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 |
Fox Class A
FOXA
|
+$1.06B |
| 2 |
CELG
Celgene Corp
CELG
|
+$350M |
| 3 |
PARA
Paramount Global Class B
PARA
|
+$292M |
| 4 |
eBay
EBAY
|
+$287M |
| 5 |
Liberty Global Class C
LBTYK
|
+$221M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$2.47B |
| 2 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$814M |
| 3 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$353M |
| 4 |
Cheniere Energy
LNG
|
+$104M |
| 5 |
YPF Sociedad Anonima ADS
YPF
|
+$80.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 24.77% |
| 2 | Healthcare | 23.3% |
| 3 | Technology | 15.32% |
| 4 | Energy | 11.93% |
| 5 | Consumer Discretionary | 9.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
eBay
EBAY
$46.3B
| $1.09B | 9.14% |
29,286,000
+8,286,000
| +39% | +$287M |
|
2
Viasat
VSAT
$10.3B
| $1.06B | 8.94% |
13,732,068
| – | – |
|
|
3
Fox Class A
FOXA
$28.8B
| $1B | 8.43% |
+27,322,720
| New | +$1.06B |
|
|
4
Liberty Global Class C
LBTYK
$3.55B
| $946M | 7.95% |
39,092,995
+9,350,200
| +31% | +$221M |
|
|
5
Cheniere Energy
LNG
$57.3B
| $863M | 7.25% |
12,618,308
-1,577,827
| -11% | -$104M |
|
6
Qorvo
QRVO
$8.43B
| $760M | 6.38% |
10,589,082
-92,099
| -0.9% | -$6.1M |
|
|
AGN
7
DELISTED
Allergan plc
AGN
| $698M | 5.87% |
4,769,695
+14,200
| +0.3% | +$2.06M |
|
8
Synchrony
SYF
$25.9B
| $455M | 3.82% |
14,260,557
-293,000
| -2% | -$8.81M |
|
9
PG&E
PCG
$38.8B
| $436M | 3.66% |
24,500,000
+9,025,517
| +58% | +$146M |
|
|
PARA
10
DELISTED
Paramount Global Class B
PARA
| $406M | 3.41% |
8,542,016
+5,994,957
| +235% | +$292M |
|
|
CELG
11
DELISTED
Celgene Corp
CELG
| $377M | 3.17% |
+4,000,000
| New | +$350M |
|
12
McKesson
MCK
$100B
| $330M | 2.77% |
2,815,011
+1,095,000
| +64% | +$135M |
|
|
PXD
13
DELISTED
Pioneer Natural Resource Co.
PXD
| $305M | 2.56% |
2,001,814
-2,498,186
| -56% | -$353M |
|
14
DigitalBridge
DBRG
$2.95B
| $264M | 2.22% |
12,421,843
| – | – |
|
15
Atara Biotherapeutics
ATRA
$97.4M
| $254M | 2.13% |
255,221
+5,036
| +2% | +$4.68M |
|
16
Antero Resources
AR
$11.7B
| $252M | 2.12% |
28,587,791
| – | – |
|
17
Takeda Pharmaceutical
TAK
$58.1B
| $217M | 1.83% |
+10,669,021
| New | +$215M |
|
18
Theravance Biopharma
TBPH
$883M
| $211M | 1.77% |
9,309,168
| – | – |
|
|
UNVR
19
DELISTED
Univar Solutions Inc.
UNVR
| $211M | 1.77% |
9,500,000
| – | – |
|
20
Fox Class B
FOX
$25.6B
| $204M | 1.71% |
+5,680,307
| New | +$216M |
|
21
Akebia Therapeutics
AKBA
$251M
| $200M | 1.68% |
24,471,453
| – | – |
|
22
Cencora
COR
$60.7B
| $191M | 1.61% |
2,404,299
+390,000
| +19% | +$31.3M |
|
23
Bristol-Myers Squibb
BMY
$137B
| $191M | 1.6% |
+4,000,000
| New | +$199M |
|
24
Liberty Global Class A
LBTYA
$3.63B
| $124M | 1.04% |
4,957,205
| – | – |
|
25
Sinclair Inc
SBGI
$1.04B
| $112M | 0.94% |
2,908,096
-91,904
| -3% | -$3.08M |
|
Similar funds
Seth Klarman's Q1 2019 Portfolio in Review
As of Q1 2019, Seth Klarman held 44 positions worth $11.9B, up 3.3% from $11.5B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Seth Klarman withdrew a net $1.18B in Q1 2019, closing 9 positions and reducing 5 holdings. Its most notable exit was Twenty-First Century Fox, Inc. Class A, an estimated $2.47B position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 25% of assets, down from 37% a quarter earlier, followed by Healthcare and Technology.
Against the trend, Seth Klarman opened a new position in Fox Class A worth $1B.
- Seth Klarman's largest Q1 2019 buy was Fox Class A: 27,322,720 shares worth $1B.
- Seth Klarman added most to Paramount Global Class B in Q1 2019, an estimated $292M increase.
- Seth Klarman's biggest Q1 2019 reduction was Pioneer Natural Resource Co., cutting an estimated $353M.
- Seth Klarman fully exited Twenty-First Century Fox, Inc. Class A in Q1 2019, selling an estimated $2.47B.
- Seth Klarman's ten largest holdings make up 65% of its $11.9B portfolio in Q1 2019.
- Seth Klarman opened 7 new positions and closed 9 in Q1 2019.
- Seth Klarman's portfolio value rose 3.3% quarter-over-quarter to $11.9B.
Based on Baupost Group's 13F filing for Q1 2019, filed 15 May 2019.