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 |
AGN
Allergan plc
AGN
|
+$296M |
| 2 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$172M |
| 3 |
McKesson
MCK
|
+$147M |
| 4 |
NRF
NorthStar Realty Finance Corp.
NRF
|
+$132M |
| 5 |
DigitalBridge
DBRG
|
+$124M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cheniere Energy
LNG
|
+$247M |
| 2 |
PayPal
PYPL
|
+$205M |
| 3 |
Olin
OLN
|
+$127M |
| 4 |
VMW
VMware, Inc
VMW
|
+$118M |
| 5 |
KLXI
KLX Inc.
KLXI
|
+$70.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 23.35% |
| 2 | Energy | 22.49% |
| 3 | Technology | 16.97% |
| 4 | Financials | 14.9% |
| 5 | Communication Services | 10.6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Cheniere Energy
LNG
$57.3B
| $900M | 11.74% |
21,726,340
-6,116,617
| -22% | -$247M |
|
2
Viasat
VSAT
$10.3B
| $871M | 11.36% |
13,158,137
+1,625,000
| +14% | +$116M |
|
3
Synchrony
SYF
$25.9B
| $750M | 9.77% |
20,665,000
+3,100,000
| +18% | +$99M |
|
|
AGN
4
DELISTED
Allergan plc
AGN
| $721M | 9.4% |
3,432,603
+1,430,625
| +71% | +$296M |
|
|
TFCFA
5
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $537M | 7% |
19,137,469
+6,391,000
| +50% | +$172M |
|
6
PBF Energy
PBF
$8.72B
| $438M | 5.72% |
15,724,175
| – | – |
|
7
Dell
DELL
$286B
| $366M | 4.77% |
23,704,295
| – | – |
|
8
Antero Resources
AR
$11.7B
| $343M | 4.47% |
14,505,881
| – | – |
|
9
Theravance Biopharma
TBPH
$883M
| $296M | 3.85% |
9,273,991
+1,923,000
| +26% | +$59.6M |
|
|
10
DigitalBridge
DBRG
$2.95B
| $279M | 3.64% |
4,676,250
+2,197,836
| +89% | +$124M |
|
|
NRF
11
DELISTED
NorthStar Realty Finance Corp.
NRF
| $221M | 2.88% |
14,577,134
+9,078,873
| +165% | +$132M |
|
|
TFCF
12
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $198M | 2.59% |
7,278,100
| – | – |
|
|
VRTV
13
DELISTED
VERITIV CORPORATION
VRTV
| $164M | 2.13% |
3,044,385
| – | – |
|
14
Innoviva
INVA
$1.52B
| $160M | 2.08% |
14,931,483
| – | – |
|
|
KERX
15
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $151M | 1.97% |
25,791,678
| – | – |
|
|
CLNY
16
DELISTED
Colony Capital, Inc.
CLNY
| $141M | 1.84% |
6,959,017
+2,513,081
| +57% | +$49.2M |
|
|
17
McKesson
MCK
$100B
| $140M | 1.83% |
+1,000,000
| New | +$147M |
|
|
FWP
18
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $80.5M | 1.05% |
766,757
| – | – |
|
19
Atara Biotherapeutics
ATRA
$97.4M
| $76.1M | 0.99% |
214,385
| – | – |
|
20
Cardinal Health
CAH
$53.4B
| $74.1M | 0.97% |
+1,030,000
| New | +$74.5M |
|
21
Atlanta Braves Holdings Series B
BATRK
$3.33B
| $61.6M | 0.8% |
2,994,010
| – | – |
|
|
AIG.WS
22
DELISTED
American International Group, Inc.
AIG.WS
| $60.9M | 0.79% |
2,594,317
| – | – |
|
|
SYT
23
DELISTED
Syngenta Ag
SYT
| $58.9M | 0.77% |
+745,136
| New | +$60M |
|
|
LVNTA
24
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $54.6M | 0.71% |
1,481,719
-987,814
| -40% | -$38.8M |
|
25
Credit Acceptance
CACC
$6.24B
| $53.2M | 0.69% |
244,400
+144,400
| +144% | +$28M |
|
Similar funds
Seth Klarman's Q4 2016 Portfolio in Review
As of Q4 2016, Seth Klarman held 54 positions worth $7.67B, up 9% from $7.04B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Seth Klarman deployed $509M of net new capital in Q4 2016, opening 9 new positions and adding to 9 existing holdings. Its largest new stake was McKesson: 1,000,000 shares worth $140M.
By sector, the portfolio is most concentrated in Healthcare at 23% of assets, up from 19% a quarter earlier, followed by Energy and Technology.
On the sell side, the largest reduction was Cheniere Energy, an estimated $247M trimmed.
- Seth Klarman's largest Q4 2016 buy was McKesson: 1,000,000 shares worth $140M.
- Seth Klarman added most to Allergan plc in Q4 2016, an estimated $296M increase.
- Seth Klarman's biggest Q4 2016 reduction was Cheniere Energy, cutting an estimated $247M.
- Seth Klarman fully exited PayPal in Q4 2016, selling an estimated $205M.
- Seth Klarman's ten largest holdings make up 72% of its $7.67B portfolio in Q4 2016.
- Seth Klarman opened 9 new positions and closed 10 in Q4 2016.
- Seth Klarman's portfolio value rose 9% quarter-over-quarter to $7.67B.
Based on Baupost Group's 13F filing for Q4 2016, filed 14 Feb 2017.