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SK

Seth Klarman Baupost Group

AUM $5.42B
1-Year Est. Return 22.93%
 

Seth Klarman is the founder and CEO of the Baupost Group, one of the most respected value-oriented investment firms. He is the author of Margin of Safety and is known for patient, opportunistic capital allocation across equities, credit, and special situations. Klarman’s approach emphasizes downside protection, cash when opportunities are scarce, and independent thinking when markets become crowded.

This Fund
S&P 500
This Quarter Est. Return
-19.42%
1 Year Est. Return
+22.93%
3 Year Est. Return
+47.86%
5 Year Est. Return
+25.7%
10 Year Est. Return
+163.46%
AUM
$6B
AUM Growth
+$3.47M
Cap. Flow
+$1.52B
Cap. Flow %
25.4%
Top 10 Hldgs %
73.43%
Holding
41
New
9
Increased
10
Reduced
5
Closed
–

Top Buys

Rank Stock Value
1
AA icon
Alcoa
AA
+$509M
2
LNG icon
Cheniere Energy
LNG
+$451M
3
PYPL icon
PayPal
PYPL
+$391M
4
AR icon
Antero Resources
AR
+$215M
5
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
+$194M

Top Sells

Rank Stock Value
1
EBAY icon
eBay
EBAY
+$345M
2
MU icon
Micron Technology
MU
+$322M
3
ONIT
Onity Group
ONIT
+$20.7M
4
ALDW
Alon USA Partners LP
ALDW
+$6.28M
5
AOI
Alliance One International
AOI
+$4.07M

Sector Composition

Rank Sector Weight
1 Energy 38.89%
2 Technology 15.95%
3 Materials 11.73%
4 Healthcare 10.64%
5 Financials 6.22%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BXE
26
DELISTED
Bellatrix Exploration Ltd.
BXE
$36.5M 0.61%
4,798,100
+430,000
+10% +$4.01M
ONIT
27
Onity Group
ONIT
$301M
$34.9M 0.58%
346,695
-163,685
-32% -$20.7M
KOS icon
28
Kosmos Energy
KOS
$1.76B
$33.5M 0.56%
6,000,000
– –
FTRPR
29
DELISTED
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
$30.3M 0.5%
325,000
– –
PRTK
30
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
$29.3M 0.49%
1,544,498
– –
AIG.WS
31
DELISTED
American International Group, Inc.
AIG.WS
$28.6M 0.48%
1,258,496
– –
BITI
32
DELISTED
BIOTIE THERAPIES CORP SPONSORED ADR
BITI
$16.4M 0.27%
1,256,006
+386,363
+44% +$6.79M
KIN
33
DELISTED
Kindred Biosciences, Inc.
KIN
$15.7M 0.26%
3,013,848
– –
MU icon
34
Micron Technology
MU
$1.09T
$15M 0.25%
1,000,000
-18,706,035
-95% -$322M
RUN icon
35
Sunrun
RUN
$2.21B
$12.1M 0.2%
+1,170,910
New +$12.6M
AOI
36
DELISTED
Alliance One International
AOI
$9.34M 0.16%
458,364
-180,000
-28% -$4.07M
ALDW
37
DELISTED
Alon USA Partners LP
ALDW
$8.47M 0.14%
363,188
-266,000
-42% -$6.28M
SN
38
DELISTED
Sanchez Energy Corporation
SN
$6.15M 0.1%
1,000,000
+380,495
+61% +$2.56M
TMQ
39
Trilogy Metals
TMQ
$684M
$3.34M 0.06%
10,600,758
– –
OREX
40
DELISTED
Orexigen Therapeutics, Inc.
OREX
$1.53M 0.03%
+82,136
New +$2.81M
1
2

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Seth Klarman's Q3 2015 Portfolio in Review

As of Q3 2015, Seth Klarman held 41 positions worth $6B, up 0.06% from $6B the previous quarter. Its ten largest holdings account for 73% of the portfolio.

Seth Klarman deployed $1.52B of net new capital in Q3 2015, opening 9 new positions and adding to 10 existing holdings. Its largest new stake was Alcoa: 21,751,977 shares worth $505M.

By sector, the portfolio is most concentrated in Energy at 39% of assets, down from 39% a quarter earlier, followed by Technology and Materials.

On the sell side, the largest reduction was eBay, an estimated $345M trimmed.

  • Seth Klarman's largest Q3 2015 buy was Alcoa: 21,751,977 shares worth $505M.
  • Seth Klarman added most to Cheniere Energy in Q3 2015, an estimated $451M increase.
  • Seth Klarman's biggest Q3 2015 reduction was eBay, cutting an estimated $345M.
  • Seth Klarman's ten largest holdings make up 73% of its $6B portfolio in Q3 2015.
  • Seth Klarman opened 9 new positions and closed 0 in Q3 2015.
  • Seth Klarman's portfolio value rose 0.06% quarter-over-quarter to $6B.

Based on Baupost Group's 13F filing for Q3 2015, filed 13 Nov 2015.