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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
-18.75%
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
$6.77B
AUM Growth
-$2.53B
Cap. Flow
-$697M
Cap. Flow %
-10.3%
Top 10 Hldgs %
68.05%
Holding
58
New
3
Increased
4
Reduced
22
Closed
6

Top Buys

Rank Stock Value
1
WBD icon
Warner Bros
WBD
+$334M
2
EDU icon
New Oriental
EDU
+$110M
3
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$84.8M
4
AMZN icon
Amazon
AMZN
+$74.8M
5
LSXMA
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
+$69.5M

Top Sells

Rank Stock Value
1
INTC icon
Intel
INTC
+$340M
2
GOOG icon
Alphabet (Google) Class C
GOOG
+$177M
3
NXST icon
Nexstar Media Group
NXST
+$147M
4
LBTYK icon
Liberty Global Class C
LBTYK
+$135M
5
VRNT
Verint Systems
VRNT
+$100M

Sector Composition

Rank Sector Weight
1 Communication Services 41.6%
2 Technology 34.29%
3 Healthcare 6.01%
4 Industrials 5.72%
5 Financials 4.11%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LFG
26
DELISTED
Archaea Energy Inc.
LFG
$43.6M 0.64%
2,930,297
-191,206
-6% -$3.88M
GTN icon
27
Gray Television
GTN
$509M
$38.2M 0.56%
2,260,000
+969,084
+75% +$18.8M
NUVB icon
28
Nuvation Bio
NUVB
$2.43B
$33.8M 0.5%
10,418,194
-25,300
-0.2% -$110K
LMACA
29
DELISTED
Liberty Media Acquisition Corporation Series A Common Stock
LMACA
$31.1M 0.46%
3,156,598
– –
GTX icon
30
Garrett Motion
GTX
$4.96B
$27.6M 0.41%
3,575,000
– –
CGEM icon
31
Cullinan Oncology
CGEM
$1.4B
$19.7M 0.29%
1,535,560
– –
GRAB icon
32
Grab
GRAB
$14.2B
$14.4M 0.21%
6,105,101
– –
IS
33
DELISTED
ironSource Ltd.
IS
$13.9M 0.21%
5,854,496
-2,082,492
-26% -$6.97M
BRBR icon
34
BellRing Brands
BRBR
$1.18B
$11.9M 0.18%
479,583
– –
VRNT
35
DELISTED
Verint Systems
VRNT
$8.45M 0.12%
199,531
-2,008,045
-91% -$100M
TMQ
36
Trilogy Metals
TMQ
$684M
$7.96M 0.12%
10,514,566
-611,000
-5% -$607K
TEAD
37
Teads Holding Co
TEAD
$65.3M
$3.98M 0.06%
792,000
– –
FNCH
38
DELISTED
Finch Therapeutics Group, Inc. Common Stock
FNCH
$3.19M 0.05%
37,437
– –
NE icon
39
Noble Corp
NE
$7.39B
$1.69M 0.03%
66,719
-38,209
-36% -$1.26M
ZGN.WS
40
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
$1.07M 0.02%
698,199
– –
JOBY.WS
41
DELISTED
Joby Aviation Warrants
JOBY.WS
$935K 0.01%
861,419
-6,477
-0.7% -$8.18K
PSTH.WS
42
DELISTED
Pershing Square Tontine Holdings, Ltd. Warrants, exercisable for one share of Class A Common Stock f
PSTH.WS
$817K 0.01%
1,898,711
– –
EVTL.WS
43
DELISTED
Vertical Aerospace Ltd. Warrants, each whole warrant exercisable for 1/10th of an ordinary share at an exercise price of $115.00 per share
EVTL.WS
$570K 0.01%
1,462,477
– –
LMACW
44
DELISTED
Liberty Media Acquisition Corporation Warrants
LMACW
$315K ﹤0.01%
631,320
– –
AUROW
45
Aurora Innovation Warrant
AUROW
$246M
$295K ﹤0.01%
736,550
– –
HZON.WS
46
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
$181K ﹤0.01%
1,166,666
– –
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
$140K ﹤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
$113K ﹤0.01%
1,250,000
– –
RBAC.WS
49
DELISTED
RedBall Acquisition Corp. Redeemable warrants, each whole warrant exercisable for one Class A ordina
RBAC.WS
$54K ﹤0.01%
1,636,173
– –
SVFAW
50
DELISTED
SVF Investment Corp. Warrant
SVFAW
$47K ﹤0.01%
197,853
– –
1
2
3

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Seth Klarman's Q2 2022 Portfolio in Review

As of Q2 2022, Seth Klarman held 58 positions worth $6.77B, down 27% from $9.3B the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Seth Klarman withdrew a net $697M in Q2 2022, closing 6 positions and reducing 22 holdings. Its most notable exit was Avanti Acquisition Corp., an estimated $39.4M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 42% of assets, up from 39% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Seth Klarman opened a new position in Warner Bros worth $242M.

  • Seth Klarman's largest Q2 2022 buy was Warner Bros: 18,000,000 shares worth $242M.
  • Seth Klarman added most to Liberty Media Corporation Series C Liberty SiriusXM Common Stock in Q2 2022, an estimated $84.8M increase.
  • Seth Klarman's biggest Q2 2022 reduction was Intel, cutting an estimated $340M.
  • Seth Klarman fully exited Avanti Acquisition Corp. in Q2 2022, selling an estimated $39.4M.
  • Seth Klarman's ten largest holdings make up 68% of its $6.77B portfolio in Q2 2022.
  • Seth Klarman opened 3 new positions and closed 6 in Q2 2022.
  • Seth Klarman's portfolio value fell 27% quarter-over-quarter to $6.77B.

Based on Baupost Group's 13F filing for Q2 2022, filed 12 Aug 2022.