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 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$487M |
| 2 |
SEMI
SunEdison Semiconductor Limited
SEMI
|
+$80.7M |
| 3 |
Atara Biotherapeutics
ATRA
|
+$59.9M |
| 4 |
KLXI
KLX Inc.
KLXI
|
+$59.4M |
| 5 |
Antero Resources
AR
|
+$56.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ELOS
Syneron Medical Ltd
ELOS
|
+$22.5M |
| 2 |
VRTV
VERITIV CORPORATION
VRTV
|
+$1.99M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 39.29% |
| 2 | Technology | 25.32% |
| 3 | Healthcare | 18.94% |
| 4 | Consumer Discretionary | 9.03% |
| 5 | Industrials | 2.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Cheniere Energy
LNG
$57.3B
| $1.07B | 17.96% |
13,807,230
| – | – |
|
2
Viasat
VSAT
$10.3B
| $687M | 11.55% |
11,533,137
| – | – |
|
3
eBay
EBAY
$46.3B
| $537M | 9.03% |
22,132,440
| – | – |
|
4
Micron Technology
MU
$1.09T
| $535M | 8.98% |
19,706,035
| – | – |
|
|
PXD
5
DELISTED
Pioneer Natural Resource Co.
PXD
| $518M | 8.7% |
+3,166,937
| New | +$487M |
|
|
6
Antero Resources
AR
$11.7B
| $330M | 5.55% |
9,347,700
+1,499,869
| +19% | +$56.3M |
|
7
Innoviva
INVA
$1.52B
| $312M | 5.23% |
19,815,983
| – | – |
|
8
PBF Energy
PBF
$8.72B
| $294M | 4.94% |
8,663,114
| – | – |
|
|
KERX
9
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $285M | 4.79% |
22,380,200
+4,080,200
| +22% | +$52.5M |
|
|
SEMI
10
DELISTED
SunEdison Semiconductor Limited
SEMI
| $204M | 3.43% |
7,897,979
+3,752,600
| +91% | +$80.7M |
|
|
11
Atara Biotherapeutics
ATRA
$97.4M
| $193M | 3.24% |
190,531
+90,694
| +91% | +$59.9M |
|
|
FWP
12
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $152M | 2.55% |
766,757
| – | – |
|
13
Theravance Biopharma
TBPH
$883M
| $110M | 1.86% |
6,366,577
+305,349
| +5% | +$5.6M |
|
|
VRTV
14
DELISTED
VERITIV CORPORATION
VRTV
| $100M | 1.69% |
2,274,385
-39,808
| -2% | -$1.99M |
|
|
IMOS
15
ChipMOS TECHNOLOGIES
IMOS
$1.88B
| $81M | 1.36% |
2,979,654
| – | – |
|
|
C.WS.A
16
DELISTED
Citigroup Inc
C.WS.A
| $75M | 1.26% |
102,673,007
| – | – |
|
|
ONIT
17
Onity Group
ONIT
$301M
| $64.6M | 1.09% |
522,259
+124,456
| +31% | +$16.7M |
|
18
NovaGold Resources
NG
$3.83B
| $64.2M | 1.08% |
21,688,300
| – | – |
|
|
KLXI
19
DELISTED
KLX Inc.
KLXI
| $57.8M | 0.97% |
+1,779,000
| New | +$59.4M |
|
20
Kosmos Energy
KOS
$1.76B
| $57.3M | 0.96% |
7,242,354
| – | – |
|
|
PRTK
21
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
| $54.2M | 0.91% |
1,735,218
| – | – |
|
|
BXE
22
DELISTED
Bellatrix Exploration Ltd.
BXE
| $53.1M | 0.89% |
4,368,100
+747,357
| +21% | +$9.86M |
|
|
AIG.WS
23
DELISTED
American International Group, Inc.
AIG.WS
| $27.5M | 0.46% |
1,254,750
+365,363
| +41% | +$8.28M |
|
|
KIN
24
DELISTED
Kindred Biosciences, Inc.
KIN
| $21.5M | 0.36% |
3,013,848
| – | – |
|
|
ALDW
25
DELISTED
Alon USA Partners LP
ALDW
| $17.5M | 0.29% |
954,188
| – | – |
|
Similar funds
Seth Klarman's Q1 2015 Portfolio in Review
As of Q1 2015, Seth Klarman held 29 positions worth $5.95B, up 17% from $5.09B the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Seth Klarman deployed $780M of net new capital in Q1 2015, opening 2 new positions and adding to 8 existing holdings. Its largest new stake was Pioneer Natural Resource Co.: 3,166,937 shares worth $518M.
By sector, the portfolio is most concentrated in Energy at 39% of assets, up from 33% a quarter earlier, followed by Technology and Healthcare.
On the sell side, the largest reduction was VERITIV CORPORATION, an estimated $1.99M trimmed.
- Seth Klarman's largest Q1 2015 buy was Pioneer Natural Resource Co.: 3,166,937 shares worth $518M.
- Seth Klarman added most to SunEdison Semiconductor Limited in Q1 2015, an estimated $80.7M increase.
- Seth Klarman's biggest Q1 2015 reduction was VERITIV CORPORATION, cutting an estimated $1.99M.
- Seth Klarman fully exited Syneron Medical Ltd in Q1 2015, selling an estimated $22.5M.
- Seth Klarman's ten largest holdings make up 80% of its $5.95B portfolio in Q1 2015.
- Seth Klarman opened 2 new positions and closed 1 in Q1 2015.
- Seth Klarman's portfolio value rose 17% quarter-over-quarter to $5.95B.
Based on Baupost Group's 13F filing for Q1 2015, filed 15 May 2015.