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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
-1.77%
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
$8.75B
AUM Growth
+$260M
Cap. Flow
+$339M
Cap. Flow %
3.88%
Top 10 Hldgs %
72.09%
Holding
47
New
4
Increased
7
Reduced
4
Closed
6

Top Buys

Rank Stock Value
1
SYF icon
Synchrony
SYF
+$345M
2
AR icon
Antero Resources
AR
+$143M
3
QRVO icon
Qorvo
QRVO
+$130M
4
CAR icon
Avis
CAR
+$103M
5
ESRX
Express Scripts Holding Company
ESRX
+$83.4M

Top Sells

Rank Stock Value
1
INVA icon
Innoviva
INVA
+$160M
2
MCK icon
McKesson
MCK
+$148M
3
SRUNU
Silver Run Acquisition Corporation II Units
SRUNU
+$69M
4
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$65.9M
5
LNG icon
Cheniere Energy
LNG
+$47.7M

Sector Composition

Rank Sector Weight
1 Technology 24.72%
2 Energy 21.18%
3 Healthcare 20.22%
4 Financials 19.51%
5 Communication Services 8.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CPAA
26
DELISTED
Conyers Park Acquisition Corp. Class A Common Stock
CPAA
$43.7M 0.5%
3,712,500
– –
NG icon
27
NovaGold Resources
NG
$3.83B
$43.3M 0.49%
9,500,000
– –
PR
28
Permian Resources
PR
$19.9B
$36.7M 0.42%
2,407,153
– –
CASC
29
DELISTED
Cascadian Therapeutics, Inc.
CASC
$32.4M 0.37%
8,721,079
– –
BATRK icon
30
Atlanta Braves Holdings Series B
BATRK
$3.33B
$31.2M 0.36%
1,303,482
-690,528
-35% -$16.5M
CACC icon
31
Credit Acceptance
CACC
$6.24B
$25.4M 0.29%
98,700
-145,700
-60% -$31.9M
SCAC
32
DELISTED
Saban Capital Acquisition Corp. Class A Ordinary Share
SCAC
$23.3M 0.27%
2,326,500
– –
RUN icon
33
Sunrun
RUN
$2.21B
$20.3M 0.23%
2,848,082
– –
AIG.WS
34
DELISTED
American International Group, Inc.
AIG.WS
$7.48M 0.09%
354,812
-904,200
-72% -$18.7M
TMQ
35
Trilogy Metals
TMQ
$684M
$6.7M 0.08%
10,600,758
– –
OREX
36
DELISTED
Orexigen Therapeutics, Inc.
OREX
$6.46M 0.07%
2,226,839
– –
SRUNW
37
DELISTED
Silver Run Acquisition Corporation II
SRUNW
$3.95M 0.05%
+2,205,184
New +$3.49M
CPAAW
38
DELISTED
Conyers Park Acquisition Corp. Warrant
CPAAW
$3.24M 0.04%
1,237,500
– –
SCACW
39
DELISTED
Saban Capital Acquisition Corp. Warrants
SCACW
$1.45M 0.02%
1,163,250
– –
COR icon
40
Cencora
COR
$60.7B
– –
-502,474
Closed -$44.5M
INVA icon
41
Innoviva
INVA
$1.52B
– –
-11,573,663
Closed -$160M
MCK icon
42
McKesson
MCK
$100B
– –
-1,000,000
Closed -$148M
LVNTA
43
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
– –
-1,481,719
Closed -$65.9M
SRUNU
44
DELISTED
Silver Run Acquisition Corporation II Units
SRUNU
– –
-6,615,554
Closed -$69M
SYT
45
DELISTED
Syngenta Ag
SYT
– –
-527,968
Closed -$46.7M
1
2

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Seth Klarman's Q2 2017 Portfolio in Review

As of Q2 2017, Seth Klarman held 47 positions worth $8.75B, up 3.1% from $8.49B the previous quarter. Its ten largest holdings account for 72% of the portfolio.

Seth Klarman deployed $339M of net new capital in Q2 2017, opening 4 new positions and adding to 7 existing holdings. Its largest new stake was Avis: 4,000,000 shares worth $109M.

By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 24% a quarter earlier, followed by Energy and Healthcare.

On the sell side, the largest reduction was Cheniere Energy, an estimated $47.7M trimmed.

  • Seth Klarman's largest Q2 2017 buy was Avis: 4,000,000 shares worth $109M.
  • Seth Klarman added most to Synchrony in Q2 2017, an estimated $345M increase.
  • Seth Klarman's biggest Q2 2017 reduction was Cheniere Energy, cutting an estimated $47.7M.
  • Seth Klarman fully exited Innoviva in Q2 2017, selling an estimated $160M.
  • Seth Klarman's ten largest holdings make up 72% of its $8.75B portfolio in Q2 2017.
  • Seth Klarman opened 4 new positions and closed 6 in Q2 2017.
  • Seth Klarman's portfolio value rose 3.1% quarter-over-quarter to $8.75B.

Based on Baupost Group's 13F filing for Q2 2017, filed 11 Aug 2017.