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 |
AGN
Allergan plc
AGN
|
+$296M |
| 2 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$172M |
| 3 |
McKesson
MCK
|
+$147M |
| 4 |
NRF
NorthStar Realty Finance Corp.
NRF
|
+$132M |
| 5 |
DigitalBridge
DBRG
|
+$124M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cheniere Energy
LNG
|
+$247M |
| 2 |
PayPal
PYPL
|
+$205M |
| 3 |
Olin
OLN
|
+$127M |
| 4 |
VMW
VMware, Inc
VMW
|
+$118M |
| 5 |
KLXI
KLX Inc.
KLXI
|
+$70.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 23.35% |
| 2 | Energy | 22.49% |
| 3 | Technology | 16.97% |
| 4 | Financials | 14.9% |
| 5 | Communication Services | 10.6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Cheniere Energy
LNG
$67.5B
| $900M | 11.74% |
21,726,340
-6,116,617
| -22% | -$247M |
2014 Q1
11 quarters
|
|
2
Viasat
VSAT
$10.6B
| $871M | 11.36% |
13,158,137
+1,625,000
| +14% | +$116M |
2013 Q2
14 quarters
|
|
3
Synchrony
SYF
$24.5B
| $750M | 9.77% |
20,665,000
+3,100,000
| +18% | +$99M |
2016 Q3
1 quarter
|
|
|
AGN
4
DELISTED
Allergan plc
AGN
| $721M | 9.4% |
3,432,603
+1,430,625
| +71% | +$296M |
2016 Q1
3 quarters
|
|
|
TFCFA
5
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $537M | 7% |
19,137,469
+6,391,000
| +50% | +$172M |
2015 Q3
5 quarters
|
|
6
PBF Energy
PBF
$9.25B
| $438M | 5.72% |
15,724,175
| – | – |
2013 Q3
13 quarters
|
|
7
Dell
DELL
$270B
| $366M | 4.77% |
23,704,295
| – | – |
2016 Q3
1 quarter
|
|
8
Antero Resources
AR
$12.9B
| $343M | 4.47% |
14,505,881
| – | – |
2014 Q3
9 quarters
|
|
9
DELISTED
Theravance Biopharma
TBPH
| $296M | 3.85% |
9,273,991
+1,923,000
| +26% | +$59.6M |
2014 Q2
10 quarters
|
|
|
10
DELISTED
DigitalBridge
DBRG
| $279M | 3.64% |
4,676,250
+2,197,836
| +89% | +$124M |
2016 Q3
1 quarter
|
|
|
NRF
11
DELISTED
NorthStar Realty Finance Corp.
NRF
| $221M | 2.88% |
14,577,134
+9,078,873
| +165% | +$132M |
2016 Q3
1 quarter
|
|
|
TFCF
12
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $198M | 2.59% |
7,278,100
| – | – |
2015 Q3
5 quarters
|
|
|
VRTV
13
DELISTED
VERITIV CORPORATION
VRTV
| $164M | 2.13% |
3,044,385
| – | – |
2014 Q3
9 quarters
|
|
14
Innoviva
INVA
$1.53B
| $160M | 2.08% |
14,931,483
| – | – |
2013 Q2
14 quarters
|
|
|
KERX
15
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $151M | 1.97% |
25,791,678
| – | – |
2014 Q1
11 quarters
|
|
|
CLNY
16
DELISTED
Colony Capital, Inc.
CLNY
| $141M | 1.84% |
6,959,017
+2,513,081
| +57% | +$49.2M |
2016 Q3
1 quarter
|
|
|
17
McKesson
MCK
$116B
| $140M | 1.83% |
+1,000,000
| New | +$147M |
2016 Q4
0 quarters
|
|
|
FWP
18
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $80.5M | 1.05% |
766,757
| – | – |
2014 Q4
8 quarters
|
|
19
Atara Biotherapeutics
ATRA
$80.4M
| $76.1M | 0.99% |
214,385
| – | – |
2014 Q4
8 quarters
|
|
20
Cardinal Health
CAH
$58B
| $74.1M | 0.97% |
+1,030,000
| New | +$74.5M |
2016 Q4
0 quarters
|
|
21
Atlanta Braves Holdings Series B
BATRK
$3.24B
| $61.6M | 0.8% |
2,994,010
| – | – |
2016 Q2
2 quarters
|
|
22
DELISTED
American International Group, Inc.
AIG.WS
| $60.9M | 0.79% |
2,594,317
| – | – |
2013 Q2
14 quarters
|
|
|
SYT
23
DELISTED
Syngenta Ag
SYT
| $58.9M | 0.77% |
+745,136
| New | +$60M |
2016 Q4
0 quarters
|
|
|
LVNTA
24
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $54.6M | 0.71% |
1,481,719
-987,814
| -40% | -$38.8M |
2016 Q2
2 quarters
|
|
25
Credit Acceptance
CACC
$4.71B
| $53.2M | 0.69% |
244,400
+144,400
| +144% | +$28M |
2016 Q2
2 quarters
|
|
Similar funds
Baupost Group's Q4 2016 Portfolio in Review
As of Q4 2016, Baupost Group held 54 positions worth $7.67B, up 9% from $7.04B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Baupost Group deployed $509M of net new capital in Q4 2016, opening 9 new positions and adding to 9 existing holdings. Its largest new stake was McKesson: 1,000,000 shares worth $140M.
By sector, the portfolio is most concentrated in Healthcare at 23% of assets, up from 19% a quarter earlier, followed by Energy and Technology.
On the sell side, the largest reduction was Cheniere Energy, an estimated $247M trimmed.
- Baupost Group's largest Q4 2016 buy was McKesson: 1,000,000 shares worth $140M.
- Baupost Group added most to Allergan plc in Q4 2016, an estimated $296M increase.
- Baupost Group's biggest Q4 2016 reduction was Cheniere Energy, cutting an estimated $247M.
- Baupost Group fully exited PayPal in Q4 2016, selling an estimated $205M.
- Baupost Group's ten largest holdings make up 72% of its $7.67B portfolio in Q4 2016.
- Baupost Group opened 9 new positions and closed 10 in Q4 2016.
- Baupost Group's portfolio value rose 9% quarter-over-quarter to $7.67B.
Based on Baupost Group's 13F filing for Q4 2016, filed 14 Feb 2017.