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 |
Garrett Motion
GTX
|
+$180M |
| 2 |
Amazon
AMZN
|
+$110M |
| 3 |
Fidelity National Information Services
FIS
|
+$106M |
| 4 |
Dollar General
DG
|
+$47.9M |
| 5 |
Union Pacific
UNP
|
+$34.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GTXAP
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
|
+$227M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$200M |
| 3 |
Qorvo
QRVO
|
+$195M |
| 4 |
Skyworks Solutions
SWKS
|
+$83M |
| 5 |
FISV
Fiserv Inc
FISV
|
+$60.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 45.58% |
| 2 | Technology | 28% |
| 3 | Industrials | 8.07% |
| 4 | Consumer Discretionary | 5.75% |
| 5 | Consumer Staples | 4.09% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Liberty Global Class C
LBTYK
$3.55B
| $800M | 14.24% |
45,004,310
-2,500,000
| -5% | -$46.6M |
|
2
Viasat
VSAT
$10.3B
| $672M | 11.97% |
16,288,959
| – | – |
|
|
3
Alphabet (Google) Class C
GOOG
$4.18T
| $498M | 8.88% |
4,119,780
-1,732,000
| -30% | -$200M |
|
|
LSXMK
4
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $486M | 8.66% |
19,172,703
| – | – |
|
|
VRTV
5
DELISTED
VERITIV CORPORATION
VRTV
| $418M | 7.44% |
3,324,324
| – | – |
|
|
6
Fidelity National Information Services
FIS
$21.3B
| $371M | 6.6% |
6,775,000
+1,933,451
| +40% | +$106M |
|
7
Warner Bros
WBD
$71.6B
| $316M | 5.64% |
25,235,094
| – | – |
|
|
LSXMA
8
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $268M | 4.78% |
11,129,790
| – | – |
|
|
9
Qorvo
QRVO
$8.43B
| $267M | 4.76% |
2,617,703
-2,031,801
| -44% | -$195M |
|
10
SS&C Technologies
SSNC
$19.5B
| $225M | 4.02% |
3,720,430
+446,000
| +14% | +$25.4M |
|
11
Willis Towers Watson
WTW
$31.8B
| $213M | 3.78% |
902,367
+43,700
| +5% | +$10.1M |
|
|
12
Garrett Motion
GTX
$4.96B
| $197M | 3.51% |
26,070,589
+22,495,589
| +629% | +$180M |
|
13
New Oriental
EDU
$8.88B
| $163M | 2.9% |
4,118,784
-1,300,000
| -24% | -$52M |
|
|
14
Amazon
AMZN
$2.79T
| $126M | 2.24% |
+963,946
| New | +$110M |
|
15
Liberty Global Class A
LBTYA
$3.63B
| $121M | 2.16% |
7,194,276
| – | – |
|
16
Jazz Pharmaceuticals
JAZZ
$16.5B
| $83.5M | 1.49% |
673,696
+195,000
| +41% | +$26.2M |
|
17
Theravance Biopharma
TBPH
$883M
| $76.8M | 1.37% |
7,419,226
-3,000,000
| -29% | -$33.1M |
|
|
18
Dollar General
DG
$27.2B
| $41.1M | 0.73% |
+242,000
| New | +$47.9M |
|
19
Seagate
STX
$193B
| $37.1M | 0.66% |
600,000
+463,923
| +341% | +$28.3M |
|
|
20
Union Pacific
UNP
$183B
| $35.8M | 0.64% |
+175,000
| New | +$34.8M |
|
21
Gray Television
GTN
$509M
| $29.6M | 0.53% |
3,760,000
| – | – |
|
22
Herbalife
HLF
$1.33B
| $25.9M | 0.46% |
1,954,200
| – | – |
|
23
Advantage Solutions
ADV
$441M
| $24.9M | 0.44% |
426,055
-14,010
| -3% | -$600K |
|
24
Atara Biotherapeutics
ATRA
$97.4M
| $15.7M | 0.28% |
390,945
+26,000
| +7% | +$1.47M |
|
|
OPTU
25
Optimum Communications Inc
OPTU
$323M
| $14.4M | 0.26% |
4,774,615
| – | – |
|
Similar funds
Seth Klarman's Q2 2023 Portfolio in Review
As of Q2 2023, Seth Klarman held 35 positions worth $5.61B, down 4% from $5.85B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Seth Klarman withdrew a net $383M in Q2 2023, closing 6 positions and reducing 8 holdings. Its most notable exit was Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock, an estimated $227M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 46% of assets, down from 48% a quarter earlier, followed by Technology and Industrials.
Against the trend, Seth Klarman opened a new position in Amazon worth $126M.
- Seth Klarman's largest Q2 2023 buy was Amazon: 963,946 shares worth $126M.
- Seth Klarman added most to Garrett Motion in Q2 2023, an estimated $180M increase.
- Seth Klarman's biggest Q2 2023 reduction was Alphabet (Google) Class C, cutting an estimated $200M.
- Seth Klarman fully exited Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock in Q2 2023, selling an estimated $227M.
- Seth Klarman's ten largest holdings make up 77% of its $5.61B portfolio in Q2 2023.
- Seth Klarman opened 4 new positions and closed 6 in Q2 2023.
- Seth Klarman's portfolio value fell 4% quarter-over-quarter to $5.61B.
Based on Baupost Group's 13F filing for Q2 2023, filed 11 Aug 2023.