Seth Klarman’s portfolio: Baupost Group 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001061768Latest: Q2 2026
Q4 2014 filing in brief
In its Q4 2014 13F, filed February 13, 2015, Baupost Group reported $5.1B across 27 US positions. The largest: LNG (19.1%), VSAT (14.3%), MU (13.6%), EBAY (10.3%), AR (6.3%). In the quarter it opened 4 positions, sold out of 4, added to 8 and trimmed 5; positions opened and sold out came to 9.9% of the portfolio's value.
Methodology
Holdings come from the manager’s Form 13F-HR filings on SEC EDGAR, with amendments applied. Values and shares are reported at quarter-end; the filing date is when the report became public. These disclosures show reported long positions and listed options, not the manager’s entire portfolio or its trades since quarter-end.
Quarterly changes compare shares with the immediately preceding quarter on file. New and exited positions appear or disappear; added and trimmed positions change their share count by more than 1%. A share change can also reflect a stock split or other corporate action.
Opened and sold out is the value of new positions plus the prior value of exited positions, divided by the average of the two quarters’ reported portfolio values. It excludes changes to positions still held. Reported value growth includes price changes and is not a measure of investment performance. Largest-five and largest-ten weights exclude options.
Holdings
Filed Feb 13, 2015
- 4 New
- 8 Added
- 5 Trimmed
- 4 Exited
27 positions at December 31, 2014. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | LNG | CHENIERE ENERGY INC | $972M | 13.8M | 19.09% | +23.3% | Added |
| 2 | VSAT | VIASAT INC | $727M | 11.5M | 14.28% | 0.0% | Held |
| 3 | MU | MICRON TECHNOLOGY INC | $690M | 19.7M | 13.55% | −61.9% | Trimmed |
| 4 | EBAY | EBAY INC | $523M | 9.3M | 10.27% | +52.8% | Added |
| 5 | AR | ANTERO RES CORP | $318M | 7.8M | 6.26% | +184.4% | Added |
| 6 | — | THERAVANCE INC | $280M | 19.8M | 5.51% | 0.0% | Held |
| 7 | — | KERYX BIOPHARMACEUTICALS INC | $259M | 18.3M | 5.09% | 0.0% | Held |
| 8 | PBF | PBF ENERGY INC | $231M | 8.7M | 4.53% | +21.2% | Added |
| 9 | VRTVEUR | VERITIV CORP | $120M | 2.3M | 2.36% | −2.1% | Trimmed |
| 10 | — | FORWARD PHARMA A/S | $112M | 5.4M | 2.20% | — | New |
| 11 | — | THERAVANCE BIOPHARMA INC | $90M | 6.1M | 1.78% | 0.0% | Held |
| 12 | OCN2EUR | OCWEN FINL CORP | $90M | 6.0M | 1.77% | −14.8% | Trimmed |
| 13 | — | CITIGROUP INC | $89M | 102.7M | 1.75% | −16.2% | Trimmed |
| 14 | — | SUNEDISON SEMICONDUCTOR LTD | $77M | 4.1M | 1.51% | 0.0% | Held |
| 15 | — | CHIPMOS TECH BERMUDA LTD | $77M | 3.3M | 1.50% | 0.0% | Held |
| 16 | — | BELLATRIX EXPLORATION LTD | $66M | 18.1M | 1.29% | — | New |
| 17 | NG | NOVAGOLD RES INC | $64M | 21.7M | 1.26% | 0.0% | Held |
| 18 | PRTKEUR | PARATEK PHARMACEUTICALS INC | $62M | 1.7M | 1.22% | — | New |
| 19 | — | KOSMOS ENERGY LTD | $61M | 7.2M | 1.19% | +52.5% | Added |
| 20 | ATRAGBX | ATARA BIOTHERAPEUTICS INC | $59M | 2.5M | 1.16% | — | New |
| 21 | INVA 2.125 01/15/23 | THERAVANCE INC | $31M | 40.1M | 0.62% | +134.6% | Added |
| 22 | — | SYNERON MEDICAL LTD | $23M | 2.4M | 0.44% | −19.3% | Trimmed |
| 23 | KIN1USD | KINDRED BIOSCIENCES INC | $22M | 3.0M | 0.44% | 0.0% | Held |
| 24 | — | AMERICAN INTL GROUP INC | $22M | 889.4K | 0.43% | +12.7% | Added |
| 25 | ALDWUSD | ALON USA PARTNERS LP | $12M | 954.2K | 0.24% | +189.9% | Added |
| 26 | — | ALLIANCE ONE INTL INC | $10M | 6.4M | 0.20% | 0.0% | Held |
| 27 | — | NOVACOPPER INC | $3M | 6.0M | 0.06% | 0.0% | Held |
4 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
| Ticker | Issuer | Previous value | Previous shares |
|---|---|---|---|
| — | RF MICRODEVICES INC | $113M | 9.8M |
| — | TRIQUINT SEMICONDUCTOR INC | $112M | 5.9M |
| BYD | BOYD GAMING CORP | $10M | 979.5K |
| AVEOEUR | AVEO PHARMACEUTICALS INC | $4M | 3.8M |
Every quarter on file (53)
From the manager’s Form 13F-HR filings on SEC EDGAR, amendments applied. Long US positions only; not a recommendation.