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 |
eBay
EBAY
|
+$618M |
| 2 |
Liberty Global Class C
LBTYK
|
+$454M |
| 3 |
Akebia Therapeutics
AKBA
|
+$192M |
| 4 |
UNVR
Univar Solutions Inc.
UNVR
|
+$179M |
| 5 |
PARA
Paramount Global Class B
PARA
|
+$135M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$230M |
| 2 |
AABA
Altaba Inc
AABA
|
+$191M |
| 3 |
Cardinal Health
CAH
|
+$170M |
| 4 |
PG&E
PCG
|
+$125M |
| 5 |
KERX
Keryx Biopharmaceuticals Inc
KERX
|
+$87.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 37.18% |
| 2 | Energy | 15.45% |
| 3 | Healthcare | 15.37% |
| 4 | Technology | 12.65% |
| 5 | Consumer Discretionary | 5.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
TFCFA
1
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $2.47B | 21.41% |
51,281,167
-720,000
| -1% | -$34.1M |
|
2
Cheniere Energy
LNG
$57.3B
| $840M | 7.29% |
14,196,135
| – | – |
|
|
TFCF
3
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $814M | 7.07% |
17,040,922
-280,000
| -2% | -$13.2M |
|
4
Viasat
VSAT
$10.3B
| $810M | 7.03% |
13,732,068
| – | – |
|
5
Qorvo
QRVO
$8.43B
| $649M | 5.63% |
10,681,181
-318,819
| -3% | -$21.4M |
|
|
AGN
6
DELISTED
Allergan plc
AGN
| $636M | 5.52% |
4,755,495
-194,505
| -4% | -$31.9M |
|
|
7
Liberty Global Class C
LBTYK
$3.55B
| $614M | 5.33% |
29,742,795
+18,973,925
| +176% | +$454M |
|
|
PXD
8
DELISTED
Pioneer Natural Resource Co.
PXD
| $592M | 5.14% |
4,500,000
+500,000
| +13% | +$76.4M |
|
|
9
eBay
EBAY
$46.3B
| $589M | 5.12% |
+21,000,000
| New | +$618M |
|
|
10
PG&E
PCG
$38.8B
| $368M | 3.19% |
15,474,483
-3,505,307
| -18% | -$125M |
|
11
Synchrony
SYF
$25.9B
| $341M | 2.96% |
14,553,557
-1,779,372
| -11% | -$48.1M |
|
12
Antero Resources
AR
$11.7B
| $268M | 2.33% |
28,587,791
+2,000,000
| +8% | +$29.6M |
|
13
Theravance Biopharma
TBPH
$883M
| $238M | 2.07% |
9,309,168
| – | – |
|
14
DigitalBridge
DBRG
$2.95B
| $233M | 2.02% |
12,421,843
| – | – |
|
15
Atara Biotherapeutics
ATRA
$97.4M
| $217M | 1.89% |
250,185
| – | – |
|
16
McKesson
MCK
$100B
| $190M | 1.65% |
1,720,011
-455,689
| -21% | -$56.8M |
|
|
UNVR
17
DELISTED
Univar Solutions Inc.
UNVR
| $169M | 1.46% |
9,500,000
+7,728,900
| +436% | +$179M |
|
18
Cencora
COR
$60.7B
| $150M | 1.3% |
2,014,299
-736,757
| -27% | -$63.5M |
|
|
19
Akebia Therapeutics
AKBA
$251M
| $135M | 1.17% |
+24,471,453
| New | +$192M |
|
|
PARA
20
DELISTED
Paramount Global Class B
PARA
| $111M | 0.97% |
+2,547,059
| New | +$135M |
|
21
Liberty Global Class A
LBTYA
$3.63B
| $106M | 0.92% |
4,957,205
| – | – |
|
|
VRTV
22
DELISTED
VERITIV CORPORATION
VRTV
| $89M | 0.77% |
3,564,439
| – | – |
|
23
YPF Sociedad Anonima ADS
YPF
$20.1B
| $80.3M | 0.7% |
6,000,000
| – | – |
|
|
SHPG
24
DELISTED
Shire pic
SHPG
| $80.1M | 0.7% |
460,473
+361,541
| +365% | +$63.2M |
|
25
Sinclair Inc
SBGI
$1.04B
| $79M | 0.69% |
3,000,000
| – | – |
|
Similar funds
Seth Klarman's Q4 2018 Portfolio in Review
As of Q4 2018, Seth Klarman held 43 positions worth $11.5B, down 12% from $13.1B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Seth Klarman's Q4 2018 filing shows 5 new, 6 increased, 10 reduced and 6 closed positions. Its largest new stake was eBay: 21,000,000 shares worth $589M. The largest sale was TRIBUNE MEDIA COMPANY CLASS A, an estimated $230M.
By sector, the portfolio is most concentrated in Communication Services at 37% of assets, up from 31% a quarter earlier, followed by Energy and Healthcare.
- Seth Klarman's largest Q4 2018 buy was eBay: 21,000,000 shares worth $589M.
- Seth Klarman added most to Liberty Global Class C in Q4 2018, an estimated $454M increase.
- Seth Klarman's biggest Q4 2018 reduction was Cardinal Health, cutting an estimated $170M.
- Seth Klarman fully exited TRIBUNE MEDIA COMPANY CLASS A in Q4 2018, selling an estimated $230M.
- Seth Klarman's ten largest holdings make up 73% of its $11.5B portfolio in Q4 2018.
- Seth Klarman opened 5 new positions and closed 6 in Q4 2018.
- Seth Klarman's portfolio value fell 12% quarter-over-quarter to $11.5B.
Based on Baupost Group's 13F filing for Q4 2018, filed 13 Feb 2019.