Seth Klarman’s portfolio: Baupost Group 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001061768Latest: Q2 2026
Q1 2016 filing in brief
In its Q1 2016 13F, filed May 13, 2016, Baupost Group reported $6.9B across 36 US positions. The largest: E M C CORP MASS (20.0%), LNG (14.6%), VSAT (12.2%), AR (7.7%), ALLERGAN PLC (6.7%). In the quarter it opened 8 positions, sold out of 7, added to 10 and trimmed 4; positions opened and sold out came to 20.6% 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 May 13, 2016
- 8 New
- 10 Added
- 4 Trimmed
- 7 Exited
36 positions at March 31, 2016. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | — | E M C CORP MASS | $1.4B | 51.9M | 19.96% | +77.3% | Added |
| 2 | LNG | CHENIERE ENERGY INC | $1.0B | 29.8M | 14.58% | +14.4% | Added |
| 3 | VSAT | VIASAT INC | $847M | 11.5M | 12.24% | 0.0% | Held |
| 4 | AR | ANTERO RES CORP | $535M | 21.5M | 7.72% | +12.2% | Added |
| 5 | — | ALLERGAN PLC | $461M | 1.7M | 6.66% | — | New |
| 6 | PBF | PBF ENERGY INC | $353M | 10.6M | 5.10% | −3.5% | Trimmed |
| 7 | PYPL | PAYPAL HLDGS INC | $273M | 7.1M | 3.94% | −36.5% | Trimmed |
| 8 | INVA | INNOVIVA INC | $249M | 19.8M | 3.60% | — | New |
| 9 | — | TWENTY FIRST CENTY FOX INC | $215M | 7.7M | 3.10% | +87.8% | Added |
| 10 | — | TWENTY FIRST CENTY FOX INC | $205M | 7.3M | 2.96% | +11.5% | Added |
| 11 | OLN | OLIN CORP | $187M | 10.7M | 2.69% | +53.4% | Added |
| 12 | — | THERAVANCE BIOPHARMA INC | $122M | 6.5M | 1.76% | +1.3% | Added |
| 13 | — | KERYX BIOPHARMACEUTICALS INC | $120M | 25.8M | 1.74% | 0.0% | Held |
| 14 | VMWEUR | VMWARE INC | $118M | 2.3M | 1.70% | — | New |
| 15 | VRTVEUR | VERITIV CORP | $113M | 3.0M | 1.64% | +5.5% | Added |
| 16 | ATRAGBX | ATARA BIOTHERAPEUTICS INC | $102M | 5.4M | 1.47% | 0.0% | Held |
| 17 | — | FORWARD PHARMA A/S | $91M | 5.4M | 1.32% | 0.0% | Held |
| 18 | NG | NOVAGOLD RES INC | $76M | 15.0M | 1.09% | −21.0% | Trimmed |
| 19 | — | CHIPMOS TECH BERMUDA LTD | $65M | 3.8M | 0.94% | 0.0% | Held |
| 20 | — | KLX INC | $64M | 2.0M | 0.93% | 0.0% | Held |
| 21 | — | SUNEDISON SEMICONDUCTOR LTD | $54M | 8.4M | 0.78% | 0.0% | Held |
| 22 | — | AMERICAN INTL GROUP INC | $40M | 2.1M | 0.57% | +68.8% | Added |
| 23 | — | SILVER RUN ACQUISITION CORP | $39M | 3.8M | 0.56% | — | New |
| 24 | INVA 2.125 01/15/23 | THERAVANCE INC | $38M | 48.2M | 0.55% | 0.0% | Held |
| 25 | — | BIOTIE THERAPIES OYJ | $37M | 1.4M | 0.53% | 0.0% | Held |
| 26 | PRTKEUR | PARATEK PHARMACEUTICALS INC | $23M | 1.5M | 0.34% | 0.0% | Held |
| 27 | RUN | SUNRUN INC | $18M | 2.8M | 0.27% | 0.0% | Held |
| 28 | EXE 2.5 05/15/37 * | CHESAPEAKE ENERGY CORP | $15M | 23.3M | 0.21% | — | New |
| 29 | — | LA QUINTA HLDGS INC | $14M | 1.1M | 0.20% | — | New |
| 30 | — | OREXIGEN THERAPEUTICS INC | $13M | 22.3M | 0.18% | +881.7% | Added |
| 31 | KIN1USD | KINDRED BIOSCIENCES INC | $10M | 3.0M | 0.15% | 0.0% | Held |
| 32 | — | CITIGROUP INC | $10M | 102.6M | 0.15% | 0.0% | Held |
| 33 | — | BELLATRIX EXPLORATION LTD | $9M | 8.7M | 0.13% | −63.9% | Trimmed |
| 34 | EXE 2.5 05/15/37 | CHESAPEAKE ENERGY CORP | $7M | 11.5M | 0.11% | — | New |
| 35 | GNW | GENWORTH FINL INC | $5M | 1.7M | 0.07% | — | New |
| 36 | — | NOVACOPPER INC | $4M | 10.6M | 0.06% | 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 |
|---|---|---|---|
| — | THERAVANCE INC | $209M | 19.8M |
| — | FRONTIER COMMUNICATIONS CORP | $51M | 10.9M |
| OCN2EUR | OCWEN FINL CORP | $36M | 5.2M |
| FTR 11.125 06/29/18 A | FRONTIER COMMUNICATIONS CORP | $30M | 325.0K |
| — | KOSMOS ENERGY LTD | $24M | 4.6M |
| MU | MICRON TECHNOLOGY INC | $14M | 1.0M |
| SN | SANCHEZ ENERGY CORP | $9M | 2.0M |
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.