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 |
PSTH
Pershing Square Tontine Holdings, Ltd.
PSTH
|
+$393M |
| 2 |
Micron Technology
MU
|
+$253M |
| 3 |
PG&E
PCG
|
+$240M |
| 4 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$197M |
| 5 |
SS&C Technologies
SSNC
|
+$173M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Akebia Therapeutics
AKBA
|
+$204M |
| 2 |
eBay
EBAY
|
+$109M |
| 3 |
HCA Healthcare
HCA
|
+$97.1M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$91.7M |
| 5 |
HP
HPQ
|
+$85.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 38.58% |
| 2 | Technology | 20.22% |
| 3 | Consumer Discretionary | 16.96% |
| 4 | Healthcare | 8.09% |
| 5 | Financials | 4.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
eBay
EBAY
$46.3B
| $1.57B | 16.96% |
30,115,223
-1,970,777
| -6% | -$109M |
|
2
Liberty Global Class C
LBTYK
$3.55B
| $1.12B | 12.11% |
54,555,407
| – | – |
|
3
Fox Class A
FOXA
$28.8B
| $751M | 8.11% |
26,972,720
-350,000
| -1% | -$9.26M |
|
4
Viasat
VSAT
$10.3B
| $560M | 6.05% |
16,288,959
+2,556,891
| +19% | +$96.7M |
|
|
PARA
5
DELISTED
Paramount Global Class B
PARA
| $528M | 5.7% |
18,837,585
| – | – |
|
|
PSTH
6
DELISTED
Pershing Square Tontine Holdings, Ltd.
PSTH
| $397M | 4.29% |
+17,500,000
| New | +$393M |
|
7
Qorvo
QRVO
$8.43B
| $382M | 4.13% |
2,962,886
-102,200
| -3% | -$12.7M |
|
|
8
PG&E
PCG
$38.8B
| $288M | 3.11% |
30,657,601
+25,955,158
| +552% | +$240M |
|
|
HDS
9
DELISTED
HD Supply Holdings, Inc.
HDS
| $281M | 3.04% |
6,818,119
+196,536
| +3% | +$7.51M |
|
|
10
HP
HPQ
$27.2B
| $253M | 2.73% |
13,300,000
-4,700,681
| -26% | -$85.8M |
|
11
McKesson
MCK
$100B
| $249M | 2.69% |
1,669,181
| – | – |
|
|
12
Micron Technology
MU
$1.09T
| $245M | 2.65% |
+5,222,000
| New | +$253M |
|
|
TBIO
13
DELISTED
Translate Bio, Inc. Common Stock
TBIO
| $242M | 2.62% |
18,044,239
| – | – |
|
|
14
Alphabet (Google) Class C
GOOG
$4.18T
| $227M | 2.46% |
3,091,600
-1,202,000
| -28% | -$91.7M |
|
|
LSXMK
15
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $192M | 2.08% |
7,507,521
+7,268,858
| +3,046% | +$197M |
|
16
Nexstar Media Group
NXST
$5.73B
| $188M | 2.03% |
2,085,000
| – | – |
|
|
17
SS&C Technologies
SSNC
$19.5B
| $183M | 1.98% |
3,028,509
+2,887,993
| +2,055% | +$173M |
|
18
Liberty Global Class A
LBTYA
$3.63B
| $161M | 1.74% |
7,657,205
| – | – |
|
19
Fox Class B
FOX
$25.6B
| $159M | 1.72% |
5,680,307
| – | – |
|
20
Meta Platforms (Facebook)
META
$1.4T
| $147M | 1.59% |
563,000
-288,500
| -34% | -$74.4M |
|
21
Applied Materials
AMAT
$391B
| $137M | 1.48% |
+2,306,601
| New | +$142M |
|
22
Theravance Biopharma
TBPH
$883M
| $129M | 1.4% |
8,735,168
-574,000
| -6% | -$10.8M |
|
23
Atara Biotherapeutics
ATRA
$97.4M
| $129M | 1.39% |
396,881
| – | – |
|
|
VRNT
24
DELISTED
Verint Systems
VRNT
| $110M | 1.19% |
4,495,270
+3,285,418
| +272% | +$76.6M |
|
25
Healthpeak Properties
DOC
$14.8B
| $109M | 1.17% |
+4,000,000
| New | +$110M |
|
Similar funds
Seth Klarman's Q3 2020 Portfolio in Review
As of Q3 2020, Seth Klarman held 42 positions worth $9.25B, up 15% from $8.01B the previous quarter. Its ten largest holdings account for 66% of the portfolio.
Seth Klarman deployed $1.22B of net new capital in Q3 2020, opening 11 new positions and adding to 6 existing holdings. Its largest new stake was Pershing Square Tontine Holdings, Ltd.: 17,500,000 shares worth $397M.
By sector, the portfolio is most concentrated in Communication Services at 39% of assets, down from 42% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was eBay, an estimated $109M trimmed.
- Seth Klarman's largest Q3 2020 buy was Pershing Square Tontine Holdings, Ltd.: 17,500,000 shares worth $397M.
- Seth Klarman added most to PG&E in Q3 2020, an estimated $240M increase.
- Seth Klarman's biggest Q3 2020 reduction was eBay, cutting an estimated $109M.
- Seth Klarman fully exited Akebia Therapeutics in Q3 2020, selling an estimated $204M.
- Seth Klarman's ten largest holdings make up 66% of its $9.25B portfolio in Q3 2020.
- Seth Klarman opened 11 new positions and closed 5 in Q3 2020.
- Seth Klarman's portfolio value rose 15% quarter-over-quarter to $9.25B.
Based on Baupost Group's 13F filing for Q3 2020, filed 13 Nov 2020.