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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
+2.57%
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
$5.51B
AUM Growth
-$489M
Cap. Flow
-$412M
Cap. Flow %
-7.48%
Top 10 Hldgs %
78.19%
Holding
42
New
1
Increased
9
Reduced
3
Closed
7

Top Buys

Rank Stock Value
1
EMC
EMC CORPORATION
EMC
+$759M
2
LNG icon
Cheniere Energy
LNG
+$156M
3
AR icon
Antero Resources
AR
+$68.3M
4
KLXI
KLX Inc.
KLXI
+$17.5M
5
RUN icon
Sunrun
RUN
+$15.3M

Top Sells

Rank Stock Value
1
AA icon
Alcoa
AA
+$505M
2
PXD
Pioneer Natural Resource Co.
PXD
+$503M
3
EBAY icon
eBay
EBAY
+$228M
4
AER icon
AerCap
AER
+$93.7M
5
LOCK
LifeLock, Inc.
LOCK
+$39.1M

Sector Composition

Rank Sector Weight
1 Energy 33.69%
2 Technology 29.79%
3 Healthcare 13.26%
4 Financials 7.95%
5 Communication Services 6.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LNG icon
1
Cheniere Energy
LNG
$57.3B
$972M 17.63%
26,089,669
+3,419,939
+15% +$156M
EMC
2
DELISTED
EMC CORPORATION
EMC
$751M 13.62%
+29,248,619
New +$759M
VSAT icon
3
Viasat
VSAT
$10.3B
$704M 12.76%
11,533,137
– –
AR icon
4
Antero Resources
AR
$11.7B
$418M 7.58%
19,167,944
+3,068,181
+19% +$68.3M
PBF icon
5
PBF Energy
PBF
$8.72B
$406M 7.36%
11,025,000
– –
PYPL icon
6
PayPal
PYPL
$52.7B
$402M 7.29%
11,109,278
+204,426
+2% +$7.21M
INVA icon
7
Innoviva
INVA
$1.52B
$209M 3.79%
19,815,983
– –
TFCF
8
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
$178M 3.22%
6,527,500
– –
ATRA icon
9
Atara Biotherapeutics
ATRA
$97.4M
$142M 2.57%
214,385
– –
KERX
10
DELISTED
Keryx Biopharmaceuticals Inc
KERX
$130M 2.36%
25,791,678
– –
OLN icon
11
Olin
OLN
$2.1B
$121M 2.19%
7,000,000
– –
TFCFA
12
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
$111M 2.02%
4,097,500
– –
TBPH icon
13
Theravance Biopharma
TBPH
$883M
$105M 1.91%
6,420,028
– –
VRTV
14
DELISTED
VERITIV CORPORATION
VRTV
$105M 1.9%
2,885,682
+89,989
+3% +$3.57M
FWP
15
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
$102M 1.85%
766,757
– –
NG icon
16
NovaGold Resources
NG
$3.83B
$79.9M 1.45%
18,977,449
-2,710,851
-12% -$10.4M
IMOS
17
ChipMOS TECHNOLOGIES
IMOS
$1.88B
$74.3M 1.35%
3,404,942
– –
SEMI
18
DELISTED
SunEdison Semiconductor Limited
SEMI
$65.6M 1.19%
8,372,979
– –
KLXI
19
DELISTED
KLX Inc.
KLXI
$61.6M 1.12%
2,372,000
+593,000
+33% +$17.5M
FTR
20
DELISTED
Frontier Communications Corp.
FTR
$51M 0.92%
727,682
-172,318
-19% -$12.8M
ONIT
21
Onity Group
ONIT
$301M
$36.2M 0.66%
346,695
– –
RUN icon
22
Sunrun
RUN
$2.21B
$33.5M 0.61%
2,848,082
+1,677,172
+143% +$15.3M
AIG.WS
23
DELISTED
American International Group, Inc.
AIG.WS
$29.9M 0.54%
1,258,496
– –
FTRPR
24
DELISTED
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
$29.8M 0.54%
325,000
– –
PRTK
25
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
$29.3M 0.53%
1,544,498
– –
1
2

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Seth Klarman's Q4 2015 Portfolio in Review

As of Q4 2015, Seth Klarman held 42 positions worth $5.51B, down 8.1% from $6B the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Seth Klarman withdrew a net $412M in Q4 2015, closing 7 positions and reducing 3 holdings. Its most notable exit was Alcoa, an estimated $505M position sold in full.

By sector, the portfolio is most concentrated in Energy at 34% of assets, down from 39% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Seth Klarman opened a new position in EMC CORPORATION worth $751M.

  • Seth Klarman's largest Q4 2015 buy was EMC CORPORATION: 29,248,619 shares worth $751M.
  • Seth Klarman added most to Cheniere Energy in Q4 2015, an estimated $156M increase.
  • Seth Klarman's biggest Q4 2015 reduction was Frontier Communications Corp., cutting an estimated $12.8M.
  • Seth Klarman fully exited Alcoa in Q4 2015, selling an estimated $505M.
  • Seth Klarman's ten largest holdings make up 78% of its $5.51B portfolio in Q4 2015.
  • Seth Klarman opened 1 new position and closed 7 in Q4 2015.
  • Seth Klarman's portfolio value fell 8.1% quarter-over-quarter to $5.51B.

Based on Baupost Group's 13F filing for Q4 2015, filed 12 Feb 2016.