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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
+15.26%
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
$11.9B
AUM Growth
+$378M
Cap. Flow
-$1.18B
Cap. Flow %
-9.88%
Top 10 Hldgs %
64.86%
Holding
44
New
7
Increased
10
Reduced
5
Closed
9

Top Buys

Rank Stock Value
1
FOXA icon
Fox Class A
FOXA
+$1.06B
2
CELG
Celgene Corp
CELG
+$350M
3
PARA
Paramount Global Class B
PARA
+$292M
4
EBAY icon
eBay
EBAY
+$287M
5
LBTYK icon
Liberty Global Class C
LBTYK
+$221M

Top Sells

Rank Stock Value
1
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
+$2.47B
2
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
+$814M
3
PXD
Pioneer Natural Resource Co.
PXD
+$353M
4
LNG icon
Cheniere Energy
LNG
+$104M
5
YPF icon
YPF Sociedad Anonima ADS
YPF
+$80.3M

Sector Composition

Rank Sector Weight
1 Communication Services 24.77%
2 Healthcare 23.3%
3 Technology 15.32%
4 Energy 11.93%
5 Consumer Discretionary 9.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NXST icon
26
Nexstar Media Group
NXST
$5.73B
$108M 0.91%
1,000,000
+50,000
+5% +$4.61M
VRTV
27
DELISTED
VERITIV CORPORATION
VRTV
$93.8M 0.79%
3,564,439
– –
TBIO
28
DELISTED
Translate Bio, Inc. Common Stock
TBIO
$63.9M 0.54%
6,491,298
+11
+0% +$84
DIS icon
29
Walt Disney
DIS
$186B
$44.3M 0.37%
+399,151
New +$44.6M
TMQ
30
Trilogy Metals
TMQ
$684M
$32M 0.27%
13,050,758
– –
GOSS icon
31
Gossamer Bio
GOSS
$75.6M
$26.1M 0.22%
+1,267,171
New +$26.4M
PRTK
32
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
$12.8M 0.11%
2,394,498
– –
GTYHW
33
DELISTED
GTY Technology Holdings, Inc. Warrants
GTYHW
$884K 0.01%
1,466,666
– –
AMC icon
34
AMC Entertainment Holdings
AMC
$2.28B
– –
-145,800
Closed -$17.9M
CAH icon
35
Cardinal Health
CAH
$53.4B
– –
-1,467,652
Closed -$65.5M
YPF icon
36
YPF Sociedad Anonima ADS
YPF
$20.1B
– –
-6,000,000
Closed -$80.3M
STNLU
37
DELISTED
Sentinel Energy Services Inc. Unit
STNLU
– –
-1,600,000
Closed -$16.5M
SCACW
38
DELISTED
Saban Capital Acquisition Corp. Warrants
SCACW
– –
-1,163,250
Closed -$698K
TFCFA
39
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
– –
-51,281,167
Closed -$2.47B
TFCF
40
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
– –
-17,040,922
Closed -$814M
NXEOW
41
DELISTED
Nexeo Solutions, Inc. Warrant
NXEOW
– –
-10,000,000
Closed -$4M
SHPG
42
DELISTED
Shire pic
SHPG
– –
-460,473
Closed -$80.1M
1
2

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Seth Klarman's Q1 2019 Portfolio in Review

As of Q1 2019, Seth Klarman held 44 positions worth $11.9B, up 3.3% from $11.5B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Seth Klarman withdrew a net $1.18B in Q1 2019, closing 9 positions and reducing 5 holdings. Its most notable exit was Twenty-First Century Fox, Inc. Class A, an estimated $2.47B position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 25% of assets, down from 37% a quarter earlier, followed by Healthcare and Technology.

Against the trend, Seth Klarman opened a new position in Fox Class A worth $1B.

  • Seth Klarman's largest Q1 2019 buy was Fox Class A: 27,322,720 shares worth $1B.
  • Seth Klarman added most to Paramount Global Class B in Q1 2019, an estimated $292M increase.
  • Seth Klarman's biggest Q1 2019 reduction was Pioneer Natural Resource Co., cutting an estimated $353M.
  • Seth Klarman fully exited Twenty-First Century Fox, Inc. Class A in Q1 2019, selling an estimated $2.47B.
  • Seth Klarman's ten largest holdings make up 65% of its $11.9B portfolio in Q1 2019.
  • Seth Klarman opened 7 new positions and closed 9 in Q1 2019.
  • Seth Klarman's portfolio value rose 3.3% quarter-over-quarter to $11.9B.

Based on Baupost Group's 13F filing for Q1 2019, filed 15 May 2019.