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 |
PG&E
PCG
|
+$645M |
| 2 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$577M |
| 3 |
Liberty Global Class C
LBTYK
|
+$291M |
| 4 |
AABA
Altaba Inc
AABA
|
+$198M |
| 5 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$168M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Synchrony
SYF
|
+$413M |
| 2 |
AT&T
T
|
+$304M |
| 3 |
AMC Entertainment Holdings
AMC
|
+$41M |
| 4 |
Cardinal Health
CAH
|
+$18.5M |
| 5 |
VRTV
VERITIV CORPORATION
VRTV
|
+$11.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 30.8% |
| 2 | Healthcare | 19.11% |
| 3 | Energy | 17.21% |
| 4 | Technology | 14.67% |
| 5 | Utilities | 6.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
TFCFA
1
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $2.41B | 18.45% |
52,001,167
+12,585,338
| +32% | +$577M |
|
2
Cheniere Energy
LNG
$57.3B
| $986M | 7.56% |
14,196,135
| – | – |
|
|
AGN
3
DELISTED
Allergan plc
AGN
| $943M | 7.22% |
4,950,000
| – | – |
|
4
Viasat
VSAT
$10.3B
| $878M | 6.73% |
13,732,068
| – | – |
|
|
5
PG&E
PCG
$38.8B
| $873M | 6.69% |
18,979,790
+14,479,790
| +322% | +$645M |
|
6
Qorvo
QRVO
$8.43B
| $846M | 6.48% |
11,000,000
| – | – |
|
|
TFCF
7
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $794M | 6.08% |
17,320,922
+3,714,662
| +27% | +$168M |
|
|
PXD
8
DELISTED
Pioneer Natural Resource Co.
PXD
| $697M | 5.34% |
4,000,000
| – | – |
|
|
9
Synchrony
SYF
$25.9B
| $508M | 3.89% |
16,332,929
-12,962,101
| -44% | -$413M |
|
10
Antero Resources
AR
$11.7B
| $471M | 3.61% |
26,587,791
| – | – |
|
11
Theravance Biopharma
TBPH
$883M
| $304M | 2.33% |
9,309,168
| – | – |
|
|
12
Liberty Global Class C
LBTYK
$3.55B
| $303M | 2.32% |
+10,768,870
| New | +$291M |
|
13
DigitalBridge
DBRG
$2.95B
| $303M | 2.32% |
12,421,843
| – | – |
|
14
McKesson
MCK
$100B
| $289M | 2.21% |
2,175,700
+548,000
| +34% | +$71.5M |
|
15
Atara Biotherapeutics
ATRA
$97.4M
| $259M | 1.98% |
250,185
| – | – |
|
|
16
Cardinal Health
CAH
$53.4B
| $256M | 1.96% |
4,738,485
-361,515
| -7% | -$18.5M |
|
17
Cencora
COR
$60.7B
| $254M | 1.94% |
2,751,056
+877,491
| +47% | +$75.9M |
|
|
TRCO
18
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $230M | 1.76% |
5,996,042
+3,000,000
| +100% | +$108M |
|
|
AABA
19
DELISTED
Altaba Inc
AABA
| $191M | 1.47% |
+2,810,775
| New | +$198M |
|
20
Liberty Global Class A
LBTYA
$3.63B
| $143M | 1.1% |
+4,957,205
| New | +$138M |
|
|
VRTV
21
DELISTED
VERITIV CORPORATION
VRTV
| $130M | 0.99% |
3,564,439
-259,946
| -7% | -$11.1M |
|
22
YPF Sociedad Anonima ADS
YPF
$20.1B
| $92.7M | 0.71% |
+6,000,000
| New | +$93.4M |
|
|
KERX
23
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $87.7M | 0.67% |
25,791,678
| – | – |
|
24
Sinclair Inc
SBGI
$1.04B
| $85M | 0.65% |
3,000,000
+428,698
| +17% | +$12.2M |
|
|
TBIO
25
DELISTED
Translate Bio, Inc. Common Stock
TBIO
| $62.4M | 0.48% |
6,491,287
+4,568,211
| +238% | +$53.2M |
|
Similar funds
Seth Klarman's Q3 2018 Portfolio in Review
As of Q3 2018, Seth Klarman held 39 positions worth $13.1B, up 14% from $11.4B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Seth Klarman deployed $1.36B of net new capital in Q3 2018, opening 6 new positions and adding to 8 existing holdings. Its largest new stake was Liberty Global Class C: 10,768,870 shares worth $303M.
By sector, the portfolio is most concentrated in Communication Services at 31% of assets, up from 28% a quarter earlier, followed by Healthcare and Energy.
On the sell side, the largest reduction was Synchrony, an estimated $413M trimmed.
- Seth Klarman's largest Q3 2018 buy was Liberty Global Class C: 10,768,870 shares worth $303M.
- Seth Klarman added most to PG&E in Q3 2018, an estimated $645M increase.
- Seth Klarman's biggest Q3 2018 reduction was Synchrony, cutting an estimated $413M.
- Seth Klarman fully exited AT&T in Q3 2018, selling an estimated $304M.
- Seth Klarman's ten largest holdings make up 72% of its $13.1B portfolio in Q3 2018.
- Seth Klarman opened 6 new positions and closed 1 in Q3 2018.
- Seth Klarman's portfolio value rose 14% quarter-over-quarter to $13.1B.
Based on Baupost Group's 13F filing for Q3 2018, filed 13 Nov 2018.