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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
+7.35%
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
$10.1B
AUM Growth
+$2.09B
Cap. Flow
+$1.55B
Cap. Flow %
15.37%
Top 10 Hldgs %
75.29%
Holding
39
New
2
Increased
12
Reduced
4
Closed
5

Top Buys

Rank Stock Value
1
TWX
Time Warner Inc
TWX
+$765M
2
PXD
Pioneer Natural Resource Co.
PXD
+$304M
3
AGN
Allergan plc
AGN
+$276M
4
CAH icon
Cardinal Health
CAH
+$159M
5
QRVO icon
Qorvo
QRVO
+$146M

Top Sells

Rank Stock Value
1
DELL icon
Dell
DELL
+$236M
2
PBF icon
PBF Energy
PBF
+$148M
3
PR
Permian Resources
PR
+$42.1M
4
CAR icon
Avis
CAR
+$39.5M
5
IMOS
ChipMOS TECHNOLOGIES
IMOS
+$30.2M

Sector Composition

Rank Sector Weight
1 Energy 22.92%
2 Healthcare 21.1%
3 Communication Services 19.23%
4 Technology 17.4%
5 Financials 16.82%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IMOS
26
ChipMOS TECHNOLOGIES
IMOS
$1.88B
$26M 0.26%
1,248,376
-1,339,626
-52% -$30.2M
SCAC
27
DELISTED
Saban Capital Acquisition Corp. Class A Ordinary Share
SCAC
$23.1M 0.23%
2,326,500
– –
RUN icon
28
Sunrun
RUN
$2.21B
$16.8M 0.17%
2,848,082
– –
STNLU
29
DELISTED
Sentinel Energy Services Inc. Unit
STNLU
$16M 0.16%
+1,600,000
New +$16.1M
FWP
30
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
$15.4M 0.15%
597,134
-326,190
-35% -$11.4M
TMQ
31
Trilogy Metals
TMQ
$684M
$11.5M 0.11%
10,600,758
– –
OREX
32
DELISTED
Orexigen Therapeutics, Inc.
OREX
$2.87M 0.03%
2,226,839
– –
SCACW
33
DELISTED
Saban Capital Acquisition Corp. Warrants
SCACW
$1.44M 0.01%
1,163,250
– –
CAR icon
34
Avis
CAR
$5.18B
– –
-1,036,900
Closed -$39.5M
DELL icon
35
Dell
DELL
$286B
– –
-10,876,638
Closed -$236M
PR
36
Permian Resources
PR
$19.9B
– –
-2,407,153
Closed -$42.1M
SMPLW
37
DELISTED
The Simply Good Foods Company Warrant
SMPLW
– –
-1,035,146
Closed -$2.46M
SRUN
38
DELISTED
Silver Run Acquisition Corporation II Class A
SRUN
– –
-2,149,352
Closed -$21.9M
1
2

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Seth Klarman's Q4 2017 Portfolio in Review

As of Q4 2017, Seth Klarman held 39 positions worth $10.1B, up 26% from $8.02B the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Seth Klarman deployed $1.55B of net new capital in Q4 2017, opening 2 new positions and adding to 12 existing holdings. Its largest new stake was Time Warner Inc: 8,100,000 shares worth $741M.

By sector, the portfolio is most concentrated in Energy at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Communication Services.

On the sell side, the largest reduction was PBF Energy, an estimated $148M trimmed.

  • Seth Klarman's largest Q4 2017 buy was Time Warner Inc: 8,100,000 shares worth $741M.
  • Seth Klarman added most to Pioneer Natural Resource Co. in Q4 2017, an estimated $304M increase.
  • Seth Klarman's biggest Q4 2017 reduction was PBF Energy, cutting an estimated $148M.
  • Seth Klarman fully exited Dell in Q4 2017, selling an estimated $236M.
  • Seth Klarman's ten largest holdings make up 75% of its $10.1B portfolio in Q4 2017.
  • Seth Klarman opened 2 new positions and closed 5 in Q4 2017.
  • Seth Klarman's portfolio value rose 26% quarter-over-quarter to $10.1B.

Based on Baupost Group's 13F filing for Q4 2017, filed 13 Feb 2018.