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 |
Citigroup
C
|
+$228M |
| 2 |
EMC CORPORATION
EMC
|
+$138M |
| 3 |
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
|
+$93.8M |
| 4 |
AGN
Allergan plc
AGN
|
+$64.6M |
| 5 |
Avis
CAR
|
+$49.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Antero Resources
AR
|
+$191M |
| 2 |
PayPal
PYPL
|
+$53.4M |
| 3 |
BIOTIE THERAPIES CORP SPONSORED ADR
BITI
|
+$36.8M |
| 4 |
NovaGold Resources
NG
|
+$32.8M |
| 5 |
Innoviva
INVA
|
+$26.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 35.76% |
| 2 | Energy | 24.26% |
| 3 | Healthcare | 17.32% |
| 4 | Communication Services | 6.28% |
| 5 | Financials | 6.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
DELISTED
EMC CORPORATION
EMC
| $1.55B | 21.01% |
56,961,725
+5,110,225
| +10% | +$138M |
2015 Q4
2 quarters
|
|
2
Cheniere Energy
LNG
$67.5B
| $1.12B | 15.21% |
29,841,174
| – | – |
2014 Q1
9 quarters
|
|
3
Viasat
VSAT
$10.6B
| $823M | 11.18% |
11,533,137
| – | – |
2013 Q2
12 quarters
|
|
|
AGN
4
DELISTED
Allergan plc
AGN
| $463M | 6.28% |
2,001,978
+280,391
| +16% | +$64.6M |
2016 Q1
1 quarter
|
|
|
5
Antero Resources
AR
$12.9B
| $377M | 5.12% |
14,505,881
-7,000,000
| -33% | -$191M |
2014 Q3
7 quarters
|
|
6
Olin
OLN
$2.01B
| $267M | 3.62% |
10,739,202
| – | – |
2015 Q3
3 quarters
|
|
7
PBF Energy
PBF
$9.25B
| $253M | 3.43% |
10,641,175
| – | – |
2013 Q3
11 quarters
|
|
|
8
Citigroup
C
$203B
| $219M | 2.97% |
+5,167,000
| New | +$228M |
2016 Q2
0 quarters
|
|
|
TFCFA
9
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $208M | 2.83% |
7,696,922
| – | – |
2015 Q3
3 quarters
|
|
|
10
PayPal
PYPL
$47.4B
| $207M | 2.81% |
5,664,087
-1,395,658
| -20% | -$53.4M |
2015 Q3
3 quarters
|
|
|
TFCF
11
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $198M | 2.69% |
7,278,100
| – | – |
2015 Q3
3 quarters
|
|
|
12
Innoviva
INVA
$1.53B
| $185M | 2.52% |
17,610,091
-2,205,892
| -11% | -$26.1M |
2013 Q2
12 quarters
|
|
|
KERX
13
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $171M | 2.32% |
25,791,678
| – | – |
2014 Q1
9 quarters
|
|
14
DELISTED
Theravance Biopharma
TBPH
| $167M | 2.26% |
7,350,991
+850,000
| +13% | +$18.4M |
2014 Q2
8 quarters
|
|
|
VMW
15
DELISTED
VMware, Inc
VMW
| $129M | 1.75% |
2,252,694
| – | – |
2016 Q1
1 quarter
|
|
16
Atara Biotherapeutics
ATRA
$80.4M
| $121M | 1.64% |
214,385
| – | – |
2014 Q4
6 quarters
|
|
|
VRTV
17
DELISTED
VERITIV CORPORATION
VRTV
| $114M | 1.55% |
3,044,385
| – | – |
2014 Q3
7 quarters
|
|
|
FWP
18
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $97.5M | 1.32% |
766,757
| – | – |
2014 Q4
6 quarters
|
|
|
LVNTA
19
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $91.5M | 1.24% |
+2,469,533
| New | +$93.8M |
2016 Q2
0 quarters
|
|
20
ChipMOS TECHNOLOGIES
IMOS
$1.89B
| $67.9M | 0.92% |
3,404,942
| – | – |
2013 Q2
12 quarters
|
|
|
KLXI
21
DELISTED
KLX Inc.
KLXI
| $62M | 0.84% |
2,372,000
| – | – |
2015 Q1
5 quarters
|
|
|
22
NovaGold Resources
NG
$2.55B
| $58.1M | 0.79% |
9,500,000
-5,500,000
| -37% | -$32.8M |
2013 Q2
12 quarters
|
|
|
23
Avis
CAR
$3.81B
| $57.6M | 0.78% |
+1,787,227
| New | +$49.4M |
2016 Q2
0 quarters
|
|
24
DELISTED
SunEdison Semiconductor Limited
SEMI
| $49.7M | 0.67% |
8,372,979
| – | – |
2014 Q2
8 quarters
|
|
25
DELISTED
American International Group, Inc.
AIG.WS
| $47.7M | 0.65% |
2,550,917
+426,366
| +20% | +$7.64M |
2013 Q2
12 quarters
|
|
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Baupost Group's Q2 2016 Portfolio in Review
As of Q2 2016, Baupost Group held 44 positions worth $7.37B, up 6.4% from $6.92B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Baupost Group deployed $320M of net new capital in Q2 2016, opening 10 new positions and adding to 5 existing holdings. Its largest new stake was Citigroup: 5,167,000 shares worth $219M.
By sector, the portfolio is most concentrated in Technology at 36% of assets, down from 36% a quarter earlier, followed by Energy and Healthcare.
On the sell side, the largest reduction was Antero Resources, an estimated $191M trimmed.
- Baupost Group's largest Q2 2016 buy was Citigroup: 5,167,000 shares worth $219M.
- Baupost Group added most to EMC CORPORATION in Q2 2016, an estimated $138M increase.
- Baupost Group's biggest Q2 2016 reduction was Antero Resources, cutting an estimated $191M.
- Baupost Group fully exited BIOTIE THERAPIES CORP SPONSORED ADR in Q2 2016, selling an estimated $36.8M.
- Baupost Group's ten largest holdings make up 74% of its $7.37B portfolio in Q2 2016.
- Baupost Group opened 10 new positions and closed 5 in Q2 2016.
- Baupost Group's portfolio value rose 6.4% quarter-over-quarter to $7.37B.
Based on Baupost Group's 13F filing for Q2 2016, filed 12 Aug 2016.