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
|
+$149M |
| 2 |
Willis Towers Watson
WTW
|
+$74M |
| 3 |
Lithia Motors
LAD
|
+$65.3M |
| 4 |
Fidelity National Information Services
FIS
|
+$57.3M |
| 5 |
SS&C Technologies
SSNC
|
+$46.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Intel
INTC
|
+$326M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$223M |
| 3 |
Nexstar Media Group
NXST
|
+$45.3M |
| 4 |
Amazon
AMZN
|
+$44.2M |
| 5 |
Encompass Health
EHC
|
+$37.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 40.51% |
| 2 | Technology | 33.04% |
| 3 | Healthcare | 5.82% |
| 4 | Industrials | 5.8% |
| 5 | Financials | 5.71% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Liberty Global Class C
LBTYK
$3.55B
| $790M | 13.63% |
47,850,310
-569,495
| -1% | -$12.1M |
|
2
Qorvo
QRVO
$8.43B
| $538M | 9.29% |
6,775,916
-191,120
| -3% | -$18.5M |
|
|
LSXMK
3
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $520M | 8.97% |
17,787,460
+687,336
| +4% | +$21.4M |
|
4
Viasat
VSAT
$10.3B
| $492M | 8.5% |
16,288,959
| – | – |
|
|
VRTV
5
DELISTED
VERITIV CORPORATION
VRTV
| $336M | 5.8% |
3,436,660
-127,779
| -4% | -$15.2M |
|
|
6
Warner Bros
WBD
$71.6B
| $334M | 5.76% |
29,000,000
+11,000,000
| +61% | +$149M |
|
|
FISV
7
Fiserv Inc
FISV
$28B
| $331M | 5.71% |
3,532,391
| – | – |
|
|
LSXMA
8
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $292M | 5.05% |
10,449,290
+480,164
| +5% | +$14.2M |
|
|
9
Willis Towers Watson
WTW
$31.8B
| $258M | 4.46% |
1,285,428
+358,462
| +39% | +$74M |
|
10
New Oriental
EDU
$8.88B
| $184M | 3.18% |
7,685,706
-314,294
| -4% | -$7.81M |
|
|
GTXAP
11
DELISTED
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
| $181M | 3.13% |
25,480,292
| – | – |
|
|
12
SS&C Technologies
SSNC
$19.5B
| $180M | 3.11% |
3,772,749
+810,000
| +27% | +$46.6M |
|
13
Micron Technology
MU
$1.09T
| $165M | 2.84% |
3,285,974
+550,000
| +20% | +$31.9M |
|
14
Dropbox
DBX
$7.5B
| $162M | 2.8% |
7,819,924
| – | – |
|
15
Theravance Biopharma
TBPH
$883M
| $136M | 2.35% |
13,419,226
| – | – |
|
|
16
Encompass Health
EHC
$11.9B
| $133M | 2.3% |
2,950,000
-758,150
| -20% | -$37.9M |
|
|
17
Alphabet (Google) Class C
GOOG
$4.18T
| $132M | 2.28% |
1,376,280
-2,000,000
| -59% | -$223M |
|
18
Liberty Global Class A
LBTYA
$3.63B
| $112M | 1.94% |
7,194,276
| – | – |
|
19
Meta Platforms (Facebook)
META
$1.4T
| $93.5M | 1.61% |
688,851
| – | – |
|
|
20
Lithia Motors
LAD
$8.15B
| $53.6M | 0.93% |
+250,000
| New | +$65.3M |
|
|
LFG
21
DELISTED
Archaea Energy Inc.
LFG
| $51.2M | 0.88% |
2,930,297
| – | – |
|
22
Gray Television
GTN
$509M
| $46.7M | 0.81% |
3,260,000
+1,000,000
| +44% | +$18.3M |
|
|
23
Fidelity National Information Services
FIS
$21.3B
| $46.5M | 0.8% |
+615,000
| New | +$57.3M |
|
24
DigitalBridge
DBRG
$2.95B
| $41.2M | 0.71% |
3,289,713
-1
| -0% | -$19 |
|
|
LMACA
25
DELISTED
Liberty Media Acquisition Corporation Series A Common Stock
LMACA
| $31.4M | 0.54% |
3,156,598
| – | – |
|
Similar funds
Seth Klarman's Q3 2022 Portfolio in Review
As of Q3 2022, Seth Klarman held 54 positions worth $5.79B, down 14% from $6.77B the previous quarter. Its ten largest holdings account for 70% of the portfolio.
Seth Klarman withdrew a net $312M in Q3 2022, closing 9 positions and reducing 10 holdings. Its most notable exit was Intel, an estimated $326M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 41% of assets, down from 42% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Seth Klarman opened a new position in Lithia Motors worth $53.6M.
- Seth Klarman's largest Q3 2022 buy was Lithia Motors: 250,000 shares worth $53.6M.
- Seth Klarman added most to Warner Bros in Q3 2022, an estimated $149M increase.
- Seth Klarman's biggest Q3 2022 reduction was Alphabet (Google) Class C, cutting an estimated $223M.
- Seth Klarman fully exited Intel in Q3 2022, selling an estimated $326M.
- Seth Klarman's ten largest holdings make up 70% of its $5.79B portfolio in Q3 2022.
- Seth Klarman opened 3 new positions and closed 9 in Q3 2022.
- Seth Klarman's portfolio value fell 14% quarter-over-quarter to $5.79B.
Based on Baupost Group's 13F filing for Q3 2022, filed 14 Nov 2022.