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
|
+$421M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$408M |
| 3 |
Meta Platforms (Facebook)
META
|
+$388M |
| 4 |
HDS
HD Supply Holdings, Inc.
HDS
|
+$232M |
| 5 |
HP
HPQ
|
+$202M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bristol-Myers Squibb
BMY
|
+$257M |
| 2 |
PG&E
PCG
|
+$122M |
| 3 |
Synchrony
SYF
|
+$108M |
| 4 |
Cheniere Energy
LNG
|
+$103M |
| 5 |
UNVR
Univar Solutions Inc.
UNVR
|
+$74.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 43.31% |
| 2 | Technology | 16.05% |
| 3 | Consumer Discretionary | 14.24% |
| 4 | Healthcare | 13.26% |
| 5 | Energy | 5.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
eBay
EBAY
$46.3B
| $965M | 14.24% |
32,086,000
+12,091,030
| +60% | +$421M |
|
2
Liberty Global Class C
LBTYK
$3.55B
| $844M | 12.45% |
53,705,407
+1,312,412
| +3% | +$24.7M |
|
3
Fox Class A
FOXA
$28.8B
| $646M | 9.53% |
27,322,720
| – | – |
|
4
Viasat
VSAT
$10.3B
| $493M | 7.28% |
13,732,068
| – | – |
|
|
5
Alphabet (Google) Class C
GOOG
$4.18T
| $349M | 5.16% |
+6,010,000
| New | +$408M |
|
|
6
HP
HPQ
$27.2B
| $347M | 5.13% |
20,000,000
+10,000,000
| +100% | +$202M |
|
|
7
Meta Platforms (Facebook)
META
$1.4T
| $331M | 4.89% |
+1,984,000
| New | +$388M |
|
|
PARA
8
DELISTED
Paramount Global Class B
PARA
| $315M | 4.65% |
22,500,000
+5,500,000
| +32% | +$158M |
|
|
9
Cheniere Energy
LNG
$57.3B
| $272M | 4.02% |
8,124,235
-2,014,898
| -20% | -$103M |
|
10
Qorvo
QRVO
$8.43B
| $247M | 3.65% |
3,062,486
+312,486
| +11% | +$31.3M |
|
11
McKesson
MCK
$100B
| $226M | 3.33% |
1,669,181
+71,665
| +4% | +$10.5M |
|
12
Theravance Biopharma
TBPH
$883M
| $215M | 3.18% |
9,309,168
| – | – |
|
|
HDS
13
DELISTED
HD Supply Holdings, Inc.
HDS
| $177M | 2.61% |
+6,217,930
| New | +$232M |
|
|
TBIO
14
DELISTED
Translate Bio, Inc. Common Stock
TBIO
| $171M | 2.53% |
17,544,239
| – | – |
|
15
Akebia Therapeutics
AKBA
$251M
| $133M | 1.96% |
17,527,968
-2,043,485
| -10% | -$15.9M |
|
16
Fox Class B
FOX
$25.6B
| $130M | 1.92% |
5,680,307
| – | – |
|
17
Liberty Global Class A
LBTYA
$3.63B
| $126M | 1.87% |
7,657,205
| – | – |
|
18
Nexstar Media Group
NXST
$5.73B
| $120M | 1.78% |
2,085,000
+85,000
| +4% | +$8.99M |
|
|
19
PG&E
PCG
$38.8B
| $87.2M | 1.29% |
9,702,443
-9,184,960
| -49% | -$122M |
|
20
DigitalBridge
DBRG
$2.95B
| $87M | 1.28% |
12,421,843
| – | – |
|
21
Cencora
COR
$60.7B
| $82.9M | 1.22% |
936,299
-230,000
| -20% | -$20.3M |
|
22
Atara Biotherapeutics
ATRA
$97.4M
| $70.7M | 1.04% |
332,356
| – | – |
|
|
UNVR
23
DELISTED
Univar Solutions Inc.
UNVR
| $59M | 0.87% |
5,500,000
-4,000,000
| -42% | -$74.2M |
|
24
Energy Transfer Partners
ET
$73B
| $55.7M | 0.82% |
+12,105,005
| New | +$129M |
|
25
XPO
XPO
$23.2B
| $41.2M | 0.61% |
+2,445,764
| New | +$65.4M |
|
Similar funds
Seth Klarman's Q1 2020 Portfolio in Review
As of Q1 2020, Seth Klarman held 38 positions worth $6.77B, down 25% from $9.06B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Seth Klarman deployed $1.43B of net new capital in Q1 2020, opening 8 new positions and adding to 8 existing holdings. Its largest new stake was Alphabet (Google) Class C: 6,010,000 shares worth $349M.
By sector, the portfolio is most concentrated in Communication Services at 43% of assets, up from 39% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was PG&E, an estimated $122M trimmed.
- Seth Klarman's largest Q1 2020 buy was Alphabet (Google) Class C: 6,010,000 shares worth $349M.
- Seth Klarman added most to eBay in Q1 2020, an estimated $421M increase.
- Seth Klarman's biggest Q1 2020 reduction was PG&E, cutting an estimated $122M.
- Seth Klarman fully exited Bristol-Myers Squibb in Q1 2020, selling an estimated $257M.
- Seth Klarman's ten largest holdings make up 71% of its $6.77B portfolio in Q1 2020.
- Seth Klarman opened 8 new positions and closed 5 in Q1 2020.
- Seth Klarman's portfolio value fell 25% quarter-over-quarter to $6.77B.
Based on Baupost Group's 13F filing for Q1 2020, filed 14 May 2020.