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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
+8.76%
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
$3.53B
AUM Growth
+$30.5M
Cap. Flow
-$186M
Cap. Flow %
-5.28%
Top 10 Hldgs %
94.84%
Holding
22
New
3
Increased
6
Reduced
3
Closed
3

Top Buys

Rank Stock Value
1
INVA icon
Innoviva
INVA
+$59.3M
2
FNF icon
Fidelity National Financial
FNF
+$56M
3
KIN
Kindred Biosciences, Inc.
KIN
+$34.6M
4
IDIX
IDENIX PHARMACEUTICALS INC
IDIX
+$33.5M
5
PBF icon
PBF Energy
PBF
+$27.9M

Top Sells

Rank Stock Value
1
MU icon
Micron Technology
MU
+$240M
2
ORCL icon
Oracle
ORCL
+$79.2M
3
TIVO
Tivo Inc
TIVO
+$73.2M
4
CPF icon
Central Pacific Financial
CPF
+$13.8M
5
ITRN icon
Ituran Location and Control
ITRN
+$8.79M

Sector Composition

Rank Sector Weight
1 Technology 53.38%
2 Healthcare 22.86%
3 Energy 9.72%
4 Financials 1.82%
5 Materials 1.78%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MU icon
1
Micron Technology
MU
$1.09T
$1.12B 31.83%
51,655,434
-12,344,566
-19% -$240M
INVA icon
2
Innoviva
INVA
$1.52B
$718M 20.35%
24,999,078
+2,027,708
+9% +$59.3M
VSAT icon
3
Viasat
VSAT
$10.3B
$697M 19.76%
11,129,200
+129,200
+1% +$8.14M
BP icon
4
BP
BP
$115B
$275M 7.8%
6,927,457
+84,271
+1% +$3.14M
IDIX
5
DELISTED
IDENIX PHARMACEUTICALS INC
IDIX
$221M 6.25%
36,910,868
+7,245,175
+24% +$33.5M
C.WS.A
6
DELISTED
Citigroup Inc
C.WS.A
$67.8M 1.92%
104,246,007
+10,000,000
+11% +$6.61M
FNF icon
7
Fidelity National Financial
FNF
$12.7B
$64.1M 1.82%
+3,458,214
New +$56M
IMOS
8
ChipMOS TECHNOLOGIES
IMOS
$1.88B
$63.2M 1.79%
2,979,654
– –
PBF icon
9
PBF Energy
PBF
$8.72B
$62.2M 1.76%
1,976,606
+1,021,466
+107% +$27.9M
NG icon
10
NovaGold Resources
NG
$3.83B
$55.1M 1.56%
21,688,300
– –
ELOS
11
DELISTED
Syneron Medical Ltd
ELOS
$49.2M 1.39%
4,000,000
– –
TIVO
12
DELISTED
Tivo Inc
TIVO
$42.5M 1.21%
2,160,000
-4,000,000
-65% -$73.2M
KIN
13
DELISTED
Kindred Biosciences, Inc.
KIN
$32.4M 0.92%
+2,900,000
New +$34.6M
AOI
14
DELISTED
Alliance One International
AOI
$19.5M 0.55%
638,364
– –
AIG.WS
15
DELISTED
American International Group, Inc.
AIG.WS
$13.3M 0.38%
656,443
– –
TMQ
16
Trilogy Metals
TMQ
$684M
$7.61M 0.22%
5,005,298
– –
AVEO
17
DELISTED
AVEO Pharmaceuticals, Inc.
AVEO
$7.01M 0.2%
382,935
– –
ALDW
18
DELISTED
Alon USA Partners LP
ALDW
$5.48M 0.16%
+329,188
New +$4.73M
ENZN
19
DELISTED
ENZON PHARMACEUTICALS INC
ENZN
$5.03M 0.14%
4,337,858
-3,353,595
-44% -$5.16M
CPF icon
20
Central Pacific Financial
CPF
$964M
– –
-779,715
Closed -$13.8M
ITRN icon
21
Ituran Location and Control
ITRN
$1.01B
– –
-476,341
Closed -$8.79M
ORCL icon
22
Oracle
ORCL
$422B
– –
-2,386,890
Closed -$79.2M

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Seth Klarman's Q4 2013 Portfolio in Review

As of Q4 2013, Seth Klarman held 22 positions worth $3.53B, up 0.87% from $3.5B the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Seth Klarman withdrew a net $186M in Q4 2013, closing 3 positions and reducing 3 holdings. Its most notable exit was Oracle, an estimated $79.2M position sold in full.

By sector, the portfolio is most concentrated in Technology at 53% of assets, down from 56% a quarter earlier, followed by Healthcare and Energy.

Against the trend, Seth Klarman opened a new position in Fidelity National Financial worth $64.1M.

  • Seth Klarman's largest Q4 2013 buy was Fidelity National Financial: 3,458,214 shares worth $64.1M.
  • Seth Klarman added most to Innoviva in Q4 2013, an estimated $59.3M increase.
  • Seth Klarman's biggest Q4 2013 reduction was Micron Technology, cutting an estimated $240M.
  • Seth Klarman fully exited Oracle in Q4 2013, selling an estimated $79.2M.
  • Seth Klarman's ten largest holdings make up 95% of its $3.53B portfolio in Q4 2013.
  • Seth Klarman opened 3 new positions and closed 3 in Q4 2013.
  • Seth Klarman's portfolio value rose 0.87% quarter-over-quarter to $3.53B.

Based on Baupost Group's 13F filing for Q4 2013, filed 13 Feb 2014.