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 |
SJR
Shaw Communications Inc.
SJR
|
+$217M |
| 2 |
Micron Technology
MU
|
+$147M |
| 3 |
IS
ironSource Ltd.
IS
|
+$86M |
| 4 |
Meta Platforms (Facebook)
META
|
+$80.2M |
| 5 |
Aurora
AUR
|
+$59.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Fox Class A
FOXA
|
+$275M |
| 2 |
eBay
EBAY
|
+$215M |
| 3 |
Fox Class B
FOX
|
+$198M |
| 4 |
Healthpeak Properties
DOC
|
+$158M |
| 5 |
Willis Towers Watson
WTW
|
+$151M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.6% |
| 2 | Communication Services | 32.85% |
| 3 | Consumer Discretionary | 9.54% |
| 4 | Financials | 8.73% |
| 5 | Healthcare | 7.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Liberty Global Class C
LBTYK
$3.55B
| $1.46B | 11.84% |
53,971,307
-584,100
| -1% | -$15.7M |
|
2
Intel
INTC
$476B
| $1.22B | 9.9% |
21,744,950
-1,560,384
| -7% | -$91.6M |
|
|
3
eBay
EBAY
$46.3B
| $1.05B | 8.48% |
14,890,623
-3,433,800
| -19% | -$215M |
|
4
Qorvo
QRVO
$8.43B
| $1.04B | 8.47% |
5,334,466
+110,000
| +2% | +$20.3M |
|
5
Viasat
VSAT
$10.3B
| $812M | 6.59% |
16,288,959
| – | – |
|
6
Alphabet (Google) Class C
GOOG
$4.18T
| $729M | 5.92% |
5,818,600
| – | – |
|
|
7
Micron Technology
MU
$1.09T
| $609M | 4.94% |
7,163,416
+1,740,000
| +32% | +$147M |
|
|
8
Meta Platforms (Facebook)
META
$1.4T
| $538M | 4.36% |
1,547,000
+250,000
| +19% | +$80.2M |
|
|
TBIO
9
DELISTED
Translate Bio, Inc. Common Stock
TBIO
| $494M | 4% |
18,044,239
| – | – |
|
|
10
Willis Towers Watson
WTW
$31.8B
| $435M | 3.53% |
1,891,526
-608,474
| -24% | -$151M |
|
11
International Flavors & Fragrances
IFF
$21.5B
| $314M | 2.55% |
2,100,000
| – | – |
|
12
PG&E
PCG
$38.8B
| $312M | 2.53% |
30,657,601
| – | – |
|
13
Nexstar Media Group
NXST
$5.73B
| $303M | 2.45% |
2,046,000
-39,000
| -2% | -$5.8M |
|
|
LSXMK
14
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $301M | 2.44% |
8,371,963
| – | – |
|
15
SS&C Technologies
SSNC
$19.5B
| $239M | 1.94% |
3,316,892
-490,000
| -13% | -$35.8M |
|
|
PSTH
16
DELISTED
Pershing Square Tontine Holdings, Ltd.
PSTH
| $230M | 1.86% |
10,090,655
-2,617,269
| -21% | -$62.8M |
|
|
VRTV
17
DELISTED
VERITIV CORPORATION
VRTV
| $219M | 1.78% |
3,564,439
| – | – |
|
|
SJR
18
DELISTED
Shaw Communications Inc.
SJR
| $218M | 1.77% |
+7,530,807
| New | +$217M |
|
19
Liberty Global Class A
LBTYA
$3.63B
| $208M | 1.69% |
7,657,205
| – | – |
|
20
DigitalBridge
DBRG
$2.95B
| $181M | 1.47% |
5,719,265
-333,975
| -6% | -$9.55M |
|
|
LSXMA
21
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $163M | 1.32% |
4,763,500
| – | – |
|
22
Theravance Biopharma
TBPH
$883M
| $144M | 1.17% |
9,910,168
+1,175,000
| +13% | +$22.1M |
|
|
VRNT
23
DELISTED
Verint Systems
VRNT
| $137M | 1.11% |
3,039,798
| – | – |
|
24
Atara Biotherapeutics
ATRA
$97.4M
| $132M | 1.07% |
339,100
| – | – |
|
25
Advantage Solutions
ADV
$441M
| $130M | 1.05% |
487,800
-12,200
| -2% | -$3.77M |
|
Similar funds
Seth Klarman's Q2 2021 Portfolio in Review
As of Q2 2021, Seth Klarman held 65 positions worth $12.3B, down 1.9% from $12.6B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Seth Klarman withdrew a net $826M in Q2 2021, closing 6 positions and reducing 11 holdings. Its most notable exit was Fox Class A, an estimated $275M position sold in full.
By sector, the portfolio is most concentrated in Technology at 34% of assets, up from 33% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Seth Klarman opened a new position in Shaw Communications Inc. worth $218M.
- Seth Klarman's largest Q2 2021 buy was Shaw Communications Inc.: 7,530,807 shares worth $218M.
- Seth Klarman added most to Micron Technology in Q2 2021, an estimated $147M increase.
- Seth Klarman's biggest Q2 2021 reduction was eBay, cutting an estimated $215M.
- Seth Klarman fully exited Fox Class A in Q2 2021, selling an estimated $275M.
- Seth Klarman's ten largest holdings make up 68% of its $12.3B portfolio in Q2 2021.
- Seth Klarman opened 6 new positions and closed 6 in Q2 2021.
- Seth Klarman's portfolio value fell 1.9% quarter-over-quarter to $12.3B.
Based on Baupost Group's 13F filing for Q2 2021, filed 13 Aug 2021.