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 |
CRH
CRH
|
+$187M |
| 2 |
Clarivate
CLVT
|
+$179M |
| 3 |
Willis Towers Watson
WTW
|
+$139M |
| 4 |
Dollar General
DG
|
+$102M |
| 5 |
Tower Semiconductor
TSEM
|
+$91.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Qorvo
QRVO
|
+$172M |
| 2 |
New Oriental
EDU
|
+$162M |
| 3 |
Garrett Motion
GTX
|
+$155M |
| 4 |
Amazon
AMZN
|
+$126M |
| 5 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$105M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 47.13% |
| 2 | Technology | 22.13% |
| 3 | Industrials | 12.05% |
| 4 | Financials | 6.23% |
| 5 | Materials | 3.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Liberty Global Class C
LBTYK
$3.55B
| $785M | 15.06% |
42,311,011
-2,693,299
| -6% | -$51.8M |
|
|
VRTV
2
DELISTED
VERITIV CORPORATION
VRTV
| $561M | 10.77% |
3,324,324
| – | – |
|
3
Alphabet (Google) Class C
GOOG
$4.18T
| $505M | 9.69% |
3,831,538
-288,242
| -7% | -$37.5M |
|
4
Fidelity National Information Services
FIS
$21.3B
| $385M | 7.38% |
6,960,219
+185,219
| +3% | +$10.7M |
|
|
LSXMK
5
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $378M | 7.25% |
14,851,048
-4,321,655
| -23% | -$105M |
|
|
6
Willis Towers Watson
WTW
$31.8B
| $325M | 6.23% |
1,555,667
+653,300
| +72% | +$139M |
|
7
Viasat
VSAT
$10.3B
| $299M | 5.73% |
16,174,839
-114,120
| -0.7% | -$3.27M |
|
8
Warner Bros
WBD
$71.6B
| $274M | 5.26% |
25,235,094
| – | – |
|
|
LSXMA
9
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $208M | 3.99% |
8,177,656
-2,952,134
| -27% | -$69.9M |
|
|
10
CRH
CRH
$63.2B
| $183M | 3.51% |
3,345,543
+3,289,000
| +5,817% | +$187M |
|
|
11
Clarivate
CLVT
$1.33B
| $151M | 2.9% |
+22,500,000
| New | +$179M |
|
12
Liberty Global Class A
LBTYA
$3.63B
| $123M | 2.36% |
7,194,276
| – | – |
|
13
SS&C Technologies
SSNC
$19.5B
| $121M | 2.32% |
2,298,636
-1,421,794
| -38% | -$81.3M |
|
|
14
Dollar General
DG
$27.2B
| $98.1M | 1.88% |
927,000
+685,000
| +283% | +$102M |
|
|
15
Qorvo
QRVO
$8.43B
| $89.3M | 1.71% |
935,612
-1,682,091
| -64% | -$172M |
|
16
Jazz Pharmaceuticals
JAZZ
$16.5B
| $87.2M | 1.67% |
673,696
| – | – |
|
|
17
Tower Semiconductor
TSEM
$25.2B
| $70M | 1.34% |
+2,850,000
| New | +$91.4M |
|
18
Jacobs Solutions
J
$17.6B
| $66.6M | 1.28% |
+589,719
| New | +$63.5M |
|
19
Theravance Biopharma
TBPH
$883M
| $64M | 1.23% |
7,419,226
| – | – |
|
20
Liberty Live Group Series A
LLYVA
$9.36B
| $63.2M | 1.21% |
+1,979,167
| New | +$65M |
|
|
21
Liberty Live Group Series C
LLYVK
$9.7B
| $61.1M | 1.17% |
+1,902,472
| New | +$63M |
|
|
22
New Oriental
EDU
$8.88B
| $59.9M | 1.15% |
1,023,272
-3,095,512
| -75% | -$162M |
|
|
23
Garrett Motion
GTX
$4.96B
| $47.2M | 0.9% |
5,987,289
-20,083,300
| -77% | -$155M |
|
24
Seagate
STX
$193B
| $39.6M | 0.76% |
600,000
| – | – |
|
25
Gray Television
GTN
$509M
| $26M | 0.5% |
3,760,000
| – | – |
|
Similar funds
Seth Klarman's Q3 2023 Portfolio in Review
As of Q3 2023, Seth Klarman held 34 positions worth $5.21B, down 7.1% from $5.61B the previous quarter. Its ten largest holdings account for 75% of the portfolio.
Seth Klarman withdrew a net $197M in Q3 2023, closing 2 positions and reducing 12 holdings. Its most notable exit was Amazon, an estimated $126M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 47% of assets, up from 46% a quarter earlier, followed by Technology and Industrials.
Against the trend, Seth Klarman opened a new position in Clarivate worth $151M.
- Seth Klarman's largest Q3 2023 buy was Clarivate: 22,500,000 shares worth $151M.
- Seth Klarman added most to CRH in Q3 2023, an estimated $187M increase.
- Seth Klarman's biggest Q3 2023 reduction was Qorvo, cutting an estimated $172M.
- Seth Klarman fully exited Amazon in Q3 2023, selling an estimated $126M.
- Seth Klarman's ten largest holdings make up 75% of its $5.21B portfolio in Q3 2023.
- Seth Klarman opened 5 new positions and closed 2 in Q3 2023.
- Seth Klarman's portfolio value fell 7.1% quarter-over-quarter to $5.21B.
Based on Baupost Group's 13F filing for Q3 2023, filed 13 Nov 2023.