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 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$507M |
| 2 |
AT&T
T
|
+$315M |
| 3 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$114M |
| 4 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$84.9M |
| 5 |
Sinclair Inc
SBGI
|
+$77M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWX
Time Warner Inc
TWX
|
+$766M |
| 2 |
Cheniere Energy
LNG
|
+$402M |
| 3 |
PBF Energy
PBF
|
+$269M |
| 4 |
ChipMOS TECHNOLOGIES
IMOS
|
+$14.8M |
| 5 |
FWP
Forward Pharma A/S American Depositary Shares
FWP
|
+$6.18M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 28.07% |
| 2 | Energy | 19.67% |
| 3 | Healthcare | 17.96% |
| 4 | Technology | 15.6% |
| 5 | Financials | 11.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
TFCFA
1
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.96B | 17.12% |
39,415,829
+12,827,098
| +48% | +$507M |
2015 Q3
11 quarters
|
|
2
Synchrony
SYF
$22.5B
| $978M | 8.55% |
29,295,030
| – | – |
2016 Q3
7 quarters
|
|
|
3
Cheniere Energy
LNG
$63.7B
| $925M | 8.09% |
14,196,135
-6,530,205
| -32% | -$402M |
2014 Q1
17 quarters
|
|
4
Viasat
VSAT
$10.3B
| $902M | 7.89% |
13,732,068
+73,931
| +0.5% | +$4.72M |
2013 Q2
20 quarters
|
|
5
DELISTED
Qorvo
QRVO
| $882M | 7.71% |
11,000,000
| – | – |
2017 Q1
5 quarters
|
|
|
AGN
6
DELISTED
Allergan plc
AGN
| $825M | 7.22% |
4,950,000
+200,000
| +4% | +$32.1M |
2016 Q1
9 quarters
|
|
7
DELISTED
Pioneer Natural Resource Co.
PXD
| $757M | 6.62% |
4,000,000
| – | – |
2017 Q3
3 quarters
|
|
|
TFCF
8
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $670M | 5.86% |
13,606,260
+2,172,902
| +19% | +$84.9M |
2015 Q3
11 quarters
|
|
9
Antero Resources
AR
$12B
| $568M | 4.96% |
26,587,791
| – | – |
2014 Q3
15 quarters
|
|
10
DELISTED
DigitalBridge
DBRG
| $310M | 2.71% |
12,421,843
| – | – |
2016 Q3
7 quarters
|
|
|
11
AT&T
T
$150B
| $304M | 2.66% |
+12,552,447
| New | +$315M |
2018 Q2
0 quarters
|
|
12
Cardinal Health
CAH
$64.5B
| $249M | 2.18% |
5,100,000
| – | – |
2016 Q4
6 quarters
|
|
13
Atara Biotherapeutics
ATRA
$81.9M
| $230M | 2.01% |
250,185
| – | – |
2014 Q4
14 quarters
|
|
14
McKesson
MCK
$125B
| $217M | 1.9% |
1,627,700
+12,000
| +0.7% | +$1.76M |
2017 Q3
3 quarters
|
|
15
DELISTED
Theravance Biopharma
TBPH
| $211M | 1.85% |
9,309,168
| – | – |
2014 Q2
16 quarters
|
|
16
PG&E
PCG
$28.6B
| $192M | 1.67% |
4,500,000
+1,350,028
| +43% | +$58.5M |
2018 Q1
1 quarter
|
|
17
Cencora
COR
$66.7B
| $160M | 1.4% |
1,873,565
+556,349
| +42% | +$48.9M |
2017 Q3
3 quarters
|
|
|
VRTV
18
DELISTED
VERITIV CORPORATION
VRTV
| $152M | 1.33% |
3,824,385
| – | – |
2014 Q3
15 quarters
|
|
|
TRCO
19
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $115M | 1% |
+2,996,042
| New | +$114M |
2018 Q2
0 quarters
|
|
|
KERX
20
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $97M | 0.85% |
25,791,678
| – | – |
2014 Q1
17 quarters
|
|
|
21
Sinclair Inc
SBGI
$1.08B
| $82.7M | 0.72% |
+2,571,302
| New | +$77M |
2018 Q2
0 quarters
|
|
22
AMC Entertainment Holdings
AMC
$2.97B
| $79.5M | 0.7% |
500,000
| – | – |
2017 Q3
3 quarters
|
|
23
NovaGold Resources
NG
$2.58B
| $59.9M | 0.52% |
13,467,145
| – | – |
2013 Q2
20 quarters
|
|
|
GTYHU
24
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
| $45.9M | 0.4% |
4,400,000
| – | – |
2016 Q4
6 quarters
|
|
|
PRTK
25
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
| $24.4M | 0.21% |
2,394,498
| – | – |
2014 Q4
14 quarters
|
|
Similar funds
Baupost Group's Q2 2018 Portfolio in Review
As of Q2 2018, Baupost Group held 38 positions worth $11.4B, up 10% from $10.4B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Baupost Group's Q2 2018 filing shows 5 new, 8 increased, 1 reduced and 5 closed positions. Its largest new stake was AT&T: 12,552,447 shares worth $304M. The largest sale was Time Warner Inc, an estimated $766M.
By sector, the portfolio is most concentrated in Communication Services at 28% of assets, up from 21% a quarter earlier, followed by Energy and Healthcare.
- Baupost Group's largest Q2 2018 buy was AT&T: 12,552,447 shares worth $304M.
- Baupost Group added most to Twenty-First Century Fox, Inc. Class A in Q2 2018, an estimated $507M increase.
- Baupost Group's biggest Q2 2018 reduction was Cheniere Energy, cutting an estimated $402M.
- Baupost Group fully exited Time Warner Inc in Q2 2018, selling an estimated $766M.
- Baupost Group's ten largest holdings make up 77% of its $11.4B portfolio in Q2 2018.
- Baupost Group opened 5 new positions and closed 5 in Q2 2018.
- Baupost Group's portfolio value rose 10% quarter-over-quarter to $11.4B.
Based on Baupost Group's 13F filing for Q2 2018, filed 13 Aug 2018.