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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
+1.15%
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
$9.25B
AUM Growth
+$1.24B
Cap. Flow
+$1.22B
Cap. Flow %
13.18%
Top 10 Hldgs %
66.24%
Holding
42
New
11
Increased
6
Reduced
9
Closed
5

Top Buys

Rank Stock Value
1
PSTH
Pershing Square Tontine Holdings, Ltd.
PSTH
+$393M
2
MU icon
Micron Technology
MU
+$253M
3
PCG icon
PG&E
PCG
+$240M
4
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$197M
5
SSNC icon
SS&C Technologies
SSNC
+$173M

Top Sells

Rank Stock Value
1
AKBA icon
Akebia Therapeutics
AKBA
+$204M
2
EBAY icon
eBay
EBAY
+$109M
3
HCA icon
HCA Healthcare
HCA
+$97.1M
4
GOOG icon
Alphabet (Google) Class C
GOOG
+$91.7M
5
HPQ icon
HP
HPQ
+$85.8M

Sector Composition

Rank Sector Weight
1 Communication Services 38.58%
2 Technology 20.22%
3 Consumer Discretionary 16.96%
4 Healthcare 8.09%
5 Financials 4.96%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LSXMA
26
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$97M 1.05%
+3,978,268
New +$102M
HWM icon
27
Howmet Aerospace
HWM
$108B
$77M 0.83%
+4,603,800
New +$76.9M
DBRG icon
28
DigitalBridge
DBRG
$2.95B
$61.8M 0.67%
5,655,626
-766,217
-12% -$7.42M
RBAC.U
29
DELISTED
RedBall Acquisition Corp. Units, each consisting of one Class A ordinary share and one-third of one
RBAC.U
$52.3M 0.57%
+4,950,000
New +$51.1M
VRTV
30
DELISTED
VERITIV CORPORATION
VRTV
$45.1M 0.49%
3,564,439
– –
VSPRU
31
DELISTED
Vesper Healthcare Acquisition Corp. Unit
VSPRU
$40.6M 0.44%
+3,960,000
New +$40.6M
RTP.U
32
DELISTED
Reinvent Technology Partners Units, each consisting of one Class A ordinary share and one-fourth of
RTP.U
$40.2M 0.43%
+3,500,000
New +$40.2M
BSN.U
33
DELISTED
Broadstone Acquisition Corp. Units, each consisting of one Class A ordinary share and one-half of on
BSN.U
$29.6M 0.32%
+2,970,000
New +$29.6M
TMQ
34
Trilogy Metals
TMQ
$684M
$21.8M 0.24%
12,182,568
– –
PSTH.WS
35
DELISTED
Pershing Square Tontine Holdings, Ltd. Warrants, exercisable for one share of Class A Common Stock f
PSTH.WS
$13.9M 0.15%
+1,944,444
New +$14M
VIST icon
36
Vista Energy
VIST
$7.7B
$9.94M 0.11%
4,416,900
-1,544,809
-26% -$4.6M
AKBA icon
37
Akebia Therapeutics
AKBA
$251M
– –
-15,000,000
Closed -$204M
COR icon
38
Cencora
COR
$60.7B
– –
-468,150
Closed -$47.2M
HCA icon
39
HCA Healthcare
HCA
$92.9B
– –
-1,000,000
Closed -$97.1M
VTR icon
40
Ventas
VTR
$47.7B
– –
-550,000
Closed -$20.1M
UNVR
41
DELISTED
Univar Solutions Inc.
UNVR
– –
-1,283,248
Closed -$21.6M
1
2

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Seth Klarman's Q3 2020 Portfolio in Review

As of Q3 2020, Seth Klarman held 42 positions worth $9.25B, up 15% from $8.01B the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Seth Klarman deployed $1.22B of net new capital in Q3 2020, opening 11 new positions and adding to 6 existing holdings. Its largest new stake was Pershing Square Tontine Holdings, Ltd.: 17,500,000 shares worth $397M.

By sector, the portfolio is most concentrated in Communication Services at 39% of assets, down from 42% a quarter earlier, followed by Technology and Consumer Discretionary.

On the sell side, the largest reduction was eBay, an estimated $109M trimmed.

  • Seth Klarman's largest Q3 2020 buy was Pershing Square Tontine Holdings, Ltd.: 17,500,000 shares worth $397M.
  • Seth Klarman added most to PG&E in Q3 2020, an estimated $240M increase.
  • Seth Klarman's biggest Q3 2020 reduction was eBay, cutting an estimated $109M.
  • Seth Klarman fully exited Akebia Therapeutics in Q3 2020, selling an estimated $204M.
  • Seth Klarman's ten largest holdings make up 66% of its $9.25B portfolio in Q3 2020.
  • Seth Klarman opened 11 new positions and closed 5 in Q3 2020.
  • Seth Klarman's portfolio value rose 15% quarter-over-quarter to $9.25B.

Based on Baupost Group's 13F filing for Q3 2020, filed 13 Nov 2020.