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Seth Klarman Baupost Group
AUM
$5.42B
Turnover
20%
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
-1.77%
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
$8.75B
AUM Growth
+$260M
(+3.1%)
Cap. Flow
+$339M
Cap. Flow % of AUM
Cap. Flow %
3.88%
Top 10 Holdings %
Top 10 Hldgs %
72.09%
Holding
47
New
4
Increased
7
Reduced
4
Closed
6
Avg Time Held
1.7
years
Top 10 Avg Time Held
1.6
years
Top 20 Avg Time Held
1.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Synchrony
SYF
|
+$345M |
| 2 |
Antero Resources
AR
|
+$143M |
| 3 |
Qorvo
QRVO
|
+$130M |
| 4 |
Avis
CAR
|
+$103M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$83.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Innoviva
INVA
|
+$160M |
| 2 |
McKesson
MCK
|
+$148M |
| 3 |
SRUNU
Silver Run Acquisition Corporation II Units
SRUNU
|
+$69M |
| 4 |
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
|
+$65.9M |
| 5 |
Cheniere Energy
LNG
|
+$47.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 24.72% |
| 2 | Energy | 21.18% |
| 3 | Healthcare | 20.22% |
| 4 | Financials | 19.51% |
| 5 | Communication Services | 8.87% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Cheniere Energy
LNG
$67.5B
| $1.01B | 11.53% |
20,726,340
-1,000,000
| -5% | -$47.7M |
2014 Q1
13 quarters
|
|
|
2
Synchrony
SYF
$24.5B
| $874M | 9.98% |
29,295,030
+11,630,030
| +66% | +$345M |
2016 Q3
3 quarters
|
|
3
Viasat
VSAT
$10.6B
| $871M | 9.95% |
13,158,137
| – | – |
2013 Q2
16 quarters
|
|
4
DELISTED
DigitalBridge
DBRG
| $675M | 7.71% |
11,976,365
| – | – |
2016 Q3
3 quarters
|
|
|
AGN
5
DELISTED
Allergan plc
AGN
| $591M | 6.76% |
2,432,603
| – | – |
2016 Q1
5 quarters
|
|
|
6
DELISTED
Qorvo
QRVO
| $570M | 6.51% |
9,000,000
+1,814,486
| +25% | +$130M |
2017 Q1
1 quarter
|
|
|
TFCFA
7
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $542M | 6.2% |
19,137,469
| – | – |
2015 Q3
7 quarters
|
|
|
8
Antero Resources
AR
$12.9B
| $458M | 5.23% |
21,170,996
+6,665,115
| +46% | +$143M |
2014 Q3
11 quarters
|
|
9
DELISTED
Theravance Biopharma
TBPH
| $369M | 4.22% |
9,273,991
| – | – |
2014 Q2
12 quarters
|
|
10
PBF Energy
PBF
$9.25B
| $350M | 4% |
15,724,175
| – | – |
2013 Q3
15 quarters
|
|
11
Dell
DELL
$270B
| $345M | 3.95% |
20,141,057
| – | – |
2016 Q3
3 quarters
|
|
12
Qualcomm
QCOM
$176B
| $288M | 3.29% |
5,216,000
| – | – |
2017 Q1
1 quarter
|
|
|
TFCF
13
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $203M | 2.32% |
7,278,100
| – | – |
2015 Q3
7 quarters
|
|
|
KERX
14
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $186M | 2.13% |
25,791,678
| – | – |
2014 Q1
13 quarters
|
|
|
ESRX
15
DELISTED
Express Scripts Holding Company
ESRX
| $163M | 1.86% |
2,556,891
+1,328,272
| +108% | +$83.4M |
2017 Q1
1 quarter
|
|
16
Cardinal Health
CAH
$58B
| $158M | 1.81% |
2,030,000
+1,000,000
| +97% | +$75.5M |
2016 Q4
2 quarters
|
|
|
VRTV
17
DELISTED
VERITIV CORPORATION
VRTV
| $137M | 1.57% |
3,044,385
| – | – |
2014 Q3
11 quarters
|
|
|
FWP
18
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $129M | 1.48% |
909,151
+112,664
| +14% | +$15.7M |
2014 Q4
10 quarters
|
|
|
19
Avis
CAR
$3.81B
| $109M | 1.25% |
+4,000,000
| New | +$103M |
2017 Q2
0 quarters
|
|
20
Atara Biotherapeutics
ATRA
$80.4M
| $75M | 0.86% |
214,385
| – | – |
2014 Q4
10 quarters
|
|
21
ChipMOS TECHNOLOGIES
IMOS
$1.89B
| $69.4M | 0.79% |
2,979,869
| – | – |
2013 Q2
16 quarters
|
|
|
SRUN
22
DELISTED
Silver Run Acquisition Corporation II Class A
SRUN
| $67M | 0.77% |
+6,615,552
| New | +$66M |
2017 Q2
0 quarters
|
|
|
SRC
23
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
| $66.7M | 0.76% |
+2,007,000
| New | +$75.2M |
2017 Q2
0 quarters
|
|
|
PRTK
24
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
| $57.7M | 0.66% |
2,394,498
+350,000
| +17% | +$7.74M |
2014 Q4
10 quarters
|
|
|
GTYHU
25
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
| $46M | 0.53% |
4,400,000
| – | – |
2016 Q4
2 quarters
|
|
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Seth Klarman's Q2 2017 Portfolio in Review
As of Q2 2017, Seth Klarman held 47 positions worth $8.75B, up 3.1% from $8.49B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Seth Klarman deployed $339M of net new capital in Q2 2017, opening 4 new positions and adding to 7 existing holdings. Its largest new stake was Avis: 4,000,000 shares worth $109M.
By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 24% a quarter earlier, followed by Energy and Healthcare.
On the sell side, the largest reduction was Cheniere Energy, an estimated $47.7M trimmed.
- Seth Klarman's largest Q2 2017 buy was Avis: 4,000,000 shares worth $109M.
- Seth Klarman added most to Synchrony in Q2 2017, an estimated $345M increase.
- Seth Klarman's biggest Q2 2017 reduction was Cheniere Energy, cutting an estimated $47.7M.
- Seth Klarman fully exited Innoviva in Q2 2017, selling an estimated $160M.
- Seth Klarman's ten largest holdings make up 72% of its $8.75B portfolio in Q2 2017.
- Seth Klarman opened 4 new positions and closed 6 in Q2 2017.
- Seth Klarman's portfolio value rose 3.1% quarter-over-quarter to $8.75B.
Based on Baupost Group's 13F filing for Q2 2017, filed 11 Aug 2017.