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 |
FISV
Fiserv Inc
FISV
|
+$315M |
| 2 |
GTXAP
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
|
+$207M |
| 3 |
Gen Digital
GEN
|
+$146M |
| 4 |
Qorvo
QRVO
|
+$137M |
| 5 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$71.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$417M |
| 2 |
Micron Technology
MU
|
+$306M |
| 3 |
SJR
Shaw Communications Inc.
SJR
|
+$219M |
| 4 |
Meta Platforms (Facebook)
META
|
+$187M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$181M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 40.85% |
| 2 | Communication Services | 38.24% |
| 3 | Financials | 7.92% |
| 4 | Industrials | 5.01% |
| 5 | Healthcare | 4.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Liberty Global Class C
LBTYK
$3.55B
| $1.52B | 14.97% |
53,971,307
| – | – |
|
|
2
Qorvo
QRVO
$8.43B
| $930M | 9.18% |
5,945,744
+861,278
| +17% | +$137M |
|
3
Intel
INTC
$476B
| $929M | 9.17% |
18,036,950
-1,708,000
| -9% | -$87.3M |
|
4
Viasat
VSAT
$10.3B
| $726M | 7.16% |
16,288,959
| – | – |
|
|
5
Alphabet (Google) Class C
GOOG
$4.18T
| $660M | 6.52% |
4,564,600
-1,254,000
| -22% | -$181M |
|
|
LSXMK
6
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $534M | 5.28% |
13,568,238
+1,839,675
| +16% | +$71.4M |
|
|
VRTV
7
DELISTED
VERITIV CORPORATION
VRTV
| $437M | 4.31% |
3,564,439
| – | – |
|
|
8
Meta Platforms (Facebook)
META
$1.4T
| $331M | 3.27% |
984,500
-562,500
| -36% | -$187M |
|
|
FISV
9
Fiserv Inc
FISV
$28B
| $317M | 3.13% |
+3,050,000
| New | +$315M |
|
10
SS&C Technologies
SSNC
$19.5B
| $313M | 3.09% |
3,816,892
| – | – |
|
|
11
Micron Technology
MU
$1.09T
| $303M | 2.99% |
3,250,416
-3,913,000
| -55% | -$306M |
|
12
Willis Towers Watson
WTW
$31.8B
| $297M | 2.93% |
1,250,000
+250,000
| +25% | +$59.2M |
|
13
Nexstar Media Group
NXST
$5.73B
| $258M | 2.55% |
1,712,092
-333,908
| -16% | -$51.8M |
|
|
LSXMA
14
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $253M | 2.5% |
6,770,975
+782,575
| +13% | +$28.9M |
|
|
GTXAP
15
DELISTED
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
| $214M | 2.11% |
+25,480,292
| New | +$207M |
|
16
Liberty Global Class A
LBTYA
$3.63B
| $212M | 2.1% |
7,657,205
| – | – |
|
17
Dropbox
DBX
$7.5B
| $199M | 1.96% |
8,095,025
-1,192,475
| -13% | -$32.1M |
|
|
VRNT
18
DELISTED
Verint Systems
VRNT
| $197M | 1.95% |
3,754,965
+226,481
| +6% | +$10.9M |
|
19
DigitalBridge
DBRG
$2.95B
| $191M | 1.88% |
5,719,265
| – | – |
|
|
PSTH
20
DELISTED
Pershing Square Tontine Holdings, Ltd.
PSTH
| $188M | 1.86% |
9,550,504
| – | – |
|
21
Theravance Biopharma
TBPH
$883M
| $151M | 1.49% |
13,660,168
| – | – |
|
|
22
Gen Digital
GEN
$17.3B
| $150M | 1.48% |
+5,780,000
| New | +$146M |
|
23
Atara Biotherapeutics
ATRA
$97.4M
| $134M | 1.32% |
339,100
| – | – |
|
24
Advantage Solutions
ADV
$441M
| $95.5M | 0.94% |
487,800
| – | – |
|
25
Nuvation Bio
NUVB
$2.43B
| $73M | 0.72% |
8,623,021
| – | – |
|
Similar funds
Seth Klarman's Q4 2021 Portfolio in Review
As of Q4 2021, Seth Klarman held 64 positions worth $10.1B, down 7% from $10.9B the previous quarter. Its ten largest holdings account for 66% of the portfolio.
Seth Klarman withdrew a net $817M in Q4 2021, closing 10 positions and reducing 11 holdings. Its most notable exit was eBay, an estimated $417M position sold in full.
By sector, the portfolio is most concentrated in Technology at 41% of assets, up from 38% a quarter earlier, followed by Communication Services and Financials.
Against the trend, Seth Klarman opened a new position in Fiserv Inc worth $317M.
- Seth Klarman's largest Q4 2021 buy was Fiserv Inc: 3,050,000 shares worth $317M.
- Seth Klarman added most to Qorvo in Q4 2021, an estimated $137M increase.
- Seth Klarman's biggest Q4 2021 reduction was Micron Technology, cutting an estimated $306M.
- Seth Klarman fully exited eBay in Q4 2021, selling an estimated $417M.
- Seth Klarman's ten largest holdings make up 66% of its $10.1B portfolio in Q4 2021.
- Seth Klarman opened 7 new positions and closed 10 in Q4 2021.
- Seth Klarman's portfolio value fell 7% quarter-over-quarter to $10.1B.
Based on Baupost Group's 13F filing for Q4 2021, filed 11 Feb 2022.