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 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$507M |
| 2 |
AT&T
T
|
+$315M |
| 3 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$114M |
| 4 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$84.9M |
| 5 |
Sinclair Inc
SBGI
|
+$77M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWX
Time Warner Inc
TWX
|
+$766M |
| 2 |
Cheniere Energy
LNG
|
+$402M |
| 3 |
PBF Energy
PBF
|
+$269M |
| 4 |
IMOS
ChipMOS TECHNOLOGIES
IMOS
|
+$14.8M |
| 5 |
FWP
Forward Pharma A/S American Depositary Shares
FWP
|
+$6.18M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 28.07% |
| 2 | Energy | 19.67% |
| 3 | Healthcare | 17.96% |
| 4 | Technology | 15.6% |
| 5 | Financials | 11.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
TFCFA
1
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.96B | 17.12% |
39,415,829
+12,827,098
| +48% | +$507M |
|
2
Synchrony
SYF
$25.9B
| $978M | 8.55% |
29,295,030
| – | – |
|
|
3
Cheniere Energy
LNG
$57.3B
| $925M | 8.09% |
14,196,135
-6,530,205
| -32% | -$402M |
|
4
Viasat
VSAT
$10.3B
| $902M | 7.89% |
13,732,068
+73,931
| +0.5% | +$4.72M |
|
5
Qorvo
QRVO
$8.43B
| $882M | 7.71% |
11,000,000
| – | – |
|
|
AGN
6
DELISTED
Allergan plc
AGN
| $825M | 7.22% |
4,950,000
+200,000
| +4% | +$32.1M |
|
|
PXD
7
DELISTED
Pioneer Natural Resource Co.
PXD
| $757M | 6.62% |
4,000,000
| – | – |
|
|
TFCF
8
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $670M | 5.86% |
13,606,260
+2,172,902
| +19% | +$84.9M |
|
9
Antero Resources
AR
$11.7B
| $568M | 4.96% |
26,587,791
| – | – |
|
10
DigitalBridge
DBRG
$2.95B
| $310M | 2.71% |
12,421,843
| – | – |
|
|
11
AT&T
T
$173B
| $304M | 2.66% |
+12,552,447
| New | +$315M |
|
12
Cardinal Health
CAH
$53.4B
| $249M | 2.18% |
5,100,000
| – | – |
|
13
Atara Biotherapeutics
ATRA
$97.4M
| $230M | 2.01% |
250,185
| – | – |
|
14
McKesson
MCK
$100B
| $217M | 1.9% |
1,627,700
+12,000
| +0.7% | +$1.76M |
|
15
Theravance Biopharma
TBPH
$883M
| $211M | 1.85% |
9,309,168
| – | – |
|
16
PG&E
PCG
$38.8B
| $192M | 1.67% |
4,500,000
+1,350,028
| +43% | +$58.5M |
|
17
Cencora
COR
$60.7B
| $160M | 1.4% |
1,873,565
+556,349
| +42% | +$48.9M |
|
|
VRTV
18
DELISTED
VERITIV CORPORATION
VRTV
| $152M | 1.33% |
3,824,385
| – | – |
|
|
TRCO
19
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $115M | 1% |
+2,996,042
| New | +$114M |
|
|
KERX
20
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $97M | 0.85% |
25,791,678
| – | – |
|
|
21
Sinclair Inc
SBGI
$1.04B
| $82.7M | 0.72% |
+2,571,302
| New | +$77M |
|
22
AMC Entertainment Holdings
AMC
$2.28B
| $79.5M | 0.7% |
500,000
| – | – |
|
23
NovaGold Resources
NG
$3.83B
| $59.9M | 0.52% |
13,467,145
| – | – |
|
|
GTYHU
24
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
| $45.9M | 0.4% |
4,400,000
| – | – |
|
|
PRTK
25
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
| $24.4M | 0.21% |
2,394,498
| – | – |
|
Similar funds
Seth Klarman's Q2 2018 Portfolio in Review
As of Q2 2018, Seth Klarman held 38 positions worth $11.4B, up 10% from $10.4B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Seth Klarman's Q2 2018 filing shows 5 new, 8 increased, 1 reduced and 5 closed positions. Its largest new stake was AT&T: 12,552,447 shares worth $304M. The largest sale was Time Warner Inc, an estimated $766M.
By sector, the portfolio is most concentrated in Communication Services at 28% of assets, up from 21% a quarter earlier, followed by Energy and Healthcare.
- Seth Klarman's largest Q2 2018 buy was AT&T: 12,552,447 shares worth $304M.
- Seth Klarman added most to Twenty-First Century Fox, Inc. Class A in Q2 2018, an estimated $507M increase.
- Seth Klarman's biggest Q2 2018 reduction was Cheniere Energy, cutting an estimated $402M.
- Seth Klarman fully exited Time Warner Inc in Q2 2018, selling an estimated $766M.
- Seth Klarman's ten largest holdings make up 77% of its $11.4B portfolio in Q2 2018.
- Seth Klarman opened 5 new positions and closed 5 in Q2 2018.
- Seth Klarman's portfolio value rose 10% quarter-over-quarter to $11.4B.
Based on Baupost Group's 13F filing for Q2 2018, filed 13 Aug 2018.