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 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$352M |
| 2 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$159M |
| 3 |
PG&E
PCG
|
+$134M |
| 4 |
AGN
Allergan plc
AGN
|
+$41.9M |
| 5 |
McKesson
MCK
|
+$39.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ESRX
Express Scripts Holding Company
ESRX
|
+$172M |
| 2 |
PBF Energy
PBF
|
+$96.8M |
| 3 |
CASC
Cascadian Therapeutics, Inc.
CASC
|
+$32.3M |
| 4 |
Sunrun
RUN
|
+$16.8M |
| 5 |
Cencora
COR
|
+$11.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 24.99% |
| 2 | Communication Services | 21.48% |
| 3 | Healthcare | 19.99% |
| 4 | Technology | 16.27% |
| 5 | Financials | 12.39% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Cheniere Energy
LNG
$57.3B
| $1.11B | 10.68% |
20,726,340
| – | – |
|
2
Synchrony
SYF
$25.9B
| $982M | 9.47% |
29,295,030
| – | – |
|
|
TFCFA
3
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $976M | 9.41% |
26,588,731
+4,300,000
| +19% | +$159M |
|
4
Viasat
VSAT
$10.3B
| $898M | 8.66% |
13,658,137
+500,000
| +4% | +$36.5M |
|
|
AGN
5
DELISTED
Allergan plc
AGN
| $799M | 7.71% |
4,750,000
+250,000
| +6% | +$41.9M |
|
6
Qorvo
QRVO
$8.43B
| $775M | 7.47% |
11,000,000
| – | – |
|
|
TWX
7
DELISTED
Time Warner Inc
TWX
| $766M | 7.39% |
8,100,000
| – | – |
|
|
PXD
8
DELISTED
Pioneer Natural Resource Co.
PXD
| $687M | 6.63% |
4,000,000
+2,000,000
| +100% | +$352M |
|
9
Antero Resources
AR
$11.7B
| $528M | 5.09% |
26,587,791
+1,865,604
| +8% | +$36.2M |
|
|
TFCF
10
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $416M | 4.01% |
11,433,358
+902,100
| +9% | +$32.9M |
|
11
Cardinal Health
CAH
$53.4B
| $320M | 3.08% |
5,100,000
| – | – |
|
12
DigitalBridge
DBRG
$2.95B
| $279M | 2.69% |
12,421,843
+445,478
| +4% | +$14.5M |
|
|
13
PBF Energy
PBF
$8.72B
| $269M | 2.59% |
7,924,175
-3,000,000
| -27% | -$96.8M |
|
14
Atara Biotherapeutics
ATRA
$97.4M
| $244M | 2.35% |
250,185
+35,800
| +17% | +$32.6M |
|
|
15
McKesson
MCK
$100B
| $228M | 2.19% |
1,615,700
+255,700
| +19% | +$39.8M |
|
16
Theravance Biopharma
TBPH
$883M
| $226M | 2.18% |
9,309,168
| – | – |
|
|
VRTV
17
DELISTED
VERITIV CORPORATION
VRTV
| $150M | 1.45% |
3,824,385
+182,900
| +5% | +$5.56M |
|
|
18
PG&E
PCG
$38.8B
| $138M | 1.33% |
+3,149,972
| New | +$134M |
|
|
19
Cencora
COR
$60.7B
| $114M | 1.1% |
1,317,216
-117,349
| -8% | -$11.3M |
|
|
KERX
20
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $105M | 1.02% |
25,791,678
| – | – |
|
21
AMC Entertainment Holdings
AMC
$2.28B
| $70.3M | 0.68% |
500,000
| – | – |
|
22
NovaGold Resources
NG
$3.83B
| $58.3M | 0.56% |
13,467,145
+2,724,310
| +25% | +$10.9M |
|
|
GTYHU
23
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
| $45.5M | 0.44% |
4,400,000
| – | – |
|
|
PRTK
24
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
| $31.1M | 0.3% |
2,394,498
| – | – |
|
|
SCAC
25
DELISTED
Saban Capital Acquisition Corp. Class A Ordinary Share
SCAC
| $23.1M | 0.22% |
2,326,500
| – | – |
|
Similar funds
Seth Klarman's Q1 2018 Portfolio in Review
As of Q1 2018, Seth Klarman held 36 positions worth $10.4B, up 2.5% from $10.1B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Seth Klarman deployed $519M of net new capital in Q1 2018, opening 1 new position and adding to 11 existing holdings. Its largest new stake was PG&E: 3,149,972 shares worth $138M.
By sector, the portfolio is most concentrated in Energy at 25% of assets, up from 23% a quarter earlier, followed by Communication Services and Healthcare.
On the sell side, the largest reduction was PBF Energy, an estimated $96.8M trimmed.
- Seth Klarman's largest Q1 2018 buy was PG&E: 3,149,972 shares worth $138M.
- Seth Klarman added most to Pioneer Natural Resource Co. in Q1 2018, an estimated $352M increase.
- Seth Klarman's biggest Q1 2018 reduction was PBF Energy, cutting an estimated $96.8M.
- Seth Klarman fully exited Express Scripts Holding Company in Q1 2018, selling an estimated $172M.
- Seth Klarman's ten largest holdings make up 77% of its $10.4B portfolio in Q1 2018.
- Seth Klarman opened 1 new position and closed 3 in Q1 2018.
- Seth Klarman's portfolio value rose 2.5% quarter-over-quarter to $10.4B.
Based on Baupost Group's 13F filing for Q1 2018, filed 14 May 2018.