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 |
HCA Healthcare
HCA
|
+$104M |
| 2 |
VRNT
Verint Systems
VRNT
|
+$26.8M |
| 3 |
Ventas
VTR
|
+$18.2M |
| 4 |
Liberty Global Class C
LBTYK
|
+$17M |
| 5 |
Atara Biotherapeutics
ATRA
|
+$16.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cheniere Energy
LNG
|
+$272M |
| 2 |
Meta Platforms (Facebook)
META
|
+$236M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$116M |
| 4 |
PARA
Paramount Global Class B
PARA
|
+$70.6M |
| 5 |
UNVR
Univar Solutions Inc.
UNVR
|
+$60.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 41.73% |
| 2 | Consumer Discretionary | 21.01% |
| 3 | Healthcare | 15.77% |
| 4 | Technology | 15.17% |
| 5 | Industrials | 3.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
eBay
EBAY
$46.3B
| $1.68B | 21.01% |
32,086,000
| – | – |
|
|
2
Liberty Global Class C
LBTYK
$3.55B
| $1.17B | 14.65% |
54,555,407
+850,000
| +2% | +$17M |
|
3
Fox Class A
FOXA
$28.8B
| $733M | 9.15% |
27,322,720
| – | – |
|
4
Viasat
VSAT
$10.3B
| $527M | 6.58% |
13,732,068
| – | – |
|
|
PARA
5
DELISTED
Paramount Global Class B
PARA
| $439M | 5.48% |
18,837,585
-3,662,415
| -16% | -$70.6M |
|
6
Qorvo
QRVO
$8.43B
| $339M | 4.23% |
3,065,086
+2,600
| +0.1% | +$258K |
|
|
TBIO
7
DELISTED
Translate Bio, Inc. Common Stock
TBIO
| $319M | 3.98% |
18,044,239
+500,000
| +3% | +$7.54M |
|
8
HP
HPQ
$27.2B
| $314M | 3.92% |
18,000,681
-1,999,319
| -10% | -$31.8M |
|
|
9
Alphabet (Google) Class C
GOOG
$4.18T
| $303M | 3.79% |
4,293,600
-1,716,400
| -29% | -$116M |
|
10
McKesson
MCK
$100B
| $256M | 3.2% |
1,669,181
| – | – |
|
|
HDS
11
DELISTED
HD Supply Holdings, Inc.
HDS
| $229M | 2.86% |
6,621,583
+403,653
| +6% | +$12.5M |
|
12
Akebia Therapeutics
AKBA
$251M
| $204M | 2.54% |
15,000,000
-2,527,968
| -14% | -$26.2M |
|
13
Theravance Biopharma
TBPH
$883M
| $195M | 2.44% |
9,309,168
| – | – |
|
|
14
Meta Platforms (Facebook)
META
$1.4T
| $193M | 2.41% |
851,500
-1,132,500
| -57% | -$236M |
|
15
Nexstar Media Group
NXST
$5.73B
| $174M | 2.18% |
2,085,000
| – | – |
|
16
Liberty Global Class A
LBTYA
$3.63B
| $167M | 2.09% |
7,657,205
| – | – |
|
17
Fox Class B
FOX
$25.6B
| $152M | 1.9% |
5,680,307
| – | – |
|
|
18
Atara Biotherapeutics
ATRA
$97.4M
| $145M | 1.8% |
396,881
+64,525
| +19% | +$16.3M |
|
|
19
HCA Healthcare
HCA
$92.9B
| $97.1M | 1.21% |
+1,000,000
| New | +$104M |
|
20
DigitalBridge
DBRG
$2.95B
| $61.6M | 0.77% |
6,421,843
-6,000,000
| -48% | -$52.1M |
|
|
VRTV
21
DELISTED
VERITIV CORPORATION
VRTV
| $60.5M | 0.75% |
3,564,439
| – | – |
|
22
Cencora
COR
$60.7B
| $47.2M | 0.59% |
468,150
-468,149
| -50% | -$43.1M |
|
23
PG&E
PCG
$38.8B
| $41.7M | 0.52% |
4,702,443
-5,000,000
| -52% | -$54.5M |
|
|
VRNT
24
DELISTED
Verint Systems
VRNT
| $27.8M | 0.35% |
+1,209,852
| New | +$26.8M |
|
|
TMQ
25
Trilogy Metals
TMQ
$684M
| $24.3M | 0.3% |
12,182,568
| – | – |
|
Similar funds
Seth Klarman's Q2 2020 Portfolio in Review
As of Q2 2020, Seth Klarman held 37 positions worth $8.01B, up 18% from $6.77B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Seth Klarman withdrew a net $974M in Q2 2020, closing 6 positions and reducing 11 holdings. Its most notable exit was Cheniere Energy, an estimated $272M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 42% of assets, down from 43% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Seth Klarman opened a new position in HCA Healthcare worth $97.1M.
- Seth Klarman's largest Q2 2020 buy was HCA Healthcare: 1,000,000 shares worth $97.1M.
- Seth Klarman added most to Liberty Global Class C in Q2 2020, an estimated $17M increase.
- Seth Klarman's biggest Q2 2020 reduction was Meta Platforms (Facebook), cutting an estimated $236M.
- Seth Klarman fully exited Cheniere Energy in Q2 2020, selling an estimated $272M.
- Seth Klarman's ten largest holdings make up 76% of its $8.01B portfolio in Q2 2020.
- Seth Klarman opened 4 new positions and closed 6 in Q2 2020.
- Seth Klarman's portfolio value rose 18% quarter-over-quarter to $8.01B.
Based on Baupost Group's 13F filing for Q2 2020, filed 13 Aug 2020.