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 |
Warner Bros
WBD
|
+$334M |
| 2 |
New Oriental
EDU
|
+$110M |
| 3 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$84.8M |
| 4 |
Amazon
AMZN
|
+$74.8M |
| 5 |
LSXMA
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
|
+$69.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Intel
INTC
|
+$340M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$177M |
| 3 |
Nexstar Media Group
NXST
|
+$147M |
| 4 |
Liberty Global Class C
LBTYK
|
+$135M |
| 5 |
VRNT
Verint Systems
VRNT
|
+$100M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 41.6% |
| 2 | Technology | 34.29% |
| 3 | Healthcare | 6.01% |
| 4 | Industrials | 5.72% |
| 5 | Financials | 4.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Liberty Global Class C
LBTYK
$3.55B
| $1.07B | 15.8% |
48,419,805
-5,551,502
| -10% | -$135M |
|
2
Qorvo
QRVO
$8.43B
| $657M | 9.71% |
6,967,036
+321,324
| +5% | +$34.7M |
|
3
Viasat
VSAT
$10.3B
| $499M | 7.37% |
16,288,959
| – | – |
|
|
LSXMK
4
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $478M | 7.06% |
17,100,124
+2,690,513
| +19% | +$84.8M |
|
|
VRTV
5
DELISTED
VERITIV CORPORATION
VRTV
| $387M | 5.72% |
3,564,439
| – | – |
|
|
6
Alphabet (Google) Class C
GOOG
$4.18T
| $369M | 5.46% |
3,376,280
-1,501,520
| -31% | -$177M |
|
|
7
Intel
INTC
$476B
| $326M | 4.82% |
8,724,431
-7,868,000
| -47% | -$340M |
|
|
FISV
8
Fiserv Inc
FISV
$28B
| $314M | 4.64% |
3,532,391
-456,000
| -11% | -$44.2M |
|
|
LSXMA
9
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $264M | 3.9% |
9,969,126
+2,320,393
| +30% | +$69.5M |
|
|
10
Warner Bros
WBD
$71.6B
| $242M | 3.57% |
+18,000,000
| New | +$334M |
|
|
GTXAP
11
DELISTED
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
| $209M | 3.09% |
25,480,292
| – | – |
|
12
Willis Towers Watson
WTW
$31.8B
| $183M | 2.7% |
926,966
-304,000
| -25% | -$65.2M |
|
13
SS&C Technologies
SSNC
$19.5B
| $172M | 2.54% |
2,962,749
-804,700
| -21% | -$51.7M |
|
14
Encompass Health
EHC
$11.9B
| $165M | 2.44% |
3,708,150
-62,850
| -2% | -$3.22M |
|
15
Dropbox
DBX
$7.5B
| $164M | 2.43% |
7,819,924
-2,751,122
| -26% | -$59.5M |
|
|
16
New Oriental
EDU
$8.88B
| $163M | 2.41% |
+8,000,000
| New | +$110M |
|
17
Liberty Global Class A
LBTYA
$3.63B
| $151M | 2.24% |
7,194,276
-462,929
| -6% | -$10.9M |
|
18
Micron Technology
MU
$1.09T
| $151M | 2.23% |
2,735,974
-375,000
| -12% | -$25.5M |
|
19
Theravance Biopharma
TBPH
$883M
| $122M | 1.8% |
13,419,226
-224,107
| -2% | -$2.07M |
|
20
Meta Platforms (Facebook)
META
$1.4T
| $111M | 1.64% |
688,851
-281,060
| -29% | -$54.2M |
|
21
DigitalBridge
DBRG
$2.95B
| $64.2M | 0.95% |
3,289,714
-1,301,876
| -28% | -$31.8M |
|
|
22
Amazon
AMZN
$2.79T
| $63.5M | 0.94% |
+598,000
| New | +$74.8M |
|
23
Atara Biotherapeutics
ATRA
$97.4M
| $63.3M | 0.94% |
324,945
| – | – |
|
|
24
Nexstar Media Group
NXST
$5.73B
| $45.3M | 0.67% |
277,811
-869,881
| -76% | -$147M |
|
25
Advantage Solutions
ADV
$441M
| $43.6M | 0.64% |
473,653
-7,945
| -2% | -$960K |
|
Similar funds
Seth Klarman's Q2 2022 Portfolio in Review
As of Q2 2022, Seth Klarman held 58 positions worth $6.77B, down 27% from $9.3B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Seth Klarman withdrew a net $697M in Q2 2022, closing 6 positions and reducing 22 holdings. Its most notable exit was Avanti Acquisition Corp., an estimated $39.4M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 42% of assets, up from 39% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Seth Klarman opened a new position in Warner Bros worth $242M.
- Seth Klarman's largest Q2 2022 buy was Warner Bros: 18,000,000 shares worth $242M.
- Seth Klarman added most to Liberty Media Corporation Series C Liberty SiriusXM Common Stock in Q2 2022, an estimated $84.8M increase.
- Seth Klarman's biggest Q2 2022 reduction was Intel, cutting an estimated $340M.
- Seth Klarman fully exited Avanti Acquisition Corp. in Q2 2022, selling an estimated $39.4M.
- Seth Klarman's ten largest holdings make up 68% of its $6.77B portfolio in Q2 2022.
- Seth Klarman opened 3 new positions and closed 6 in Q2 2022.
- Seth Klarman's portfolio value fell 27% quarter-over-quarter to $6.77B.
Based on Baupost Group's 13F filing for Q2 2022, filed 12 Aug 2022.