Tracking Seth Klarman's Baupost Group Holdings - Q1 2024 Update

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Baupost Group's 13F portfolio value decreased from $4.59B to $3.65B this quarter.The portfolio is heavily concentrated, with Liberty Global, Alphabet, Willis Towers Watson, Fidelity National ...

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It is based on Klarman's regulatory 13F Form filed on 5/14/2024. Please visit our Tracking Seth Klarman's Baupost Group Holdings article for an idea on how his holdings have progressed over the years and our previous update for the fund's moves during Q4 2023. Baupost Group's 13F portfolio value decreased from $4.59B to $3.65B this quarter. The total number of 13F securities decreased from 23 to 22. The portfolio is heavily concentrated with Liberty Global, Alphabet, Willis Towers Watson, Fidelity National Information Services, and ViaSat together accounting for ~67% of the 13F holdings. Since inception (1982), Baupost Group's 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AuM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman's distinct investment style is elaborated in his 1991 book \"Margin of Safety: Risk-averse value investing strategies for the thoughtful investor\". The book is out-of-print and copies sell for a huge premium. New Stakes: Eagle Materials (EXP) and WESCO International (WCC): EXP is a ~2% of the portfolio stake established this quarter at prices between ~$196 and ~$272 and the stock currently trades at ~$256. The ~1% WCC position was purchased this quarter at prices between ~$133 and ~$194, and it is now at ~$185. Note: The following very small stakes were also established during the quarter: GDS Holdings (GDS), Fortrea Holdings (FTRE), and SoundHound AI (SOUN). Stake Disposals: Garrett Motion (GTX): Baupost controlled ~32% of Garrett Motion as of Q1 2023. The bulk of the ownership was through a series A preferred share offering. They were converted to common stock during Q2 2023. The next quarter saw a ~80% reduction at prices between $7.23 and $8.04. That was followed by a ~50% selling in the last quarter at prices between ~$7 and ~$9.70. The disposal this quarter was at prices between ~$8.30 and ~$10. The stock is now at $9.47. Gray Television (GTN): The very small 0.73% GTN stake saw a ~75% increase in Q2 2022 at prices between ~$17 and ~$22. That was followed with a ~45% increase in the next quarter at prices between ~$16.25 and ~$20.75. The elimination this quarter was at prices between ~$5.50 and ~$10. The stock currently trades at $6.56. Liberty Live (LLYVA): Liberty Media Live came to market through a spin-out and reclassification of Liberty SiriusXM. Shareholders received 0.25 shares of Liberty Live for each Liberty SiriusXM. Baupost had a large position in Liberty SiriusXM for which they received these shares. LLYVA started trading last August at ~$36, and it is currently at $38.33. There was one-third selling in the last quarter at prices between ~$30 and ~$37. The position was sold this quarter at prices between ~$34 and ~$42. SS&C Technologies (SSNC): SSNC was a 1.37% position built in Q3 2020 at prices between ~$56 and ~$65. The two quarters through Q1 2021 had seen a ~25% stake increase at prices between ~$63 and ~$71. There was a ~22% selling in Q2 2022 at prices between ~$55 and ~$79. The next quarter saw a similar increase at prices between ~$48 and ~$63. There was a ~13% trimming during Q1 2023 while in the next quarter there was a similar increase. There was a ~40% selling during Q3 2023 at prices between ~$53 and ~$63. That was followed by a ~55% reduction in the last quarter at prices between ~$49 and ~$61. The stake was sold this quarter at prices between ~$59 and ~$65. The stock is now at $63.72. Tower Semiconductor (TSEM): TSEM was a 1.80% of the portfolio stake established during Q3 2023 at prices between ~$24 and ~$38. The disposal this quarter was at prices between ~$28 and ~$34. The stock is now at $36.71. Stake Increases: Alphabet Inc. (GOOG): The large (top three) ~12% GOOG stake was purchased in Q1 2020 at prices between ~$53 and ~$76. The last three quarters of 2020 had seen a ~75% selling at prices between ~$55 and ~$92. There was a ~265% stake increase in Q1 2021 at prices between ~$86 and ~$105. Q4 2021 saw a ~22% trimming at prices between ~$133 and ~$151 while next quarter there was a ~7% increase. The zig-zag trading pattern continued in the next quarter: ~30% reduction at prices between ~$106 and ~$144. That was followed with another ~60% selling during Q3 2022 at prices between ~$96 and ~$123. The stake was rebuilt next quarter at prices between ~$83.50 and ~$105. Q1 2023 saw a ~47% stake increase at prices between ~$87 and ~$109 while the next quarter saw a ~30% selling at prices between ~$104 and ~$128. There was another ~23% reduction in the last quarter at prices between ~$123 and ~$143. The stock is now at ~$177. There was a marginal increase this quarter. Clarivate plc (CLVT): The 6.23% of the portfolio CLVT position was established during Q3 2023 at prices between $6.60 and $9.90. There was a ~13% stake increase in the last quarter. That was followed by a ~20% increase this quarter at prices between $7.01 and $9.44. The stock currently trades below those ranges at ~$6. Herbalife (HLF): The very small 0.62% HLF position was increased by 34% this quarter at prices between $8.03 and $15.36. The stock is now at $10.89. Stake Decreases: Fidelity National Information Services (FIS): The large (top five) 11.34% FIS position was purchased during Q3 2022 at prices between ~$76 and ~$105, and it is now at $78.36. There was a ~250% stake increase during Q4 2022 at prices between ~$57 and ~$85. That was followed with a ~125% increase in the next quarter at prices between ~$50 and ~$78. Q2 2023 also saw a ~40% increase at prices between ~$52 and ~$59. There was a minor ~3% increase during Q3 2023 and a ~9% trimming in the last quarter. This quarter also saw a ~12% trimming. Viasat (VSAT): VSAT is a fairly large position at 7.45% of the portfolio. Klarman first purchased VSAT in 2008 at much lower prices, and his overall cost-basis is in the high-teens. In July 2020, Baupost participated in Viasat's 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share. The stock currently trades at ~$19. There was ~7% trimming this quarter. Note: Baupost's ownership stake in the business went down from 21% to 13% following Viasat's acquisition of Inmarsat due to the related dilution. CRH plc (CRH): The 6.40% CRH stake was primarily built during Q3 2023 at prices between ~$53 and ~$60. The stake was decreased by 19% this quarter at prices between $65.92 and $87.20. The stock currently trades at $81.92. Liberty SiriusXM (LSXMK): The 5.72% LSXMK stake was primarily built in Q3 2020 at prices between ~$23 and ~$28. Q4 2020 saw a ~14% stake increase. The four quarters through Q2 2022 saw the position doubled at prices between ~$26 and ~$47. The stake was decreased by 69% this quarter at prices between $28.56 and $31.21. The stock currently trades at $24.32. Note: The prices quoted above are adjusted for the Liberty Live spin-out and reclassification last August. Jacobs Solutions (J): Jacobs Solutions is a ~2% of the portfolio stake established during the last two quarters at prices between ~$119 and ~$140. The stake was decreased by 30% this quarter at prices between ~$126 and ~$154. The stock currently trades at ~$136. Theravance Biopharma (TBPH): TBPH is a 1.62% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The two quarters through Q3 2021 saw a ~50% stake increase at prices between ~$7 and ~$22.50. The three quarters through Q2, 2023 saw a ~45% selling at prices between ~$9.70 and ~$12. The stock is now at $9.29. There was a ~11% trimming this quarter. Note: they have a ~11% ownership stake in the business. Warner Bros. Discovery (WBD): A fairly large stake in WBD was established in Q2, 2022 at prices between ~$13 and ~$26. The next quarter saw a ~60% increase at prices between ~$11.30 and ~$17.50. The stake was decreased by 85% this quarter at prices between $8.11 and $11.66. The stock is now at $8.06. Kept Steady: Liberty Global (LBTYK): LBTYK is currently the largest position at ~24% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80. Since then, the activity had been minor. There was a ~10% reduction in Q2 2022 at prices between ~$22 and ~$26. The two quarters through Q3 2023 saw another ~10% trimming. The stock currently trades below their purchase price ranges at $18.06. Willis Towers Watson (WTW): WTW is a large (top three) ~12% of the portfolio stake established in Q1 2021 at prices between ~$200 and ~$235. The two quarters through Q3 2021 saw a ~60% selling at prices between ~$202 and ~$270 while the next quarter there was a ~25% stake increase at prices between ~$226 and ~$249. There was a similar reduction in Q2 2022 at prices between ~$191 and ~$243. Q3 2022 saw a ~40% increase at prices between ~$192 and ~$221 while during Q1 2023 there was a one-third reduction at prices between ~$220 and ~$257. Q3 2023 saw a ~72% stake increase at prices between ~$196 and ~$234. The stock currently trades at ~$257. Jazz Pharmaceuticals (JAZZ): The 2.75% position in JAZZ stake was purchased during Q1 2023 at prices between ~$134 and ~$161. There was a ~40% stake increase during Q2 2023 at prices between ~$123 and ~$147. That was followed by a ~25% increase in the last quarter at prices between ~$114 and ~$136. The stock is now below their purchase price ranges at ~$109. Note: they also have a very small stake in Altice USA (ATUS), which was kept steady this quarter. The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q1 2024: Seth Klarman - Baupost Group Portfolio - Q1 2024 13F Report Q/Q Comparison (John Vincent (author))  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. 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