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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
+3.33%
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
$7.67B
AUM Growth
+$634M
Cap. Flow
+$509M
Cap. Flow %
6.64%
Top 10 Hldgs %
71.71%
Holding
54
New
9
Increased
9
Reduced
6
Closed
10

Top Buys

Rank Stock Value
1
AGN
Allergan plc
AGN
+$296M
2
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
+$172M
3
MCK icon
McKesson
MCK
+$147M
4
NRF
NorthStar Realty Finance Corp.
NRF
+$132M
5
DBRG icon
DigitalBridge
DBRG
+$124M

Top Sells

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$247M
2
PYPL icon
PayPal
PYPL
+$205M
3
OLN icon
Olin
OLN
+$127M
4
VMW
VMware, Inc
VMW
+$118M
5
KLXI
KLX Inc.
KLXI
+$70.4M

Sector Composition

Rank Sector Weight
1 Healthcare 23.35%
2 Energy 22.49%
3 Technology 16.97%
4 Financials 14.9%
5 Communication Services 10.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IMOS
26
ChipMOS TECHNOLOGIES
IMOS
$1.88B
$49.5M 0.65%
2,979,869
-425,073
-12% -$8.13M
GTYHU
27
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
$46.2M 0.6%
+4,400,000
New +$44.9M
PR
28
Permian Resources
PR
$19.9B
$43.6M 0.57%
2,407,153
-1,342,847
-36% -$22.2M
NG icon
29
NovaGold Resources
NG
$3.83B
$43.3M 0.56%
9,500,000
– –
COR icon
30
Cencora
COR
$60.7B
$39.3M 0.51%
+502,474
New +$39.2M
CPAA
31
DELISTED
Conyers Park Acquisition Corp. Class A Common Stock
CPAA
$38M 0.5%
3,712,500
– –
PRTK
32
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
$31.5M 0.41%
2,044,498
– –
SCAC
33
DELISTED
Saban Capital Acquisition Corp. Class A Ordinary Share
SCAC
$23.3M 0.3%
+2,326,500
New +$24.2M
CASC
34
DELISTED
Cascadian Therapeutics, Inc.
CASC
$18M 0.23%
4,166,666
-1
-0% -$6
BATRA icon
35
Atlanta Braves Holdings Series A
BATRA
$3.64B
$16.4M 0.21%
800,000
– –
LEXEA
36
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
$15.7M 0.2%
+395,613
New +$16.8M
RUN icon
37
Sunrun
RUN
$2.21B
$15.1M 0.2%
2,848,082
– –
C.WS.A
38
DELISTED
Citigroup Inc
C.WS.A
$9.56M 0.12%
62,903,207
-39,650,000
-39% -$3.77M
TMQ
39
Trilogy Metals
TMQ
$684M
$5.34M 0.07%
10,600,758
– –
OREX
40
DELISTED
Orexigen Therapeutics, Inc.
OREX
$3.88M 0.05%
2,226,839
– –
CPAAW
41
DELISTED
Conyers Park Acquisition Corp. Warrant
CPAAW
$2.48M 0.03%
+1,237,500
New +$3.32M
SCACW
42
DELISTED
Saban Capital Acquisition Corp. Warrants
SCACW
$1.1M 0.01%
+1,163,250
New +$763K
ODP
43
DELISTED
ODP
ODP
– –
-1,300,000
Closed -$46.4M
OLN icon
44
Olin
OLN
$2.1B
– –
-6,181,302
Closed -$127M
PYPL icon
45
PayPal
PYPL
$52.7B
– –
-5,000,000
Closed -$205M
VMW
46
DELISTED
VMware, Inc
VMW
– –
-1,603,889
Closed -$118M
KIN
47
DELISTED
Kindred Biosciences, Inc.
KIN
– –
-3,011,584
Closed -$15M
SCACU
48
DELISTED
Saban Capital Acquisition Corp. Units
SCACU
– –
-2,326,500
Closed -$23.5M
KLXI
49
DELISTED
KLX Inc.
KLXI
– –
-2,372,000
Closed -$70.4M
TBRA
50
DELISTED
Tobira Therapeutics, Inc. Common Stock
TBRA
– –
-160,829
Closed -$6.39M
1
2

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Seth Klarman's Q4 2016 Portfolio in Review

As of Q4 2016, Seth Klarman held 54 positions worth $7.67B, up 9% from $7.04B the previous quarter. Its ten largest holdings account for 72% of the portfolio.

Seth Klarman deployed $509M of net new capital in Q4 2016, opening 9 new positions and adding to 9 existing holdings. Its largest new stake was McKesson: 1,000,000 shares worth $140M.

By sector, the portfolio is most concentrated in Healthcare at 23% of assets, up from 19% a quarter earlier, followed by Energy and Technology.

On the sell side, the largest reduction was Cheniere Energy, an estimated $247M trimmed.

  • Seth Klarman's largest Q4 2016 buy was McKesson: 1,000,000 shares worth $140M.
  • Seth Klarman added most to Allergan plc in Q4 2016, an estimated $296M increase.
  • Seth Klarman's biggest Q4 2016 reduction was Cheniere Energy, cutting an estimated $247M.
  • Seth Klarman fully exited PayPal in Q4 2016, selling an estimated $205M.
  • Seth Klarman's ten largest holdings make up 72% of its $7.67B portfolio in Q4 2016.
  • Seth Klarman opened 9 new positions and closed 10 in Q4 2016.
  • Seth Klarman's portfolio value rose 9% quarter-over-quarter to $7.67B.

Based on Baupost Group's 13F filing for Q4 2016, filed 14 Feb 2017.