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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
-1.52%
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
$5.09B
AUM Growth
-$650M
Cap. Flow
-$392M
Cap. Flow %
-7.7%
Top 10 Hldgs %
83.13%
Holding
31
New
4
Increased
7
Reduced
5
Closed
4

Top Buys

Rank Stock Value
1
AR icon
Antero Resources
AR
+$244M
2
LNG icon
Cheniere Energy
LNG
+$184M
3
EBAY icon
eBay
EBAY
+$174M
4
FWP
Forward Pharma A/S American Depositary Shares
FWP
+$111M
5
BXE
Bellatrix Exploration Ltd.
BXE
+$80.5M

Top Sells

Rank Stock Value
1
MU icon
Micron Technology
MU
+$1.06B
2
RFMD
RF MICRO DEVICES INC
RFMD
+$113M
3
TQNT
TRIQUINT SEMICONDUCTOR INC
TQNT
+$112M
4
ONIT
Onity Group
ONIT
+$22.5M
5
C.WS.A
Citigroup Inc
C.WS.A
+$18.1M

Sector Composition

Rank Sector Weight
1 Energy 32.61%
2 Technology 30.85%
3 Healthcare 17.83%
4 Consumer Discretionary 10.27%
5 Industrials 2.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LNG icon
1
Cheniere Energy
LNG
$57.3B
$972M 19.09%
13,807,230
+2,608,200
+23% +$184M
VSAT icon
2
Viasat
VSAT
$10.3B
$727M 14.28%
11,533,137
– –
MU icon
3
Micron Technology
MU
$1.09T
$690M 13.55%
19,706,035
-31,949,399
-62% -$1.06B
EBAY icon
4
eBay
EBAY
$46.3B
$523M 10.27%
22,132,440
+7,646,664
+53% +$174M
AR icon
5
Antero Resources
AR
$11.7B
$318M 6.26%
7,847,831
+5,088,321
+184% +$244M
INVA icon
6
Innoviva
INVA
$1.52B
$280M 5.51%
19,815,983
– –
KERX
7
DELISTED
Keryx Biopharmaceuticals Inc
KERX
$259M 5.09%
18,300,000
– –
PBF icon
8
PBF Energy
PBF
$8.72B
$231M 4.53%
8,663,114
+1,517,696
+21% +$39.5M
VRTV
9
DELISTED
VERITIV CORPORATION
VRTV
$120M 2.36%
2,314,193
-48,692
-2% -$2.34M
FWP
10
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
$112M 2.2%
+766,757
New +$111M
TBPH icon
11
Theravance Biopharma
TBPH
$883M
$90.4M 1.78%
6,061,228
– –
ONIT
12
Onity Group
ONIT
$301M
$90.1M 1.77%
397,803
-68,977
-15% -$22.5M
C.WS.A
13
DELISTED
Citigroup Inc
C.WS.A
$89.3M 1.75%
102,673,007
-19,900,000
-16% -$18.1M
SEMI
14
DELISTED
SunEdison Semiconductor Limited
SEMI
$77M 1.51%
4,145,379
– –
IMOS
15
ChipMOS TECHNOLOGIES
IMOS
$1.88B
$76.6M 1.5%
2,979,654
– –
BXE
16
DELISTED
Bellatrix Exploration Ltd.
BXE
$65.9M 1.29%
+3,620,743
New +$80.5M
NG icon
17
NovaGold Resources
NG
$3.83B
$64M 1.26%
21,688,300
– –
PRTK
18
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
$62.1M 1.22%
+1,735,218
New +$41.4M
KOS icon
19
Kosmos Energy
KOS
$1.76B
$60.8M 1.19%
7,242,354
+2,492,354
+52% +$22.2M
ATRA icon
20
Atara Biotherapeutics
ATRA
$97.4M
$59.1M 1.16%
+99,837
New +$61M
ELOS
21
DELISTED
Syneron Medical Ltd
ELOS
$22.5M 0.44%
2,416,310
-578,300
-19% -$5.58M
KIN
22
DELISTED
Kindred Biosciences, Inc.
KIN
$22.5M 0.44%
3,013,848
– –
AIG.WS
23
DELISTED
American International Group, Inc.
AIG.WS
$21.9M 0.43%
889,387
+100,389
+13% +$2.4M
ALDW
24
DELISTED
Alon USA Partners LP
ALDW
$12.3M 0.24%
954,188
+625,000
+190% +$10.5M
AOI
25
DELISTED
Alliance One International
AOI
$10.1M 0.2%
638,364
– –
1
2

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Seth Klarman's Q4 2014 Portfolio in Review

As of Q4 2014, Seth Klarman held 31 positions worth $5.09B, down 11% from $5.74B the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Seth Klarman withdrew a net $392M in Q4 2014, closing 4 positions and reducing 5 holdings. Its most notable exit was RF MICRO DEVICES INC, an estimated $113M position sold in full.

By sector, the portfolio is most concentrated in Energy at 33% of assets, up from 22% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Seth Klarman opened a new position in Forward Pharma A/S American Depositary Shares worth $112M.

  • Seth Klarman's largest Q4 2014 buy was Forward Pharma A/S American Depositary Shares: 766,757 shares worth $112M.
  • Seth Klarman added most to Antero Resources in Q4 2014, an estimated $244M increase.
  • Seth Klarman's biggest Q4 2014 reduction was Micron Technology, cutting an estimated $1.06B.
  • Seth Klarman fully exited RF MICRO DEVICES INC in Q4 2014, selling an estimated $113M.
  • Seth Klarman's ten largest holdings make up 83% of its $5.09B portfolio in Q4 2014.
  • Seth Klarman opened 4 new positions and closed 4 in Q4 2014.
  • Seth Klarman's portfolio value fell 11% quarter-over-quarter to $5.09B.

Based on Baupost Group's 13F filing for Q4 2014, filed 13 Feb 2015.