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 |
Eagle Materials
EXP
|
+$61.9M |
| 2 |
Clarivate
CLVT
|
+$42.6M |
| 3 |
WCC
WESCO International
WCC
|
+$34M |
| 4 |
GDS Holdings
GDS
|
+$17.6M |
| 5 |
Fortrea Holdings
FTRE
|
+$10.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$315M |
| 2 |
Warner Bros
WBD
|
+$207M |
| 3 |
LSXMA
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
|
+$165M |
| 4 |
Tower Semiconductor
TSEM
|
+$82.7M |
| 5 |
Liberty Live Group Series A
LLYVA
|
+$69.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 43.06% |
| 2 | Technology | 25.64% |
| 3 | Financials | 11.72% |
| 4 | Materials | 8.35% |
| 5 | Healthcare | 4.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Liberty Global Class C
LBTYK
$3.55B
| $746M | 20.44% |
42,311,011
| – | – |
|
2
Alphabet (Google) Class C
GOOG
$4.18T
| $450M | 12.34% |
2,957,652
+8,114
| +0.3% | +$1.17M |
|
3
Willis Towers Watson
WTW
$31.8B
| $428M | 11.72% |
1,555,667
| – | – |
|
4
Fidelity National Information Services
FIS
$21.3B
| $414M | 11.34% |
5,578,969
-781,750
| -12% | -$50.9M |
|
5
Viasat
VSAT
$10.3B
| $272M | 7.45% |
15,030,838
-1,144,001
| -7% | -$24M |
|
6
CRH
CRH
$63.2B
| $234M | 6.4% |
2,709,543
-636,000
| -19% | -$48.6M |
|
|
7
Clarivate
CLVT
$1.33B
| $227M | 6.23% |
30,598,402
+5,098,402
| +20% | +$42.6M |
|
|
LSXMK
8
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $129M | 3.54% |
4,351,048
-10,500,000
| -71% | -$315M |
|
9
Liberty Global Class A
LBTYA
$3.63B
| $122M | 3.33% |
7,194,276
| – | – |
|
10
Jazz Pharmaceuticals
JAZZ
$16.5B
| $100M | 2.75% |
833,696
| – | – |
|
|
LSXMA
11
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $79.5M | 2.18% |
2,677,656
-5,500,000
| -67% | -$165M |
|
12
Jacobs Solutions
J
$17.6B
| $77.9M | 2.13% |
612,689
-267,182
| -30% | -$31.3M |
|
|
13
Eagle Materials
EXP
$6.35B
| $71.2M | 1.95% |
+262,000
| New | +$61.9M |
|
14
Theravance Biopharma
TBPH
$883M
| $59.1M | 1.62% |
6,594,126
-825,100
| -11% | -$7.65M |
|
|
WCC
15
WESCO International
WCC
$17B
| $35.2M | 0.97% |
+205,724
| New | +$34M |
|
|
16
Warner Bros
WBD
$71.6B
| $32.4M | 0.89% |
3,713,930
-21,521,164
| -85% | -$207M |
|
17
Herbalife
HLF
$1.33B
| $22.6M | 0.62% |
2,244,923
+565,124
| +34% | +$6.08M |
|
|
18
GDS Holdings
GDS
$6.58B
| $17.3M | 0.47% |
+2,600,000
| New | +$17.6M |
|
|
OPTU
19
Optimum Communications Inc
OPTU
$323M
| $12.5M | 0.34% |
4,774,615
| – | – |
|
|
20
Fortrea Holdings
FTRE
$1.75B
| $12.2M | 0.33% |
+303,797
| New | +$10.5M |
|
21
SoundHound AI
SOUN
$3.25B
| $5.55M | 0.15% |
+1,130,636
| New | +$4.48M |
|
22
Gray Television
GTN
$509M
| – | – |
-3,760,000
| Closed | -$33.7M |
|
23
Garrett Motion
GTX
$4.96B
| – | – |
-2,994,289
| Closed | -$29M |
|
|
24
Liberty Live Group Series A
LLYVA
$9.36B
| – | – |
-1,899,547
| Closed | -$69.4M |
|
|
25
Liberty Live Group Series C
LLYVK
$9.7B
| – | – |
-718,270
| Closed | -$26.9M |
|
Similar funds
Seth Klarman's Q1 2024 Portfolio in Review
As of Q1 2024, Seth Klarman held 29 positions worth $3.65B, down 20% from $4.59B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Seth Klarman withdrew a net $976M in Q1 2024, closing 7 positions and reducing 8 holdings. Its most notable exit was Tower Semiconductor, an estimated $82.7M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 43% of assets, down from 53% a quarter earlier, followed by Technology and Financials.
Against the trend, Seth Klarman opened a new position in Eagle Materials worth $71.2M.
- Seth Klarman's largest Q1 2024 buy was Eagle Materials: 262,000 shares worth $71.2M.
- Seth Klarman added most to Clarivate in Q1 2024, an estimated $42.6M increase.
- Seth Klarman's biggest Q1 2024 reduction was Liberty Media Corporation Series C Liberty SiriusXM Common Stock, cutting an estimated $315M.
- Seth Klarman fully exited Tower Semiconductor in Q1 2024, selling an estimated $82.7M.
- Seth Klarman's ten largest holdings make up 86% of its $3.65B portfolio in Q1 2024.
- Seth Klarman opened 5 new positions and closed 7 in Q1 2024.
- Seth Klarman's portfolio value fell 20% quarter-over-quarter to $3.65B.
Based on Baupost Group's 13F filing for Q1 2024, filed 14 May 2024.