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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
+7.22%
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
$12.3B
AUM Growth
-$233M
Cap. Flow
-$826M
Cap. Flow %
-6.7%
Top 10 Hldgs %
68.04%
Holding
65
New
6
Increased
4
Reduced
11
Closed
6

Top Buys

Rank Stock Value
1
SJR
Shaw Communications Inc.
SJR
+$217M
2
MU icon
Micron Technology
MU
+$147M
3
IS
ironSource Ltd.
IS
+$86M
4
META icon
Meta Platforms (Facebook)
META
+$80.2M
5
AUR icon
Aurora
AUR
+$59.4M

Top Sells

Rank Stock Value
1
FOXA icon
Fox Class A
FOXA
+$275M
2
EBAY icon
eBay
EBAY
+$215M
3
FOX icon
Fox Class B
FOX
+$198M
4
DOC icon
Healthpeak Properties
DOC
+$158M
5
WTW icon
Willis Towers Watson
WTW
+$151M

Sector Composition

Rank Sector Weight
1 Technology 33.6%
2 Communication Services 32.85%
3 Consumer Discretionary 9.54%
4 Financials 8.73%
5 Healthcare 7.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IS
26
DELISTED
ironSource Ltd.
IS
$80.1M 0.65%
+8,000,000
New +$86M
NUVB icon
27
Nuvation Bio
NUVB
$2.43B
$77.1M 0.63%
8,623,021
– –
AUR icon
28
Aurora
AUR
$12.5B
$59.3M 0.48%
+6,000,000
New +$59.4M
CGEM icon
29
Cullinan Oncology
CGEM
$1.4B
$46.3M 0.38%
1,835,560
– –
CZOO
30
DELISTED
Cazoo Group Ltd
CZOO
$42.1M 0.34%
2,112
-388
-16% -$7.75M
AVAN
31
DELISTED
Avanti Acquisition Corp.
AVAN
$39M 0.32%
4,000,000
– –
JOBY icon
32
Joby Aviation
JOBY
$7.45B
$34.9M 0.28%
3,500,000
– –
HZON
33
DELISTED
Horizon Acquisition Corporation II
HZON
$34.2M 0.28%
3,499,998
– –
LMACA
34
DELISTED
Liberty Media Acquisition Corporation Series A Common Stock
LMACA
$32.6M 0.26%
3,200,000
– –
TMQ
35
Trilogy Metals
TMQ
$684M
$30.6M 0.25%
12,182,568
– –
BSN
36
DELISTED
Broadstone Acquisition Corp.
BSN
$29.3M 0.24%
2,970,000
– –
GTX icon
37
Garrett Motion
GTX
$4.96B
$28.5M 0.23%
+3,575,000
New +$26.3M
AGCB
38
DELISTED
Altimeter Growth Corp 2
AGCB
$25.6M 0.21%
2,500,000
– –
IIAC
39
DELISTED
Investindustrial Acquisition Corp.
IIAC
$20.5M 0.17%
2,100,000
– –
DGNU
40
DELISTED
Dragoneer Growth Opportunities Corp. III Class A Ordinary Shares
DGNU
$20M 0.16%
2,000,000
– –
FNCH
41
DELISTED
Finch Therapeutics Group, Inc. Common Stock
FNCH
$16.7M 0.14%
40,272
– –
PSTH.WS
42
DELISTED
Pershing Square Tontine Holdings, Ltd. Warrants, exercisable for one share of Class A Common Stock f
PSTH.WS
$12.3M 0.1%
1,944,444
– –
DGNS
43
DELISTED
Dragoneer Growth Opportunities Corp. II Class A Ordinary Shares
DGNS
$10.1M 0.08%
1,000,000
– –
HIPO icon
44
Hippo Holdings
HIPO
$874M
$9.93M 0.08%
40,000
– –
SVFA
45
DELISTED
SVF Investment Corp. Class A Ordinary Shares
SVFA
$9.88M 0.08%
1,000,000
– –
SKINW
46
DELISTED
The Beauty Health Company Warrant expiring 5/4/2026
SKINW
$5.75M 0.05%
898,981
-421,019
-32% -$1.81M
NE icon
47
Noble Corp
NE
$7.39B
$2.48M 0.02%
+104,928
New +$2.59M
AJAX.WS
48
DELISTED
Capri Listco Redeemable Warrants, each warrant exercisable for one Class A ordinary share at an exer
AJAX.WS
$2.34M 0.02%
1,250,000
– –
AVAN.WS
49
DELISTED
Avanti Acquisition Corp. Redeemable Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
AVAN.WS
$2.08M 0.02%
2,000,000
– –
RBAC.WS
50
DELISTED
RedBall Acquisition Corp. Redeemable warrants, each whole warrant exercisable for one Class A ordina
RBAC.WS
$1.78M 0.01%
1,650,000
– –
1
2
3

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Seth Klarman's Q2 2021 Portfolio in Review

As of Q2 2021, Seth Klarman held 65 positions worth $12.3B, down 1.9% from $12.6B the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Seth Klarman withdrew a net $826M in Q2 2021, closing 6 positions and reducing 11 holdings. Its most notable exit was Fox Class A, an estimated $275M position sold in full.

By sector, the portfolio is most concentrated in Technology at 34% of assets, up from 33% a quarter earlier, followed by Communication Services and Consumer Discretionary.

Against the trend, Seth Klarman opened a new position in Shaw Communications Inc. worth $218M.

  • Seth Klarman's largest Q2 2021 buy was Shaw Communications Inc.: 7,530,807 shares worth $218M.
  • Seth Klarman added most to Micron Technology in Q2 2021, an estimated $147M increase.
  • Seth Klarman's biggest Q2 2021 reduction was eBay, cutting an estimated $215M.
  • Seth Klarman fully exited Fox Class A in Q2 2021, selling an estimated $275M.
  • Seth Klarman's ten largest holdings make up 68% of its $12.3B portfolio in Q2 2021.
  • Seth Klarman opened 6 new positions and closed 6 in Q2 2021.
  • Seth Klarman's portfolio value fell 1.9% quarter-over-quarter to $12.3B.

Based on Baupost Group's 13F filing for Q2 2021, filed 13 Aug 2021.