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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
-4.21%
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
$6B
AUM Growth
+$47.7M
Cap. Flow
+$405M
Cap. Flow %
6.75%
Top 10 Hldgs %
78.57%
Holding
32
New
4
Increased
10
Reduced
6
Closed
–

Top Buys

Rank Stock Value
1
PXD
Pioneer Natural Resource Co.
PXD
+$142M
2
LNG icon
Cheniere Energy
LNG
+$117M
3
FTR
Frontier Communications Corp.
FTR
+$80.3M
4
PBF icon
PBF Energy
PBF
+$66.4M
5
KERX
Keryx Biopharmaceuticals Inc
KERX
+$36.6M

Top Sells

Rank Stock Value
1
AR icon
Antero Resources
AR
+$52.6M
2
KOS icon
Kosmos Energy
KOS
+$11.1M
3
ALDW
Alon USA Partners LP
ALDW
+$6.54M
4
PRTK
Paratek Pharmaceuticals, Inc.
PRTK
+$5.41M
5
ONIT
Onity Group
ONIT
+$1.73M

Sector Composition

Rank Sector Weight
1 Energy 38.97%
2 Technology 21.36%
3 Healthcare 20.29%
4 Consumer Discretionary 9.35%
5 Industrials 2.61%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LNG icon
1
Cheniere Energy
LNG
$57.3B
$1.06B 17.74%
15,365,230
+1,558,000
+11% +$117M
VSAT icon
2
Viasat
VSAT
$10.3B
$695M 11.59%
11,533,137
– –
PXD
3
DELISTED
Pioneer Natural Resource Co.
PXD
$564M 9.4%
4,065,000
+898,063
+28% +$142M
EBAY icon
4
eBay
EBAY
$46.3B
$561M 9.35%
22,132,440
– –
MU icon
5
Micron Technology
MU
$1.09T
$371M 6.19%
19,706,035
– –
INVA icon
6
Innoviva
INVA
$1.52B
$358M 5.97%
19,815,983
– –
PBF icon
7
PBF Energy
PBF
$8.72B
$313M 5.22%
11,025,000
+2,361,886
+27% +$66.4M
AR icon
8
Antero Resources
AR
$11.7B
$276M 4.59%
8,022,863
-1,324,837
-14% -$52.6M
KERX
9
DELISTED
Keryx Biopharmaceuticals Inc
KERX
$257M 4.29%
25,791,678
+3,411,478
+15% +$36.6M
ATRA icon
10
Atara Biotherapeutics
ATRA
$97.4M
$254M 4.23%
192,385
+1,854
+1% +$2.13M
FWP
11
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
$204M 3.4%
766,757
– –
SEMI
12
DELISTED
SunEdison Semiconductor Limited
SEMI
$143M 2.39%
8,297,979
+400,000
+5% +$8.97M
VRTV
13
DELISTED
VERITIV CORPORATION
VRTV
$90.5M 1.51%
2,482,157
+207,772
+9% +$8.44M
TBPH icon
14
Theravance Biopharma
TBPH
$883M
$83.6M 1.39%
6,420,028
+53,451
+0.8% +$829K
ONIT
15
Onity Group
ONIT
$301M
$78.1M 1.3%
510,380
-11,879
-2% -$1.73M
C.WS.A
16
DELISTED
Citigroup Inc
C.WS.A
$75.9M 1.27%
102,553,207
-119,800
-0.1% -$86.5K
NG icon
17
NovaGold Resources
NG
$3.83B
$74.2M 1.24%
21,688,300
– –
IMOS
18
ChipMOS TECHNOLOGIES
IMOS
$1.88B
$71.7M 1.2%
2,979,654
– –
FTR
19
DELISTED
Frontier Communications Corp.
FTR
$66.8M 1.11%
+900,000
New +$80.3M
KLXI
20
DELISTED
KLX Inc.
KLXI
$66.2M 1.1%
1,779,000
– –
BXE
21
DELISTED
Bellatrix Exploration Ltd.
BXE
$50.9M 0.85%
4,368,100
– –
KOS icon
22
Kosmos Energy
KOS
$1.76B
$50.6M 0.84%
6,000,000
-1,242,354
-17% -$11.1M
PRTK
23
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
$39.8M 0.66%
1,544,498
-190,720
-11% -$5.41M
AIG.WS
24
DELISTED
American International Group, Inc.
AIG.WS
$34.9M 0.58%
1,258,496
+3,746
+0.3% +$93.1K
FTRPR
25
DELISTED
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
$32.5M 0.54%
+325,000
New +$32.6M
1
2

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Seth Klarman's Q2 2015 Portfolio in Review

As of Q2 2015, Seth Klarman held 32 positions worth $6B, up 0.8% from $5.95B the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Seth Klarman deployed $405M of net new capital in Q2 2015, opening 4 new positions and adding to 10 existing holdings. Its largest new stake was Frontier Communications Corp.: 900,000 shares worth $66.8M.

By sector, the portfolio is most concentrated in Energy at 39% of assets, down from 39% a quarter earlier, followed by Technology and Healthcare.

On the sell side, the largest reduction was Antero Resources, an estimated $52.6M trimmed.

  • Seth Klarman's largest Q2 2015 buy was Frontier Communications Corp.: 900,000 shares worth $66.8M.
  • Seth Klarman added most to Pioneer Natural Resource Co. in Q2 2015, an estimated $142M increase.
  • Seth Klarman's biggest Q2 2015 reduction was Antero Resources, cutting an estimated $52.6M.
  • Seth Klarman's ten largest holdings make up 79% of its $6B portfolio in Q2 2015.
  • Seth Klarman opened 4 new positions and closed 0 in Q2 2015.
  • Seth Klarman's portfolio value rose 0.8% quarter-over-quarter to $6B.

Based on Baupost Group's 13F filing for Q2 2015, filed 13 Aug 2015.