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 |
Qorvo
QRVO
|
+$462M |
| 2 |
DigitalBridge
DBRG
|
+$410M |
| 3 |
Qualcomm
QCOM
|
+$303M |
| 4 |
ESRX
Express Scripts Holding Company
ESRX
|
+$84.5M |
| 5 |
SRUNU
Silver Run Acquisition Corporation II Units
SRUNU
|
+$69.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AGN
Allergan plc
AGN
|
+$233M |
| 2 |
NRF
NorthStar Realty Finance Corp.
NRF
|
+$221M |
| 3 |
CLNY
Colony Capital, Inc.
CLNY
|
+$141M |
| 4 |
Synchrony
SYF
|
+$108M |
| 5 |
Dell
DELL
|
+$62.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 24.39% |
| 2 | Healthcare | 22.52% |
| 3 | Energy | 20.58% |
| 4 | Financials | 15.73% |
| 5 | Communication Services | 10.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Cheniere Energy
LNG
$63.2B
| $1.03B | 12.09% |
21,726,340
| – | – |
2014 Q1
12 quarters
|
|
2
Viasat
VSAT
$9.9B
| $840M | 9.89% |
13,158,137
| – | – |
2013 Q2
15 quarters
|
|
|
TFCFA
3
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $620M | 7.3% |
19,137,469
| – | – |
2015 Q3
6 quarters
|
|
|
4
DELISTED
DigitalBridge
DBRG
| $618M | 7.28% |
11,976,365
+7,300,115
| +156% | +$410M |
2016 Q3
2 quarters
|
|
|
5
Synchrony
SYF
$22.3B
| $606M | 7.13% |
17,665,000
-3,000,000
| -15% | -$108M |
2016 Q3
2 quarters
|
|
|
AGN
6
DELISTED
Allergan plc
AGN
| $581M | 6.84% |
2,432,603
-1,000,000
| -29% | -$233M |
2016 Q1
4 quarters
|
|
|
7
DELISTED
Qorvo
QRVO
| $493M | 5.8% |
+7,185,514
| New | +$462M |
2017 Q1
0 quarters
|
|
|
8
Dell
DELL
$236B
| $362M | 4.26% |
20,141,057
-3,563,238
| -15% | -$62.2M |
2016 Q3
2 quarters
|
|
9
PBF Energy
PBF
$8.41B
| $349M | 4.1% |
15,724,175
| – | – |
2013 Q3
14 quarters
|
|
10
DELISTED
Theravance Biopharma
TBPH
| $341M | 4.02% |
9,273,991
| – | – |
2014 Q2
11 quarters
|
|
11
Antero Resources
AR
$11.9B
| $331M | 3.9% |
14,505,881
| – | – |
2014 Q3
10 quarters
|
|
|
12
Qualcomm
QCOM
$190B
| $299M | 3.52% |
+5,216,000
| New | +$303M |
2017 Q1
0 quarters
|
|
|
TFCF
13
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $231M | 2.72% |
7,278,100
| – | – |
2015 Q3
6 quarters
|
|
14
Innoviva
INVA
$1.35B
| $160M | 1.88% |
11,573,663
-3,357,820
| -22% | -$39.5M |
2013 Q2
15 quarters
|
|
|
KERX
15
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $159M | 1.87% |
25,791,678
| – | – |
2014 Q1
12 quarters
|
|
|
VRTV
16
DELISTED
VERITIV CORPORATION
VRTV
| $158M | 1.86% |
3,044,385
| – | – |
2014 Q3
10 quarters
|
|
17
McKesson
MCK
$124B
| $148M | 1.75% |
1,000,000
| – | – |
2016 Q4
1 quarter
|
|
|
FWP
18
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $120M | 1.41% |
796,487
+29,730
| +4% | +$5.6M |
2014 Q4
9 quarters
|
|
19
Atara Biotherapeutics
ATRA
$80.8M
| $110M | 1.3% |
214,385
| – | – |
2014 Q4
9 quarters
|
|
20
Cardinal Health
CAH
$64.3B
| $84M | 0.99% |
1,030,000
| – | – |
2016 Q4
1 quarter
|
|
|
ESRX
21
DELISTED
Express Scripts Holding Company
ESRX
| $81M | 0.95% |
+1,228,619
| New | +$84.5M |
2017 Q1
0 quarters
|
|
|
SRUNU
22
DELISTED
Silver Run Acquisition Corporation II Units
SRUNU
| $69M | 0.81% |
+6,615,554
| New | +$69.1M |
2017 Q1
0 quarters
|
|
|
LVNTA
23
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $65.9M | 0.78% |
1,481,719
| – | – |
2016 Q2
3 quarters
|
|
24
ChipMOS TECHNOLOGIES
IMOS
$1.76B
| $62.3M | 0.73% |
2,979,869
| – | – |
2013 Q2
15 quarters
|
|
25
Credit Acceptance
CACC
$5.1B
| $48.7M | 0.57% |
244,400
| – | – |
2016 Q2
3 quarters
|
|
Similar funds
Baupost Group's Q1 2017 Portfolio in Review
As of Q1 2017, Baupost Group held 48 positions worth $8.49B, up 11% from $7.67B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Baupost Group deployed $365M of net new capital in Q1 2017, opening 4 new positions and adding to 3 existing holdings. Its largest new stake was Qorvo: 7,185,514 shares worth $493M.
By sector, the portfolio is most concentrated in Technology at 24% of assets, up from 17% a quarter earlier, followed by Healthcare and Energy.
On the sell side, the largest reduction was Allergan plc, an estimated $233M trimmed.
- Baupost Group's largest Q1 2017 buy was Qorvo: 7,185,514 shares worth $493M.
- Baupost Group added most to DigitalBridge in Q1 2017, an estimated $410M increase.
- Baupost Group's biggest Q1 2017 reduction was Allergan plc, cutting an estimated $233M.
- Baupost Group fully exited NorthStar Realty Finance Corp. in Q1 2017, selling an estimated $221M.
- Baupost Group's ten largest holdings make up 69% of its $8.49B portfolio in Q1 2017.
- Baupost Group opened 4 new positions and closed 5 in Q1 2017.
- Baupost Group's portfolio value rose 11% quarter-over-quarter to $8.49B.
Based on Baupost Group's 13F filing for Q1 2017, filed 12 May 2017.