Seth Klarman Baupost Group
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
EMC
EMC CORPORATION
EMC
|
+$759M |
| 2 |
Cheniere Energy
LNG
|
+$156M |
| 3 |
Antero Resources
AR
|
+$68.3M |
| 4 |
KLXI
KLX Inc.
KLXI
|
+$17.5M |
| 5 |
Sunrun
RUN
|
+$15.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alcoa
AA
|
+$505M |
| 2 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$503M |
| 3 |
eBay
EBAY
|
+$228M |
| 4 |
AerCap
AER
|
+$93.7M |
| 5 |
LOCK
LifeLock, Inc.
LOCK
|
+$39.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 33.69% |
| 2 | Technology | 29.79% |
| 3 | Healthcare | 13.26% |
| 4 | Financials | 7.95% |
| 5 | Communication Services | 6.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
BXE
26
DELISTED
Bellatrix Exploration Ltd.
BXE
| $29M | 0.53% |
4,798,100
| – | – |
|
27
Kosmos Energy
KOS
$1.76B
| $24M | 0.44% |
4,618,796
-1,381,204
| -23% | -$9.16M |
|
|
BITI
28
DELISTED
BIOTIE THERAPIES CORP SPONSORED ADR
BITI
| $20M | 0.36% |
1,395,000
+138,994
| +11% | +$1.94M |
|
|
C.WS.A
29
DELISTED
Citigroup Inc
C.WS.A
| $18.5M | 0.33% |
102,553,207
| – | – |
|
30
Micron Technology
MU
$1.09T
| $14.2M | 0.26% |
1,000,000
| – | – |
|
|
KIN
31
DELISTED
Kindred Biosciences, Inc.
KIN
| $10.2M | 0.19% |
3,013,848
| – | – |
|
|
SN
32
DELISTED
Sanchez Energy Corporation
SN
| $8.62M | 0.16% |
2,000,000
+1,000,000
| +100% | +$5.64M |
|
|
OREX
33
DELISTED
Orexigen Therapeutics, Inc.
OREX
| $3.9M | 0.07% |
226,840
+144,704
| +176% | +$3.45M |
|
|
TMQ
34
Trilogy Metals
TMQ
$684M
| $3M | 0.05% |
10,600,758
| – | – |
|
|
35
Alcoa
AA
$13.7B
| – | – |
-21,751,977
| Closed | -$505M |
|
|
36
AerCap
AER
$23B
| – | – |
-2,450,000
| Closed | -$93.7M |
|
|
37
eBay
EBAY
$46.3B
| – | – |
-9,315,000
| Closed | -$228M |
|
|
PXD
38
DELISTED
Pioneer Natural Resource Co.
PXD
| – | – |
-4,137,000
| Closed | -$503M |
|
|
LOCK
39
DELISTED
LifeLock, Inc.
LOCK
| – | – |
-4,460,760
| Closed | -$39.1M |
|
|
AOI
40
DELISTED
Alliance One International
AOI
| – | – |
-458,364
| Closed | -$9.34M |
|
|
ALDW
41
DELISTED
Alon USA Partners LP
ALDW
| – | – |
-363,188
| Closed | -$8.47M |
|
Similar funds
Seth Klarman's Q4 2015 Portfolio in Review
As of Q4 2015, Seth Klarman held 42 positions worth $5.51B, down 8.1% from $6B the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Seth Klarman withdrew a net $412M in Q4 2015, closing 7 positions and reducing 3 holdings. Its most notable exit was Alcoa, an estimated $505M position sold in full.
By sector, the portfolio is most concentrated in Energy at 34% of assets, down from 39% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Seth Klarman opened a new position in EMC CORPORATION worth $751M.
- Seth Klarman's largest Q4 2015 buy was EMC CORPORATION: 29,248,619 shares worth $751M.
- Seth Klarman added most to Cheniere Energy in Q4 2015, an estimated $156M increase.
- Seth Klarman's biggest Q4 2015 reduction was Frontier Communications Corp., cutting an estimated $12.8M.
- Seth Klarman fully exited Alcoa in Q4 2015, selling an estimated $505M.
- Seth Klarman's ten largest holdings make up 78% of its $5.51B portfolio in Q4 2015.
- Seth Klarman opened 1 new position and closed 7 in Q4 2015.
- Seth Klarman's portfolio value fell 8.1% quarter-over-quarter to $5.51B.
Based on Baupost Group's 13F filing for Q4 2015, filed 12 Feb 2016.