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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
+6.84%
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
$8.49B
AUM Growth
+$823M
Cap. Flow
+$365M
Cap. Flow %
4.3%
Top 10 Hldgs %
68.73%
Holding
48
New
4
Increased
3
Reduced
7
Closed
5

Top Buys

Rank Stock Value
1
QRVO icon
Qorvo
QRVO
+$462M
2
DBRG icon
DigitalBridge
DBRG
+$410M
3
QCOM icon
Qualcomm
QCOM
+$303M
4
ESRX
Express Scripts Holding Company
ESRX
+$84.5M
5
SRUNU
Silver Run Acquisition Corporation II Units
SRUNU
+$69.1M

Top Sells

Rank Stock Value
1
AGN
Allergan plc
AGN
+$233M
2
NRF
NorthStar Realty Finance Corp.
NRF
+$221M
3
CLNY
Colony Capital, Inc.
CLNY
+$141M
4
SYF icon
Synchrony
SYF
+$108M
5
DELL icon
Dell
DELL
+$62.2M

Sector Composition

Rank Sector Weight
1 Technology 24.39%
2 Healthcare 22.52%
3 Energy 20.58%
4 Financials 15.73%
5 Communication Services 10.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BATRK icon
26
Atlanta Braves Holdings Series B
BATRK
$3.33B
$47.2M 0.56%
1,994,010
-1,000,000
-33% -$21.4M
SYT
27
DELISTED
Syngenta Ag
SYT
$46.7M 0.55%
527,968
-217,168
-29% -$18.6M
NG icon
28
NovaGold Resources
NG
$3.83B
$46.3M 0.54%
9,500,000
– –
GTYHU
29
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
$45.4M 0.53%
4,400,000
– –
COR icon
30
Cencora
COR
$60.7B
$44.5M 0.52%
502,474
– –
PR
31
Permian Resources
PR
$19.9B
$41.7M 0.49%
2,407,153
– –
PRTK
32
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
$39.4M 0.46%
2,044,498
– –
CPAA
33
DELISTED
Conyers Park Acquisition Corp. Class A Common Stock
CPAA
$39.4M 0.46%
3,712,500
– –
CASC
34
DELISTED
Cascadian Therapeutics, Inc.
CASC
$36.1M 0.43%
8,721,079
+4,554,413
+109% +$19.1M
AIG.WS
35
DELISTED
American International Group, Inc.
AIG.WS
$26.9M 0.32%
1,259,012
-1,335,305
-51% -$30M
SCAC
36
DELISTED
Saban Capital Acquisition Corp. Class A Ordinary Share
SCAC
$23.2M 0.27%
2,326,500
– –
RUN icon
37
Sunrun
RUN
$2.21B
$15.4M 0.18%
2,848,082
– –
OREX
38
DELISTED
Orexigen Therapeutics, Inc.
OREX
$7.66M 0.09%
2,226,839
– –
TMQ
39
Trilogy Metals
TMQ
$684M
$5.8M 0.07%
10,600,758
– –
CPAAW
40
DELISTED
Conyers Park Acquisition Corp. Warrant
CPAAW
$2.54M 0.03%
1,237,500
– –
SCACW
41
DELISTED
Saban Capital Acquisition Corp. Warrants
SCACW
$1.57M 0.02%
1,163,250
– –
BATRA icon
42
Atlanta Braves Holdings Series A
BATRA
$3.64B
– –
-800,000
Closed -$16.4M
LEXEA
43
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
– –
-395,613
Closed -$15.7M
C.WS.A
44
DELISTED
Citigroup Inc
C.WS.A
– –
-62,903,207
Closed -$9.56M
NRF
45
DELISTED
NorthStar Realty Finance Corp.
NRF
– –
-14,577,134
Closed -$221M
CLNY
46
DELISTED
Colony Capital, Inc.
CLNY
– –
-6,959,017
Closed -$141M
1
2

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Seth Klarman's Q1 2017 Portfolio in Review

As of Q1 2017, Seth Klarman held 48 positions worth $8.49B, up 11% from $7.67B the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Seth Klarman deployed $365M of net new capital in Q1 2017, opening 4 new positions and adding to 3 existing holdings. Its largest new stake was Qorvo: 7,185,514 shares worth $493M.

By sector, the portfolio is most concentrated in Technology at 24% of assets, up from 17% a quarter earlier, followed by Healthcare and Energy.

On the sell side, the largest reduction was Allergan plc, an estimated $233M trimmed.

  • Seth Klarman's largest Q1 2017 buy was Qorvo: 7,185,514 shares worth $493M.
  • Seth Klarman added most to DigitalBridge in Q1 2017, an estimated $410M increase.
  • Seth Klarman's biggest Q1 2017 reduction was Allergan plc, cutting an estimated $233M.
  • Seth Klarman fully exited NorthStar Realty Finance Corp. in Q1 2017, selling an estimated $221M.
  • Seth Klarman's ten largest holdings make up 69% of its $8.49B portfolio in Q1 2017.
  • Seth Klarman opened 4 new positions and closed 5 in Q1 2017.
  • Seth Klarman's portfolio value rose 11% quarter-over-quarter to $8.49B.

Based on Baupost Group's 13F filing for Q1 2017, filed 12 May 2017.