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 |
Dropbox
DBX
|
+$288M |
| 2 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$123M |
| 3 |
LFG
Archaea Energy Inc.
LFG
|
+$68.8M |
| 4 |
Joby Aviation
JOBY
|
+$65.5M |
| 5 |
LSXMA
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
|
+$42.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$638M |
| 2 |
TBIO
Translate Bio, Inc. Common Stock
TBIO
|
+$494M |
| 3 |
PG&E
PCG
|
+$221M |
| 4 |
Willis Towers Watson
WTW
|
+$198M |
| 5 |
International Flavors & Fragrances
IFF
|
+$126M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 40.45% |
| 2 | Technology | 37.56% |
| 3 | Financials | 7.15% |
| 4 | Consumer Discretionary | 4.07% |
| 5 | Industrials | 3.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Liberty Global Class C
LBTYK
$3.55B
| $1.59B | 14.61% |
53,971,307
| – | – |
|
2
Intel
INTC
$476B
| $1.05B | 9.66% |
19,744,950
-2,000,000
| -9% | -$108M |
|
3
Viasat
VSAT
$10.3B
| $897M | 8.24% |
16,288,959
| – | – |
|
4
Qorvo
QRVO
$8.43B
| $850M | 7.81% |
5,084,466
-250,000
| -5% | -$46.5M |
|
5
Alphabet (Google) Class C
GOOG
$4.18T
| $775M | 7.12% |
5,818,600
| – | – |
|
6
Meta Platforms (Facebook)
META
$1.4T
| $525M | 4.82% |
1,547,000
| – | – |
|
7
Micron Technology
MU
$1.09T
| $508M | 4.67% |
7,163,416
| – | – |
|
|
LSXMK
8
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $431M | 3.96% |
11,728,563
+3,356,600
| +40% | +$123M |
|
|
9
eBay
EBAY
$46.3B
| $417M | 3.83% |
5,982,667
-8,907,956
| -60% | -$638M |
|
|
VRTV
10
DELISTED
VERITIV CORPORATION
VRTV
| $319M | 2.93% |
3,564,439
| – | – |
|
11
Nexstar Media Group
NXST
$5.73B
| $311M | 2.86% |
2,046,000
| – | – |
|
|
12
Dropbox
DBX
$7.5B
| $271M | 2.49% |
+9,287,500
| New | +$288M |
|
13
SS&C Technologies
SSNC
$19.5B
| $265M | 2.43% |
3,816,892
+500,000
| +15% | +$37.1M |
|
|
14
Willis Towers Watson
WTW
$31.8B
| $232M | 2.14% |
1,000,000
-891,526
| -47% | -$198M |
|
15
Liberty Global Class A
LBTYA
$3.63B
| $228M | 2.1% |
7,657,205
| – | – |
|
|
SJR
16
DELISTED
Shaw Communications Inc.
SJR
| $219M | 2.01% |
7,530,807
| – | – |
|
|
LSXMA
17
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $208M | 1.91% |
5,988,400
+1,224,900
| +26% | +$42.8M |
|
|
PSTH
18
DELISTED
Pershing Square Tontine Holdings, Ltd.
PSTH
| $188M | 1.73% |
9,550,504
-540,151
| -5% | -$11M |
|
|
19
International Flavors & Fragrances
IFF
$21.5B
| $166M | 1.53% |
1,242,483
-857,517
| -41% | -$126M |
|
|
VRNT
20
DELISTED
Verint Systems
VRNT
| $158M | 1.45% |
3,528,484
+488,686
| +16% | +$21.3M |
|
21
Atara Biotherapeutics
ATRA
$97.4M
| $152M | 1.39% |
339,100
| – | – |
|
22
DigitalBridge
DBRG
$2.95B
| $138M | 1.27% |
5,719,265
| – | – |
|
23
Advantage Solutions
ADV
$441M
| $104M | 0.95% |
487,800
| – | – |
|
24
Theravance Biopharma
TBPH
$883M
| $101M | 0.93% |
13,660,168
+3,750,000
| +38% | +$41.9M |
|
|
25
Joby Aviation
JOBY
$7.45B
| $96.1M | 0.88% |
10,000,000
+6,500,000
| +186% | +$65.5M |
|
Similar funds
Seth Klarman's Q3 2021 Portfolio in Review
As of Q3 2021, Seth Klarman held 65 positions worth $10.9B, down 12% from $12.3B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Seth Klarman withdrew a net $1.29B in Q3 2021, closing 8 positions and reducing 7 holdings. Its most notable exit was Translate Bio, Inc. Common Stock, an estimated $494M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 40% of assets, up from 33% a quarter earlier, followed by Technology and Financials.
Against the trend, Seth Klarman opened a new position in Dropbox worth $271M.
- Seth Klarman's largest Q3 2021 buy was Dropbox: 9,287,500 shares worth $271M.
- Seth Klarman added most to Liberty Media Corporation Series C Liberty SiriusXM Common Stock in Q3 2021, an estimated $123M increase.
- Seth Klarman's biggest Q3 2021 reduction was eBay, cutting an estimated $638M.
- Seth Klarman fully exited Translate Bio, Inc. Common Stock in Q3 2021, selling an estimated $494M.
- Seth Klarman's ten largest holdings make up 68% of its $10.9B portfolio in Q3 2021.
- Seth Klarman opened 6 new positions and closed 8 in Q3 2021.
- Seth Klarman's portfolio value fell 12% quarter-over-quarter to $10.9B.
Based on Baupost Group's 13F filing for Q3 2021, filed 12 Nov 2021.