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
|
+$124M |
| 2 |
McKesson
MCK
|
+$78M |
| 3 |
AMC Entertainment Holdings
AMC
|
+$59.5M |
| 4 |
Antero Resources
AR
|
+$55.2M |
| 5 |
Cardinal Health
CAH
|
+$35.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Qualcomm
QCOM
|
+$288M |
| 2 |
Dell
DELL
|
+$179M |
| 3 |
Avis
CAR
|
+$99.6M |
| 4 |
SRC
SPIRIT REALTY CAPITAL, INC.
SRC
|
+$66.7M |
| 5 |
SRUN
Silver Run Acquisition Corporation II Class A
SRUN
|
+$45.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 23.55% |
| 2 | Technology | 22.35% |
| 3 | Healthcare | 21.95% |
| 4 | Financials | 19.4% |
| 5 | Communication Services | 9.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Cheniere Energy
LNG
$57.3B
| $934M | 11.64% |
20,726,340
| – | – |
|
2
Synchrony
SYF
$25.9B
| $910M | 11.34% |
29,295,030
| – | – |
|
3
Viasat
VSAT
$10.3B
| $846M | 10.55% |
13,158,137
| – | – |
|
4
Qorvo
QRVO
$8.43B
| $636M | 7.93% |
9,000,000
| – | – |
|
|
AGN
5
DELISTED
Allergan plc
AGN
| $608M | 7.57% |
2,964,203
+531,600
| +22% | +$124M |
|
6
DigitalBridge
DBRG
$2.95B
| $602M | 7.5% |
11,976,365
| – | – |
|
|
TFCFA
7
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $505M | 6.29% |
19,137,469
| – | – |
|
|
8
Antero Resources
AR
$11.7B
| $476M | 5.93% |
23,912,257
+2,741,261
| +13% | +$55.2M |
|
9
PBF Energy
PBF
$8.72B
| $434M | 5.41% |
15,724,175
| – | – |
|
10
Theravance Biopharma
TBPH
$883M
| $319M | 3.97% |
9,309,168
+35,177
| +0.4% | +$1.15M |
|
|
11
Dell
DELL
$286B
| $236M | 2.94% |
10,876,638
-9,264,419
| -46% | -$179M |
|
|
TFCF
12
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $190M | 2.37% |
7,384,542
+106,442
| +1% | +$2.89M |
|
|
KERX
13
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $183M | 2.28% |
25,791,678
| – | – |
|
|
14
Cardinal Health
CAH
$53.4B
| $169M | 2.11% |
2,530,000
+500,000
| +25% | +$35.3M |
|
|
ESRX
15
DELISTED
Express Scripts Holding Company
ESRX
| $162M | 2.02% |
2,556,891
| – | – |
|
|
VRTV
16
DELISTED
VERITIV CORPORATION
VRTV
| $99.2M | 1.24% |
3,053,724
+9,339
| +0.3% | +$312K |
|
17
Atara Biotherapeutics
ATRA
$97.4M
| $88.7M | 1.11% |
214,385
| – | – |
|
|
18
McKesson
MCK
$100B
| $76.8M | 0.96% |
+500,000
| New | +$78M |
|
|
PRTK
19
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
| $60.1M | 0.75% |
2,394,498
| – | – |
|
|
IMOS
20
ChipMOS TECHNOLOGIES
IMOS
$1.88B
| $58.9M | 0.73% |
2,588,002
-391,867
| -13% | -$8.69M |
|
|
21
AMC Entertainment Holdings
AMC
$2.28B
| $52.4M | 0.65% |
+356,536
| New | +$59.5M |
|
|
GTYHU
22
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
| $46M | 0.57% |
4,400,000
| – | – |
|
|
PR
23
Permian Resources
PR
$19.9B
| $42.1M | 0.52% |
2,407,153
| – | – |
|
|
24
Avis
CAR
$5.18B
| $39.5M | 0.49% |
1,036,900
-2,963,100
| -74% | -$99.6M |
|
|
FWP
25
DELISTED
Forward Pharma A/S American Depositary Shares
FWP
| $39.2M | 0.49% |
923,324
+14,173
| +2% | +$1.97M |
|
Similar funds
Seth Klarman's Q3 2017 Portfolio in Review
As of Q3 2017, Seth Klarman held 45 positions worth $8.02B, down 8.3% from $8.75B the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Seth Klarman withdrew a net $462M in Q3 2017, closing 8 positions and reducing 4 holdings. Its most notable exit was Qualcomm, an estimated $288M position sold in full.
By sector, the portfolio is most concentrated in Energy at 24% of assets, up from 21% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Seth Klarman opened a new position in McKesson worth $76.8M.
- Seth Klarman's largest Q3 2017 buy was McKesson: 500,000 shares worth $76.8M.
- Seth Klarman added most to Allergan plc in Q3 2017, an estimated $124M increase.
- Seth Klarman's biggest Q3 2017 reduction was Dell, cutting an estimated $179M.
- Seth Klarman fully exited Qualcomm in Q3 2017, selling an estimated $288M.
- Seth Klarman's ten largest holdings make up 78% of its $8.02B portfolio in Q3 2017.
- Seth Klarman opened 5 new positions and closed 8 in Q3 2017.
- Seth Klarman's portfolio value fell 8.3% quarter-over-quarter to $8.02B.
Based on Baupost Group's 13F filing for Q3 2017, filed 13 Nov 2017.