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 |
Jacobs Solutions
J
|
+$31.6M |
| 2 |
Clarivate
CLVT
|
+$22.2M |
| 3 |
Jazz Pharmaceuticals
JAZZ
|
+$20M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VRTV
VERITIV CORPORATION
VRTV
|
+$561M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$120M |
| 3 |
Dollar General
DG
|
+$98.1M |
| 4 |
Qorvo
QRVO
|
+$89.3M |
| 5 |
SS&C Technologies
SSNC
|
+$69.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 52.94% |
| 2 | Technology | 26.52% |
| 3 | Financials | 8.18% |
| 4 | Materials | 5.05% |
| 5 | Healthcare | 4.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Liberty Global Class C
LBTYK
$3.55B
| $789M | 17.2% |
42,311,011
| – | – |
|
2
Viasat
VSAT
$10.3B
| $452M | 9.86% |
16,174,839
| – | – |
|
|
LSXMK
3
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $427M | 9.32% |
14,851,048
| – | – |
|
|
4
Alphabet (Google) Class C
GOOG
$4.18T
| $416M | 9.07% |
2,949,538
-882,000
| -23% | -$120M |
|
5
Fidelity National Information Services
FIS
$21.3B
| $382M | 8.33% |
6,360,719
-599,500
| -9% | -$32.9M |
|
6
Willis Towers Watson
WTW
$31.8B
| $375M | 8.18% |
1,555,667
| – | – |
|
7
Warner Bros
WBD
$71.6B
| $287M | 6.26% |
25,235,094
| – | – |
|
|
8
Clarivate
CLVT
$1.33B
| $236M | 5.15% |
25,500,000
+3,000,000
| +13% | +$22.2M |
|
|
LSXMA
9
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $235M | 5.13% |
8,177,656
| – | – |
|
10
CRH
CRH
$63.2B
| $231M | 5.05% |
3,345,543
| – | – |
|
11
Liberty Global Class A
LBTYA
$3.63B
| $128M | 2.79% |
7,194,276
| – | – |
|
|
12
Jazz Pharmaceuticals
JAZZ
$16.5B
| $103M | 2.24% |
833,696
+160,000
| +24% | +$20M |
|
|
13
Jacobs Solutions
J
$17.6B
| $94.5M | 2.06% |
879,871
+290,152
| +49% | +$31.6M |
|
14
Theravance Biopharma
TBPH
$883M
| $83.4M | 1.82% |
7,419,226
| – | – |
|
15
Tower Semiconductor
TSEM
$25.2B
| $82.7M | 1.8% |
2,710,852
-139,148
| -5% | -$3.63M |
|
16
Liberty Live Group Series A
LLYVA
$9.36B
| $69.4M | 1.51% |
1,899,547
-79,620
| -4% | -$2.64M |
|
|
17
SS&C Technologies
SSNC
$19.5B
| $62.9M | 1.37% |
1,028,545
-1,270,091
| -55% | -$69.4M |
|
18
Gray Television
GTN
$509M
| $33.7M | 0.73% |
3,760,000
| – | – |
|
19
Garrett Motion
GTX
$4.96B
| $29M | 0.63% |
2,994,289
-2,993,000
| -50% | -$23.1M |
|
|
20
Liberty Live Group Series C
LLYVK
$9.7B
| $26.9M | 0.59% |
718,270
-1,184,202
| -62% | -$40.3M |
|
21
Herbalife
HLF
$1.33B
| $25.6M | 0.56% |
1,679,799
-13,546
| -0.8% | -$187K |
|
|
OPTU
22
Optimum Communications Inc
OPTU
$323M
| $15.5M | 0.34% |
4,774,615
| – | – |
|
|
FNCH
23
DELISTED
Finch Therapeutics Group, Inc. Common Stock
FNCH
| $243K | 0.01% |
67,296
| – | – |
|
24
Advantage Solutions
ADV
$441M
| – | – |
-246,159
| Closed | -$17.5M |
|
25
Atara Biotherapeutics
ATRA
$97.4M
| – | – |
-390,945
| Closed | -$14.5M |
|
Similar funds
Seth Klarman's Q4 2023 Portfolio in Review
As of Q4 2023, Seth Klarman held 31 positions worth $4.59B, down 12% from $5.21B the previous quarter. Its ten largest holdings account for 84% of the portfolio.
Seth Klarman withdrew a net $1.1B in Q4 2023, closing 8 positions and reducing 8 holdings. Its most notable exit was VERITIV CORPORATION, an estimated $561M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 53% of assets, up from 47% a quarter earlier, followed by Technology and Financials.
Against the trend, Seth Klarman added an estimated $31.6M to Jacobs Solutions.
- Seth Klarman added most to Jacobs Solutions in Q4 2023, an estimated $31.6M increase.
- Seth Klarman's biggest Q4 2023 reduction was Alphabet (Google) Class C, cutting an estimated $120M.
- Seth Klarman fully exited VERITIV CORPORATION in Q4 2023, selling an estimated $561M.
- Seth Klarman's ten largest holdings make up 84% of its $4.59B portfolio in Q4 2023.
- Seth Klarman opened 0 new positions and closed 8 in Q4 2023.
- Seth Klarman's portfolio value fell 12% quarter-over-quarter to $4.59B.
Based on Baupost Group's 13F filing for Q4 2023, filed 13 Feb 2024.