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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
+9.38%
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
$7.04B
AUM Growth
-$331M
Cap. Flow
-$786M
Cap. Flow %
-11.16%
Top 10 Hldgs %
69.25%
Holding
49
New
10
Increased
3
Reduced
8
Closed
5

Top Buys

Rank Stock Value
1
SYF icon
Synchrony
SYF
+$482M
2
DELL icon
Dell
DELL
+$322M
3
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
+$129M
4
DBRG icon
DigitalBridge
DBRG
+$118M
5
PBF icon
PBF Energy
PBF
+$114M

Top Sells

Rank Stock Value
1
EMC
EMC CORPORATION
EMC
+$1.55B
2
C icon
Citigroup
C
+$219M
3
OLN icon
Olin
OLN
+$98.1M
4
LNG icon
Cheniere Energy
LNG
+$84.2M
5
CAR icon
Avis
CAR
+$57.6M

Sector Composition

Rank Sector Weight
1 Energy 28.71%
2 Technology 19.74%
3 Healthcare 19.22%
4 Financials 12.54%
5 Communication Services 7.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AIG.WS
26
DELISTED
American International Group, Inc.
AIG.WS
$55M 0.78%
2,594,317
+43,400
+2% +$908K
NG icon
27
NovaGold Resources
NG
$3.83B
$53.2M 0.76%
9,500,000
– –
BATRK icon
28
Atlanta Braves Holdings Series B
BATRK
$3.33B
$52M 0.74%
2,994,010
– –
ODP
29
DELISTED
ODP
ODP
$46.4M 0.66%
+1,300,000
New +$46.1M
CASC
30
DELISTED
Cascadian Therapeutics, Inc.
CASC
$41M 0.58%
4,166,667
– –
CPAA
31
DELISTED
Conyers Park Acquisition Corp. Class A Common Stock
CPAA
$37.1M 0.53%
+3,712,500
New +$37.1M
PRTK
32
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
$26.6M 0.38%
2,044,498
– –
SCACU
33
DELISTED
Saban Capital Acquisition Corp. Units
SCACU
$23.5M 0.33%
+2,326,500
New +$23.4M
CACC icon
34
Credit Acceptance
CACC
$6.24B
$20.1M 0.29%
100,000
– –
RUN icon
35
Sunrun
RUN
$2.21B
$17.9M 0.26%
2,848,082
– –
KIN
36
DELISTED
Kindred Biosciences, Inc.
KIN
$15M 0.21%
3,011,584
-2,264
-0.1% -$9.57K
BATRA icon
37
Atlanta Braves Holdings Series A
BATRA
$3.64B
$14M 0.2%
800,000
– –
OREX
38
DELISTED
Orexigen Therapeutics, Inc.
OREX
$7.39M 0.11%
2,226,839
-1
-0% -$4
TBRA
39
DELISTED
Tobira Therapeutics, Inc. Common Stock
TBRA
$6.39M 0.09%
+160,829
New +$1.79M
TMQ
40
Trilogy Metals
TMQ
$684M
$5.8M 0.08%
10,600,758
– –
C.WS.A
41
DELISTED
Citigroup Inc
C.WS.A
$5.35M 0.08%
102,553,207
– –
C icon
42
Citigroup
C
$221B
– –
-5,167,000
Closed -$219M
CAR icon
43
Avis
CAR
$5.18B
– –
-1,787,227
Closed -$57.6M
SCU
44
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
– –
-337,389
Closed -$12.8M
SEMI
45
DELISTED
SunEdison Semiconductor Limited
SEMI
– –
-8,372,979
Closed -$49.7M
EMC
46
DELISTED
EMC CORPORATION
EMC
– –
-56,961,725
Closed -$1.55B
1
2

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Seth Klarman's Q3 2016 Portfolio in Review

As of Q3 2016, Seth Klarman held 49 positions worth $7.04B, down 4.5% from $7.37B the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Seth Klarman withdrew a net $786M in Q3 2016, closing 5 positions and reducing 8 holdings. Its most notable exit was EMC CORPORATION, an estimated $1.55B position sold in full.

By sector, the portfolio is most concentrated in Energy at 29% of assets, up from 24% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Seth Klarman opened a new position in Synchrony worth $492M.

  • Seth Klarman's largest Q3 2016 buy was Synchrony: 17,565,000 shares worth $492M.
  • Seth Klarman added most to Twenty-First Century Fox, Inc. Class A in Q3 2016, an estimated $129M increase.
  • Seth Klarman's biggest Q3 2016 reduction was Olin, cutting an estimated $98.1M.
  • Seth Klarman fully exited EMC CORPORATION in Q3 2016, selling an estimated $1.55B.
  • Seth Klarman's ten largest holdings make up 69% of its $7.04B portfolio in Q3 2016.
  • Seth Klarman opened 10 new positions and closed 5 in Q3 2016.
  • Seth Klarman's portfolio value fell 4.5% quarter-over-quarter to $7.04B.

Based on Baupost Group's 13F filing for Q3 2016, filed 14 Nov 2016.