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 |
Citigroup
C
|
+$228M |
| 2 |
EMC
EMC CORPORATION
EMC
|
+$138M |
| 3 |
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
|
+$93.8M |
| 4 |
AGN
Allergan plc
AGN
|
+$64.6M |
| 5 |
Avis
CAR
|
+$49.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Antero Resources
AR
|
+$191M |
| 2 |
PayPal
PYPL
|
+$53.4M |
| 3 |
BITI
BIOTIE THERAPIES CORP SPONSORED ADR
BITI
|
+$36.8M |
| 4 |
NovaGold Resources
NG
|
+$32.8M |
| 5 |
Innoviva
INVA
|
+$26.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 35.76% |
| 2 | Energy | 24.26% |
| 3 | Healthcare | 17.32% |
| 4 | Communication Services | 6.28% |
| 5 | Financials | 6.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
EMC
1
DELISTED
EMC CORPORATION
EMC
| $1.55B | 21.01% |
56,961,725
+5,110,225
| +10% | +$138M |
|
2
Cheniere Energy
LNG
$57.3B
| $1.12B | 15.21% |
29,841,174
| – | – |
|
3
Viasat
VSAT
$10.3B
| $823M | 11.18% |
11,533,137
| – | – |
|
|
AGN
4
DELISTED
Allergan plc
AGN
| $463M | 6.28% |
2,001,978
+280,391
| +16% | +$64.6M |
|
|
5
Antero Resources
AR
$11.7B
| $377M | 5.12% |
14,505,881
-7,000,000
| -33% | -$191M |
|
6
Olin
OLN
$2.1B
| $267M | 3.62% |
10,739,202
| – | – |
|
7
PBF Energy
PBF
$8.72B
| $253M | 3.43% |
10,641,175
| – | – |
|
|
8
Citigroup
C
$221B
| $219M | 2.97% |
+5,167,000
| New | +$228M |
|
|
TFCFA
9
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $208M | 2.83% |
7,696,922
| – | – |
|
|
10
PayPal
PYPL
$52.7B
| $207M | 2.81% |
5,664,087
-1,395,658
| -20% | -$53.4M |
|
|
TFCF
11
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $198M | 2.69% |
7,278,100
| – | – |
|
|
12
Innoviva
INVA
$1.52B
| $185M | 2.52% |
17,610,091
-2,205,892
| -11% | -$26.1M |
|
|
KERX
13
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $171M | 2.32% |
25,791,678
| – | – |
|
14
Theravance Biopharma
TBPH
$883M
| $167M | 2.26% |
7,350,991
+850,000
| +13% | +$18.4M |
|
|
VMW
15
DELISTED
VMware, Inc
VMW
| $129M | 1.75% |
2,252,694
| – | – |
|
16
Atara Biotherapeutics
ATRA
$97.4M
| $121M | 1.64% |
214,385
| – | – |
|
|
VRTV
17
DELISTED
VERITIV CORPORATION
VRTV
| $114M | 1.55% |
3,044,385
| – | – |
|
|
FWP
18
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $97.5M | 1.32% |
766,757
| – | – |
|
|
LVNTA
19
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $91.5M | 1.24% |
+2,469,533
| New | +$93.8M |
|
|
IMOS
20
ChipMOS TECHNOLOGIES
IMOS
$1.88B
| $67.9M | 0.92% |
3,404,942
| – | – |
|
|
KLXI
21
DELISTED
KLX Inc.
KLXI
| $62M | 0.84% |
2,372,000
| – | – |
|
|
22
NovaGold Resources
NG
$3.83B
| $58.1M | 0.79% |
9,500,000
-5,500,000
| -37% | -$32.8M |
|
|
23
Avis
CAR
$5.18B
| $57.6M | 0.78% |
+1,787,227
| New | +$49.4M |
|
|
SEMI
24
DELISTED
SunEdison Semiconductor Limited
SEMI
| $49.7M | 0.67% |
8,372,979
| – | – |
|
|
AIG.WS
25
DELISTED
American International Group, Inc.
AIG.WS
| $47.7M | 0.65% |
2,550,917
+426,366
| +20% | +$7.64M |
|
Similar funds
Seth Klarman's Q2 2016 Portfolio in Review
As of Q2 2016, Seth Klarman held 44 positions worth $7.37B, up 6.4% from $6.92B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Seth Klarman deployed $320M of net new capital in Q2 2016, opening 10 new positions and adding to 5 existing holdings. Its largest new stake was Citigroup: 5,167,000 shares worth $219M.
By sector, the portfolio is most concentrated in Technology at 36% of assets, down from 36% a quarter earlier, followed by Energy and Healthcare.
On the sell side, the largest reduction was Antero Resources, an estimated $191M trimmed.
- Seth Klarman's largest Q2 2016 buy was Citigroup: 5,167,000 shares worth $219M.
- Seth Klarman added most to EMC CORPORATION in Q2 2016, an estimated $138M increase.
- Seth Klarman's biggest Q2 2016 reduction was Antero Resources, cutting an estimated $191M.
- Seth Klarman fully exited BIOTIE THERAPIES CORP SPONSORED ADR in Q2 2016, selling an estimated $36.8M.
- Seth Klarman's ten largest holdings make up 74% of its $7.37B portfolio in Q2 2016.
- Seth Klarman opened 10 new positions and closed 5 in Q2 2016.
- Seth Klarman's portfolio value rose 6.4% quarter-over-quarter to $7.37B.
Based on Baupost Group's 13F filing for Q2 2016, filed 12 Aug 2016.