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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
+15.05%
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
$4.59B
AUM Growth
-$629M
Cap. Flow
-$1.1B
Cap. Flow %
-23.98%
Top 10 Hldgs %
83.55%
Holding
31
New
–
Increased
3
Reduced
8
Closed
8

Top Buys

Rank Stock Value
1
J icon
Jacobs Solutions
J
+$31.6M
2
CLVT icon
Clarivate
CLVT
+$22.2M
3
JAZZ icon
Jazz Pharmaceuticals
JAZZ
+$20M

Top Sells

Rank Stock Value
1
VRTV
VERITIV CORPORATION
VRTV
+$561M
2
GOOG icon
Alphabet (Google) Class C
GOOG
+$120M
3
DG icon
Dollar General
DG
+$98.1M
4
QRVO icon
Qorvo
QRVO
+$89.3M
5
SSNC icon
SS&C Technologies
SSNC
+$69.4M

Sector Composition

Rank Sector Weight
1 Communication Services 52.94%
2 Technology 26.52%
3 Financials 8.18%
4 Materials 5.05%
5 Healthcare 4.06%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DG icon
26
Dollar General
DG
$27.2B
– –
-927,000
Closed -$98.1M
EDU icon
27
New Oriental
EDU
$8.88B
– –
-1,023,272
Closed -$59.9M
QRVO icon
28
Qorvo
QRVO
$8.43B
– –
-935,612
Closed -$89.3M
STX icon
29
Seagate
STX
$193B
– –
-600,000
Closed -$39.6M
TMQ
30
Trilogy Metals
TMQ
$684M
– –
-2,329,285
Closed -$1.14M
VRTV
31
DELISTED
VERITIV CORPORATION
VRTV
– –
-3,324,324
Closed -$561M
1
2

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Seth Klarman's Q4 2023 Portfolio in Review

As of Q4 2023, Seth Klarman held 31 positions worth $4.59B, down 12% from $5.21B the previous quarter. Its ten largest holdings account for 84% of the portfolio.

Seth Klarman withdrew a net $1.1B in Q4 2023, closing 8 positions and reducing 8 holdings. Its most notable exit was VERITIV CORPORATION, an estimated $561M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 53% of assets, up from 47% a quarter earlier, followed by Technology and Financials.

Against the trend, Seth Klarman added an estimated $31.6M to Jacobs Solutions.

  • Seth Klarman added most to Jacobs Solutions in Q4 2023, an estimated $31.6M increase.
  • Seth Klarman's biggest Q4 2023 reduction was Alphabet (Google) Class C, cutting an estimated $120M.
  • Seth Klarman fully exited VERITIV CORPORATION in Q4 2023, selling an estimated $561M.
  • Seth Klarman's ten largest holdings make up 84% of its $4.59B portfolio in Q4 2023.
  • Seth Klarman opened 0 new positions and closed 8 in Q4 2023.
  • Seth Klarman's portfolio value fell 12% quarter-over-quarter to $4.59B.

Based on Baupost Group's 13F filing for Q4 2023, filed 13 Feb 2024.