10-year

10-Year Anniversary Promotion (20% off)

Join GuruFocus Premium Membership Now for Only $279/Year

Once a decade discount

Save up to $500 on Global Membership.

Don't Miss It !

Free 7-day Trial
All Articles and Columns »

Hedge Fund Baupost Group buys PDLI, AVEO, ALR, Sells LSTZA, UFS, SLRC, EXXI

insider

gurufocus

370 followers
Renowned value investor, hedge fund manager Seth Klarman just reported his Q4 portfolio. As of 12/31/2010, The Baupost Group owns 16 stocks with a total value of $1.7 billion. These are the details of the buys and sells.

This is the portfolio chart of Seth Klarman. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.



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:

Health Care 29.9%
Technology 25.7%
Consumer Services 16.8%
Financials 6.6%
Oil & Gas 5.1%
Consumer Goods 3.9%
Industrials 0.5%


These are the top 5 holdings of Seth Klarman

  1. ViaSat Inc. (VSAT) - 10,051,492 shares, 25.72% of the total portfolio.
  2. Theravance Inc. (THRX) - 13,000,000 shares, 18.78% of the total portfolio.
  3. News Corp. (NWSA) - 19,050,000 shares, 15.98% of the total portfolio.
  4. CAPITALSOURCE INC. (CSE) - 16,000,000 shares, 6.55% of the total portfolio. Shares reduced by 21.1%
  5. ALERE INC. (ALR) - 3,100,000 shares, 6.54% of the total portfolio. Shares added by 106.67%


New Purchase: PDL Biopharma Inc. (PDLI)

Seth Klarman initiated holdings in PDL Biopharma Inc. His purchase prices were between $5.15 and $6.51, with an estimated average price of $5.73. The impact to his portfolio due to this purchase was 2.01%. His holdings were 5,603,400 shares as of 12/31/2010.

Protein Design Labs Inc. is a biopharmaceutical company focused on the research, development and commercialization of novel therapies for inflammation and autoimmune diseases, acute cardiac conditions and cancer. Pdl Biopharma Inc. has a market cap of $694.2 million; its shares were traded at around $4.96 with a P/E ratio of 5.2 and P/S ratio of 2.2.

New Purchase: Aveo Pharmaceuticals Inc. (AVEO)

Seth Klarman initiated holdings in Aveo Pharmaceuticals Inc.. His purchase prices were between $13.84 and $17.41, with an estimated average price of $15.14. The impact to his portfolio due to this purchase was 1.68%. His holdings were 2,000,000 shares as of 12/31/2010.

AVEO Pharmaceuticals, Inc. is a biopharmaceutical company engaged in discovering, developing and commercializing novel cancer therapeutics. Aveo Pharmaceuticals Inc. has a market cap of $457.1 million; its shares were traded at around $13.56 .

Added: Alere Inc. (ALR)

Seth Klarman added to his holdings in Alere Inc. by 106.67%. His purchase prices were between $28.14 and $36.39, with an estimated average price of $31.64. The impact to his portfolio due to this purchase was 3.38%. His holdings were 3,100,000 shares as of 12/31/2010.

Alere Inc., formerly known as Inverness Medical Innovations, Inc. Alere Inc. has a market cap of $3.36 billion; its shares were traded at around $40 with a P/E ratio of 17.2 and P/S ratio of 1.7.

Reduced: Breitburn Energy Partners L.p. (BBEP)

Seth Klarman reduced to his holdings in Breitburn Energy Partners L.p. by 39.25%. His sale prices were between $18.4 and $20.6, with an estimated average price of $19.67. The impact to his portfolio due to this sale was -3.26%. Seth Klarman still held 4,350,000 shares as of 12/31/2010.

BreitBurn Energy Partners L.P. is an independent oil and gas limited partnership, recently formed by a subsidiary of Provident Energy Trust, focused on the acquisition, exploitation and development of oil and gas properties. Breitburn Energy Partners L.p. has a market cap of $1.12 billion; its shares were traded at around $21.57 with a P/E ratio of 15.4 and P/S ratio of 5.4. The dividend yield of Breitburn Energy Partners L.p. stocks is 7.4%.

Reduced: Capitalsource Inc. (CSE)

Seth Klarman reduced to his holdings in Capitalsource Inc. by 21.1%. His sale prices were between $5.22 and $7.07, with an estimated average price of $6.33. The impact to his portfolio due to this sale was -1.75%. Seth Klarman still held 16,000,000 shares as of 12/31/2010.

CapitalSource is a specialized commercial finance company offering asset- based, senior, cash flow and mezzanine financing to small and mid-sized borrowers through three focused lending units: Corporate Finance, Healthcare Finance, and Structured Finance. Capitalsource Inc. has a market cap of $2.49 billion; its shares were traded at around $8.02 with and P/S ratio of 2.7. The dividend yield of Capitalsource Inc. stocks is 0.5%.

Sold Out: Liberty Media Corp. Liberty Starz Ser A (LSTZA)

Seth Klarman sold out his holdings in Liberty Media Corp. Liberty Starz Ser A. His sale prices were between $61.58 and $68.34, with an estimated average price of $65.1.

Liberty Starz Group is a significant operating subsidiary and also a principal reportable segment of Liberty Media Corporation which focuses primarily on video programming, communications businesses, and the direct-to-home satellite distribution business. Liberty Media Corp. Liberty Starz Ser A has a market cap of $3.35 billion; its shares were traded at around $70.18 with a P/E ratio of 20.1 and P/S ratio of 2.7.

Sold Out: Domtar Corp. (UFS)

Seth Klarman sold out his holdings in Domtar Corp.. His sale prices were between $63.74 and $83.93, with an estimated average price of $76.33.

Domtar is a major North American manufacturer of pulp and forest products, fine papers and packaging that fosters sustainable development through the rigorous application of its integrated forest management policy. Domtar Corp. has a market cap of $3.69 billion; its shares were traded at around $89.25 with a P/E ratio of 8.9 and P/S ratio of 0.7. The dividend yield of Domtar Corp. stocks is 1.1%. Domtar Corp. had an annual average earning growth of 34.7% over the past 5 years.

Sold Out: Solar Capital Ltd. (SLRC)

Seth Klarman sold out his holdings in Solar Capital Ltd.. His sale prices were between $21.52 and $25.09, with an estimated average price of $23.28.

Solar Capital Ltd. is a closed-end investment company that invests primarily in leveraged companies, including middle market companies, in the form of senior secured loans, mezzanine loans, and equity securities. Solar Capital Ltd. has a market cap of $813 million; its shares were traded at around $25.01 with a P/E ratio of 12.2 and P/S ratio of 7.4. The dividend yield of Solar Capital Ltd. stocks is 9.8%.

Sold Out: Energy XXI Ltd. (EXXI)

Seth Klarman sold out his holdings in Energy Xxi Ltd.. His sale prices were between $21.55 and $28.25, with an estimated average price of $24.81.

Energy XXI Ltd. has a market cap of $2.07 billion; its shares were traded at around $32.12 with and P/S ratio of 4.1.

About the author:

gurufocus
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 3.8/5 (13 votes)

Comments

kfh227
Kfh227 premium member - 3 years ago
I'm only 2 pages into the PDLI annual report. I already looked at the numbers. I am continueing to read but putting my limit order in right now so I don't forget to on Monday.

In short, PDLI liscenses tech for drug discovery and gets a percentage of any sales that result from those drugs. The thing is, I don't think they share the risk should a drug end up hurting people! they are basically tapping into the revenue streams of other drug makers without taking on the risk.

Still reading but that is what it looks like right now.
rgarga
Rgarga - 3 years ago


It is hard to understand PDLI but could you please explain what you have learnt???

Please leave your comment:


Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK