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 |
Synchrony
SYF
|
+$482M |
| 2 |
Dell
DELL
|
+$322M |
| 3 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$129M |
| 4 |
DigitalBridge
DBRG
|
+$118M |
| 5 |
PBF Energy
PBF
|
+$114M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EMC
EMC CORPORATION
EMC
|
+$1.55B |
| 2 |
Citigroup
C
|
+$219M |
| 3 |
Olin
OLN
|
+$98.1M |
| 4 |
Cheniere Energy
LNG
|
+$84.2M |
| 5 |
Avis
CAR
|
+$57.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 28.71% |
| 2 | Technology | 19.74% |
| 3 | Healthcare | 19.22% |
| 4 | Financials | 12.54% |
| 5 | Communication Services | 7.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Cheniere Energy
LNG
$57.3B
| $1.21B | 17.25% |
27,842,957
-1,998,217
| -7% | -$84.2M |
|
2
Viasat
VSAT
$10.3B
| $861M | 12.24% |
11,533,137
| – | – |
|
|
3
Synchrony
SYF
$25.9B
| $492M | 6.99% |
+17,565,000
| New | +$482M |
|
|
AGN
4
DELISTED
Allergan plc
AGN
| $461M | 6.55% |
2,001,978
| – | – |
|
5
Antero Resources
AR
$11.7B
| $391M | 5.56% |
14,505,881
| – | – |
|
|
6
PBF Energy
PBF
$8.72B
| $356M | 5.06% |
15,724,175
+5,083,000
| +48% | +$114M |
|
|
7
Dell
DELL
$286B
| $318M | 4.52% |
+23,704,295
| New | +$322M |
|
|
TFCFA
8
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $309M | 4.39% |
12,746,469
+5,049,547
| +66% | +$129M |
|
9
Theravance Biopharma
TBPH
$883M
| $266M | 3.79% |
7,350,991
| – | – |
|
10
PayPal
PYPL
$52.7B
| $205M | 2.91% |
5,000,000
-664,087
| -12% | -$25.5M |
|
|
TFCF
11
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $180M | 2.56% |
7,278,100
| – | – |
|
12
Innoviva
INVA
$1.52B
| $164M | 2.33% |
14,931,483
-2,678,608
| -15% | -$31.3M |
|
|
VRTV
13
DELISTED
VERITIV CORPORATION
VRTV
| $153M | 2.17% |
3,044,385
| – | – |
|
|
KERX
14
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $137M | 1.95% |
25,791,678
| – | – |
|
|
15
DigitalBridge
DBRG
$2.95B
| $128M | 1.82% |
+2,478,414
| New | +$118M |
|
|
16
Olin
OLN
$2.1B
| $127M | 1.8% |
6,181,302
-4,557,900
| -42% | -$98.1M |
|
|
VMW
17
DELISTED
VMware, Inc
VMW
| $118M | 1.67% |
1,603,889
-648,805
| -29% | -$45.6M |
|
18
Atara Biotherapeutics
ATRA
$97.4M
| $115M | 1.63% |
214,385
| – | – |
|
|
FWP
19
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $113M | 1.6% |
766,757
| – | – |
|
|
LVNTA
20
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $98.5M | 1.4% |
2,469,533
| – | – |
|
|
CLNY
21
DELISTED
Colony Capital, Inc.
CLNY
| $81M | 1.15% |
+4,445,936
| New | +$78.7M |
|
|
IMOS
22
ChipMOS TECHNOLOGIES
IMOS
$1.88B
| $74.3M | 1.06% |
3,404,942
| – | – |
|
|
NRF
23
DELISTED
NorthStar Realty Finance Corp.
NRF
| $72.4M | 1.03% |
+5,498,261
| New | +$71.1M |
|
|
KLXI
24
DELISTED
KLX Inc.
KLXI
| $70.4M | 1% |
2,372,000
| – | – |
|
|
PR
25
Permian Resources
PR
$19.9B
| $59.1M | 0.84% |
3,750,000
| – | – |
|
Similar funds
Seth Klarman's Q3 2016 Portfolio in Review
As of Q3 2016, Seth Klarman held 49 positions worth $7.04B, down 4.5% from $7.37B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Seth Klarman withdrew a net $786M in Q3 2016, closing 5 positions and reducing 8 holdings. Its most notable exit was EMC CORPORATION, an estimated $1.55B position sold in full.
By sector, the portfolio is most concentrated in Energy at 29% of assets, up from 24% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Seth Klarman opened a new position in Synchrony worth $492M.
- Seth Klarman's largest Q3 2016 buy was Synchrony: 17,565,000 shares worth $492M.
- Seth Klarman added most to Twenty-First Century Fox, Inc. Class A in Q3 2016, an estimated $129M increase.
- Seth Klarman's biggest Q3 2016 reduction was Olin, cutting an estimated $98.1M.
- Seth Klarman fully exited EMC CORPORATION in Q3 2016, selling an estimated $1.55B.
- Seth Klarman's ten largest holdings make up 69% of its $7.04B portfolio in Q3 2016.
- Seth Klarman opened 10 new positions and closed 5 in Q3 2016.
- Seth Klarman's portfolio value fell 4.5% quarter-over-quarter to $7.04B.
Based on Baupost Group's 13F filing for Q3 2016, filed 14 Nov 2016.