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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
+15.38%
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
$12.6B
AUM Growth
+$1.72B
Cap. Flow
+$263M
Cap. Flow %
2.1%
Top 10 Hldgs %
64.8%
Holding
72
New
27
Increased
7
Reduced
5
Closed
13

Top Buys

Rank Stock Value
1
WTW icon
Willis Towers Watson
WTW
+$545M
2
GOOG icon
Alphabet (Google) Class C
GOOG
+$419M
3
INTC icon
Intel
INTC
+$305M
4
IFF icon
International Flavors & Fragrances
IFF
+$272M
5
QRVO icon
Qorvo
QRVO
+$138M

Top Sells

Rank Stock Value
1
EBAY icon
eBay
EBAY
+$742M
2
FOXA icon
Fox Class A
FOXA
+$510M
3
MPC icon
Marathon Petroleum
MPC
+$318M
4
PARA
Paramount Global Class B
PARA
+$175M
5
VRNT
Verint Systems
VRNT
+$65.1M

Sector Composition

Rank Sector Weight
1 Technology 32.74%
2 Communication Services 31.24%
3 Financials 11.41%
4 Consumer Discretionary 9.34%
5 Healthcare 6.12%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VRNT
26
DELISTED
Verint Systems
VRNT
$138M 1.1%
3,039,798
-1,455,472
-32% -$65.1M
FNF icon
27
Fidelity National Financial
FNF
$12.7B
$123M 0.98%
3,158,412
-793,588
-20% -$30.1M
ATRA icon
28
Atara Biotherapeutics
ATRA
$97.4M
$122M 0.97%
339,100
-25,260
-7% -$11.2M
NUVB icon
29
Nuvation Bio
NUVB
$2.43B
$82.4M 0.66%
+8,623,021
New +$96.4M
CGEM icon
30
Cullinan Oncology
CGEM
$1.4B
$71.7M 0.57%
+1,835,560
New +$74.5M
RTPYU
31
DELISTED
Reinvent Technology Partners Y Unit
RTPYU
$60.2M 0.48%
+6,000,000
New +$60.4M
CZOO
32
DELISTED
Cazoo Group Ltd
CZOO
$51.3M 0.41%
+2,500
New +$58.1M
TBA
33
DELISTED
Thoma Bravo Advantage
TBA
$41.8M 0.33%
+4,000,000
New +$46.3M
AVAN
34
DELISTED
Avanti Acquisition Corp.
AVAN
$39.1M 0.31%
+4,000,000
New +$41.5M
HZON
35
DELISTED
Horizon Acquisition Corporation II
HZON
$35.7M 0.28%
+3,499,998
New +$37.3M
JOBY icon
36
Joby Aviation
JOBY
$7.45B
$35.5M 0.28%
+3,500,000
New +$42.4M
LMACA
37
DELISTED
Liberty Media Acquisition Corporation Series A Common Stock
LMACA
$32.4M 0.26%
+3,200,000
New +$33.7M
BSN
38
DELISTED
Broadstone Acquisition Corp.
BSN
$29.1M 0.23%
+2,970,000
New +$30M
TMQ
39
Trilogy Metals
TMQ
$684M
$26.1M 0.21%
12,182,568
– –
AGCB
40
DELISTED
Altimeter Growth Corp 2
AGCB
$25.9M 0.21%
+2,500,000
New +$29.8M
IIAC
41
DELISTED
Investindustrial Acquisition Corp.
IIAC
$20.5M 0.16%
+2,100,000
New +$21.6M
DGNU
42
DELISTED
Dragoneer Growth Opportunities Corp. III Class A Ordinary Shares
DGNU
$20.2M 0.16%
+2,000,000
New +$20.2M
FNCH
43
DELISTED
Finch Therapeutics Group, Inc. Common Stock
FNCH
$18.9M 0.15%
+40,272
New +$20.5M
PSTH.WS
44
DELISTED
Pershing Square Tontine Holdings, Ltd. Warrants, exercisable for one share of Class A Common Stock f
PSTH.WS
$15.8M 0.13%
1,944,444
– –
DGNS
45
DELISTED
Dragoneer Growth Opportunities Corp. II Class A Ordinary Shares
DGNS
$10.3M 0.08%
1,000,000
– –
SVFA
46
DELISTED
SVF Investment Corp. Class A Ordinary Shares
SVFA
$10.2M 0.08%
+1,000,000
New +$11.8M
HIPO icon
47
Hippo Holdings
HIPO
$874M
$10M 0.08%
+40,000
New +$11.6M
SKINW
48
DELISTED
The Beauty Health Company Warrant expiring 5/4/2026
SKINW
$2.75M 0.02%
1,320,000
– –
HZON.WS
49
DELISTED
Horizon Acquisition Corporation II Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
HZON.WS
$2.39M 0.02%
+1,166,666
New +$2.55M
RBAC.WS
50
DELISTED
RedBall Acquisition Corp. Redeemable warrants, each whole warrant exercisable for one Class A ordina
RBAC.WS
$2.24M 0.02%
1,650,000
– –
1
2
3

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Seth Klarman's Q1 2021 Portfolio in Review

As of Q1 2021, Seth Klarman held 72 positions worth $12.6B, up 16% from $10.8B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Seth Klarman's Q1 2021 filing shows 27 new, 7 increased, 5 reduced and 13 closed positions. Its largest new stake was Willis Towers Watson: 2,500,000 shares worth $572M. The largest sale was eBay, an estimated $742M.

By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 27% a quarter earlier, followed by Communication Services and Financials.

  • Seth Klarman's largest Q1 2021 buy was Willis Towers Watson: 2,500,000 shares worth $572M.
  • Seth Klarman added most to Alphabet (Google) Class C in Q1 2021, an estimated $419M increase.
  • Seth Klarman's biggest Q1 2021 reduction was eBay, cutting an estimated $742M.
  • Seth Klarman fully exited Marathon Petroleum in Q1 2021, selling an estimated $318M.
  • Seth Klarman's ten largest holdings make up 65% of its $12.6B portfolio in Q1 2021.
  • Seth Klarman opened 27 new positions and closed 13 in Q1 2021.
  • Seth Klarman's portfolio value rose 16% quarter-over-quarter to $12.6B.

Based on Baupost Group's 13F filing for Q1 2021, filed 14 May 2021.