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Seth Klarman Buys More Idenix Pharma, NovaGold, Theravance Inc, Sells Microsoft, BP, Genworth
Posted by: GuruFocus (IP Logged)
Date: May 11, 2012 04:57PM

Renowned value investor Seth Klarman just reported his first quarter portfolio. He did not buy any new stocks, but added to his positions in Idenix Pharma, NovaGold, Theravance Inc. He reduced his positions in Microsoft Corp, BP Plc. He sold out his position in GenWorth, PDLI Biopharma, Targacept Inc. As of 03/31/2012, The Baupost Group owns 20 stocks with a total value of $3 billion.

We have reported before that Seth Klarman gave up Targacept; sold out this position in our Real Time Picks. Mr. Klarman apparently has given up hope that the company will recover from its stock price collapse.

In understanding how Seth Klarman invests, we can look at his own words. He separates value investors into three categories. The first group buys cigar butt at cheap prices. The second buys high quality companies at low prices. The third buys high quality companies at fair prices. He thinks that Warren Buffett belongs to the third group; he himself belongs to the first group.

These are the details of the buys and sells.

For the details of Seth Klarman's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Seth+Klarman

This is the sector weightings of his portfolio:

Technology 38.9%
Health Care 18.1%
Consumer Services 17.4%
Oil & Gas 14.2%
Basic Materials 6.8%
Consumer Goods 1.9%
Financials 0.8%


These are the top 5 holdings of Seth Klarman

  1. Viasat Inc (VSAT) - 10,499,992 shares, 17.1% of the total portfolio.
  2. BP Plc (BP) - 9,320,900 shares, 14.2% of the total portfolio. Shares reduced by 22.33%
  3. Hewlett Packard (HPQ) - 17,250,000 shares, 13.9% of the total portfolio. Shares reduced by 8%
  4. News Corp Inc-A (NWSA) - 15,041,665 shares, 10.0% of the total portfolio.
  5. Theravance Inc (THRX) - 14,553,800 shares, 9.6% of the total portfolio. Shares added by 2.3%

Here is the complete portfolio of Seth Klarman. Also check out the Undervalued Stocks, Top Growth Companies, and High Yield stocks of Seth Klarman.



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Re: Seth Klarman Buys More Idenix Pharma, NovaGold, Theravance Inc, Sells Microsoft, BP, Genworth
Posted by: adamcz (IP Logged)
Date: May 11, 2012 10:17PM

His 2% stake in Vivendi (25+ million shares) isn't even a top 5 holding?


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Re: Seth Klarman Buys More Idenix Pharma, NovaGold, Theravance Inc, Sells Microsoft, BP, Genworth
Posted by: augustabound (IP Logged)
Date: May 12, 2012 07:08AM



His 2% stake in Vivendi (25+ million shares) isn't even a top 5 holding?

Aren't the top holdings, U.S. listed only?


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Re Seth Klarman Buys More Idenix Pharma NovaGold Theravance Inc Sells Microsoft BP Genworth
Posted by: gurufocus (IP Logged)
Date: May 12, 2012 09:51AM

Vivendi was not reported in the latest Quarterly holding.


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Re Seth Klarman Buys More Idenix Pharma NovaGold Theravance Inc Sells Microsoft BP Genworth
Posted by: batalha (IP Logged)
Date: May 12, 2012 07:34PM

Does anyone has an idea what is his angle on Idenix? stock is at 12 times book which is incredibly expensive on a multiple basis. This is not his typical cigar butt stock.


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Re Seth Klarman Buys More Idenix Pharma NovaGold Theravance Inc Sells Microsoft BP Genworth
Posted by: itznuthin1 (IP Logged)
Date: May 13, 2012 11:01AM

I think Seth at this time is investing with a catalyst based approach. I think Idenix has huge potential in the Hepatitis B space. Anything under 5% of his equity portfolio seems to be more equity option positions that offer a catalyst for potential growth. It's always hard to decipher what Seth is thinking on some investments. This is just my personal speculation.


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Re Seth Klarman Buys More Idenix Pharma NovaGold Theravance Inc Sells Microsoft BP Genworth
Posted by: mohmand (IP Logged)
Date: May 13, 2012 03:22PM

Vivendi is not included since he doesn't hold the ADR most likely. In terms of GNW, I wonder if they axed it due to the quick 50%-60% run up it experienced or if they saw problems still lingering in the mortgage side?


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