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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
+7.4%
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
$3.5B
AUM Growth
-$523M
Cap. Flow
-$637M
Cap. Flow %
-18.21%
Top 10 Hldgs %
95.49%
Holding
24
New
1
Increased
4
Reduced
4
Closed
4

Top Buys

Rank Stock Value
1
MU icon
Micron Technology
MU
+$326M
2
INVA icon
Innoviva
INVA
+$76.1M
3
PBF icon
PBF Energy
PBF
+$21.6M
4
IDIX
IDENIX PHARMACEUTICALS INC
IDIX
+$12.7M
5
IMOS
ChipMOS TECHNOLOGIES
IMOS
+$8.92M

Top Sells

Rank Stock Value
1
BP icon
BP
BP
+$545M
2
AIG icon
American International
AIG
+$452M
3
AUY
Yamana Gold, Inc.
AUY
+$31M
4
CPF icon
Central Pacific Financial
CPF
+$12.8M
5
KGC icon
Kinross Gold
KGC
+$10.7M

Sector Composition

Rank Sector Weight
1 Technology 56.16%
2 Healthcare 22.83%
3 Energy 7.34%
4 Industrials 3.38%
5 Materials 1.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MU icon
1
Micron Technology
MU
$1.09T
$1.12B 31.95%
64,000,000
+22,500,000
+54% +$326M
INVA icon
2
Innoviva
INVA
$1.52B
$757M 21.62%
22,971,370
+2,446,500
+12% +$76.1M
VSAT icon
3
Viasat
VSAT
$10.3B
$700M 20.01%
11,000,000
– –
BP icon
4
BP
BP
$115B
$235M 6.72%
6,843,186
-15,893,112
-70% -$545M
IDIX
5
DELISTED
IDENIX PHARMACEUTICALS INC
IDIX
$154M 4.4%
29,665,693
+2,898,693
+11% +$12.7M
TIVO
6
DELISTED
Tivo Inc
TIVO
$118M 3.38%
6,160,000
– –
ORCL icon
7
Oracle
ORCL
$422B
$79.2M 2.26%
2,386,890
– –
C.WS.A
8
DELISTED
Citigroup Inc
C.WS.A
$70.5M 2.01%
94,246,007
– –
IMOS
9
ChipMOS TECHNOLOGIES
IMOS
$1.88B
$59M 1.69%
2,979,654
+471,651
+19% +$8.92M
NG icon
10
NovaGold Resources
NG
$3.83B
$50.3M 1.44%
21,688,300
– –
ELOS
11
DELISTED
Syneron Medical Ltd
ELOS
$34.5M 0.99%
4,000,000
– –
PBF icon
12
PBF Energy
PBF
$8.72B
$21.4M 0.61%
+955,140
New +$21.6M
AOI
13
DELISTED
Alliance One International
AOI
$18.6M 0.53%
638,364
-128,633
-17% -$4.34M
CPF icon
14
Central Pacific Financial
CPF
$964M
$13.8M 0.39%
779,715
-712,016
-48% -$12.8M
ENZN
15
DELISTED
ENZON PHARMACEUTICALS INC
ENZN
$12.9M 0.37%
7,691,453
– –
AIG.WS
16
DELISTED
American International Group, Inc.
AIG.WS
$12.4M 0.36%
656,443
– –
TMQ
17
Trilogy Metals
TMQ
$684M
$9.46M 0.27%
5,005,298
– –
ITRN icon
18
Ituran Location and Control
ITRN
$1.01B
$8.79M 0.25%
476,341
-562,001
-54% -$10.1M
AVEO
19
DELISTED
AVEO Pharmaceuticals, Inc.
AVEO
$7.89M 0.23%
382,935
– –
AIG icon
20
American International
AIG
$39.8B
– –
-10,120,227
Closed -$452M
KGC icon
21
Kinross Gold
KGC
$38.9B
– –
-2,102,700
Closed -$10.7M
AUY
22
DELISTED
Yamana Gold, Inc.
AUY
– –
-3,255,500
Closed -$31M
PVG
23
DELISTED
PRETIUM RESOURCES INC.
PVG
– –
-155,700
Closed -$1.03M

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Seth Klarman's Q3 2013 Portfolio in Review

As of Q3 2013, Seth Klarman held 24 positions worth $3.5B, down 13% from $4.02B the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Seth Klarman withdrew a net $637M in Q3 2013, closing 4 positions and reducing 4 holdings. Its most notable exit was American International, an estimated $452M position sold in full.

By sector, the portfolio is most concentrated in Technology at 56% of assets, up from 38% a quarter earlier, followed by Healthcare and Energy.

Against the trend, Seth Klarman opened a new position in PBF Energy worth $21.4M.

  • Seth Klarman's largest Q3 2013 buy was PBF Energy: 955,140 shares worth $21.4M.
  • Seth Klarman added most to Micron Technology in Q3 2013, an estimated $326M increase.
  • Seth Klarman's biggest Q3 2013 reduction was BP, cutting an estimated $545M.
  • Seth Klarman fully exited American International in Q3 2013, selling an estimated $452M.
  • Seth Klarman's ten largest holdings make up 95% of its $3.5B portfolio in Q3 2013.
  • Seth Klarman opened 1 new position and closed 4 in Q3 2013.
  • Seth Klarman's portfolio value fell 13% quarter-over-quarter to $3.5B.

Based on Baupost Group's 13F filing for Q3 2013, filed 13 Nov 2013.