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 |
Dollar General
DG
|
+$253M |
| 2 |
WCC
WESCO International
WCC
|
+$73.9M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$67M |
| 4 |
Eagle Materials
EXP
|
+$39.5M |
| 5 |
Willis Towers Watson
WTW
|
+$36M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Fidelity National Information Services
FIS
|
+$200M |
| 2 |
Humana
HUM
|
+$157M |
| 3 |
Jazz Pharmaceuticals
JAZZ
|
+$136M |
| 4 |
CRH
CRH
|
+$134M |
| 5 |
WillScot Mobile Mini Holdings
WSC
|
+$93M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 37.68% |
| 2 | Technology | 16.79% |
| 3 | Financials | 14.92% |
| 4 | Materials | 11.05% |
| 5 | Industrials | 7.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Liberty Global Class C
LBTYK
$3.55B
| $914M | 26% |
42,311,011
| – | – |
|
|
2
Willis Towers Watson
WTW
$31.8B
| $525M | 14.92% |
1,781,206
+128,558
| +8% | +$36M |
|
3
Clarivate
CLVT
$1.33B
| $276M | 7.86% |
38,929,635
| – | – |
|
|
4
Alphabet (Google) Class C
GOOG
$4.18T
| $245M | 6.97% |
1,465,588
+396,000
| +37% | +$67M |
|
|
5
CRH
CRH
$63.2B
| $245M | 6.95% |
2,636,602
-1,590,000
| -38% | -$134M |
|
|
WCC
6
WESCO International
WCC
$17B
| $211M | 6.01% |
1,258,000
+455,000
| +57% | +$73.9M |
|
|
7
Dollar General
DG
$27.2B
| $195M | 5.54% |
+2,303,800
| New | +$253M |
|
8
Liberty Global Class A
LBTYA
$3.63B
| $152M | 4.32% |
7,194,276
| – | – |
|
9
Viasat
VSAT
$10.3B
| $146M | 4.15% |
12,222,590
-1,536,774
| -11% | -$24.8M |
|
|
10
Eagle Materials
EXP
$6.35B
| $144M | 4.09% |
500,273
+158,171
| +46% | +$39.5M |
|
11
Solventum
SOLV
$15.2B
| $127M | 3.61% |
1,820,000
| – | – |
|
12
GDS Holdings
GDS
$6.58B
| $86.7M | 2.47% |
4,249,952
| – | – |
|
|
13
Fidelity National Information Services
FIS
$21.3B
| $81.4M | 2.31% |
971,460
-2,537,794
| -72% | -$200M |
|
14
Jacobs Solutions
J
$17.6B
| $45.9M | 1.31% |
354,188
-243,307
| -41% | -$29.3M |
|
15
Fortrea Holdings
FTRE
$1.75B
| $45.9M | 1.3% |
2,293,167
-847,193
| -27% | -$19.9M |
|
16
Herbalife
HLF
$1.33B
| $36.8M | 1.05% |
5,124,526
| – | – |
|
|
LBRDK
17
DELISTED
Liberty Broadband Class C
LBRDK
| $13.2M | 0.38% |
+170,610
| New | +$10.5M |
|
|
TBN
18
Tamboran Resources
TBN
$1.32B
| $11.6M | 0.33% |
+570,833
| New | +$12.4M |
|
19
Restaurant Brands International
QSR
$28.2B
| $2.04M | 0.06% |
+28,294
| New | +$1.99M |
|
|
LBRDA
20
DELISTED
Liberty Broadband Class A
LBRDA
| $581K | 0.02% |
+7,560
| New | +$460K |
|
21
Capri Holdings
CPRI
$1.55B
| – | – |
-1,000,000
| Closed | -$33.1M |
|
|
22
Humana
HUM
$45.5B
| – | – |
-420,000
| Closed | -$157M |
|
|
23
Jazz Pharmaceuticals
JAZZ
$16.5B
| – | – |
-1,274,248
| Closed | -$136M |
|
24
Theravance Biopharma
TBPH
$883M
| – | – |
-4,200,021
| Closed | -$35.6M |
|
25
VeriSign
VRSN
$25.5B
| – | – |
-105,764
| Closed | -$18.8M |
|
Similar funds
Seth Klarman's Q3 2024 Portfolio in Review
As of Q3 2024, Seth Klarman held 29 positions worth $3.52B, down 3.2% from $3.63B the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Seth Klarman withdrew a net $424M in Q3 2024, closing 8 positions and reducing 5 holdings. Its most notable exit was Humana, an estimated $157M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 38% of assets, up from 31% a quarter earlier, followed by Technology and Financials.
Against the trend, Seth Klarman opened a new position in Dollar General worth $195M.
- Seth Klarman's largest Q3 2024 buy was Dollar General: 2,303,800 shares worth $195M.
- Seth Klarman added most to WESCO International in Q3 2024, an estimated $73.9M increase.
- Seth Klarman's biggest Q3 2024 reduction was Fidelity National Information Services, cutting an estimated $200M.
- Seth Klarman fully exited Humana in Q3 2024, selling an estimated $157M.
- Seth Klarman's ten largest holdings make up 87% of its $3.52B portfolio in Q3 2024.
- Seth Klarman opened 5 new positions and closed 8 in Q3 2024.
- Seth Klarman's portfolio value fell 3.2% quarter-over-quarter to $3.52B.
Based on Baupost Group's 13F filing for Q3 2024, filed 13 Nov 2024.