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Seth Klarman’s Baupost Group Q1 Portfolio Update; Buys ANV, SCMR, PDLI, AVEO

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Renowned value investor Seth Klarman reported his Q1 portfolio at his hedge fund Baupost group. He buys Allied Nevada Gold Corp., PDL Biopharma Inc., AVEO Pharmaceuticals Inc., Sycamore Networks Inc., sells CapitalSource Inc., Regeneron Pharmaceuticals Inc., Breitburn Energy Partners L.P. during the 3-months ended 03/31/2011, according to the most recent filings of his investment company, The Baupost Group. As of 03/31/2011, The Baupost Group owns 17 stocks with a total value of $1.8 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 27.9%
Technology 22.8%
Consumer Services 19.8%
Basic Materials 4.9%
Financials 4.2%
Oil & Gas 3.7%
Consumer Goods 3.4%
Industrials 0.5%


These are the top 5 holdings of Seth Klarman

  1. ViaSat Inc. (VSAT) - 10,051,492 shares, 22.65% of the total portfolio.
  2. News Corp. (NWSA) - 19,050,000 shares, 18.94% of the total portfolio.
  3. Theravance Inc. (THRX) - 13,000,000 shares, 17.81% of the total portfolio.
  4. ALERE INC. (ALR) - 3,100,000 shares, 6.86% of the total portfolio.
  5. Enzon Inc. (ENZN) - 9,000,878 shares, 5.55% of the total portfolio. Shares reduced by 0.71%


Added: Pdl Biopharma Inc. (PDLI)

Seth Klarman added to his holdings in Pdl Biopharma Inc. by 87.3%. His purchase prices were between $4.69 and $6.36, with an estimated average price of $5.38. The impact to his portfolio due to this purchase was 1.6%. His holdings were 10,495,225 shares as of 03/31/2011.

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 $909.3 million; its shares were traded at around $6.51 with a P/E ratio of 6 and P/S ratio of 2.6. The dividend yield of Pdl Biopharma Inc. stocks is 4.5%.

Added: Aveo Pharmaceuticals Inc. (AVEO)

Seth Klarman added to his holdings in Aveo Pharmaceuticals Inc. by 76.25%. His purchase prices were between $13.15 and $15.02, with an estimated average price of $14.21. The impact to his portfolio due to this purchase was 1.15%. His holdings were 3,525,000 shares as of 03/31/2011.

AVEO Pharmaceuticals, Inc. is a biopharmaceutical company engaged in discovering, developing and commercializing novel cancer therapeutics. Aveo Pharmaceuticals Inc. has a market cap of $616.3 million; its shares were traded at around $17.22 with a P/E ratio of 19.6 and P/S ratio of 13.7.

New Purchase: Allied Nevada Gold Corp. (ANV)

Seth Klarman initiated holdings in Allied Nevada Gold Corp.. His purchase prices were between $24.43 and $35.17, with an estimated average price of $29.08. The impact to his portfolio due to this purchase was 4.93%. His holdings were 2,456,398 shares as of 03/31/2011.

ALLIED NEVADA GOLD CORP. is engaged in the evaluation, acquisition, exploration and advancement of gold exploration and development projects in Nevada. Allied Nevada Gold Corp. has a market cap of $2.93 billion; its shares were traded at around $32.9 with a P/E ratio of 91.4 and P/S ratio of 22.4.

New Purchase: Sycamore Networks Inc. (SCMR)

Seth Klarman initiated holdings in Sycamore Networks Inc.. His purchase prices were between $20.52 and $24.11, with an estimated average price of $21.85. The impact to his portfolio due to this purchase was 0.14%. His holdings were 100,000 shares as of 03/31/2011.

Sycamore Networks Inc. develop and market products that transport voice and data traffic over wavelengths of light. Sycamore Networks Inc. has a market cap of $653.9 million; its shares were traded at around $22.91 with and P/S ratio of 9.5. Sycamore Networks Inc. had an annual average earnings growth of 5.9% over the past 5 years.

Reduced: Capitalsource Inc. (CSE)

Seth Klarman reduced to his holdings in Capitalsource Inc. by 34.69%. His sale prices were between $6.83 and $8.17, with an estimated average price of $7.52. The impact to his portfolio due to this sale was -2.21%. Seth Klarman still held 10,450,000 shares as of 03/31/2011.

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 billion; its shares were traded at around $6.17 with a P/E ratio of 44.1 and P/S ratio of 3.3. The dividend yield of Capitalsource Inc. stocks is 0.6%.

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

Seth Klarman reduced to his holdings in Breitburn Energy Partners L.p. by 30.55%. His sale prices were between $20.14 and $23.07, with an estimated average price of $21.58. The impact to his portfolio due to this sale was -1.63%. Seth Klarman still held 3,021,000 shares as of 03/31/2011.

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 $1.18 billion; its shares were traded at around $19.96 with a P/E ratio of 21.8 and P/S ratio of 3.8. The dividend yield of Breitburn Energy Partners L.p. stocks is 8.2%.

Sold Out: Regeneron Pharmaceuticals Inc. (REGN)

Seth Klarman sold out his holdings in Regeneron Pharmaceuticals Inc.. His sale prices were between $32.61 and $44.68, with an estimated average price of $36.41.

Regeneron Pharmaceuticals Inc. is a biopharmaceutical company that discovers, develops, and intends to commercialize therapeutic drugs for thetreatment of serious medical conditions. Regeneron Pharmaceuticals Inc. has a market cap of $4.71 billion; its shares were traded at around $52.68 with and P/S ratio of 10.2.


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