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 |
PARA
Paramount Global Class B
PARA
|
+$194M |
| 2 |
Liberty Global Class C
LBTYK
|
+$190M |
| 3 |
HP
HPQ
|
+$189M |
| 4 |
eBay
EBAY
|
+$121M |
| 5 |
McKesson
MCK
|
+$41.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bristol-Myers Squibb
BMY
|
+$344M |
| 2 |
Qorvo
QRVO
|
+$283M |
| 3 |
Takeda Pharmaceutical
TAK
|
+$162M |
| 4 |
NUAN
Nuance Communications, Inc.
NUAN
|
+$120M |
| 5 |
Synchrony
SYF
|
+$71.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 38.84% |
| 2 | Technology | 17.35% |
| 3 | Healthcare | 13.47% |
| 4 | Consumer Discretionary | 8.23% |
| 5 | Energy | 7.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Liberty Global Class C
LBTYK
$3.55B
| $1.14B | 12.61% |
52,392,995
+8,434,700
| +19% | +$190M |
|
2
Fox Class A
FOXA
$28.8B
| $1.01B | 11.19% |
27,322,720
| – | – |
|
3
Viasat
VSAT
$10.3B
| $1.01B | 11.1% |
13,732,068
| – | – |
|
|
4
eBay
EBAY
$46.3B
| $722M | 7.97% |
19,994,970
+3,348,970
| +20% | +$121M |
|
|
PARA
5
DELISTED
Paramount Global Class B
PARA
| $713M | 7.88% |
17,000,000
+5,000,000
| +42% | +$194M |
|
6
Cheniere Energy
LNG
$57.3B
| $619M | 6.84% |
10,139,133
| – | – |
|
|
7
Qorvo
QRVO
$8.43B
| $320M | 3.53% |
2,750,000
-2,931,181
| -52% | -$283M |
|
|
8
Bristol-Myers Squibb
BMY
$137B
| $257M | 2.84% |
4,000,000
-6,000,000
| -60% | -$344M |
|
9
Theravance Biopharma
TBPH
$883M
| $241M | 2.66% |
9,309,168
| – | – |
|
10
DigitalBridge
DBRG
$2.95B
| $236M | 2.61% |
12,421,843
| – | – |
|
11
Nexstar Media Group
NXST
$5.73B
| $235M | 2.59% |
2,000,000
| – | – |
|
|
UNVR
12
DELISTED
Univar Solutions Inc.
UNVR
| $230M | 2.54% |
9,500,000
| – | – |
|
|
13
McKesson
MCK
$100B
| $221M | 2.44% |
1,597,516
+291,505
| +22% | +$41.2M |
|
14
Fox Class B
FOX
$25.6B
| $207M | 2.28% |
5,680,307
| – | – |
|
|
15
HP
HPQ
$27.2B
| $206M | 2.27% |
+10,000,000
| New | +$189M |
|
16
PG&E
PCG
$38.8B
| $205M | 2.27% |
18,887,403
-5,612,597
| -23% | -$48.1M |
|
17
Liberty Global Class A
LBTYA
$3.63B
| $174M | 1.92% |
7,657,205
| – | – |
|
|
TBIO
18
DELISTED
Translate Bio, Inc. Common Stock
TBIO
| $141M | 1.56% |
17,544,239
| – | – |
|
19
Atara Biotherapeutics
ATRA
$97.4M
| $137M | 1.51% |
332,356
| – | – |
|
20
Akebia Therapeutics
AKBA
$251M
| $124M | 1.37% |
19,571,453
-4,900,000
| -20% | -$23.3M |
|
|
21
Synchrony
SYF
$25.9B
| $108M | 1.19% |
3,003,981
-2,000,000
| -40% | -$71.6M |
|
22
Cencora
COR
$60.7B
| $99.2M | 1.1% |
1,166,299
| – | – |
|
|
VRTV
23
DELISTED
VERITIV CORPORATION
VRTV
| $70.1M | 0.77% |
3,564,439
| – | – |
|
24
Vista Energy
VIST
$7.7B
| $48.5M | 0.54% |
6,175,000
| – | – |
|
|
NUAN
25
DELISTED
Nuance Communications, Inc.
NUAN
| $41M | 0.45% |
2,299,300
-7,224,202
| -76% | -$120M |
|
Similar funds
Seth Klarman's Q4 2019 Portfolio in Review
As of Q4 2019, Seth Klarman held 35 positions worth $9.06B, up 2.5% from $8.83B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Seth Klarman withdrew a net $721M in Q4 2019, closing 4 positions and reducing 7 holdings. Its most notable exit was Takeda Pharmaceutical, an estimated $162M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 39% of assets, up from 34% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Seth Klarman opened a new position in HP worth $206M.
- Seth Klarman's largest Q4 2019 buy was HP: 10,000,000 shares worth $206M.
- Seth Klarman added most to Paramount Global Class B in Q4 2019, an estimated $194M increase.
- Seth Klarman's biggest Q4 2019 reduction was Bristol-Myers Squibb, cutting an estimated $344M.
- Seth Klarman fully exited Takeda Pharmaceutical in Q4 2019, selling an estimated $162M.
- Seth Klarman's ten largest holdings make up 71% of its $9.06B portfolio in Q4 2019.
- Seth Klarman opened 3 new positions and closed 4 in Q4 2019.
- Seth Klarman's portfolio value rose 2.5% quarter-over-quarter to $9.06B.
Based on Baupost Group's 13F filing for Q4 2019, filed 13 Feb 2020.