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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
+8.38%
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
$6.13B
AUM Growth
+$338M
Cap. Flow
-$125M
Cap. Flow %
-2.04%
Top 10 Hldgs %
71.47%
Holding
50
New
3
Increased
6
Reduced
14
Closed
16

Top Buys

Rank Stock Value
1
GOOG icon
Alphabet (Google) Class C
GOOG
+$250M
2
META icon
Meta Platforms (Facebook)
META
+$122M
3
FIS icon
Fidelity National Information Services
FIS
+$109M
4
AMZN icon
Amazon
AMZN
+$73.3M
5
HLF icon
Herbalife
HLF
+$34.8M

Top Sells

Rank Stock Value
1
DBX icon
Dropbox
DBX
+$162M
2
FISV
Fiserv Inc
FISV
+$152M
3
EHC icon
Encompass Health
EHC
+$133M
4
QRVO icon
Qorvo
QRVO
+$94.3M
5
EDU icon
New Oriental
EDU
+$53.4M

Sector Composition

Rank Sector Weight
1 Communication Services 46.18%
2 Technology 28.45%
3 Industrials 6.6%
4 Financials 5.68%
5 Consumer Staples 3.78%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ADV icon
26
Advantage Solutions
ADV
$441M
$22.5M 0.37%
440,065
-33,588
-7% -$2.11M
OPTU
27
Optimum Communications Inc
OPTU
$323M
$17.8M 0.29%
+3,880,200
New +$19.1M
NUVB icon
28
Nuvation Bio
NUVB
$2.43B
$9.23M 0.15%
4,808,194
-5,610,000
-54% -$11.4M
TMQ
29
Trilogy Metals
TMQ
$684M
$4.39M 0.07%
7,990,481
-1,901,970
-19% -$1.11M
TEAD
30
Teads Holding Co
TEAD
$65.3M
$555K 0.01%
153,231
-638,769
-81% -$2.5M
FNCH
31
DELISTED
Finch Therapeutics Group, Inc. Common Stock
FNCH
$489K 0.01%
33,967
-3,470
-9% -$116K
AUROW
32
Aurora Innovation Warrant
AUROW
$246M
– –
-736,550
Closed -$346K
CGEM icon
33
Cullinan Oncology
CGEM
$1.4B
– –
-429,646
Closed -$5.51M
DBX icon
34
Dropbox
DBX
$7.5B
– –
-7,819,924
Closed -$162M
EHAB
35
DELISTED
Enhabit
EHAB
– –
-437,287
Closed -$6.14M
EHC icon
36
Encompass Health
EHC
$11.9B
– –
-2,950,000
Closed -$133M
JOBY.WS
37
DELISTED
Joby Aviation Warrants
JOBY.WS
– –
-861,419
Closed -$724K
EVTL.WS
38
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
– –
-1,462,477
Closed -$1.08M
HIPO.WS
39
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
– –
-199,485
Closed -$34K
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
– –
-1,166,666
Closed -$163K
HZON.U
41
DELISTED
Horizon Acquisition Corporation II Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant
HZON.U
$0 ﹤0.01%
+2
New +$20
ZGN.WS
42
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
– –
-698,199
Closed -$1.31M
SVFAW
43
DELISTED
SVF Investment Corp. Warrant
SVFAW
– –
-197,853
Closed -$34K
CZOO.WS
44
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
– –
-1,250,000
Closed -$67K
LFG
45
DELISTED
Archaea Energy Inc.
LFG
– –
-2,930,297
Closed -$51.2M
LMACW
46
DELISTED
Liberty Media Acquisition Corporation Warrants
LMACW
– –
-631,320
Closed -$2K
LMACA
47
DELISTED
Liberty Media Acquisition Corporation Series A Common Stock
LMACA
– –
-3,156,598
Closed -$31.4M
AVAN.WS
48
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
– –
-2,000,000
Closed -$46K
1
2

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Seth Klarman's Q4 2022 Portfolio in Review

As of Q4 2022, Seth Klarman held 50 positions worth $6.13B, up 5.8% from $5.79B the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Seth Klarman's Q4 2022 filing shows 3 new, 6 increased, 14 reduced and 16 closed positions. Its largest new stake was Herbalife: 2,000,000 shares worth $29.8M. The largest sale was Dropbox, an estimated $162M.

By sector, the portfolio is most concentrated in Communication Services at 46% of assets, up from 41% a quarter earlier, followed by Technology and Industrials.

  • Seth Klarman's largest Q4 2022 buy was Herbalife: 2,000,000 shares worth $29.8M.
  • Seth Klarman added most to Alphabet (Google) Class C in Q4 2022, an estimated $250M increase.
  • Seth Klarman's biggest Q4 2022 reduction was Fiserv Inc, cutting an estimated $152M.
  • Seth Klarman fully exited Dropbox in Q4 2022, selling an estimated $162M.
  • Seth Klarman's ten largest holdings make up 71% of its $6.13B portfolio in Q4 2022.
  • Seth Klarman opened 3 new positions and closed 16 in Q4 2022.
  • Seth Klarman's portfolio value rose 5.8% quarter-over-quarter to $6.13B.

Based on Baupost Group's 13F filing for Q4 2022, filed 13 Feb 2023.