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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
-14.21%
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
$11.5B
AUM Growth
-$1.53B
Cap. Flow
+$269M
Cap. Flow %
2.33%
Top 10 Hldgs %
72.71%
Holding
43
New
5
Increased
6
Reduced
10
Closed
6

Top Buys

Rank Stock Value
1
EBAY icon
eBay
EBAY
+$618M
2
LBTYK icon
Liberty Global Class C
LBTYK
+$454M
3
AKBA icon
Akebia Therapeutics
AKBA
+$192M
4
UNVR
Univar Solutions Inc.
UNVR
+$179M
5
PARA
Paramount Global Class B
PARA
+$135M

Top Sells

Rank Stock Value
1
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$230M
2
AABA
Altaba Inc
AABA
+$191M
3
CAH icon
Cardinal Health
CAH
+$170M
4
PCG icon
PG&E
PCG
+$125M
5
KERX
Keryx Biopharmaceuticals Inc
KERX
+$87.7M

Sector Composition

Rank Sector Weight
1 Communication Services 37.18%
2 Energy 15.45%
3 Healthcare 15.37%
4 Technology 12.65%
5 Consumer Discretionary 5.12%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NXST icon
26
Nexstar Media Group
NXST
$5.73B
$74.7M 0.65%
+950,000
New +$75.2M
CAH icon
27
Cardinal Health
CAH
$53.4B
$65.5M 0.57%
1,467,652
-3,270,833
-69% -$170M
TBIO
28
DELISTED
Translate Bio, Inc. Common Stock
TBIO
$47.1M 0.41%
6,491,287
– –
TMQ
29
Trilogy Metals
TMQ
$684M
$22.5M 0.2%
13,050,758
– –
AMC icon
30
AMC Entertainment Holdings
AMC
$2.28B
$17.9M 0.16%
145,800
-127,330
-47% -$20.8M
STNLU
31
DELISTED
Sentinel Energy Services Inc. Unit
STNLU
$16.5M 0.14%
1,600,000
– –
PRTK
32
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
$12.3M 0.11%
2,394,498
– –
NXEOW
33
DELISTED
Nexeo Solutions, Inc. Warrant
NXEOW
$4M 0.03%
10,000,000
+7,150,000
+251% +$5.01M
GTYHW
34
DELISTED
GTY Technology Holdings, Inc. Warrants
GTYHW
$1.14M 0.01%
+1,466,666
New +$1.85M
SCACW
35
DELISTED
Saban Capital Acquisition Corp. Warrants
SCACW
$698K 0.01%
1,163,250
– –
NG icon
36
NovaGold Resources
NG
$3.83B
– –
-13,467,145
Closed -$50M
AABA
37
DELISTED
Altaba Inc
AABA
– –
-2,810,775
Closed -$191M
SCAC
38
DELISTED
Saban Capital Acquisition Corp. Class A Ordinary Share
SCAC
– –
-2,326,500
Closed -$23.6M
GTYHU
39
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
– –
-4,400,000
Closed -$47.6M
KERX
40
DELISTED
Keryx Biopharmaceuticals Inc
KERX
– –
-25,791,678
Closed -$87.7M
TRCO
41
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
– –
-5,996,042
Closed -$230M
1
2

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Seth Klarman's Q4 2018 Portfolio in Review

As of Q4 2018, Seth Klarman held 43 positions worth $11.5B, down 12% from $13.1B the previous quarter. Its ten largest holdings account for 73% of the portfolio.

Seth Klarman's Q4 2018 filing shows 5 new, 6 increased, 10 reduced and 6 closed positions. Its largest new stake was eBay: 21,000,000 shares worth $589M. The largest sale was TRIBUNE MEDIA COMPANY CLASS A, an estimated $230M.

By sector, the portfolio is most concentrated in Communication Services at 37% of assets, up from 31% a quarter earlier, followed by Energy and Healthcare.

  • Seth Klarman's largest Q4 2018 buy was eBay: 21,000,000 shares worth $589M.
  • Seth Klarman added most to Liberty Global Class C in Q4 2018, an estimated $454M increase.
  • Seth Klarman's biggest Q4 2018 reduction was Cardinal Health, cutting an estimated $170M.
  • Seth Klarman fully exited TRIBUNE MEDIA COMPANY CLASS A in Q4 2018, selling an estimated $230M.
  • Seth Klarman's ten largest holdings make up 73% of its $11.5B portfolio in Q4 2018.
  • Seth Klarman opened 5 new positions and closed 6 in Q4 2018.
  • Seth Klarman's portfolio value fell 12% quarter-over-quarter to $11.5B.

Based on Baupost Group's 13F filing for Q4 2018, filed 13 Feb 2019.