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 |
EMC
EMC CORPORATION
EMC
|
+$573M |
| 2 |
AGN
Allergan plc
AGN
|
+$493M |
| 3 |
Cheniere Energy
LNG
|
+$122M |
| 4 |
VMW
VMware, Inc
VMW
|
+$112M |
| 5 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$96.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PayPal
PYPL
|
+$146M |
| 2 |
FTR
Frontier Communications Corp.
FTR
|
+$51M |
| 3 |
ONIT
Onity Group
ONIT
|
+$36.2M |
| 4 |
FTRPR
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
|
+$29.8M |
| 5 |
Kosmos Energy
KOS
|
+$24M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 35.89% |
| 2 | Energy | 27.53% |
| 3 | Healthcare | 17.23% |
| 4 | Communication Services | 6.06% |
| 5 | Financials | 4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
EMC
1
DELISTED
EMC CORPORATION
EMC
| $1.38B | 19.96% |
51,851,500
+22,602,881
| +77% | +$573M |
|
|
2
Cheniere Energy
LNG
$57.3B
| $1.01B | 14.58% |
29,841,174
+3,751,505
| +14% | +$122M |
|
3
Viasat
VSAT
$10.3B
| $847M | 12.24% |
11,533,137
| – | – |
|
4
Antero Resources
AR
$11.7B
| $535M | 7.72% |
21,505,881
+2,337,937
| +12% | +$56.2M |
|
|
AGN
5
DELISTED
Allergan plc
AGN
| $461M | 6.66% |
+1,721,587
| New | +$493M |
|
6
PBF Energy
PBF
$8.72B
| $353M | 5.1% |
10,641,175
-383,825
| -3% | -$12.3M |
|
|
7
PayPal
PYPL
$52.7B
| $273M | 3.94% |
7,059,745
-4,049,533
| -36% | -$146M |
|
8
Innoviva
INVA
$1.52B
| $249M | 3.6% |
19,815,983
| – | – |
|
|
TFCFA
9
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $215M | 3.1% |
7,696,922
+3,599,422
| +88% | +$96.3M |
|
|
TFCF
10
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $205M | 2.96% |
7,278,100
+750,600
| +11% | +$20.2M |
|
11
Olin
OLN
$2.1B
| $187M | 2.69% |
10,739,202
+3,739,202
| +53% | +$57.9M |
|
12
Theravance Biopharma
TBPH
$883M
| $122M | 1.77% |
6,500,991
+80,963
| +1% | +$1.32M |
|
|
KERX
13
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $120M | 1.74% |
25,791,678
| – | – |
|
|
VMW
14
DELISTED
VMware, Inc
VMW
| $118M | 1.7% |
+2,252,694
| New | +$112M |
|
|
VRTV
15
DELISTED
VERITIV CORPORATION
VRTV
| $113M | 1.64% |
3,044,385
+158,703
| +5% | +$5.23M |
|
16
Atara Biotherapeutics
ATRA
$97.4M
| $102M | 1.47% |
214,385
| – | – |
|
|
FWP
17
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $91.2M | 1.32% |
766,757
| – | – |
|
18
NovaGold Resources
NG
$3.83B
| $75.6M | 1.09% |
15,000,000
-3,977,449
| -21% | -$18.3M |
|
|
IMOS
19
ChipMOS TECHNOLOGIES
IMOS
$1.88B
| $65.2M | 0.94% |
3,404,942
| – | – |
|
|
KLXI
20
DELISTED
KLX Inc.
KLXI
| $64.3M | 0.93% |
2,372,000
| – | – |
|
|
SEMI
21
DELISTED
SunEdison Semiconductor Limited
SEMI
| $54.3M | 0.78% |
8,372,979
| – | – |
|
|
AIG.WS
22
DELISTED
American International Group, Inc.
AIG.WS
| $39.7M | 0.57% |
2,124,551
+866,055
| +69% | +$15.7M |
|
|
BITI
23
DELISTED
BIOTIE THERAPIES CORP SPONSORED ADR
BITI
| $36.8M | 0.53% |
1,395,000
| – | – |
|
|
PRTK
24
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
| $23.4M | 0.34% |
1,544,498
| – | – |
|
25
Sunrun
RUN
$2.21B
| $18.5M | 0.27% |
2,848,082
| – | – |
|
Similar funds
Seth Klarman's Q1 2016 Portfolio in Review
As of Q1 2016, Seth Klarman held 42 positions worth $6.92B, up 26% from $5.51B the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Seth Klarman deployed $1.24B of net new capital in Q1 2016, opening 5 new positions and adding to 10 existing holdings. Its largest new stake was Allergan plc: 1,721,587 shares worth $461M.
By sector, the portfolio is most concentrated in Technology at 36% of assets, up from 30% a quarter earlier, followed by Energy and Healthcare.
On the sell side, the largest reduction was PayPal, an estimated $146M trimmed.
- Seth Klarman's largest Q1 2016 buy was Allergan plc: 1,721,587 shares worth $461M.
- Seth Klarman added most to EMC CORPORATION in Q1 2016, an estimated $573M increase.
- Seth Klarman's biggest Q1 2016 reduction was PayPal, cutting an estimated $146M.
- Seth Klarman fully exited Frontier Communications Corp. in Q1 2016, selling an estimated $51M.
- Seth Klarman's ten largest holdings make up 80% of its $6.92B portfolio in Q1 2016.
- Seth Klarman opened 5 new positions and closed 6 in Q1 2016.
- Seth Klarman's portfolio value rose 26% quarter-over-quarter to $6.92B.
Based on Baupost Group's 13F filing for Q1 2016, filed 13 May 2016.