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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
+1.72%
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
$10.1B
AUM Growth
-$758M
Cap. Flow
-$817M
Cap. Flow %
-8.07%
Top 10 Hldgs %
66.09%
Holding
64
New
7
Increased
5
Reduced
11
Closed
10

Top Buys

Rank Stock Value
1
FISV
Fiserv Inc
FISV
+$315M
2
GTXAP
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
+$207M
3
GEN icon
Gen Digital
GEN
+$146M
4
QRVO icon
Qorvo
QRVO
+$137M
5
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$71.4M

Top Sells

Rank Stock Value
1
EBAY icon
eBay
EBAY
+$417M
2
MU icon
Micron Technology
MU
+$306M
3
SJR
Shaw Communications Inc.
SJR
+$219M
4
META icon
Meta Platforms (Facebook)
META
+$187M
5
GOOG icon
Alphabet (Google) Class C
GOOG
+$181M

Sector Composition

Rank Sector Weight
1 Technology 40.85%
2 Communication Services 38.24%
3 Financials 7.92%
4 Industrials 5.01%
5 Healthcare 4.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JOBY icon
26
Joby Aviation
JOBY
$7.45B
$70.2M 0.69%
9,620,793
-379,207
-4% -$3.15M
LFG
27
DELISTED
Archaea Energy Inc.
LFG
$62.2M 0.61%
3,500,000
– –
EHC icon
28
Encompass Health
EHC
$11.9B
$46.7M 0.46%
+900,138
New +$46.4M
GRAB icon
29
Grab
GRAB
$14.2B
$43.4M 0.43%
+6,402,221
New +$48.8M
AVAN
30
DELISTED
Avanti Acquisition Corp.
AVAN
$39.3M 0.39%
4,000,000
– –
LMACA
31
DELISTED
Liberty Media Acquisition Corporation Series A Common Stock
LMACA
$32.9M 0.32%
3,200,000
– –
IS
32
DELISTED
ironSource Ltd.
IS
$31M 0.31%
4,000,000
-4,000,000
-50% -$39.4M
GTX icon
33
Garrett Motion
GTX
$4.96B
$28.7M 0.28%
3,575,000
– –
AGCB
34
DELISTED
Altimeter Growth Corp 2
AGCB
$24.6M 0.24%
2,500,000
– –
CGEM icon
35
Cullinan Oncology
CGEM
$1.4B
$22.5M 0.22%
1,535,560
-300,000
-16% -$5.98M
DGNU
36
DELISTED
Dragoneer Growth Opportunities Corp. III Class A Ordinary Shares
DGNU
$19.5M 0.19%
2,000,000
– –
TMQ
37
Trilogy Metals
TMQ
$684M
$19.3M 0.19%
11,708,547
-474,021
-4% -$873K
FNCH
38
DELISTED
Finch Therapeutics Group, Inc. Common Stock
FNCH
$11.3M 0.11%
37,742
-2,530
-6% -$970K
TEAD
39
Teads Holding Co
TEAD
$65.3M
$11.1M 0.11%
792,000
– –
SVFA
40
DELISTED
SVF Investment Corp. Class A Ordinary Shares
SVFA
$10M 0.1%
1,000,000
– –
PSTH.WS
41
DELISTED
Pershing Square Tontine Holdings, Ltd. Warrants, exercisable for one share of Class A Common Stock f
PSTH.WS
$2.57M 0.03%
1,944,444
– –
NE icon
42
Noble Corp
NE
$7.39B
$2.47M 0.02%
104,928
– –
AUROW
43
Aurora Innovation Warrant
AUROW
$246M
$2.33M 0.02%
750,000
– –
RBAC.WS
44
DELISTED
RedBall Acquisition Corp. Redeemable warrants, each whole warrant exercisable for one Class A ordina
RBAC.WS
$2.05M 0.02%
1,650,000
– –
ZGN.WS
45
DELISTED
Ermenegildo Zegna N.V. Warrants, each whole warrant exercisable for one Ordinary Share at an exercise price of $11.50 per share
ZGN.WS
$1.41M 0.01%
+700,000
New +$1.45M
JOBY.WS
46
DELISTED
Joby Aviation Warrants
JOBY.WS
$1.36M 0.01%
875,000
– –
AVAN.WS
47
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
$1.18M 0.01%
2,000,000
– –
CZOO.WS
48
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
$1.13M 0.01%
1,250,000
– –
LMACW
49
DELISTED
Liberty Media Acquisition Corporation Warrants
LMACW
$1.12M 0.01%
640,000
– –
HZON.WS
50
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
$1.08M 0.01%
1,166,666
– –
1
2
3

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Seth Klarman's Q4 2021 Portfolio in Review

As of Q4 2021, Seth Klarman held 64 positions worth $10.1B, down 7% from $10.9B the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Seth Klarman withdrew a net $817M in Q4 2021, closing 10 positions and reducing 11 holdings. Its most notable exit was eBay, an estimated $417M position sold in full.

By sector, the portfolio is most concentrated in Technology at 41% of assets, up from 38% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Seth Klarman opened a new position in Fiserv Inc worth $317M.

  • Seth Klarman's largest Q4 2021 buy was Fiserv Inc: 3,050,000 shares worth $317M.
  • Seth Klarman added most to Qorvo in Q4 2021, an estimated $137M increase.
  • Seth Klarman's biggest Q4 2021 reduction was Micron Technology, cutting an estimated $306M.
  • Seth Klarman fully exited eBay in Q4 2021, selling an estimated $417M.
  • Seth Klarman's ten largest holdings make up 66% of its $10.1B portfolio in Q4 2021.
  • Seth Klarman opened 7 new positions and closed 10 in Q4 2021.
  • Seth Klarman's portfolio value fell 7% quarter-over-quarter to $10.1B.

Based on Baupost Group's 13F filing for Q4 2021, filed 11 Feb 2022.