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 |
TWX
Time Warner Inc
TWX
|
+$765M |
| 2 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$304M |
| 3 |
AGN
Allergan plc
AGN
|
+$276M |
| 4 |
Cardinal Health
CAH
|
+$159M |
| 5 |
Qorvo
QRVO
|
+$146M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dell
DELL
|
+$236M |
| 2 |
PBF Energy
PBF
|
+$148M |
| 3 |
PR
Permian Resources
PR
|
+$42.1M |
| 4 |
Avis
CAR
|
+$39.5M |
| 5 |
IMOS
ChipMOS TECHNOLOGIES
IMOS
|
+$30.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 22.92% |
| 2 | Healthcare | 21.1% |
| 3 | Communication Services | 19.23% |
| 4 | Technology | 17.4% |
| 5 | Financials | 16.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Synchrony
SYF
$25.9B
| $1.13B | 11.18% |
29,295,030
| – | – |
|
2
Cheniere Energy
LNG
$57.3B
| $1.12B | 11.03% |
20,726,340
| – | – |
|
3
Viasat
VSAT
$10.3B
| $985M | 9.74% |
13,158,137
| – | – |
|
|
TFCFA
4
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $770M | 7.61% |
22,288,731
+3,151,262
| +16% | +$94M |
|
|
TWX
5
DELISTED
Time Warner Inc
TWX
| $741M | 7.33% |
+8,100,000
| New | +$765M |
|
|
AGN
6
DELISTED
Allergan plc
AGN
| $736M | 7.28% |
4,500,000
+1,535,797
| +52% | +$276M |
|
|
7
Qorvo
QRVO
$8.43B
| $733M | 7.24% |
11,000,000
+2,000,000
| +22% | +$146M |
|
8
DigitalBridge
DBRG
$2.95B
| $547M | 5.4% |
11,976,365
| – | – |
|
9
Antero Resources
AR
$11.7B
| $470M | 4.64% |
24,722,187
+809,930
| +3% | +$15.5M |
|
|
10
PBF Energy
PBF
$8.72B
| $387M | 3.83% |
10,924,175
-4,800,000
| -31% | -$148M |
|
|
TFCF
11
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $359M | 3.55% |
10,531,258
+3,146,716
| +43% | +$91.9M |
|
|
PXD
12
DELISTED
Pioneer Natural Resource Co.
PXD
| $346M | 3.42% |
2,000,000
+1,971,105
| +6,822% | +$304M |
|
|
13
Cardinal Health
CAH
$53.4B
| $312M | 3.09% |
5,100,000
+2,570,000
| +102% | +$159M |
|
14
Theravance Biopharma
TBPH
$883M
| $260M | 2.57% |
9,309,168
| – | – |
|
15
McKesson
MCK
$100B
| $212M | 2.1% |
1,360,000
+860,000
| +172% | +$127M |
|
|
ESRX
16
DELISTED
Express Scripts Holding Company
ESRX
| $172M | 1.7% |
2,306,456
-250,435
| -10% | -$16M |
|
17
Cencora
COR
$60.7B
| $132M | 1.3% |
1,434,565
+1,245,715
| +660% | +$103M |
|
|
KERX
18
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $120M | 1.19% |
25,791,678
| – | – |
|
|
VRTV
19
DELISTED
VERITIV CORPORATION
VRTV
| $105M | 1.04% |
3,641,485
+587,761
| +19% | +$17.1M |
|
20
Atara Biotherapeutics
ATRA
$97.4M
| $97M | 0.96% |
214,385
| – | – |
|
21
AMC Entertainment Holdings
AMC
$2.28B
| $75.5M | 0.75% |
500,000
+143,464
| +40% | +$20.1M |
|
|
GTYHU
22
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
| $45.4M | 0.45% |
4,400,000
| – | – |
|
|
PRTK
23
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
| $42.9M | 0.42% |
2,394,498
| – | – |
|
24
NovaGold Resources
NG
$3.83B
| $42.2M | 0.42% |
10,742,835
+1,242,835
| +13% | +$4.94M |
|
|
CASC
25
DELISTED
Cascadian Therapeutics, Inc.
CASC
| $32.3M | 0.32% |
8,721,079
| – | – |
|
Similar funds
Seth Klarman's Q4 2017 Portfolio in Review
As of Q4 2017, Seth Klarman held 39 positions worth $10.1B, up 26% from $8.02B the previous quarter. Its ten largest holdings account for 75% of the portfolio.
Seth Klarman deployed $1.55B of net new capital in Q4 2017, opening 2 new positions and adding to 12 existing holdings. Its largest new stake was Time Warner Inc: 8,100,000 shares worth $741M.
By sector, the portfolio is most concentrated in Energy at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Communication Services.
On the sell side, the largest reduction was PBF Energy, an estimated $148M trimmed.
- Seth Klarman's largest Q4 2017 buy was Time Warner Inc: 8,100,000 shares worth $741M.
- Seth Klarman added most to Pioneer Natural Resource Co. in Q4 2017, an estimated $304M increase.
- Seth Klarman's biggest Q4 2017 reduction was PBF Energy, cutting an estimated $148M.
- Seth Klarman fully exited Dell in Q4 2017, selling an estimated $236M.
- Seth Klarman's ten largest holdings make up 75% of its $10.1B portfolio in Q4 2017.
- Seth Klarman opened 2 new positions and closed 5 in Q4 2017.
- Seth Klarman's portfolio value rose 26% quarter-over-quarter to $10.1B.
Based on Baupost Group's 13F filing for Q4 2017, filed 13 Feb 2018.