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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
-8.08%
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
$5.79B
AUM Growth
-$974M
Cap. Flow
-$312M
Cap. Flow %
-5.38%
Top 10 Hldgs %
70.33%
Holding
54
New
3
Increased
7
Reduced
10
Closed
9

Top Buys

Rank Stock Value
1
WBD icon
Warner Bros
WBD
+$149M
2
WTW icon
Willis Towers Watson
WTW
+$74M
3
LAD icon
Lithia Motors
LAD
+$65.3M
4
FIS icon
Fidelity National Information Services
FIS
+$57.3M
5
SSNC icon
SS&C Technologies
SSNC
+$46.6M

Top Sells

Rank Stock Value
1
INTC icon
Intel
INTC
+$326M
2
GOOG icon
Alphabet (Google) Class C
GOOG
+$223M
3
NXST icon
Nexstar Media Group
NXST
+$45.3M
4
AMZN icon
Amazon
AMZN
+$44.2M
5
EHC icon
Encompass Health
EHC
+$37.9M

Sector Composition

Rank Sector Weight
1 Communication Services 40.51%
2 Technology 33.04%
3 Healthcare 5.82%
4 Industrials 5.8%
5 Financials 5.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ATRA icon
26
Atara Biotherapeutics
ATRA
$97.4M
$30.7M 0.53%
324,945
– –
AMZN icon
27
Amazon
AMZN
$2.79T
$28M 0.48%
248,000
-350,000
-59% -$44.2M
ADV icon
28
Advantage Solutions
ADV
$441M
$24.7M 0.43%
473,653
– –
NUVB icon
29
Nuvation Bio
NUVB
$2.43B
$23.3M 0.4%
10,418,194
– –
GTX icon
30
Garrett Motion
GTX
$4.96B
$20.2M 0.35%
3,575,000
– –
EHAB
31
DELISTED
Enhabit
EHAB
$6.14M 0.11%
+437,287
New +$7.09M
TMQ
32
Trilogy Metals
TMQ
$684M
$6M 0.1%
9,892,451
-622,115
-6% -$408K
CGEM icon
33
Cullinan Oncology
CGEM
$1.4B
$5.51M 0.1%
429,646
-1,105,914
-72% -$14.9M
TEAD
34
Teads Holding Co
TEAD
$65.3M
$2.89M 0.05%
792,000
– –
FNCH
35
DELISTED
Finch Therapeutics Group, Inc. Common Stock
FNCH
$1.88M 0.03%
37,437
– –
ZGN.WS
36
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
$1.31M 0.02%
698,199
– –
EVTL.WS
37
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
$1.08M 0.02%
1,462,477
– –
JOBY.WS
38
DELISTED
Joby Aviation Warrants
JOBY.WS
$724K 0.01%
861,419
– –
AUROW
39
Aurora Innovation Warrant
AUROW
$246M
$346K 0.01%
736,550
– –
HZON.WS
40
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
$163K ﹤0.01%
1,166,666
– –
CZOO.WS
41
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
$67K ﹤0.01%
1,250,000
– –
AVAN.WS
42
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
$46K ﹤0.01%
2,000,000
– –
HIPO.WS
43
DELISTED
Hippo Holdings Inc. Redeemable warrants, each whole warrant exercisable for one twenty-fifth (1/25) share of Common Stock at an exercise price of $287.50 per full share
HIPO.WS
$34K ﹤0.01%
199,485
– –
SVFAW
44
DELISTED
SVF Investment Corp. Warrant
SVFAW
$34K ﹤0.01%
197,853
– –
LMACW
45
DELISTED
Liberty Media Acquisition Corporation Warrants
LMACW
$2K ﹤0.01%
631,320
– –
BRBR icon
46
BellRing Brands
BRBR
$1.18B
– –
-479,583
Closed -$11.9M
GRAB icon
47
Grab
GRAB
$14.2B
– –
-6,105,101
Closed -$14.4M
INTC icon
48
Intel
INTC
$476B
– –
-8,724,431
Closed -$326M
NE icon
49
Noble Corp
NE
$7.39B
– –
-66,719
Closed -$1.69M
NXST icon
50
Nexstar Media Group
NXST
$5.73B
– –
-277,811
Closed -$45.3M
1
2
3

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Seth Klarman's Q3 2022 Portfolio in Review

As of Q3 2022, Seth Klarman held 54 positions worth $5.79B, down 14% from $6.77B the previous quarter. Its ten largest holdings account for 70% of the portfolio.

Seth Klarman withdrew a net $312M in Q3 2022, closing 9 positions and reducing 10 holdings. Its most notable exit was Intel, an estimated $326M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 41% of assets, down from 42% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Seth Klarman opened a new position in Lithia Motors worth $53.6M.

  • Seth Klarman's largest Q3 2022 buy was Lithia Motors: 250,000 shares worth $53.6M.
  • Seth Klarman added most to Warner Bros in Q3 2022, an estimated $149M increase.
  • Seth Klarman's biggest Q3 2022 reduction was Alphabet (Google) Class C, cutting an estimated $223M.
  • Seth Klarman fully exited Intel in Q3 2022, selling an estimated $326M.
  • Seth Klarman's ten largest holdings make up 70% of its $5.79B portfolio in Q3 2022.
  • Seth Klarman opened 3 new positions and closed 9 in Q3 2022.
  • Seth Klarman's portfolio value fell 14% quarter-over-quarter to $5.79B.

Based on Baupost Group's 13F filing for Q3 2022, filed 14 Nov 2022.