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 |
Bristol-Myers Squibb
BMY
|
+$419M |
| 2 |
XPO
XPO
|
+$88.3M |
| 3 |
Liberty Global Class C
LBTYK
|
+$73.1M |
| 4 |
PARA
Paramount Global Class B
PARA
|
+$72.2M |
| 5 |
Liberty Global Class A
LBTYA
|
+$65.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CELG
Celgene Corp
CELG
|
+$377M |
| 2 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$305M |
| 3 |
eBay
EBAY
|
+$193M |
| 4 |
Synchrony
SYF
|
+$169M |
| 5 |
AGN
Allergan plc
AGN
|
+$151M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 28.89% |
| 2 | Healthcare | 22.34% |
| 3 | Technology | 15.28% |
| 4 | Consumer Discretionary | 8.63% |
| 5 | Energy | 8.04% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Liberty Global Class C
LBTYK
$3.55B
| $1.11B | 10.07% |
41,937,674
+2,844,679
| +7% | +$73.1M |
|
2
Viasat
VSAT
$10.3B
| $1.11B | 10.05% |
13,732,068
| – | – |
|
3
Fox Class A
FOXA
$28.8B
| $1B | 9.06% |
27,322,720
| – | – |
|
|
4
eBay
EBAY
$46.3B
| $954M | 8.63% |
24,146,000
-5,140,000
| -18% | -$193M |
|
5
Cheniere Energy
LNG
$57.3B
| $731M | 6.61% |
10,674,135
-1,944,173
| -15% | -$129M |
|
|
AGN
6
DELISTED
Allergan plc
AGN
| $616M | 5.58% |
3,679,549
-1,090,146
| -23% | -$151M |
|
|
7
Bristol-Myers Squibb
BMY
$137B
| $590M | 5.34% |
13,000,000
+9,000,000
| +225% | +$419M |
|
8
Qorvo
QRVO
$8.43B
| $578M | 5.23% |
8,681,181
-1,907,901
| -18% | -$133M |
|
9
PG&E
PCG
$38.8B
| $562M | 5.08% |
24,500,000
| – | – |
|
|
PARA
10
DELISTED
Paramount Global Class B
PARA
| $499M | 4.52% |
10,000,000
+1,457,984
| +17% | +$72.2M |
|
11
McKesson
MCK
$100B
| $349M | 3.16% |
2,595,011
-220,000
| -8% | -$27.4M |
|
|
12
Synchrony
SYF
$25.9B
| $321M | 2.91% |
9,260,557
-5,000,000
| -35% | -$169M |
|
13
DigitalBridge
DBRG
$2.95B
| $248M | 2.25% |
12,421,843
| – | – |
|
|
UNVR
14
DELISTED
Univar Solutions Inc.
UNVR
| $209M | 1.9% |
9,500,000
| – | – |
|
15
Fox Class B
FOX
$25.6B
| $208M | 1.88% |
5,680,307
| – | – |
|
|
16
Liberty Global Class A
LBTYA
$3.63B
| $201M | 1.82% |
7,440,705
+2,483,500
| +50% | +$65.5M |
|
17
Cencora
COR
$60.7B
| $189M | 1.71% |
2,214,192
-190,107
| -8% | -$15M |
|
18
Takeda Pharmaceutical
TAK
$58.1B
| $167M | 1.51% |
9,438,003
-1,231,018
| -12% | -$22.4M |
|
19
Antero Resources
AR
$11.7B
| $158M | 1.43% |
28,587,791
| – | – |
|
20
Theravance Biopharma
TBPH
$883M
| $152M | 1.38% |
9,309,168
| – | – |
|
21
Nexstar Media Group
NXST
$5.73B
| $141M | 1.28% |
1,397,755
+397,755
| +40% | +$42.7M |
|
22
Atara Biotherapeutics
ATRA
$97.4M
| $141M | 1.27% |
280,000
+24,779
| +10% | +$17.5M |
|
23
Akebia Therapeutics
AKBA
$251M
| $118M | 1.07% |
24,471,453
| – | – |
|
|
TBIO
24
DELISTED
Translate Bio, Inc. Common Stock
TBIO
| $109M | 0.99% |
8,844,239
+2,352,941
| +36% | +$24.8M |
|
|
25
XPO
XPO
$23.2B
| $86.7M | 0.78% |
+4,337,091
| New | +$88.3M |
|
Similar funds
Seth Klarman's Q2 2019 Portfolio in Review
As of Q2 2019, Seth Klarman held 36 positions worth $11B, down 7.2% from $11.9B the previous quarter. Its ten largest holdings account for 70% of the portfolio.
Seth Klarman withdrew a net $1.24B in Q2 2019, closing 4 positions and reducing 9 holdings. Its most notable exit was Celgene Corp, an estimated $377M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 29% of assets, up from 25% a quarter earlier, followed by Healthcare and Technology.
Against the trend, Seth Klarman opened a new position in XPO worth $86.7M.
- Seth Klarman's largest Q2 2019 buy was XPO: 4,337,091 shares worth $86.7M.
- Seth Klarman added most to Bristol-Myers Squibb in Q2 2019, an estimated $419M increase.
- Seth Klarman's biggest Q2 2019 reduction was eBay, cutting an estimated $193M.
- Seth Klarman fully exited Celgene Corp in Q2 2019, selling an estimated $377M.
- Seth Klarman's ten largest holdings make up 70% of its $11B portfolio in Q2 2019.
- Seth Klarman opened 1 new position and closed 4 in Q2 2019.
- Seth Klarman's portfolio value fell 7.2% quarter-over-quarter to $11B.
Based on Baupost Group's 13F filing for Q2 2019, filed 13 Aug 2019.