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 |
Alcoa
AA
|
+$509M |
| 2 |
Cheniere Energy
LNG
|
+$451M |
| 3 |
PayPal
PYPL
|
+$391M |
| 4 |
Antero Resources
AR
|
+$215M |
| 5 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$194M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$345M |
| 2 |
Micron Technology
MU
|
+$322M |
| 3 |
ONIT
Onity Group
ONIT
|
+$20.7M |
| 4 |
ALDW
Alon USA Partners LP
ALDW
|
+$6.28M |
| 5 |
AOI
Alliance One International
AOI
|
+$4.07M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 38.89% |
| 2 | Technology | 15.95% |
| 3 | Materials | 11.73% |
| 4 | Healthcare | 10.64% |
| 5 | Financials | 6.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Cheniere Energy
LNG
$57.3B
| $1.09B | 18.24% |
22,669,730
+7,304,500
| +48% | +$451M |
|
2
Viasat
VSAT
$10.3B
| $741M | 12.35% |
11,533,137
| – | – |
|
|
3
Alcoa
AA
$13.7B
| $505M | 8.41% |
+21,751,977
| New | +$509M |
|
|
PXD
4
DELISTED
Pioneer Natural Resource Co.
PXD
| $503M | 8.38% |
4,137,000
+72,000
| +2% | +$8.97M |
|
|
5
Antero Resources
AR
$11.7B
| $341M | 5.68% |
16,099,763
+8,076,900
| +101% | +$215M |
|
|
6
PayPal
PYPL
$52.7B
| $338M | 5.64% |
+10,904,852
| New | +$391M |
|
7
PBF Energy
PBF
$8.72B
| $311M | 5.19% |
11,025,000
| – | – |
|
|
8
eBay
EBAY
$46.3B
| $228M | 3.79% |
9,315,000
-12,817,440
| -58% | -$345M |
|
|
TFCF
9
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $177M | 2.94% |
+6,527,500
| New | +$194M |
|
10
Atara Biotherapeutics
ATRA
$97.4M
| $169M | 2.81% |
214,385
+22,000
| +11% | +$26.8M |
|
11
Innoviva
INVA
$1.52B
| $142M | 2.37% |
19,815,983
| – | – |
|
|
FWP
12
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $126M | 2.11% |
766,757
| – | – |
|
13
Olin
OLN
$2.1B
| $118M | 1.96% |
+7,000,000
| New | +$148M |
|
|
TFCFA
14
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $111M | 1.84% |
+4,097,500
| New | +$122M |
|
|
VRTV
15
DELISTED
VERITIV CORPORATION
VRTV
| $104M | 1.73% |
2,795,693
+313,536
| +13% | +$11.5M |
|
16
AerCap
AER
$23B
| $93.7M | 1.56% |
+2,450,000
| New | +$108M |
|
|
SEMI
17
DELISTED
SunEdison Semiconductor Limited
SEMI
| $88.3M | 1.47% |
8,372,979
+75,000
| +0.9% | +$1.01M |
|
|
KERX
18
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $84.5M | 1.41% |
25,791,678
| – | – |
|
19
NovaGold Resources
NG
$3.83B
| $78.3M | 1.3% |
21,688,300
| – | – |
|
20
Theravance Biopharma
TBPH
$883M
| $70.6M | 1.18% |
6,420,028
| – | – |
|
|
FTR
21
DELISTED
Frontier Communications Corp.
FTR
| $64.1M | 1.07% |
900,000
| – | – |
|
|
IMOS
22
ChipMOS TECHNOLOGIES
IMOS
$1.88B
| $61.6M | 1.03% |
3,404,942
+425,288
| +14% | +$8.4M |
|
|
KLXI
23
DELISTED
KLX Inc.
KLXI
| $53.6M | 0.89% |
1,779,000
| – | – |
|
|
C.WS.A
24
DELISTED
Citigroup Inc
C.WS.A
| $47.2M | 0.79% |
102,553,207
| – | – |
|
|
LOCK
25
DELISTED
LifeLock, Inc.
LOCK
| $39.1M | 0.65% |
+4,460,760
| New | +$44M |
|
Similar funds
Seth Klarman's Q3 2015 Portfolio in Review
As of Q3 2015, Seth Klarman held 41 positions worth $6B, up 0.06% from $6B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Seth Klarman deployed $1.52B of net new capital in Q3 2015, opening 9 new positions and adding to 10 existing holdings. Its largest new stake was Alcoa: 21,751,977 shares worth $505M.
By sector, the portfolio is most concentrated in Energy at 39% of assets, down from 39% a quarter earlier, followed by Technology and Materials.
On the sell side, the largest reduction was eBay, an estimated $345M trimmed.
- Seth Klarman's largest Q3 2015 buy was Alcoa: 21,751,977 shares worth $505M.
- Seth Klarman added most to Cheniere Energy in Q3 2015, an estimated $451M increase.
- Seth Klarman's biggest Q3 2015 reduction was eBay, cutting an estimated $345M.
- Seth Klarman's ten largest holdings make up 73% of its $6B portfolio in Q3 2015.
- Seth Klarman opened 9 new positions and closed 0 in Q3 2015.
- Seth Klarman's portfolio value rose 0.06% quarter-over-quarter to $6B.
Based on Baupost Group's 13F filing for Q3 2015, filed 13 Nov 2015.