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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
+76.69%
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
$6.14B
AUM Growth
+$2B
Cap. Flow
+$451M
Cap. Flow %
7.34%
Top 10 Hldgs %
89.52%
Holding
25
New
5
Increased
8
Reduced
1
Closed
1

Top Buys

Rank Stock Value
1
EBAY icon
eBay
EBAY
+$230M
2
TBPH icon
Theravance Biopharma
TBPH
+$182M
3
SEMI
SunEdison Semiconductor Limited
SEMI
+$68.3M
4
KERX
Keryx Biopharmaceuticals Inc
KERX
+$59.9M
5
KOS icon
Kosmos Energy
KOS
+$50.8M

Top Sells

Rank Stock Value
1
BP icon
BP
BP
+$152M
2
INVA icon
Innoviva
INVA
+$127M

Sector Composition

Rank Sector Weight
1 Technology 41.04%
2 Healthcare 17.3%
3 Energy 10.38%
4 Consumer Discretionary 4.17%
5 Materials 1.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MU icon
1
Micron Technology
MU
$1.09T
$1.7B 27.72%
51,655,434
– –
IDIX
2
DELISTED
IDENIX PHARMACEUTICALS INC
IDIX
$1.27B 20.67%
53,331,109
– –
VSAT icon
3
Viasat
VSAT
$10.3B
$668M 10.89%
11,533,137
+137,237
+1% +$8.29M
INVA icon
4
Innoviva
INVA
$1.52B
$607M 9.89%
20,395,056
-5,300,843
-21% -$127M
LNG icon
5
Cheniere Energy
LNG
$57.3B
$429M 6.99%
5,987,930
+327,930
+6% +$19.9M
EBAY icon
6
eBay
EBAY
$46.3B
$222M 3.62%
+10,540,649
New +$230M
TBPH icon
7
Theravance Biopharma
TBPH
$883M
$193M 3.15%
+6,061,228
New +$182M
KERX
8
DELISTED
Keryx Biopharmaceuticals Inc
KERX
$162M 2.64%
10,539,986
+4,229,136
+67% +$59.9M
PBF icon
9
PBF Energy
PBF
$8.72B
$149M 2.43%
5,595,286
+178,680
+3% +$5.29M
RFMD
10
DELISTED
RF MICRO DEVICES INC
RFMD
$93.6M 1.52%
9,759,185
+3,174,185
+48% +$28.2M
TQNT
11
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
$93M 1.51%
5,880,696
+2,055,696
+54% +$30.5M
NG icon
12
NovaGold Resources
NG
$3.83B
$91.3M 1.49%
21,688,300
– –
IMOS
13
ChipMOS TECHNOLOGIES
IMOS
$1.88B
$79.2M 1.29%
2,979,654
– –
C.WS.A
14
DELISTED
Citigroup Inc
C.WS.A
$74.8M 1.22%
122,573,007
+18,327,000
+18% +$11.6M
SEMI
15
DELISTED
SunEdison Semiconductor Limited
SEMI
$70.2M 1.14%
+4,145,379
New +$68.3M
KOS icon
16
Kosmos Energy
KOS
$1.76B
$53.3M 0.87%
+4,750,000
New +$50.8M
KIN
17
DELISTED
Kindred Biosciences, Inc.
KIN
$51.5M 0.84%
2,763,848
– –
ELOS
18
DELISTED
Syneron Medical Ltd
ELOS
$41.3M 0.67%
4,000,000
– –
BYD icon
19
Boyd Gaming
BYD
$5.87B
$33.9M 0.55%
+2,794,630
New +$32.3M
AIG.WS
20
DELISTED
American International Group, Inc.
AIG.WS
$21M 0.34%
788,998
+132,555
+20% +$3.08M
AOI
21
DELISTED
Alliance One International
AOI
$16M 0.26%
638,364
– –
AVEO
22
DELISTED
AVEO Pharmaceuticals, Inc.
AVEO
$7.01M 0.11%
382,935
– –
ALDW
23
DELISTED
Alon USA Partners LP
ALDW
$5.9M 0.1%
329,188
– –
TMQ
24
Trilogy Metals
TMQ
$684M
$5.46M 0.09%
5,005,298
– –
BP icon
25
BP
BP
$115B
– –
-3,871,089
Closed -$152M

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Seth Klarman's Q2 2014 Portfolio in Review

As of Q2 2014, Seth Klarman held 25 positions worth $6.14B, up 48% from $4.14B the previous quarter. Its ten largest holdings account for 90% of the portfolio.

Seth Klarman deployed $451M of net new capital in Q2 2014, opening 5 new positions and adding to 8 existing holdings. Its largest new stake was eBay: 10,540,649 shares worth $222M.

By sector, the portfolio is most concentrated in Technology at 41% of assets, down from 50% a quarter earlier, followed by Healthcare and Energy.

On the sell side, the largest reduction was Innoviva, an estimated $127M trimmed.

  • Seth Klarman's largest Q2 2014 buy was eBay: 10,540,649 shares worth $222M.
  • Seth Klarman added most to Keryx Biopharmaceuticals Inc in Q2 2014, an estimated $59.9M increase.
  • Seth Klarman's biggest Q2 2014 reduction was Innoviva, cutting an estimated $127M.
  • Seth Klarman fully exited BP in Q2 2014, selling an estimated $152M.
  • Seth Klarman's ten largest holdings make up 90% of its $6.14B portfolio in Q2 2014.
  • Seth Klarman opened 5 new positions and closed 1 in Q2 2014.
  • Seth Klarman's portfolio value rose 48% quarter-over-quarter to $6.14B.

Based on Baupost Group's 13F filing for Q2 2014, filed 14 Aug 2014.