onity Group
ONIT
|
+$36.2M |
| 4 |
FTRPR
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
|
+$29.8M |
| 5 |
Kosmos Energy
KOS
|
+$24M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 35.89% |
| 2 | Energy | 27.53% |
| 3 | Healthcare | 17.23% |
| 4 | Communication Services | 6.06% |
| 5 | Financials | 4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
DELISTED
EMC CORPORATION
EMC
| $1.38B | 19.96% |
51,851,500
+22,602,881
| +77% | +$573M |
2015 Q4
1 quarter
|
|
|
2
Cheniere Energy
LNG
$56.8B
| $1.01B | 14.58% |
29,841,174
+3,751,505
| +14% | +$122M |
2014 Q1
8 quarters
|
|
3
Viasat
VSAT
$8.81B
| $847M | 12.24% |
11,533,137
| – | – |
2013 Q2
11 quarters
|
|
4
Antero Resources
AR
$11.1B
| $535M | 7.72% |
21,505,881
+2,337,937
| +12% | +$56.2M |
2014 Q3
6 quarters
|
|
|
AGN
5
DELISTED
Allergan plc
AGN
| $461M | 6.66% |
+1,721,587
| New | +$493M |
2016 Q1
0 quarters
|
|
6
PBF Energy
PBF
$7.97B
| $353M | 5.1% |
10,641,175
-383,825
| -3% | -$12.3M |
2013 Q3
10 quarters
|
|
|
7
PayPal
PYPL
$49.2B
| $273M | 3.94% |
7,059,745
-4,049,533
| -36% | -$146M |
2015 Q3
2 quarters
|
|
8
Innoviva
INVA
$1.36B
| $249M | 3.6% |
19,815,983
| – | – |
2013 Q2
11 quarters
|
|
|
TFCFA
9
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $215M | 3.1% |
7,696,922
+3,599,422
| +88% | +$96.3M |
2015 Q3
2 quarters
|
|
|
TFCF
10
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $205M | 2.96% |
7,278,100
+750,600
| +11% | +$20.2M |
2015 Q3
2 quarters
|
|
11
Olin
OLN
$1.97B
| $187M | 2.69% |
10,739,202
+3,739,202
| +53% | +$57.9M |
2015 Q3
2 quarters
|
|
12
DELISTED
Theravance Biopharma
TBPH
| $122M | 1.77% |
6,500,991
+80,963
| +1% | +$1.32M |
2014 Q2
7 quarters
|
|
|
KERX
13
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $120M | 1.74% |
25,791,678
| – | – |
2014 Q1
8 quarters
|
|
|
VMW
14
DELISTED
VMware, Inc
VMW
| $118M | 1.7% |
+2,252,694
| New | +$112M |
2016 Q1
0 quarters
|
|
|
VRTV
15
DELISTED
VERITIV CORPORATION
VRTV
| $113M | 1.64% |
3,044,385
+158,703
| +5% | +$5.23M |
2014 Q3
6 quarters
|
|
16
Atara Biotherapeutics
ATRA
$79M
| $102M | 1.47% |
214,385
| – | – |
2014 Q4
5 quarters
|
|
|
FWP
17
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $91.2M | 1.32% |
766,757
| – | – |
2014 Q4
5 quarters
|
|
18
NovaGold Resources
NG
$2.81B
| $75.6M | 1.09% |
15,000,000
-3,977,449
| -21% | -$18.3M |
2013 Q2
11 quarters
|
|
19
ChipMOS TECHNOLOGIES
IMOS
$1.52B
| $65.2M | 0.94% |
3,404,942
| – | – |
2013 Q2
11 quarters
|
|
|
KLXI
20
DELISTED
KLX Inc.
KLXI
| $64.3M | 0.93% |
2,372,000
| – | – |
2015 Q1
4 quarters
|
|
21
DELISTED
SunEdison Semiconductor Limited
SEMI
| $54.3M | 0.78% |
8,372,979
| – | – |
2014 Q2
7 quarters
|
|
22
DELISTED
American International Group, Inc.
AIG.WS
| $39.7M | 0.57% |
2,124,551
+866,055
| +69% | +$15.7M |
2013 Q2
11 quarters
|
|
23
DELISTED
BIOTIE THERAPIES CORP SPONSORED ADR
BITI
| $36.8M | 0.53% |
1,395,000
| – | – |
2015 Q2
3 quarters
|
|
|
PRTK
24
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
| $23.4M | 0.34% |
1,544,498
| – | – |
2014 Q4
5 quarters
|
|
25
Sunrun
RUN
$2.41B
| $18.5M | 0.27% |
2,848,082
| – | – |
2015 Q3
2 quarters
|
|
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Baupost Group's Q1 2016 Portfolio in Review
As of Q1 2016, Baupost Group held 42 positions worth $6.92B, up 26% from $5.51B the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Baupost Group deployed $1.24B of net new capital in Q1 2016, opening 5 new positions and adding to 10 existing holdings. Its largest new stake was Allergan plc: 1,721,587 shares worth $461M.
By sector, the portfolio is most concentrated in Technology at 36% of assets, up from 30% a quarter earlier, followed by Energy and Healthcare.
On the sell side, the largest reduction was PayPal, an estimated $146M trimmed.
- Baupost Group's largest Q1 2016 buy was Allergan plc: 1,721,587 shares worth $461M.
- Baupost Group added most to EMC CORPORATION in Q1 2016, an estimated $573M increase.
- Baupost Group's biggest Q1 2016 reduction was PayPal, cutting an estimated $146M.
- Baupost Group fully exited Frontier Communications Corp. in Q1 2016, selling an estimated $51M.
- Baupost Group's ten largest holdings make up 80% of its $6.92B portfolio in Q1 2016.
- Baupost Group opened 5 new positions and closed 6 in Q1 2016.
- Baupost Group's portfolio value rose 26% quarter-over-quarter to $6.92B.
Based on Baupost Group's 13F filing for Q1 2016, filed 13 May 2016.