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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
+17.01%
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
$10.8B
AUM Growth
+$1.58B
Cap. Flow
+$194M
Cap. Flow %
1.79%
Top 10 Hldgs %
65.79%
Holding
52
New
15
Increased
8
Reduced
6
Closed
7

Top Buys

Rank Stock Value
1
INTC icon
Intel
INTC
+$888M
2
MPC icon
Marathon Petroleum
MPC
+$276M
3
QRVO icon
Qorvo
QRVO
+$217M
4
FNF icon
Fidelity National Financial
FNF
+$133M
5
ADV icon
Advantage Solutions
ADV
+$131M

Top Sells

Rank Stock Value
1
PARA
Paramount Global Class B
PARA
+$454M
2
HDS
HD Supply Holdings, Inc.
HDS
+$281M
3
HPQ icon
HP
HPQ
+$253M
4
MCK icon
McKesson
MCK
+$249M
5
AMAT icon
Applied Materials
AMAT
+$137M

Sector Composition

Rank Sector Weight
1 Communication Services 34.4%
2 Technology 27.34%
3 Consumer Discretionary 14.43%
4 Healthcare 6.09%
5 Financials 5.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DOC icon
26
Healthpeak Properties
DOC
$14.8B
$121M 1.12%
4,000,200
+200
+0% +$5.82K
DBRG icon
27
DigitalBridge
DBRG
$2.95B
$116M 1.07%
6,053,240
+397,614
+7% +$6.36M
VRTV
28
DELISTED
VERITIV CORPORATION
VRTV
$74.1M 0.68%
3,564,439
– –
AJAX.U
29
DELISTED
Capri Listco Units, each consisting of one Class A ordinary share and one-fourth of one redeemable w
AJAX.U
$62M 0.57%
+5,000,000
New +$54.8M
RBAC
30
DELISTED
RedBall Acquisition Corp.
RBAC
$53.9M 0.5%
+4,950,000
New +$51.6M
SKIN icon
31
SkinHealth Systems
SKIN
$85M
$44.8M 0.41%
+3,960,000
New +$42.6M
AVAN.U
32
DELISTED
Avanti Acquisition Corp. Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
AVAN.U
$43.4M 0.4%
+4,000,000
New +$40.7M
RTP.U
33
DELISTED
Reinvent Technology Partners Units, each consisting of one Class A ordinary share and one-fourth of
RTP.U
$42.9M 0.4%
3,500,000
– –
HZON.U
34
DELISTED
Horizon Acquisition Corporation II Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant
HZON.U
$37.6M 0.35%
+3,500,000
New +$36.1M
BSN.U
35
DELISTED
Broadstone Acquisition Corp. Units, each consisting of one Class A ordinary share and one-half of on
BSN.U
$31.2M 0.29%
2,970,000
– –
TMQ
36
Trilogy Metals
TMQ
$684M
$24.4M 0.22%
12,182,568
– –
IIAC.U
37
DELISTED
Investindustrial Acquisition Corp. Units, each consisting of one Class A ordinary share and one-thir
IIAC.U
$21.6M 0.2%
+2,100,000
New +$21.5M
RADI
38
DELISTED
Radius Global Infrastructure, Inc. Class A Common Stock
RADI
$19.3M 0.18%
+1,501,342
New +$14.7M
PSTH.WS
39
DELISTED
Pershing Square Tontine Holdings, Ltd. Warrants, exercisable for one share of Class A Common Stock f
PSTH.WS
$18.7M 0.17%
1,944,444
– –
DGNS
40
DELISTED
Dragoneer Growth Opportunities Corp. II Class A Ordinary Shares
DGNS
$11.4M 0.11%
+1,000,000
New +$11.3M
RTPZ.U
41
DELISTED
Reinvent Technology Partners Z Units, each consisting of one Class A ordinary share and one-fifth o
RTPZ.U
$11.4M 0.11%
+1,000,000
New +$11.3M
VIST icon
42
Vista Energy
VIST
$7.7B
$5M 0.05%
1,951,132
-2,465,768
-56% -$6.11M
RBAC.WS
43
DELISTED
RedBall Acquisition Corp. Redeemable warrants, each whole warrant exercisable for one Class A ordina
RBAC.WS
$3.7M 0.03%
+1,650,000
New +$2.98M
SKINW
44
DELISTED
The Beauty Health Company Warrant expiring 5/4/2026
SKINW
$3.49M 0.03%
+1,320,000
New +$2.95M
AMAT icon
45
Applied Materials
AMAT
$391B
– –
-2,306,601
Closed -$137M
HPQ icon
46
HP
HPQ
$27.2B
– –
-13,300,000
Closed -$253M
HWM icon
47
Howmet Aerospace
HWM
$108B
– –
-4,603,800
Closed -$77M
MCK icon
48
McKesson
MCK
$100B
– –
-1,669,181
Closed -$249M
RBAC.U
49
DELISTED
RedBall Acquisition Corp. Units, each consisting of one Class A ordinary share and one-third of one
RBAC.U
– –
-4,950,000
Closed -$52.3M
VSPRU
50
DELISTED
Vesper Healthcare Acquisition Corp. Unit
VSPRU
– –
-3,960,000
Closed -$40.6M
1
2
3

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Seth Klarman's Q4 2020 Portfolio in Review

As of Q4 2020, Seth Klarman held 52 positions worth $10.8B, up 17% from $9.25B the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Seth Klarman's Q4 2020 filing shows 15 new, 8 increased, 6 reduced and 7 closed positions. Its largest new stake was Intel: 18,185,569 shares worth $906M. The largest sale was Paramount Global Class B, an estimated $454M.

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

  • Seth Klarman's largest Q4 2020 buy was Intel: 18,185,569 shares worth $906M.
  • Seth Klarman added most to Qorvo in Q4 2020, an estimated $217M increase.
  • Seth Klarman's biggest Q4 2020 reduction was Paramount Global Class B, cutting an estimated $454M.
  • Seth Klarman fully exited HD Supply Holdings, Inc. in Q4 2020, selling an estimated $281M.
  • Seth Klarman's ten largest holdings make up 66% of its $10.8B portfolio in Q4 2020.
  • Seth Klarman opened 15 new positions and closed 7 in Q4 2020.
  • Seth Klarman's portfolio value rose 17% quarter-over-quarter to $10.8B.

Based on Baupost Group's 13F filing for Q4 2020, filed 12 Feb 2021.