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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
+0.36%
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
$10.9B
AUM Growth
-$1.44B
Cap. Flow
-$1.29B
Cap. Flow %
-11.82%
Top 10 Hldgs %
67.67%
Holding
65
New
6
Increased
6
Reduced
7
Closed
8

Top Buys

Rank Stock Value
1
DBX icon
Dropbox
DBX
+$288M
2
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$123M
3
LFG
Archaea Energy Inc.
LFG
+$68.8M
4
JOBY icon
Joby Aviation
JOBY
+$65.5M
5
LSXMA
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
+$42.8M

Top Sells

Rank Stock Value
1
EBAY icon
eBay
EBAY
+$638M
2
TBIO
Translate Bio, Inc. Common Stock
TBIO
+$494M
3
PCG icon
PG&E
PCG
+$221M
4
WTW icon
Willis Towers Watson
WTW
+$198M
5
IFF icon
International Flavors & Fragrances
IFF
+$126M

Sector Composition

Rank Sector Weight
1 Communication Services 40.45%
2 Technology 37.56%
3 Financials 7.15%
4 Consumer Discretionary 4.07%
5 Industrials 3.82%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IS
26
DELISTED
ironSource Ltd.
IS
$87M 0.8%
8,000,000
– –
NUVB icon
27
Nuvation Bio
NUVB
$2.43B
$85.4M 0.78%
8,623,021
– –
PCG icon
28
PG&E
PCG
$38.8B
$69.3M 0.64%
7,216,458
-23,441,143
-76% -$221M
LFG
29
DELISTED
Archaea Energy Inc.
LFG
$59M 0.54%
+3,500,000
New +$68.8M
CGEM icon
30
Cullinan Oncology
CGEM
$1.4B
$40.2M 0.37%
1,835,560
– –
AVAN
31
DELISTED
Avanti Acquisition Corp.
AVAN
$39.2M 0.36%
4,000,000
– –
HZON
32
DELISTED
Horizon Acquisition Corporation II
HZON
$34.3M 0.32%
3,499,998
– –
LMACA
33
DELISTED
Liberty Media Acquisition Corporation Series A Common Stock
LMACA
$32.3M 0.3%
3,200,000
– –
BSN
34
DELISTED
Broadstone Acquisition Corp.
BSN
$29.6M 0.27%
2,970,000
– –
GTX icon
35
Garrett Motion
GTX
$4.96B
$26.3M 0.24%
3,575,000
– –
AGCB
36
DELISTED
Altimeter Growth Corp 2
AGCB
$24.7M 0.23%
2,500,000
– –
TMQ
37
Trilogy Metals
TMQ
$684M
$22.5M 0.21%
12,182,568
– –
IIAC
38
DELISTED
Investindustrial Acquisition Corp.
IIAC
$20.9M 0.19%
2,100,000
– –
DGNU
39
DELISTED
Dragoneer Growth Opportunities Corp. III Class A Ordinary Shares
DGNU
$19.6M 0.18%
2,000,000
– –
FNCH
40
DELISTED
Finch Therapeutics Group, Inc. Common Stock
FNCH
$15.7M 0.14%
40,272
– –
TEAD
41
Teads Holding Co
TEAD
$65.3M
$11.7M 0.11%
+792,000
New +$14M
DGNS
42
DELISTED
Dragoneer Growth Opportunities Corp. II Class A Ordinary Shares
DGNS
$9.95M 0.09%
1,000,000
– –
SVFA
43
DELISTED
SVF Investment Corp. Class A Ordinary Shares
SVFA
$9.76M 0.09%
1,000,000
– –
NE icon
44
Noble Corp
NE
$7.39B
$2.71M 0.02%
104,928
– –
PSTH.WS
45
DELISTED
Pershing Square Tontine Holdings, Ltd. Warrants, exercisable for one share of Class A Common Stock f
PSTH.WS
$2.51M 0.02%
1,944,444
– –
JOBY.WS
46
DELISTED
Joby Aviation Warrants
JOBY.WS
$1.97M 0.02%
+875,000
New +$1.87M
CZOO.WS
47
DELISTED
Cazoo Group Ltd Redeemable Warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
CZOO.WS
$1.86M 0.02%
+1,250,000
New +$2.01M
BSN.WS
48
DELISTED
Broadstone Acquisition Corp. Warrants, each whole warrant exercisable for one Class A ordinary share
BSN.WS
$1.6M 0.01%
1,485,000
– –
RBAC.WS
49
DELISTED
RedBall Acquisition Corp. Redeemable warrants, each whole warrant exercisable for one Class A ordina
RBAC.WS
$1.33M 0.01%
1,650,000
– –
AVAN.WS
50
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
$1.31M 0.01%
2,000,000
– –
1
2
3

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Seth Klarman's Q3 2021 Portfolio in Review

As of Q3 2021, Seth Klarman held 65 positions worth $10.9B, down 12% from $12.3B the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Seth Klarman withdrew a net $1.29B in Q3 2021, closing 8 positions and reducing 7 holdings. Its most notable exit was Translate Bio, Inc. Common Stock, an estimated $494M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 40% of assets, up from 33% a quarter earlier, followed by Technology and Financials.

Against the trend, Seth Klarman opened a new position in Dropbox worth $271M.

  • Seth Klarman's largest Q3 2021 buy was Dropbox: 9,287,500 shares worth $271M.
  • Seth Klarman added most to Liberty Media Corporation Series C Liberty SiriusXM Common Stock in Q3 2021, an estimated $123M increase.
  • Seth Klarman's biggest Q3 2021 reduction was eBay, cutting an estimated $638M.
  • Seth Klarman fully exited Translate Bio, Inc. Common Stock in Q3 2021, selling an estimated $494M.
  • Seth Klarman's ten largest holdings make up 68% of its $10.9B portfolio in Q3 2021.
  • Seth Klarman opened 6 new positions and closed 8 in Q3 2021.
  • Seth Klarman's portfolio value fell 12% quarter-over-quarter to $10.9B.

Based on Baupost Group's 13F filing for Q3 2021, filed 12 Nov 2021.