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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
-1.03%
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
$5.21B
AUM Growth
-$401M
Cap. Flow
-$197M
Cap. Flow %
-3.78%
Top 10 Hldgs %
74.87%
Holding
34
New
5
Increased
4
Reduced
12
Closed
2

Top Buys

Rank Stock Value
1
CRH icon
CRH
CRH
+$187M
2
CLVT icon
Clarivate
CLVT
+$179M
3
WTW icon
Willis Towers Watson
WTW
+$139M
4
DG icon
Dollar General
DG
+$102M
5
TSEM icon
Tower Semiconductor
TSEM
+$91.4M

Top Sells

Rank Stock Value
1
QRVO icon
Qorvo
QRVO
+$172M
2
EDU icon
New Oriental
EDU
+$162M
3
GTX icon
Garrett Motion
GTX
+$155M
4
AMZN icon
Amazon
AMZN
+$126M
5
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$105M

Sector Composition

Rank Sector Weight
1 Communication Services 47.13%
2 Technology 22.13%
3 Industrials 12.05%
4 Financials 6.23%
5 Materials 3.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HLF icon
26
Herbalife
HLF
$1.33B
$23.7M 0.45%
1,693,345
-260,855
-13% -$3.94M
ADV icon
27
Advantage Solutions
ADV
$441M
$17.5M 0.34%
246,159
-179,896
-42% -$11.9M
OPTU
28
Optimum Communications Inc
OPTU
$323M
$15.6M 0.3%
4,774,615
– –
ATRA icon
29
Atara Biotherapeutics
ATRA
$97.4M
$14.5M 0.28%
390,945
– –
TMQ
30
Trilogy Metals
TMQ
$684M
$1.14M 0.02%
2,329,285
-1,077,843
-32% -$548K
FNCH
31
DELISTED
Finch Therapeutics Group, Inc. Common Stock
FNCH
$349K 0.01%
67,296
– –
AMZN icon
32
Amazon
AMZN
$2.79T
– –
-963,946
Closed -$126M
UNP icon
33
Union Pacific
UNP
$183B
– –
-175,000
Closed -$35.8M
1
2

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Seth Klarman's Q3 2023 Portfolio in Review

As of Q3 2023, Seth Klarman held 34 positions worth $5.21B, down 7.1% from $5.61B the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Seth Klarman withdrew a net $197M in Q3 2023, closing 2 positions and reducing 12 holdings. Its most notable exit was Amazon, an estimated $126M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 47% of assets, up from 46% a quarter earlier, followed by Technology and Industrials.

Against the trend, Seth Klarman opened a new position in Clarivate worth $151M.

  • Seth Klarman's largest Q3 2023 buy was Clarivate: 22,500,000 shares worth $151M.
  • Seth Klarman added most to CRH in Q3 2023, an estimated $187M increase.
  • Seth Klarman's biggest Q3 2023 reduction was Qorvo, cutting an estimated $172M.
  • Seth Klarman fully exited Amazon in Q3 2023, selling an estimated $126M.
  • Seth Klarman's ten largest holdings make up 75% of its $5.21B portfolio in Q3 2023.
  • Seth Klarman opened 5 new positions and closed 2 in Q3 2023.
  • Seth Klarman's portfolio value fell 7.1% quarter-over-quarter to $5.21B.

Based on Baupost Group's 13F filing for Q3 2023, filed 13 Nov 2023.