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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
-2.24%
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
$8.02B
AUM Growth
-$730M
Cap. Flow
-$462M
Cap. Flow %
-5.75%
Top 10 Hldgs %
78.13%
Holding
45
New
5
Increased
7
Reduced
4
Closed
8

Top Buys

Rank Stock Value
1
AGN
Allergan plc
AGN
+$124M
2
MCK icon
McKesson
MCK
+$78M
3
AMC icon
AMC Entertainment Holdings
AMC
+$59.5M
4
AR icon
Antero Resources
AR
+$55.2M
5
CAH icon
Cardinal Health
CAH
+$35.3M

Top Sells

Rank Stock Value
1
QCOM icon
Qualcomm
QCOM
+$288M
2
DELL icon
Dell
DELL
+$179M
3
CAR icon
Avis
CAR
+$99.6M
4
SRC
SPIRIT REALTY CAPITAL, INC.
SRC
+$66.7M
5
SRUN
Silver Run Acquisition Corporation II Class A
SRUN
+$45.4M

Sector Composition

Rank Sector Weight
1 Energy 23.55%
2 Technology 22.35%
3 Healthcare 21.95%
4 Financials 19.4%
5 Communication Services 9.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NG icon
26
NovaGold Resources
NG
$3.83B
$39.1M 0.49%
9,500,000
– –
CASC
27
DELISTED
Cascadian Therapeutics, Inc.
CASC
$35.7M 0.44%
8,721,079
– –
SCAC
28
DELISTED
Saban Capital Acquisition Corp. Class A Ordinary Share
SCAC
$23.4M 0.29%
2,326,500
– –
SRUN
29
DELISTED
Silver Run Acquisition Corporation II Class A
SRUN
$21.9M 0.27%
2,149,352
-4,466,200
-68% -$45.4M
RUN icon
30
Sunrun
RUN
$2.21B
$15.8M 0.2%
2,848,082
– –
COR icon
31
Cencora
COR
$60.7B
$15.6M 0.19%
+188,850
New +$16M
TMQ
32
Trilogy Metals
TMQ
$684M
$9.98M 0.12%
10,600,758
– –
OREX
33
DELISTED
Orexigen Therapeutics, Inc.
OREX
$4.72M 0.06%
2,226,839
– –
PXD
34
DELISTED
Pioneer Natural Resource Co.
PXD
$4.26M 0.05%
+28,895
New +$4.15M
SMPLW
35
DELISTED
The Simply Good Foods Company Warrant
SMPLW
$2.46M 0.03%
+1,035,146
New +$2.53M
SCACW
36
DELISTED
Saban Capital Acquisition Corp. Warrants
SCACW
$1.37M 0.02%
1,163,250
– –
BATRK icon
37
Atlanta Braves Holdings Series B
BATRK
$3.33B
– –
-1,303,482
Closed -$31.2M
CACC icon
38
Credit Acceptance
CACC
$6.24B
– –
-98,700
Closed -$25.4M
QCOM icon
39
Qualcomm
QCOM
$169B
– –
-5,216,000
Closed -$288M
SRC
40
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
– –
-2,007,000
Closed -$66.7M
AIG.WS
41
DELISTED
American International Group, Inc.
AIG.WS
– –
-354,812
Closed -$7.48M
SRUNW
42
DELISTED
Silver Run Acquisition Corporation II
SRUNW
– –
-2,205,184
Closed -$3.95M
CPAA
43
DELISTED
Conyers Park Acquisition Corp. Class A Common Stock
CPAA
– –
-3,712,500
Closed -$43.7M
CPAAW
44
DELISTED
Conyers Park Acquisition Corp. Warrant
CPAAW
– –
-1,237,500
Closed -$3.24M
1
2

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Seth Klarman's Q3 2017 Portfolio in Review

As of Q3 2017, Seth Klarman held 45 positions worth $8.02B, down 8.3% from $8.75B the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Seth Klarman withdrew a net $462M in Q3 2017, closing 8 positions and reducing 4 holdings. Its most notable exit was Qualcomm, an estimated $288M position sold in full.

By sector, the portfolio is most concentrated in Energy at 24% of assets, up from 21% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Seth Klarman opened a new position in McKesson worth $76.8M.

  • Seth Klarman's largest Q3 2017 buy was McKesson: 500,000 shares worth $76.8M.
  • Seth Klarman added most to Allergan plc in Q3 2017, an estimated $124M increase.
  • Seth Klarman's biggest Q3 2017 reduction was Dell, cutting an estimated $179M.
  • Seth Klarman fully exited Qualcomm in Q3 2017, selling an estimated $288M.
  • Seth Klarman's ten largest holdings make up 78% of its $8.02B portfolio in Q3 2017.
  • Seth Klarman opened 5 new positions and closed 8 in Q3 2017.
  • Seth Klarman's portfolio value fell 8.3% quarter-over-quarter to $8.02B.

Based on Baupost Group's 13F filing for Q3 2017, filed 13 Nov 2017.