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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
-6.82%
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
$8.83B
AUM Growth
-$2.22B
Cap. Flow
-$1.68B
Cap. Flow %
-18.97%
Top 10 Hldgs %
70.73%
Holding
35
New
3
Increased
6
Reduced
11
Closed
3

Top Buys

Rank Stock Value
1
NUAN
Nuance Communications, Inc.
NUAN
+$137M
2
PARA
Paramount Global Class B
PARA
+$93.6M
3
TBIO
Translate Bio, Inc. Common Stock
TBIO
+$82.1M
4
NXST icon
Nexstar Media Group
NXST
+$60.9M
5
LBTYK icon
Liberty Global Class C
LBTYK
+$52.6M

Top Sells

Rank Stock Value
1
AGN
Allergan plc
AGN
+$616M
2
EBAY icon
eBay
EBAY
+$301M
3
QRVO icon
Qorvo
QRVO
+$218M
4
MCK icon
McKesson
MCK
+$183M
5
SYF icon
Synchrony
SYF
+$146M

Sector Composition

Rank Sector Weight
1 Communication Services 33.88%
2 Technology 18.01%
3 Healthcare 17.41%
4 Energy 8.32%
5 Consumer Discretionary 7.35%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VIST icon
26
Vista Energy
VIST
$7.7B
$31.9M 0.36%
+6,175,000
New +$38.6M
CARS icon
27
Cars.com
CARS
$654M
$26.9M 0.31%
+3,000,000
New +$40.5M
TMQ
28
Trilogy Metals
TMQ
$684M
$20M 0.23%
12,182,568
-1,458,800
-11% -$2.94M
GOSS icon
29
Gossamer Bio
GOSS
$75.6M
$15.9M 0.18%
967,171
-300,000
-24% -$5.97M
PRTK
30
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
$10.3M 0.12%
2,394,498
– –
SBGI icon
31
Sinclair Inc
SBGI
$1.04B
– –
-549,423
Closed -$29.5M
XPO icon
32
XPO
XPO
$23.2B
– –
-4,337,091
Closed -$86.7M
AGN
33
DELISTED
Allergan plc
AGN
– –
-3,679,549
Closed -$616M
1
2

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Seth Klarman's Q3 2019 Portfolio in Review

As of Q3 2019, Seth Klarman held 35 positions worth $8.83B, down 20% from $11B the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Seth Klarman withdrew a net $1.68B in Q3 2019, closing 3 positions and reducing 11 holdings. Its most notable exit was Allergan plc, an estimated $616M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 34% of assets, up from 29% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Seth Klarman opened a new position in Nuance Communications, Inc. worth $134M.

  • Seth Klarman's largest Q3 2019 buy was Nuance Communications, Inc.: 9,523,502 shares worth $134M.
  • Seth Klarman added most to Paramount Global Class B in Q3 2019, an estimated $93.6M increase.
  • Seth Klarman's biggest Q3 2019 reduction was eBay, cutting an estimated $301M.
  • Seth Klarman fully exited Allergan plc in Q3 2019, selling an estimated $616M.
  • Seth Klarman's ten largest holdings make up 71% of its $8.83B portfolio in Q3 2019.
  • Seth Klarman opened 3 new positions and closed 3 in Q3 2019.
  • Seth Klarman's portfolio value fell 20% quarter-over-quarter to $8.83B.

Based on Baupost Group's 13F filing for Q3 2019, filed 13 Nov 2019.