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 |
Alphabet (Google) Class C
GOOG
|
+$250M |
| 2 |
Meta Platforms (Facebook)
META
|
+$122M |
| 3 |
Fidelity National Information Services
FIS
|
+$109M |
| 4 |
Amazon
AMZN
|
+$73.3M |
| 5 |
Herbalife
HLF
|
+$34.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dropbox
DBX
|
+$162M |
| 2 |
FISV
Fiserv Inc
FISV
|
+$152M |
| 3 |
Encompass Health
EHC
|
+$133M |
| 4 |
Qorvo
QRVO
|
+$94.3M |
| 5 |
New Oriental
EDU
|
+$53.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 46.18% |
| 2 | Technology | 28.45% |
| 3 | Industrials | 6.6% |
| 4 | Financials | 5.68% |
| 5 | Consumer Staples | 3.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Liberty Global Class C
LBTYK
$3.55B
| $923M | 15.05% |
47,504,310
-346,000
| -0.7% | -$6.54M |
|
|
LSXMK
2
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $534M | 8.71% |
17,623,503
-163,957
| -0.9% | -$5.25M |
|
|
3
Qorvo
QRVO
$8.43B
| $520M | 8.47% |
5,731,657
-1,044,259
| -15% | -$94.3M |
|
4
Viasat
VSAT
$10.3B
| $516M | 8.41% |
16,288,959
| – | – |
|
|
VRTV
5
DELISTED
VERITIV CORPORATION
VRTV
| $405M | 6.6% |
3,324,324
-112,336
| -3% | -$13.6M |
|
|
6
Alphabet (Google) Class C
GOOG
$4.18T
| $354M | 5.78% |
3,994,280
+2,618,000
| +190% | +$250M |
|
7
Willis Towers Watson
WTW
$31.8B
| $313M | 5.11% |
1,280,908
-4,520
| -0.4% | -$1.03M |
|
|
LSXMA
8
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $302M | 4.92% |
10,449,290
| – | – |
|
9
Warner Bros
WBD
$71.6B
| $294M | 4.79% |
31,000,000
+2,000,000
| +7% | +$22.6M |
|
|
GTXAP
10
DELISTED
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
| $222M | 3.62% |
25,480,292
| – | – |
|
|
11
Meta Platforms (Facebook)
META
$1.4T
| $208M | 3.39% |
1,727,851
+1,039,000
| +151% | +$122M |
|
|
FISV
12
Fiserv Inc
FISV
$28B
| $202M | 3.3% |
2,002,391
-1,530,000
| -43% | -$152M |
|
|
13
New Oriental
EDU
$8.88B
| $202M | 3.29% |
5,793,928
-1,891,778
| -25% | -$53.4M |
|
14
SS&C Technologies
SSNC
$19.5B
| $196M | 3.2% |
3,772,749
| – | – |
|
15
Micron Technology
MU
$1.09T
| $164M | 2.68% |
3,285,974
| – | – |
|
|
16
Fidelity National Information Services
FIS
$21.3B
| $146M | 2.38% |
2,155,000
+1,540,000
| +250% | +$109M |
|
17
Liberty Global Class A
LBTYA
$3.63B
| $136M | 2.22% |
7,194,276
| – | – |
|
18
Theravance Biopharma
TBPH
$883M
| $128M | 2.09% |
11,419,226
-2,000,000
| -15% | -$21M |
|
|
19
Amazon
AMZN
$2.79T
| $83.2M | 1.36% |
990,000
+742,000
| +299% | +$73.3M |
|
20
Lithia Motors
LAD
$8.15B
| $51.2M | 0.83% |
250,000
| – | – |
|
21
Gray Television
GTN
$509M
| $39.3M | 0.64% |
3,510,000
+250,000
| +8% | +$3.1M |
|
22
DigitalBridge
DBRG
$2.95B
| $35M | 0.57% |
3,201,713
-88,000
| -3% | -$1.14M |
|
|
23
Herbalife
HLF
$1.33B
| $29.8M | 0.49% |
+2,000,000
| New | +$34.8M |
|
24
Garrett Motion
GTX
$4.96B
| $27.2M | 0.44% |
3,575,000
| – | – |
|
25
Atara Biotherapeutics
ATRA
$97.4M
| $26.6M | 0.43% |
324,945
| – | – |
|
Similar funds
Seth Klarman's Q4 2022 Portfolio in Review
As of Q4 2022, Seth Klarman held 50 positions worth $6.13B, up 5.8% from $5.79B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Seth Klarman's Q4 2022 filing shows 3 new, 6 increased, 14 reduced and 16 closed positions. Its largest new stake was Herbalife: 2,000,000 shares worth $29.8M. The largest sale was Dropbox, an estimated $162M.
By sector, the portfolio is most concentrated in Communication Services at 46% of assets, up from 41% a quarter earlier, followed by Technology and Industrials.
- Seth Klarman's largest Q4 2022 buy was Herbalife: 2,000,000 shares worth $29.8M.
- Seth Klarman added most to Alphabet (Google) Class C in Q4 2022, an estimated $250M increase.
- Seth Klarman's biggest Q4 2022 reduction was Fiserv Inc, cutting an estimated $152M.
- Seth Klarman fully exited Dropbox in Q4 2022, selling an estimated $162M.
- Seth Klarman's ten largest holdings make up 71% of its $6.13B portfolio in Q4 2022.
- Seth Klarman opened 3 new positions and closed 16 in Q4 2022.
- Seth Klarman's portfolio value rose 5.8% quarter-over-quarter to $6.13B.
Based on Baupost Group's 13F filing for Q4 2022, filed 13 Feb 2023.