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 |
TWX
Time Warner Inc
TWX
|
+$765M |
| 2 |
Pioneer Natural Resource Co.
PXD
|
+$304M |
| 3 |
AGN
Allergan plc
AGN
|
+$276M |
| 4 |
Cardinal Health
CAH
|
+$159M |
| 5 |
Qorvo
QRVO
|
+$146M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dell
DELL
|
+$236M |
| 2 |
PBF Energy
PBF
|
+$148M |
| 3 |
Permian Resources
PR
|
+$42.1M |
| 4 |
Avis
CAR
|
+$39.5M |
| 5 |
ChipMOS TECHNOLOGIES
IMOS
|
+$30.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 22.92% |
| 2 | Healthcare | 21.1% |
| 3 | Communication Services | 19.23% |
| 4 | Technology | 17.4% |
| 5 | Financials | 16.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Synchrony
SYF
$22.3B
| $1.13B | 11.18% |
29,295,030
| – | – |
2016 Q3
5 quarters
|
|
2
Cheniere Energy
LNG
$63.2B
| $1.12B | 11.03% |
20,726,340
| – | – |
2014 Q1
15 quarters
|
|
3
Viasat
VSAT
$9.9B
| $985M | 9.74% |
13,158,137
| – | – |
2013 Q2
18 quarters
|
|
|
TFCFA
4
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $770M | 7.61% |
22,288,731
+3,151,262
| +16% | +$94M |
2015 Q3
9 quarters
|
|
|
TWX
5
DELISTED
Time Warner Inc
TWX
| $741M | 7.33% |
+8,100,000
| New | +$765M |
2017 Q4
0 quarters
|
|
|
AGN
6
DELISTED
Allergan plc
AGN
| $736M | 7.28% |
4,500,000
+1,535,797
| +52% | +$276M |
2016 Q1
7 quarters
|
|
|
7
DELISTED
Qorvo
QRVO
| $733M | 7.24% |
11,000,000
+2,000,000
| +22% | +$146M |
2017 Q1
3 quarters
|
|
8
DELISTED
DigitalBridge
DBRG
| $547M | 5.4% |
11,976,365
| – | – |
2016 Q3
5 quarters
|
|
9
Antero Resources
AR
$11.9B
| $470M | 4.64% |
24,722,187
+809,930
| +3% | +$15.5M |
2014 Q3
13 quarters
|
|
|
10
PBF Energy
PBF
$8.41B
| $387M | 3.83% |
10,924,175
-4,800,000
| -31% | -$148M |
2013 Q3
17 quarters
|
|
|
TFCF
11
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $359M | 3.55% |
10,531,258
+3,146,716
| +43% | +$91.9M |
2015 Q3
9 quarters
|
|
|
12
DELISTED
Pioneer Natural Resource Co.
PXD
| $346M | 3.42% |
2,000,000
+1,971,105
| +6,822% | +$304M |
2017 Q3
1 quarter
|
|
|
13
Cardinal Health
CAH
$64.3B
| $312M | 3.09% |
5,100,000
+2,570,000
| +102% | +$159M |
2016 Q4
4 quarters
|
|
14
DELISTED
Theravance Biopharma
TBPH
| $260M | 2.57% |
9,309,168
| – | – |
2014 Q2
14 quarters
|
|
15
McKesson
MCK
$124B
| $212M | 2.1% |
1,360,000
+860,000
| +172% | +$127M |
2017 Q3
1 quarter
|
|
|
ESRX
16
DELISTED
Express Scripts Holding Company
ESRX
| $172M | 1.7% |
2,306,456
-250,435
| -10% | -$16M |
2017 Q1
3 quarters
|
|
17
Cencora
COR
$66.7B
| $132M | 1.3% |
1,434,565
+1,245,715
| +660% | +$103M |
2017 Q3
1 quarter
|
|
|
KERX
18
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $120M | 1.19% |
25,791,678
| – | – |
2014 Q1
15 quarters
|
|
|
VRTV
19
DELISTED
VERITIV CORPORATION
VRTV
| $105M | 1.04% |
3,641,485
+587,761
| +19% | +$17.1M |
2014 Q3
13 quarters
|
|
20
Atara Biotherapeutics
ATRA
$80.8M
| $97M | 0.96% |
214,385
| – | – |
2014 Q4
12 quarters
|
|
21
AMC Entertainment Holdings
AMC
$2.98B
| $75.5M | 0.75% |
500,000
+143,464
| +40% | +$20.1M |
2017 Q3
1 quarter
|
|
|
GTYHU
22
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
| $45.4M | 0.45% |
4,400,000
| – | – |
2016 Q4
4 quarters
|
|
|
PRTK
23
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
| $42.9M | 0.42% |
2,394,498
| – | – |
2014 Q4
12 quarters
|
|
24
NovaGold Resources
NG
$2.53B
| $42.2M | 0.42% |
10,742,835
+1,242,835
| +13% | +$4.94M |
2013 Q2
18 quarters
|
|
|
CASC
25
DELISTED
Cascadian Therapeutics, Inc.
CASC
| $32.3M | 0.32% |
8,721,079
| – | – |
2016 Q2
6 quarters
|
|
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Baupost Group's Q4 2017 Portfolio in Review
As of Q4 2017, Baupost Group held 39 positions worth $10.1B, up 26% from $8.02B the previous quarter. Its ten largest holdings account for 75% of the portfolio.
Baupost Group deployed $1.55B of net new capital in Q4 2017, opening 2 new positions and adding to 12 existing holdings. Its largest new stake was Time Warner Inc: 8,100,000 shares worth $741M.
By sector, the portfolio is most concentrated in Energy at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Communication Services.
On the sell side, the largest reduction was PBF Energy, an estimated $148M trimmed.
- Baupost Group's largest Q4 2017 buy was Time Warner Inc: 8,100,000 shares worth $741M.
- Baupost Group added most to Pioneer Natural Resource Co. in Q4 2017, an estimated $304M increase.
- Baupost Group's biggest Q4 2017 reduction was PBF Energy, cutting an estimated $148M.
- Baupost Group fully exited Dell in Q4 2017, selling an estimated $236M.
- Baupost Group's ten largest holdings make up 75% of its $10.1B portfolio in Q4 2017.
- Baupost Group opened 2 new positions and closed 5 in Q4 2017.
- Baupost Group's portfolio value rose 26% quarter-over-quarter to $10.1B.
Based on Baupost Group's 13F filing for Q4 2017, filed 13 Feb 2018.