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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
+6.44%
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
$9.06B
AUM Growth
+$225M
Cap. Flow
-$721M
Cap. Flow %
-7.96%
Top 10 Hldgs %
71.27%
Holding
35
New
3
Increased
4
Reduced
7
Closed
4

Top Buys

Rank Stock Value
1
PARA
Paramount Global Class B
PARA
+$194M
2
LBTYK icon
Liberty Global Class C
LBTYK
+$190M
3
HPQ icon
HP
HPQ
+$189M
4
EBAY icon
eBay
EBAY
+$121M
5
MCK icon
McKesson
MCK
+$41.2M

Top Sells

Rank Stock Value
1
BMY icon
Bristol-Myers Squibb
BMY
+$344M
2
QRVO icon
Qorvo
QRVO
+$283M
3
TAK icon
Takeda Pharmaceutical
TAK
+$162M
4
NUAN
Nuance Communications, Inc.
NUAN
+$120M
5
SYF icon
Synchrony
SYF
+$71.6M

Sector Composition

Rank Sector Weight
1 Communication Services 38.84%
2 Technology 17.35%
3 Healthcare 13.47%
4 Consumer Discretionary 8.23%
5 Energy 7.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CARS icon
26
Cars.com
CARS
$654M
$33.1M 0.37%
2,707,313
-292,687
-10% -$3.42M
TMQ
27
Trilogy Metals
TMQ
$684M
$31.5M 0.35%
12,182,568
– –
CZR icon
28
Caesars Entertainment
CZR
$6.06B
$23.2M 0.26%
+389,026
New +$19.3M
MDR
29
DELISTED
McDermott International
MDR
$535K 0.01%
+805,693
New +$1.03M
AR icon
30
Antero Resources
AR
$11.7B
– –
-21,087,791
Closed -$63.7M
GOSS icon
31
Gossamer Bio
GOSS
$75.6M
– –
-967,171
Closed -$15.9M
TAK icon
32
Takeda Pharmaceutical
TAK
$58.1B
– –
-9,434,803
Closed -$162M
PRTK
33
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
– –
-2,394,498
Closed -$10.3M
1
2

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Seth Klarman's Q4 2019 Portfolio in Review

As of Q4 2019, Seth Klarman held 35 positions worth $9.06B, up 2.5% from $8.83B the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Seth Klarman withdrew a net $721M in Q4 2019, closing 4 positions and reducing 7 holdings. Its most notable exit was Takeda Pharmaceutical, an estimated $162M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 39% of assets, up from 34% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Seth Klarman opened a new position in HP worth $206M.

  • Seth Klarman's largest Q4 2019 buy was HP: 10,000,000 shares worth $206M.
  • Seth Klarman added most to Paramount Global Class B in Q4 2019, an estimated $194M increase.
  • Seth Klarman's biggest Q4 2019 reduction was Bristol-Myers Squibb, cutting an estimated $344M.
  • Seth Klarman fully exited Takeda Pharmaceutical in Q4 2019, selling an estimated $162M.
  • Seth Klarman's ten largest holdings make up 71% of its $9.06B portfolio in Q4 2019.
  • Seth Klarman opened 3 new positions and closed 4 in Q4 2019.
  • Seth Klarman's portfolio value rose 2.5% quarter-over-quarter to $9.06B.

Based on Baupost Group's 13F filing for Q4 2019, filed 13 Feb 2020.