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 |
Synchrony
SYF
|
+$482M |
| 2 |
Dell
DELL
|
+$322M |
| 3 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$129M |
| 4 |
DigitalBridge
DBRG
|
+$118M |
| 5 |
PBF Energy
PBF
|
+$114M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EMC CORPORATION
EMC
|
+$1.55B |
| 2 |
Citigroup
C
|
+$219M |
| 3 |
Olin
OLN
|
+$98.1M |
| 4 |
Cheniere Energy
LNG
|
+$84.2M |
| 5 |
Avis
CAR
|
+$57.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 28.71% |
| 2 | Technology | 19.74% |
| 3 | Healthcare | 19.22% |
| 4 | Financials | 12.54% |
| 5 | Communication Services | 7.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Cheniere Energy
LNG
$67.5B
| $1.21B | 17.25% |
27,842,957
-1,998,217
| -7% | -$84.2M |
2014 Q1
10 quarters
|
|
2
Viasat
VSAT
$10.6B
| $861M | 12.24% |
11,533,137
| – | – |
2013 Q2
13 quarters
|
|
|
3
Synchrony
SYF
$24.5B
| $492M | 6.99% |
+17,565,000
| New | +$482M |
2016 Q3
0 quarters
|
|
|
AGN
4
DELISTED
Allergan plc
AGN
| $461M | 6.55% |
2,001,978
| – | – |
2016 Q1
2 quarters
|
|
5
Antero Resources
AR
$12.9B
| $391M | 5.56% |
14,505,881
| – | – |
2014 Q3
8 quarters
|
|
|
6
PBF Energy
PBF
$9.25B
| $356M | 5.06% |
15,724,175
+5,083,000
| +48% | +$114M |
2013 Q3
12 quarters
|
|
|
7
Dell
DELL
$270B
| $318M | 4.52% |
+23,704,295
| New | +$322M |
2016 Q3
0 quarters
|
|
|
TFCFA
8
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $309M | 4.39% |
12,746,469
+5,049,547
| +66% | +$129M |
2015 Q3
4 quarters
|
|
9
DELISTED
Theravance Biopharma
TBPH
| $266M | 3.79% |
7,350,991
| – | – |
2014 Q2
9 quarters
|
|
10
PayPal
PYPL
$47.4B
| $205M | 2.91% |
5,000,000
-664,087
| -12% | -$25.5M |
2015 Q3
4 quarters
|
|
|
TFCF
11
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $180M | 2.56% |
7,278,100
| – | – |
2015 Q3
4 quarters
|
|
12
Innoviva
INVA
$1.53B
| $164M | 2.33% |
14,931,483
-2,678,608
| -15% | -$31.3M |
2013 Q2
13 quarters
|
|
|
VRTV
13
DELISTED
VERITIV CORPORATION
VRTV
| $153M | 2.17% |
3,044,385
| – | – |
2014 Q3
8 quarters
|
|
|
KERX
14
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $137M | 1.95% |
25,791,678
| – | – |
2014 Q1
10 quarters
|
|
|
15
DELISTED
DigitalBridge
DBRG
| $128M | 1.82% |
+2,478,414
| New | +$118M |
2016 Q3
0 quarters
|
|
|
16
Olin
OLN
$2.01B
| $127M | 1.8% |
6,181,302
-4,557,900
| -42% | -$98.1M |
2015 Q3
4 quarters
|
|
|
VMW
17
DELISTED
VMware, Inc
VMW
| $118M | 1.67% |
1,603,889
-648,805
| -29% | -$45.6M |
2016 Q1
2 quarters
|
|
18
Atara Biotherapeutics
ATRA
$80.4M
| $115M | 1.63% |
214,385
| – | – |
2014 Q4
7 quarters
|
|
|
FWP
19
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $113M | 1.6% |
766,757
| – | – |
2014 Q4
7 quarters
|
|
|
LVNTA
20
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $98.5M | 1.4% |
2,469,533
| – | – |
2016 Q2
1 quarter
|
|
|
CLNY
21
DELISTED
Colony Capital, Inc.
CLNY
| $81M | 1.15% |
+4,445,936
| New | +$78.7M |
2016 Q3
0 quarters
|
|
22
ChipMOS TECHNOLOGIES
IMOS
$1.89B
| $74.3M | 1.06% |
3,404,942
| – | – |
2013 Q2
13 quarters
|
|
|
NRF
23
DELISTED
NorthStar Realty Finance Corp.
NRF
| $72.4M | 1.03% |
+5,498,261
| New | +$71.1M |
2016 Q3
0 quarters
|
|
|
KLXI
24
DELISTED
KLX Inc.
KLXI
| $70.4M | 1% |
2,372,000
| – | – |
2015 Q1
6 quarters
|
|
25
Permian Resources
PR
$21.8B
| $59.1M | 0.84% |
3,750,000
| – | – |
2016 Q2
1 quarter
|
|
Similar funds
Baupost Group's Q3 2016 Portfolio in Review
As of Q3 2016, Baupost Group held 49 positions worth $7.04B, down 4.5% from $7.37B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Baupost Group withdrew a net $786M in Q3 2016, closing 5 positions and reducing 8 holdings. Its most notable exit was EMC CORPORATION, an estimated $1.55B position sold in full.
By sector, the portfolio is most concentrated in Energy at 29% of assets, up from 24% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Baupost Group opened a new position in Synchrony worth $492M.
- Baupost Group's largest Q3 2016 buy was Synchrony: 17,565,000 shares worth $492M.
- Baupost Group added most to Twenty-First Century Fox, Inc. Class A in Q3 2016, an estimated $129M increase.
- Baupost Group's biggest Q3 2016 reduction was Olin, cutting an estimated $98.1M.
- Baupost Group fully exited EMC CORPORATION in Q3 2016, selling an estimated $1.55B.
- Baupost Group's ten largest holdings make up 69% of its $7.04B portfolio in Q3 2016.
- Baupost Group opened 10 new positions and closed 5 in Q3 2016.
- Baupost Group's portfolio value fell 4.5% quarter-over-quarter to $7.04B.
Based on Baupost Group's 13F filing for Q3 2016, filed 14 Nov 2016.