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 |
Intel
INTC
|
+$888M |
| 2 |
Marathon Petroleum
MPC
|
+$276M |
| 3 |
Qorvo
QRVO
|
+$217M |
| 4 |
Fidelity National Financial
FNF
|
+$133M |
| 5 |
Advantage Solutions
ADV
|
+$131M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PARA
Paramount Global Class B
PARA
|
+$454M |
| 2 |
HDS
HD Supply Holdings, Inc.
HDS
|
+$281M |
| 3 |
HP
HPQ
|
+$253M |
| 4 |
McKesson
MCK
|
+$249M |
| 5 |
Applied Materials
AMAT
|
+$137M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 34.4% |
| 2 | Technology | 27.34% |
| 3 | Consumer Discretionary | 14.43% |
| 4 | Healthcare | 6.09% |
| 5 | Financials | 5.8% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
eBay
EBAY
$46.3B
| $1.56B | 14.43% |
31,115,223
+1,000,000
| +3% | +$51.1M |
|
2
Liberty Global Class C
LBTYK
$3.55B
| $1.29B | 11.91% |
54,555,407
| – | – |
|
|
3
Intel
INTC
$476B
| $906M | 8.36% |
+18,185,569
| New | +$888M |
|
|
4
Qorvo
QRVO
$8.43B
| $738M | 6.81% |
4,440,095
+1,477,209
| +50% | +$217M |
|
5
Fox Class A
FOXA
$28.8B
| $646M | 5.96% |
22,186,950
-4,785,770
| -18% | -$134M |
|
6
Viasat
VSAT
$10.3B
| $532M | 4.91% |
16,288,959
| – | – |
|
7
Micron Technology
MU
$1.09T
| $393M | 3.62% |
5,222,000
| – | – |
|
8
PG&E
PCG
$38.8B
| $382M | 3.53% |
30,657,601
| – | – |
|
|
PSTH
9
DELISTED
Pershing Square Tontine Holdings, Ltd.
PSTH
| $352M | 3.25% |
12,707,924
-4,792,076
| -27% | -$116M |
|
|
TBIO
10
DELISTED
Translate Bio, Inc. Common Stock
TBIO
| $326M | 3.01% |
18,044,239
| – | – |
|
|
11
Marathon Petroleum
MPC
$101B
| $318M | 2.94% |
+7,690,721
| New | +$276M |
|
|
LSXMK
12
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $282M | 2.6% |
8,371,963
+864,442
| +12% | +$26.4M |
|
13
Meta Platforms (Facebook)
META
$1.4T
| $251M | 2.32% |
920,000
+357,000
| +63% | +$97.9M |
|
14
SS&C Technologies
SSNC
$19.5B
| $240M | 2.22% |
3,305,784
+277,275
| +9% | +$18.6M |
|
15
Nexstar Media Group
NXST
$5.73B
| $228M | 2.1% |
2,085,000
| – | – |
|
16
Liberty Global Class A
LBTYA
$3.63B
| $185M | 1.71% |
7,657,205
| – | – |
|
17
Atara Biotherapeutics
ATRA
$97.4M
| $179M | 1.65% |
364,360
-32,521
| -8% | -$15M |
|
|
PARA
18
DELISTED
Paramount Global Class B
PARA
| $175M | 1.62% |
4,700,000
-14,137,585
| -75% | -$454M |
|
19
Fox Class B
FOX
$25.6B
| $164M | 1.51% |
5,680,307
| – | – |
|
|
20
Advantage Solutions
ADV
$441M
| $161M | 1.49% |
+500,000
| New | +$131M |
|
21
Theravance Biopharma
TBPH
$883M
| $155M | 1.43% |
8,735,168
| – | – |
|
|
VRNT
22
DELISTED
Verint Systems
VRNT
| $154M | 1.42% |
4,495,270
| – | – |
|
|
LSXMA
23
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $151M | 1.4% |
4,763,500
+785,232
| +20% | +$22.7M |
|
|
24
Fidelity National Financial
FNF
$12.7B
| $149M | 1.37% |
+3,952,000
| New | +$133M |
|
25
Alphabet (Google) Class C
GOOG
$4.18T
| $139M | 1.29% |
1,591,600
-1,500,000
| -49% | -$127M |
|
Similar funds
Seth Klarman's Q4 2020 Portfolio in Review
As of Q4 2020, Seth Klarman held 52 positions worth $10.8B, up 17% from $9.25B the previous quarter. Its ten largest holdings account for 66% of the portfolio.
Seth Klarman's Q4 2020 filing shows 15 new, 8 increased, 6 reduced and 7 closed positions. Its largest new stake was Intel: 18,185,569 shares worth $906M. The largest sale was Paramount Global Class B, an estimated $454M.
By sector, the portfolio is most concentrated in Communication Services at 34% of assets, down from 39% a quarter earlier, followed by Technology and Consumer Discretionary.
- Seth Klarman's largest Q4 2020 buy was Intel: 18,185,569 shares worth $906M.
- Seth Klarman added most to Qorvo in Q4 2020, an estimated $217M increase.
- Seth Klarman's biggest Q4 2020 reduction was Paramount Global Class B, cutting an estimated $454M.
- Seth Klarman fully exited HD Supply Holdings, Inc. in Q4 2020, selling an estimated $281M.
- Seth Klarman's ten largest holdings make up 66% of its $10.8B portfolio in Q4 2020.
- Seth Klarman opened 15 new positions and closed 7 in Q4 2020.
- Seth Klarman's portfolio value rose 17% quarter-over-quarter to $10.8B.
Based on Baupost Group's 13F filing for Q4 2020, filed 12 Feb 2021.