Seth Klarman Baupost Group
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cheniere Energy
LNG
|
+$271M |
| 2 |
IDIX
IDENIX PHARMACEUTICALS INC
IDIX
|
+$115M |
| 3 |
KERX
Keryx Biopharmaceuticals Inc
KERX
|
+$95.2M |
| 4 |
PBF Energy
PBF
|
+$91.4M |
| 5 |
RFMD
RF MICRO DEVICES INC
RFMD
|
+$40.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BP
BP
|
+$121M |
| 2 |
Fidelity National Financial
FNF
|
+$64.1M |
| 3 |
TIVO
Tivo Inc
TIVO
|
+$42.5M |
| 4 |
ENZN
ENZON PHARMACEUTICALS INC
ENZN
|
+$5.03M |
| 5 |
KIN
Kindred Biosciences, Inc.
KIN
|
+$2.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 50.31% |
| 2 | Healthcare | 20.66% |
| 3 | Energy | 14.76% |
| 4 | Materials | 2.06% |
| 5 | Consumer Staples | 0.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Micron Technology
MU
$1.09T
| $1.22B | 29.54% |
51,655,434
| – | – |
|
2
Viasat
VSAT
$10.3B
| $787M | 19.02% |
11,395,900
+266,700
| +2% | +$17.3M |
|
3
Innoviva
INVA
$1.52B
| $641M | 15.49% |
25,695,899
+696,821
| +3% | +$20.4M |
|
|
4
Cheniere Energy
LNG
$57.3B
| $313M | 7.57% |
+5,660,000
| New | +$271M |
|
|
IDIX
5
DELISTED
IDENIX PHARMACEUTICALS INC
IDIX
| $303M | 7.32% |
53,331,109
+16,420,241
| +44% | +$115M |
|
|
6
BP
BP
$115B
| $152M | 3.68% |
3,871,089
-3,056,368
| -44% | -$121M |
|
|
7
PBF Energy
PBF
$8.72B
| $140M | 3.38% |
5,416,606
+3,440,000
| +174% | +$91.4M |
|
|
KERX
8
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $108M | 2.6% |
+6,310,850
| New | +$95.2M |
|
9
NovaGold Resources
NG
$3.83B
| $78.3M | 1.89% |
21,688,300
| – | – |
|
|
IMOS
10
ChipMOS TECHNOLOGIES
IMOS
$1.88B
| $72.4M | 1.75% |
2,979,654
| – | – |
|
|
C.WS.A
11
DELISTED
Citigroup Inc
C.WS.A
| $66.9M | 1.62% |
104,246,007
| – | – |
|
|
RFMD
12
DELISTED
RF MICRO DEVICES INC
RFMD
| $51.9M | 1.25% |
+6,585,000
| New | +$40.5M |
|
|
TQNT
13
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| $51.2M | 1.24% |
+3,825,000
| New | +$39.7M |
|
|
KIN
14
DELISTED
Kindred Biosciences, Inc.
KIN
| $51.2M | 1.24% |
2,763,848
-136,152
| -5% | -$2.6M |
|
|
ELOS
15
DELISTED
Syneron Medical Ltd
ELOS
| $49.8M | 1.2% |
4,000,000
| – | – |
|
|
AOI
16
DELISTED
Alliance One International
AOI
| $18.6M | 0.45% |
638,364
| – | – |
|
|
AIG.WS
17
DELISTED
American International Group, Inc.
AIG.WS
| $13.4M | 0.32% |
656,443
| – | – |
|
|
TMQ
18
Trilogy Metals
TMQ
$684M
| $6.76M | 0.16% |
5,005,298
| – | – |
|
|
AVEO
19
DELISTED
AVEO Pharmaceuticals, Inc.
AVEO
| $5.72M | 0.14% |
382,935
| – | – |
|
|
ALDW
20
DELISTED
Alon USA Partners LP
ALDW
| $5.48M | 0.13% |
329,188
| – | – |
|
|
21
Fidelity National Financial
FNF
$12.7B
| – | – |
-3,458,214
| Closed | -$64.1M |
|
|
TIVO
22
DELISTED
Tivo Inc
TIVO
| – | – |
-2,160,000
| Closed | -$42.5M |
|
|
ENZN
23
DELISTED
ENZON PHARMACEUTICALS INC
ENZN
| – | – |
-4,337,858
| Closed | -$5.03M |
|
Similar funds
Seth Klarman's Q1 2014 Portfolio in Review
As of Q1 2014, Seth Klarman held 23 positions worth $4.14B, up 17% from $3.53B the previous quarter. Its ten largest holdings account for 92% of the portfolio.
Seth Klarman deployed $456M of net new capital in Q1 2014, opening 4 new positions and adding to 4 existing holdings. Its largest new stake was Cheniere Energy: 5,660,000 shares worth $313M.
By sector, the portfolio is most concentrated in Technology at 50% of assets, down from 53% a quarter earlier, followed by Healthcare and Energy.
On the sell side, the largest reduction was BP, an estimated $121M trimmed.
- Seth Klarman's largest Q1 2014 buy was Cheniere Energy: 5,660,000 shares worth $313M.
- Seth Klarman added most to IDENIX PHARMACEUTICALS INC in Q1 2014, an estimated $115M increase.
- Seth Klarman's biggest Q1 2014 reduction was BP, cutting an estimated $121M.
- Seth Klarman fully exited Fidelity National Financial in Q1 2014, selling an estimated $64.1M.
- Seth Klarman's ten largest holdings make up 92% of its $4.14B portfolio in Q1 2014.
- Seth Klarman opened 4 new positions and closed 3 in Q1 2014.
- Seth Klarman's portfolio value rose 17% quarter-over-quarter to $4.14B.
Based on Baupost Group's 13F filing for Q1 2014, filed 14 May 2014.