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
|
+$124M |
| 2 |
McKesson
MCK
|
+$78M |
| 3 |
AMC Entertainment Holdings
AMC
|
+$59.5M |
| 4 |
Antero Resources
AR
|
+$55.2M |
| 5 |
Cardinal Health
CAH
|
+$35.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Qualcomm
QCOM
|
+$288M |
| 2 |
Dell
DELL
|
+$179M |
| 3 |
Avis
CAR
|
+$100M |
| 4 |
SRC
SPIRIT REALTY CAPITAL, INC.
SRC
|
+$66.7M |
| 5 |
SRUN
Silver Run Acquisition Corporation II Class A
SRUN
|
+$45.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 23.55% |
| 2 | Technology | 22.35% |
| 3 | Healthcare | 21.95% |
| 4 | Financials | 19.4% |
| 5 | Communication Services | 9.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Cheniere Energy
LNG
$56.8B
| $934M | 11.64% |
20,726,340
| – | – |
2014 Q1
14 quarters
|
|
2
Synchrony
SYF
$24B
| $910M | 11.34% |
29,295,030
| – | – |
2016 Q3
4 quarters
|
|
3
Viasat
VSAT
$8.81B
| $846M | 10.55% |
13,158,137
| – | – |
2013 Q2
17 quarters
|
|
4
DELISTED
Qorvo
QRVO
| $636M | 7.93% |
9,000,000
| – | – |
2017 Q1
2 quarters
|
|
|
AGN
5
DELISTED
Allergan plc
AGN
| $608M | 7.57% |
2,964,203
+531,600
| +22% | +$124M |
2016 Q1
6 quarters
|
|
6
DELISTED
DigitalBridge
DBRG
| $602M | 7.5% |
11,976,365
| – | – |
2016 Q3
4 quarters
|
|
|
TFCFA
7
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $505M | 6.29% |
19,137,469
| – | – |
2015 Q3
8 quarters
|
|
|
8
Antero Resources
AR
$11.1B
| $476M | 5.93% |
23,912,257
+2,741,261
| +13% | +$55.2M |
2014 Q3
12 quarters
|
|
9
PBF Energy
PBF
$7.97B
| $434M | 5.41% |
15,724,175
| – | – |
2013 Q3
16 quarters
|
|
10
DELISTED
Theravance Biopharma
TBPH
| $319M | 3.97% |
9,309,168
+35,177
| +0.4% | +$1.15M |
2014 Q2
13 quarters
|
|
|
11
Dell
DELL
$209B
| $236M | 2.94% |
10,876,638
-9,264,419
| -46% | -$179M |
2016 Q3
4 quarters
|
|
|
TFCF
12
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $190M | 2.37% |
7,384,542
+106,442
| +1% | +$2.89M |
2015 Q3
8 quarters
|
|
|
KERX
13
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $183M | 2.28% |
25,791,678
| – | – |
2014 Q1
14 quarters
|
|
|
14
Cardinal Health
CAH
$62.8B
| $169M | 2.11% |
2,530,000
+500,000
| +25% | +$35.3M |
2016 Q4
3 quarters
|
|
|
ESRX
15
DELISTED
Express Scripts Holding Company
ESRX
| $162M | 2.02% |
2,556,891
| – | – |
2017 Q1
2 quarters
|
|
|
VRTV
16
DELISTED
VERITIV CORPORATION
VRTV
| $99.2M | 1.24% |
3,053,724
+9,339
| +0.3% | +$312K |
2014 Q3
12 quarters
|
|
17
Atara Biotherapeutics
ATRA
$79M
| $88.7M | 1.11% |
214,385
| – | – |
2014 Q4
11 quarters
|
|
|
18
McKesson
MCK
$122B
| $76.8M | 0.96% |
+500,000
| New | +$78M |
2017 Q3
0 quarters
|
|
|
PRTK
19
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
| $60.1M | 0.75% |
2,394,498
| – | – |
2014 Q4
11 quarters
|
|
20
ChipMOS TECHNOLOGIES
IMOS
$1.52B
| $58.9M | 0.73% |
2,588,002
-391,867
| -13% | -$8.69M |
2013 Q2
17 quarters
|
|
|
21
AMC Entertainment Holdings
AMC
$2.8B
| $52.4M | 0.65% |
+356,536
| New | +$59.5M |
2017 Q3
0 quarters
|
|
|
GTYHU
22
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
| $46M | 0.57% |
4,400,000
| – | – |
2016 Q4
3 quarters
|
|
23
Permian Resources
PR
$18.2B
| $42.1M | 0.52% |
2,407,153
| – | – |
2016 Q2
5 quarters
|
|
|
24
Avis
CAR
$4.2B
| $39.5M | 0.49% |
1,036,900
-2,963,100
| -74% | -$100M |
2017 Q2
1 quarter
|
|
|
FWP
25
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $39.2M | 0.49% |
923,324
+14,173
| +2% | +$1.97M |
2014 Q4
11 quarters
|
|
Similar funds
Baupost Group's Q3 2017 Portfolio in Review
As of Q3 2017, Baupost Group held 45 positions worth $8.02B, down 8.3% from $8.75B the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Baupost Group withdrew a net $462M in Q3 2017, closing 8 positions and reducing 4 holdings. Its most notable exit was Qualcomm, an estimated $288M position sold in full.
By sector, the portfolio is most concentrated in Energy at 24% of assets, up from 21% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Baupost Group opened a new position in McKesson worth $76.8M.
- Baupost Group's largest Q3 2017 buy was McKesson: 500,000 shares worth $76.8M.
- Baupost Group added most to Allergan plc in Q3 2017, an estimated $124M increase.
- Baupost Group's biggest Q3 2017 reduction was Dell, cutting an estimated $179M.
- Baupost Group fully exited Qualcomm in Q3 2017, selling an estimated $288M.
- Baupost Group's ten largest holdings make up 78% of its $8.02B portfolio in Q3 2017.
- Baupost Group opened 5 new positions and closed 8 in Q3 2017.
- Baupost Group's portfolio value fell 8.3% quarter-over-quarter to $8.02B.
Based on Baupost Group's 13F filing for Q3 2017, filed 13 Nov 2017.