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
|
+$397M |
| 2 |
ONIT
Onity Group
ONIT
|
+$211M |
| 3 |
Antero Resources
AR
|
+$160M |
| 4 |
KERX
Keryx Biopharmaceuticals Inc
KERX
|
+$119M |
| 5 |
VRTV
VERITIV CORPORATION
VRTV
|
+$100M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
IDIX
IDENIX PHARMACEUTICALS INC
IDIX
|
+$1.27B |
| 2 |
Boyd Gaming
BYD
|
+$19.7M |
| 3 |
Innoviva
INVA
|
+$13.3M |
| 4 |
ELOS
Syneron Medical Ltd
ELOS
|
+$10.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 44.59% |
| 2 | Energy | 22.16% |
| 3 | Healthcare | 13.8% |
| 4 | Consumer Discretionary | 6.19% |
| 5 | Financials | 3.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Micron Technology
MU
$1.09T
| $1.77B | 30.82% |
51,655,434
| – | – |
|
|
2
Cheniere Energy
LNG
$57.3B
| $896M | 15.61% |
11,199,030
+5,211,100
| +87% | +$397M |
|
3
Viasat
VSAT
$10.3B
| $636M | 11.07% |
11,533,137
| – | – |
|
4
eBay
EBAY
$46.3B
| $345M | 6.01% |
14,485,776
+3,945,127
| +37% | +$87.8M |
|
|
5
Innoviva
INVA
$1.52B
| $339M | 5.9% |
19,815,983
-579,073
| -3% | -$13.3M |
|
|
KERX
6
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $252M | 4.38% |
18,300,000
+7,760,014
| +74% | +$119M |
|
|
ONIT
7
Onity Group
ONIT
$301M
| $183M | 3.19% |
+466,780
| New | +$211M |
|
8
PBF Energy
PBF
$8.72B
| $171M | 2.99% |
7,145,418
+1,550,132
| +28% | +$40.9M |
|
|
9
Antero Resources
AR
$11.7B
| $151M | 2.64% |
+2,759,510
| New | +$160M |
|
10
Theravance Biopharma
TBPH
$883M
| $140M | 2.43% |
6,061,228
| – | – |
|
|
VRTV
11
DELISTED
VERITIV CORPORATION
VRTV
| $118M | 2.06% |
+2,362,885
| New | +$100M |
|
|
C.WS.A
12
DELISTED
Citigroup Inc
C.WS.A
| $116M | 2.03% |
122,573,007
| – | – |
|
|
RFMD
13
DELISTED
RF MICRO DEVICES INC
RFMD
| $113M | 1.96% |
9,759,185
| – | – |
|
|
TQNT
14
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| $112M | 1.95% |
5,880,696
| – | – |
|
|
SEMI
15
DELISTED
SunEdison Semiconductor Limited
SEMI
| $80.2M | 1.4% |
4,145,379
| – | – |
|
|
IMOS
16
ChipMOS TECHNOLOGIES
IMOS
$1.88B
| $74.3M | 1.29% |
2,979,654
| – | – |
|
17
NovaGold Resources
NG
$3.83B
| $65.7M | 1.14% |
21,688,300
| – | – |
|
18
Kosmos Energy
KOS
$1.76B
| $47.3M | 0.82% |
4,750,000
| – | – |
|
|
ELOS
19
DELISTED
Syneron Medical Ltd
ELOS
| $30M | 0.52% |
2,994,610
-1,005,390
| -25% | -$10.2M |
|
|
KIN
20
DELISTED
Kindred Biosciences, Inc.
KIN
| $27.9M | 0.49% |
3,013,848
+250,000
| +9% | +$3.38M |
|
|
AIG.WS
21
DELISTED
American International Group, Inc.
AIG.WS
| $18.8M | 0.33% |
788,998
| – | – |
|
|
AOI
22
DELISTED
Alliance One International
AOI
| $12.6M | 0.22% |
638,364
| – | – |
|
|
23
Boyd Gaming
BYD
$5.87B
| $9.95M | 0.17% |
979,476
-1,815,154
| -65% | -$19.7M |
|
|
ALDW
24
DELISTED
Alon USA Partners LP
ALDW
| $5.83M | 0.1% |
329,188
| – | – |
|
|
TMQ
25
Trilogy Metals
TMQ
$684M
| $5.54M | 0.1% |
6,005,298
+1,000,000
| +20% | +$1.06M |
|
Similar funds
Seth Klarman's Q3 2014 Portfolio in Review
As of Q3 2014, Seth Klarman held 28 positions worth $5.74B, down 6.5% from $6.14B the previous quarter. Its ten largest holdings account for 85% of the portfolio.
Seth Klarman withdrew a net $192M in Q3 2014, closing 1 position and reducing 3 holdings. Its most notable exit was IDENIX PHARMACEUTICALS INC, an estimated $1.27B position sold in full.
By sector, the portfolio is most concentrated in Technology at 45% of assets, up from 41% a quarter earlier, followed by Energy and Healthcare.
Against the trend, Seth Klarman opened a new position in Onity Group worth $183M.
- Seth Klarman's largest Q3 2014 buy was Onity Group: 466,780 shares worth $183M.
- Seth Klarman added most to Cheniere Energy in Q3 2014, an estimated $397M increase.
- Seth Klarman's biggest Q3 2014 reduction was Boyd Gaming, cutting an estimated $19.7M.
- Seth Klarman fully exited IDENIX PHARMACEUTICALS INC in Q3 2014, selling an estimated $1.27B.
- Seth Klarman's ten largest holdings make up 85% of its $5.74B portfolio in Q3 2014.
- Seth Klarman opened 3 new positions and closed 1 in Q3 2014.
- Seth Klarman's portfolio value fell 6.5% quarter-over-quarter to $5.74B.
Based on Baupost Group's 13F filing for Q3 2014, filed 14 Nov 2014.