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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
+6.84%
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
$8.49B
AUM Growth
+$823M
Cap. Flow
+$365M
Cap. Flow %
4.3%
Top 10 Hldgs %
68.73%
Holding
48
New
4
Increased
3
Reduced
7
Closed
5

Top Buys

Rank Stock Value
1
QRVO icon
Qorvo
QRVO
+$462M
2
DBRG icon
DigitalBridge
DBRG
+$410M
3
QCOM icon
Qualcomm
QCOM
+$303M
4
ESRX
Express Scripts Holding Company
ESRX
+$84.5M
5
SRUNU
Silver Run Acquisition Corporation II Units
SRUNU
+$69.1M

Top Sells

Rank Stock Value
1
AGN
Allergan plc
AGN
+$233M
2
NRF
NorthStar Realty Finance Corp.
NRF
+$221M
3
CLNY
Colony Capital, Inc.
CLNY
+$141M
4
SYF icon
Synchrony
SYF
+$108M
5
DELL icon
Dell
DELL
+$62.2M

Sector Composition

Rank Sector Weight
1 Technology 24.39%
2 Healthcare 22.52%
3 Energy 20.58%
4 Financials 15.73%
5 Communication Services 10.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LNG icon
1
Cheniere Energy
LNG
$57.3B
$1.03B 12.09%
21,726,340
– –
VSAT icon
2
Viasat
VSAT
$10.3B
$840M 9.89%
13,158,137
– –
TFCFA
3
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
$620M 7.3%
19,137,469
– –
DBRG icon
4
DigitalBridge
DBRG
$2.95B
$618M 7.28%
11,976,365
+7,300,115
+156% +$410M
SYF icon
5
Synchrony
SYF
$25.9B
$606M 7.13%
17,665,000
-3,000,000
-15% -$108M
AGN
6
DELISTED
Allergan plc
AGN
$581M 6.84%
2,432,603
-1,000,000
-29% -$233M
QRVO icon
7
Qorvo
QRVO
$8.43B
$493M 5.8%
+7,185,514
New +$462M
DELL icon
8
Dell
DELL
$286B
$362M 4.26%
20,141,057
-3,563,238
-15% -$62.2M
PBF icon
9
PBF Energy
PBF
$8.72B
$349M 4.1%
15,724,175
– –
TBPH icon
10
Theravance Biopharma
TBPH
$883M
$341M 4.02%
9,273,991
– –
AR icon
11
Antero Resources
AR
$11.7B
$331M 3.9%
14,505,881
– –
QCOM icon
12
Qualcomm
QCOM
$169B
$299M 3.52%
+5,216,000
New +$303M
TFCF
13
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
$231M 2.72%
7,278,100
– –
INVA icon
14
Innoviva
INVA
$1.52B
$160M 1.88%
11,573,663
-3,357,820
-22% -$39.5M
KERX
15
DELISTED
Keryx Biopharmaceuticals Inc
KERX
$159M 1.87%
25,791,678
– –
VRTV
16
DELISTED
VERITIV CORPORATION
VRTV
$158M 1.86%
3,044,385
– –
MCK icon
17
McKesson
MCK
$100B
$148M 1.75%
1,000,000
– –
FWP
18
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
$120M 1.41%
796,487
+29,730
+4% +$5.6M
ATRA icon
19
Atara Biotherapeutics
ATRA
$97.4M
$110M 1.3%
214,385
– –
CAH icon
20
Cardinal Health
CAH
$53.4B
$84M 0.99%
1,030,000
– –
ESRX
21
DELISTED
Express Scripts Holding Company
ESRX
$81M 0.95%
+1,228,619
New +$84.5M
SRUNU
22
DELISTED
Silver Run Acquisition Corporation II Units
SRUNU
$69M 0.81%
+6,615,554
New +$69.1M
LVNTA
23
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$65.9M 0.78%
1,481,719
– –
IMOS
24
ChipMOS TECHNOLOGIES
IMOS
$1.88B
$62.3M 0.73%
2,979,869
– –
CACC icon
25
Credit Acceptance
CACC
$6.24B
$48.7M 0.57%
244,400
– –
1
2

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Seth Klarman's Q1 2017 Portfolio in Review

As of Q1 2017, Seth Klarman held 48 positions worth $8.49B, up 11% from $7.67B the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Seth Klarman deployed $365M of net new capital in Q1 2017, opening 4 new positions and adding to 3 existing holdings. Its largest new stake was Qorvo: 7,185,514 shares worth $493M.

By sector, the portfolio is most concentrated in Technology at 24% of assets, up from 17% a quarter earlier, followed by Healthcare and Energy.

On the sell side, the largest reduction was Allergan plc, an estimated $233M trimmed.

  • Seth Klarman's largest Q1 2017 buy was Qorvo: 7,185,514 shares worth $493M.
  • Seth Klarman added most to DigitalBridge in Q1 2017, an estimated $410M increase.
  • Seth Klarman's biggest Q1 2017 reduction was Allergan plc, cutting an estimated $233M.
  • Seth Klarman fully exited NorthStar Realty Finance Corp. in Q1 2017, selling an estimated $221M.
  • Seth Klarman's ten largest holdings make up 69% of its $8.49B portfolio in Q1 2017.
  • Seth Klarman opened 4 new positions and closed 5 in Q1 2017.
  • Seth Klarman's portfolio value rose 11% quarter-over-quarter to $8.49B.

Based on Baupost Group's 13F filing for Q1 2017, filed 12 May 2017.