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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
-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
Cap. Flow
+$339M
Cap. Flow %
3.88%
Top 10 Hldgs %
72.09%
Holding
47
New
4
Increased
7
Reduced
4
Closed
6

Top Buys

Rank Stock Value
1
SYF icon
Synchrony
SYF
+$345M
2
AR icon
Antero Resources
AR
+$143M
3
QRVO icon
Qorvo
QRVO
+$130M
4
CAR icon
Avis
CAR
+$103M
5
ESRX
Express Scripts Holding Company
ESRX
+$83.4M

Top Sells

Rank Stock Value
1
INVA icon
Innoviva
INVA
+$160M
2
MCK icon
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
LNG icon
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
LNG icon
1
Cheniere Energy
LNG
$57.3B
$1.01B 11.53%
20,726,340
-1,000,000
-5% -$47.7M
SYF icon
2
Synchrony
SYF
$25.9B
$874M 9.98%
29,295,030
+11,630,030
+66% +$345M
VSAT icon
3
Viasat
VSAT
$10.3B
$871M 9.95%
13,158,137
– –
DBRG icon
4
DigitalBridge
DBRG
$2.95B
$675M 7.71%
11,976,365
– –
AGN
5
DELISTED
Allergan plc
AGN
$591M 6.76%
2,432,603
– –
QRVO icon
6
Qorvo
QRVO
$8.43B
$570M 6.51%
9,000,000
+1,814,486
+25% +$130M
TFCFA
7
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
$542M 6.2%
19,137,469
– –
AR icon
8
Antero Resources
AR
$11.7B
$458M 5.23%
21,170,996
+6,665,115
+46% +$143M
TBPH icon
9
Theravance Biopharma
TBPH
$883M
$369M 4.22%
9,273,991
– –
PBF icon
10
PBF Energy
PBF
$8.72B
$350M 4%
15,724,175
– –
DELL icon
11
Dell
DELL
$286B
$345M 3.95%
20,141,057
– –
QCOM icon
12
Qualcomm
QCOM
$169B
$288M 3.29%
5,216,000
– –
TFCF
13
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
$203M 2.32%
7,278,100
– –
KERX
14
DELISTED
Keryx Biopharmaceuticals Inc
KERX
$186M 2.13%
25,791,678
– –
ESRX
15
DELISTED
Express Scripts Holding Company
ESRX
$163M 1.86%
2,556,891
+1,328,272
+108% +$83.4M
CAH icon
16
Cardinal Health
CAH
$53.4B
$158M 1.81%
2,030,000
+1,000,000
+97% +$75.5M
VRTV
17
DELISTED
VERITIV CORPORATION
VRTV
$137M 1.57%
3,044,385
– –
FWP
18
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
$129M 1.48%
909,151
+112,664
+14% +$15.7M
CAR icon
19
Avis
CAR
$5.18B
$109M 1.25%
+4,000,000
New +$103M
ATRA icon
20
Atara Biotherapeutics
ATRA
$97.4M
$75M 0.86%
214,385
– –
IMOS
21
ChipMOS TECHNOLOGIES
IMOS
$1.88B
$69.4M 0.79%
2,979,869
– –
SRUN
22
DELISTED
Silver Run Acquisition Corporation II Class A
SRUN
$67M 0.77%
+6,615,552
New +$66M
SRC
23
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
$66.7M 0.76%
+2,007,000
New +$75.2M
PRTK
24
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
$57.7M 0.66%
2,394,498
+350,000
+17% +$7.74M
GTYHU
25
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
$46M 0.53%
4,400,000
– –
1
2

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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.