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SK

Seth Klarman Baupost Group

AUM $5.42B
1-Year Est. Return 22.93%
 

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.

This Fund
S&P 500
This Quarter Est. Return
-6.82%
1 Year Est. Return
+22.93%
3 Year Est. Return
+47.86%
5 Year Est. Return
+25.7%
10 Year Est. Return
+163.46%
AUM
$8.83B
AUM Growth
-$2.22B
Cap. Flow
-$1.68B
Cap. Flow %
-18.97%
Top 10 Hldgs %
70.73%
Holding
35
New
3
Increased
6
Reduced
11
Closed
3

Top Buys

Rank Stock Value
1
NUAN
Nuance Communications, Inc.
NUAN
+$137M
2
PARA
Paramount Global Class B
PARA
+$93.6M
3
TBIO
Translate Bio, Inc. Common Stock
TBIO
+$82.1M
4
NXST icon
Nexstar Media Group
NXST
+$60.9M
5
LBTYK icon
Liberty Global Class C
LBTYK
+$52.6M

Top Sells

Rank Stock Value
1
AGN
Allergan plc
AGN
+$616M
2
EBAY icon
eBay
EBAY
+$301M
3
QRVO icon
Qorvo
QRVO
+$218M
4
MCK icon
McKesson
MCK
+$183M
5
SYF icon
Synchrony
SYF
+$146M

Sector Composition

Rank Sector Weight
1 Communication Services 33.88%
2 Technology 18.01%
3 Healthcare 17.41%
4 Energy 8.32%
5 Consumer Discretionary 7.35%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LBTYK icon
1
Liberty Global Class C
LBTYK
$3.55B
$1.05B 11.84%
43,958,295
+2,020,621
+5% +$52.6M
VSAT icon
2
Viasat
VSAT
$10.3B
$1.03B 11.71%
13,732,068
– –
FOXA icon
3
Fox Class A
FOXA
$28.8B
$862M 9.76%
27,322,720
– –
EBAY icon
4
eBay
EBAY
$46.3B
$649M 7.35%
16,646,000
-7,500,000
-31% -$301M
LNG icon
5
Cheniere Energy
LNG
$57.3B
$639M 7.24%
10,139,133
-535,002
-5% -$34.3M
BMY icon
6
Bristol-Myers Squibb
BMY
$137B
$507M 5.74%
10,000,000
-3,000,000
-23% -$141M
PARA
7
DELISTED
Paramount Global Class B
PARA
$484M 5.49%
12,000,000
+2,000,000
+20% +$93.6M
QRVO icon
8
Qorvo
QRVO
$8.43B
$421M 4.77%
5,681,181
-3,000,000
-35% -$218M
DBRG icon
9
DigitalBridge
DBRG
$2.95B
$299M 3.39%
12,421,843
– –
PCG icon
10
PG&E
PCG
$38.8B
$245M 2.77%
24,500,000
– –
NXST icon
11
Nexstar Media Group
NXST
$5.73B
$205M 2.32%
2,000,000
+602,245
+43% +$60.9M
UNVR
12
DELISTED
Univar Solutions Inc.
UNVR
$197M 2.23%
9,500,000
– –
LBTYA icon
13
Liberty Global Class A
LBTYA
$3.63B
$190M 2.15%
7,657,205
+216,500
+3% +$5.77M
TBPH icon
14
Theravance Biopharma
TBPH
$883M
$181M 2.05%
9,309,168
– –
FOX icon
15
Fox Class B
FOX
$25.6B
$179M 2.03%
5,680,307
– –
MCK icon
16
McKesson
MCK
$100B
$178M 2.02%
1,306,011
-1,289,000
-50% -$183M
TBIO
17
DELISTED
Translate Bio, Inc. Common Stock
TBIO
$172M 1.95%
17,544,239
+8,700,000
+98% +$82.1M
SYF icon
18
Synchrony
SYF
$25.9B
$171M 1.93%
5,003,981
-4,256,576
-46% -$146M
TAK icon
19
Takeda Pharmaceutical
TAK
$58.1B
$162M 1.84%
9,434,803
-3,200
-0% -$55.3K
NUAN
20
DELISTED
Nuance Communications, Inc.
NUAN
$134M 1.52%
+9,523,502
New +$137M
ATRA icon
21
Atara Biotherapeutics
ATRA
$97.4M
$117M 1.33%
332,356
+52,356
+19% +$19.5M
COR icon
22
Cencora
COR
$60.7B
$96M 1.09%
1,166,299
-1,047,893
-47% -$90.1M
AKBA icon
23
Akebia Therapeutics
AKBA
$251M
$95.9M 1.09%
24,471,453
– –
VRTV
24
DELISTED
VERITIV CORPORATION
VRTV
$64.4M 0.73%
3,564,439
– –
AR icon
25
Antero Resources
AR
$11.7B
$63.7M 0.72%
21,087,791
-7,500,000
-26% -$30.6M
1
2

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Seth Klarman's Q3 2019 Portfolio in Review

As of Q3 2019, Seth Klarman held 35 positions worth $8.83B, down 20% from $11B the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Seth Klarman withdrew a net $1.68B in Q3 2019, closing 3 positions and reducing 11 holdings. Its most notable exit was Allergan plc, an estimated $616M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 34% of assets, up from 29% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Seth Klarman opened a new position in Nuance Communications, Inc. worth $134M.

  • Seth Klarman's largest Q3 2019 buy was Nuance Communications, Inc.: 9,523,502 shares worth $134M.
  • Seth Klarman added most to Paramount Global Class B in Q3 2019, an estimated $93.6M increase.
  • Seth Klarman's biggest Q3 2019 reduction was eBay, cutting an estimated $301M.
  • Seth Klarman fully exited Allergan plc in Q3 2019, selling an estimated $616M.
  • Seth Klarman's ten largest holdings make up 71% of its $8.83B portfolio in Q3 2019.
  • Seth Klarman opened 3 new positions and closed 3 in Q3 2019.
  • Seth Klarman's portfolio value fell 20% quarter-over-quarter to $8.83B.

Based on Baupost Group's 13F filing for Q3 2019, filed 13 Nov 2019.