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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
+1.72%
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
$10.1B
AUM Growth
-$758M
Cap. Flow
-$817M
Cap. Flow %
-8.07%
Top 10 Hldgs %
66.09%
Holding
64
New
7
Increased
5
Reduced
11
Closed
10

Top Buys

Rank Stock Value
1
FISV
Fiserv Inc
FISV
+$315M
2
GTXAP
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
+$207M
3
GEN icon
Gen Digital
GEN
+$146M
4
QRVO icon
Qorvo
QRVO
+$137M
5
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$71.4M

Top Sells

Rank Stock Value
1
EBAY icon
eBay
EBAY
+$417M
2
MU icon
Micron Technology
MU
+$306M
3
SJR
Shaw Communications Inc.
SJR
+$219M
4
META icon
Meta Platforms (Facebook)
META
+$187M
5
GOOG icon
Alphabet (Google) Class C
GOOG
+$181M

Sector Composition

Rank Sector Weight
1 Technology 40.85%
2 Communication Services 38.24%
3 Financials 7.92%
4 Industrials 5.01%
5 Healthcare 4.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EVTL.WS
51
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
$1.01M 0.01%
+1,485,000
New +$1.43M
SVFAW
52
DELISTED
SVF Investment Corp. Warrant
SVFAW
$260K ﹤0.01%
200,000
– –
HIPO.WS
53
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
$96K ﹤0.01%
200,000
– –
EBAY icon
54
eBay
EBAY
$46.3B
– –
-5,982,667
Closed -$417M
IFF icon
55
International Flavors & Fragrances
IFF
$21.5B
– –
-1,242,483
Closed -$166M
PCG icon
56
PG&E
PCG
$38.8B
– –
-7,216,458
Closed -$69.3M
HZON
57
DELISTED
Horizon Acquisition Corporation II
HZON
– –
-3,499,998
Closed -$34.3M
SJR
58
DELISTED
Shaw Communications Inc.
SJR
– –
-7,530,807
Closed -$219M
IIAC.WS
59
DELISTED
Investindustrial Acquisition Corp. Redeemable Warrants, each whole warrant exercisable for one Class
IIAC.WS
– –
-700,000
Closed -$903K
IIAC
60
DELISTED
Investindustrial Acquisition Corp.
IIAC
– –
-2,100,000
Closed -$20.9M
BSN
61
DELISTED
Broadstone Acquisition Corp.
BSN
– –
-2,970,000
Closed -$29.6M
BSN.WS
62
DELISTED
Broadstone Acquisition Corp. Warrants, each whole warrant exercisable for one Class A ordinary share
BSN.WS
– –
-1,485,000
Closed -$1.6M
DGNS
63
DELISTED
Dragoneer Growth Opportunities Corp. II Class A Ordinary Shares
DGNS
– –
-1,000,000
Closed -$9.95M
1 2
3

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Seth Klarman's Q4 2021 Portfolio in Review

As of Q4 2021, Seth Klarman held 64 positions worth $10.1B, down 7% from $10.9B the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Seth Klarman withdrew a net $817M in Q4 2021, closing 10 positions and reducing 11 holdings. Its most notable exit was eBay, an estimated $417M position sold in full.

By sector, the portfolio is most concentrated in Technology at 41% of assets, up from 38% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Seth Klarman opened a new position in Fiserv Inc worth $317M.

  • Seth Klarman's largest Q4 2021 buy was Fiserv Inc: 3,050,000 shares worth $317M.
  • Seth Klarman added most to Qorvo in Q4 2021, an estimated $137M increase.
  • Seth Klarman's biggest Q4 2021 reduction was Micron Technology, cutting an estimated $306M.
  • Seth Klarman fully exited eBay in Q4 2021, selling an estimated $417M.
  • Seth Klarman's ten largest holdings make up 66% of its $10.1B portfolio in Q4 2021.
  • Seth Klarman opened 7 new positions and closed 10 in Q4 2021.
  • Seth Klarman's portfolio value fell 7% quarter-over-quarter to $10.1B.

Based on Baupost Group's 13F filing for Q4 2021, filed 11 Feb 2022.