Seth Klarman’s portfolio: Baupost Group 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001061768Latest: Q2 2026
Q4 2015 filing in brief
In its Q4 2015 13F, filed February 12, 2016, Baupost Group reported $5.5B across 35 US positions. The largest: LNG (17.6%), E M C CORP MASS (13.6%), VSAT (12.8%), AR (7.6%), PBF (7.4%). In the quarter it opened 1 position, sold out of 7, added to 9 and trimmed 3; positions opened and sold out came to 37.1% 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 12, 2016
- 1 New
- 9 Added
- 3 Trimmed
- 7 Exited
35 positions at December 31, 2015. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | LNG | CHENIERE ENERGY INC | $972M | 26.1M | 17.63% | +15.1% | Added |
| 2 | — | E M C CORP MASS | $751M | 29.2M | 13.62% | — | New |
| 3 | VSAT | VIASAT INC | $704M | 11.5M | 12.76% | 0.0% | Held |
| 4 | AR | ANTERO RES CORP | $418M | 19.2M | 7.58% | +19.1% | Added |
| 5 | PBF | PBF ENERGY INC | $406M | 11.0M | 7.36% | 0.0% | Held |
| 6 | PYPL | PAYPAL HLDGS INC | $402M | 11.1M | 7.29% | +1.9% | Added |
| 7 | — | THERAVANCE INC | $209M | 19.8M | 3.79% | 0.0% | Held |
| 8 | — | TWENTY FIRST CENTY FOX INC | $178M | 6.5M | 3.22% | 0.0% | Held |
| 9 | ATRAGBX | ATARA BIOTHERAPEUTICS INC | $142M | 5.4M | 2.57% | 0.0% | Held |
| 10 | — | KERYX BIOPHARMACEUTICALS INC | $130M | 25.8M | 2.36% | 0.0% | Held |
| 11 | OLN | OLIN CORP | $121M | 7.0M | 2.19% | 0.0% | Held |
| 12 | — | TWENTY FIRST CENTY FOX INC | $111M | 4.1M | 2.02% | 0.0% | Held |
| 13 | — | THERAVANCE BIOPHARMA INC | $105M | 6.4M | 1.91% | 0.0% | Held |
| 14 | VRTVEUR | VERITIV CORP | $105M | 2.9M | 1.90% | +3.2% | Added |
| 15 | — | FORWARD PHARMA A/S | $102M | 5.4M | 1.85% | 0.0% | Held |
| 16 | NG | NOVAGOLD RES INC | $80M | 19.0M | 1.45% | −12.5% | Trimmed |
| 17 | — | CHIPMOS TECH BERMUDA LTD | $74M | 3.8M | 1.35% | 0.0% | Held |
| 18 | — | SUNEDISON SEMICONDUCTOR LTD | $66M | 8.4M | 1.19% | 0.0% | Held |
| 19 | — | KLX INC | $62M | 2.0M | 1.12% | +33.3% | Added |
| 20 | — | FRONTIER COMMUNICATIONS CORP | $51M | 10.9M | 0.92% | −19.1% | Trimmed |
| 21 | OCN2EUR | OCWEN FINL CORP | $36M | 5.2M | 0.66% | 0.0% | Held |
| 22 | INVA 2.125 01/15/23 | THERAVANCE INC | $36M | 48.2M | 0.65% | 0.0% | Held |
| 23 | RUN | SUNRUN INC | $34M | 2.8M | 0.61% | +143.2% | Added |
| 24 | — | AMERICAN INTL GROUP INC | $30M | 1.3M | 0.54% | 0.0% | Held |
| 25 | FTR 11.125 06/29/18 A | FRONTIER COMMUNICATIONS CORP | $30M | 325.0K | 0.54% | 0.0% | Held |
| 26 | PRTKEUR | PARATEK PHARMACEUTICALS INC | $29M | 1.5M | 0.53% | 0.0% | Held |
| 27 | — | BELLATRIX EXPLORATION LTD | $29M | 24.0M | 0.53% | 0.0% | Held |
| 28 | — | KOSMOS ENERGY LTD | $24M | 4.6M | 0.44% | −23.0% | Trimmed |
| 29 | — | BIOTIE THERAPIES OYJ | $20M | 1.4M | 0.36% | +11.1% | Added |
| 30 | — | CITIGROUP INC | $18M | 102.6M | 0.33% | 0.0% | Held |
| 31 | MU | MICRON TECHNOLOGY INC | $14M | 1.0M | 0.26% | 0.0% | Held |
| 32 | KIN1USD | KINDRED BIOSCIENCES INC | $10M | 3.0M | 0.19% | 0.0% | Held |
| 33 | SN | SANCHEZ ENERGY CORP | $9M | 2.0M | 0.16% | +100.0% | Added |
| 34 | — | OREXIGEN THERAPEUTICS INC | $4M | 2.3M | 0.07% | +176.2% | Added |
| 35 | — | NOVACOPPER INC | $3M | 10.6M | 0.05% | 0.0% | Held |
7 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 |
|---|---|---|---|
| — | ALCOA INC | $505M | 52.3M |
| PXDEUR | PIONEER NAT RES CO | $503M | 4.1M |
| EBAY | EBAY INC | $228M | 9.3M |
| — | AERCAP HOLDINGS NV | $94M | 2.5M |
| — | LIFELOCK INC | $39M | 4.5M |
| — | ALLIANCE ONE INTL INC | $9M | 458.4K |
| ALDWUSD | ALON USA PARTNERS LP | $8M | 363.2K |
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.