After almost 30 years in business, renowned value investor Seth Klarman just had his first annual shareholder meeting. He is heavily invested in debt. He thinks stocks are not cheap, and they are too competitive, too. This is the Q3 equity portfolio update for Baupost Group.
Seth Klarman buys Enzon Inc., Enzon Inc., sells Horizon Lines Inc., News Corp., Pdl Biopharma Inc. during the 3-months ended 09/30/2009, according to the most recent filings of his investment company, The Baupost Group. Seth Klarman owns 24 stocks with a total value of $1.1 billion. 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:
These are the top 5 holdings of Seth Klarman
ViaSat Inc. designs, produces and markets advanced digital satellite telecommunications and other networking and signal processing equipment. Viasat Inc. has a market cap of $931.7 million; its shares were traded at around $29.47 with a P/E ratio of 21 and P/S ratio of 1.5. Viasat Inc. had an annual average earning growth of 18.9% over the past 5 years.
Enzon Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to the development and commercialization of therapeutics to treat patients with cancer and adjacent diseases. Enzon Inc. has a market cap of $450.7 million; its shares were traded at around $9.93 with and P/S ratio of 2.3.
Syneron Medical Ltd. manufactures and distributes medical aesthetic devices that are powered by the proprietary, patented ELOS combined-energy technology of Bi-Polar Radio Frequency and Light. The Company's innovative ELOS technology provides the foundation for highly effective, safe and cost-effective systems that enable physicians to provide advanced solutions for a broad range of medical-aesthetic applications. Syneron Medical Ltd. has a market cap of $297.9 million; its shares were traded at around $10.82 with and P/S ratio of 2.5.
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 $1.22 billion; its shares were traded at around $3.78 with and P/S ratio of 1.1. The dividend yield of Capitalsource Inc. stocks is 1%. Capitalsource Inc. had an annual average earning growth of 44.3% over the past 5 years.
Horizon Lines, Inc. is the nation's leading Jones Act container shipping and integrated logistics company. It accounts for total U.S. marine container shipments from the continental U.S. to the three non- contiguous Jones Act markets, Alaska, Hawaii and Puerto Rico, and to Guam. Horizon Lines Inc. has a market cap of $158.4 million; its shares were traded at around $5.24 with a P/E ratio of 11.6 and P/S ratio of 0.1. The dividend yield of Horizon Lines Inc. stocks is 8.5%.
News Corporation's diversified global operations include the production and distribution of motion pictures and television programming; television, satellite and cable broadcasting; the publication of newspapers, magazines, books; the production and distribution of promotional and advertising products and services; the development of digital broadcasting; the development of conditional access and subscriber management systems; and the creation and distribution of popular on-line programming. News Corp. has a market cap of $37.86 billion; its shares were traded at around $14.48 with a P/E ratio of 21.6 and P/S ratio of 1.3. The dividend yield of News Corp. stocks is 0.8%. News Corp. had an annual average earning growth of 5.7% over the past 10 years.
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 markets several biopharmaceutical products in the United States through its hospital sales force and wholly-owned subsidiary, ESP Pharma, Inc. PDL Biopharma Inc. has a market cap of $980 million; its shares were traded at around $8.2 with a P/E ratio of 6.3 and P/S ratio of 3.3. The dividend yield of Pdl Biopharma Inc. stocks is 12.2%.
Seth Klarman buys Enzon Inc., Enzon Inc., sells Horizon Lines Inc., News Corp., Pdl Biopharma Inc. during the 3-months ended 09/30/2009, according to the most recent filings of his investment company, The Baupost Group. Seth Klarman owns 24 stocks with a total value of $1.1 billion. 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:
| Consumer Services | 40.1% |
| Health Care | 20.6% |
| Basic Materials | 10.1% |
| Oil & Gas | 8.5% |
| Technology | 7.2% |
| Financials | 6.7% |
| Consumer Goods | 5.1% |
| Industrials | 1.1% |
These are the top 5 holdings of Seth Klarman
- News Corp. (NWS-A) - 24,600,000 shares, 25.97% of the total portfolio
- Theravance Inc. (THRX) - 9,033,741 shares, 11.67% of the total portfolio
- LIBERTY MEDIA CORPORATION - SERIES A LIBERTY ENTER (LMDIA) - 4,222,160 shares, 11.59% of the total portfolio
- Domtar Corp. (UFS) - 3,234,071 shares, 10.05% of the total portfolio
- BREITBURN ENERGY PARTNERS, L.P. - COMMON UNITS REP (BBEP) - 8,495,939 shares, 8.53% of the total portfolio
Added: Viasat Inc. (VSAT, Financial)
Seth Klarman added to his holdings in Viasat Inc. by 147.87%. His purchase prices were between $24 and $27.38, with an estimated average price of $25.4. The impact to his portfolio due to this purchase was 4.27%. His holdings were 3,046,516 shares as of 09/30/2009.ViaSat Inc. designs, produces and markets advanced digital satellite telecommunications and other networking and signal processing equipment. Viasat Inc. has a market cap of $931.7 million; its shares were traded at around $29.47 with a P/E ratio of 21 and P/S ratio of 1.5. Viasat Inc. had an annual average earning growth of 18.9% over the past 5 years.
New Purchase: Enzon Inc. (ENZN, Financial)
Seth Klarman initiated holdings in Enzon Inc.. His purchase prices were between $7.17 and $8.66, with an estimated average price of $7.9. The impact to his portfolio due to this purchase was 1.51%. His holdings were 2,071,382 shares as of 09/30/2009.Enzon Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to the development and commercialization of therapeutics to treat patients with cancer and adjacent diseases. Enzon Inc. has a market cap of $450.7 million; its shares were traded at around $9.93 with and P/S ratio of 2.3.
Reduced: Syneron Medical Ltd. (ELOS, Financial)
Seth Klarman reduced to his holdings in Syneron Medical Ltd. by 32.09%. His sale prices were between $6.55 and $11.77, with an estimated average price of $9.02. The impact to his portfolio due to this sale was -0.68%. Seth Klarman still held 2,096,235 shares as of 09/30/2009.Syneron Medical Ltd. manufactures and distributes medical aesthetic devices that are powered by the proprietary, patented ELOS combined-energy technology of Bi-Polar Radio Frequency and Light. The Company's innovative ELOS technology provides the foundation for highly effective, safe and cost-effective systems that enable physicians to provide advanced solutions for a broad range of medical-aesthetic applications. Syneron Medical Ltd. has a market cap of $297.9 million; its shares were traded at around $10.82 with and P/S ratio of 2.5.
Reduced: Capitalsource Inc. (CSE, Financial)
Seth Klarman reduced to his holdings in Capitalsource Inc. by 41.03%. His sale prices were between $3.63 and $4.93, with an estimated average price of $4.26. The impact to his portfolio due to this sale was -2.76%. Seth Klarman still held 17,571,100 shares as of 09/30/2009.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 $1.22 billion; its shares were traded at around $3.78 with and P/S ratio of 1.1. The dividend yield of Capitalsource Inc. stocks is 1%. Capitalsource Inc. had an annual average earning growth of 44.3% over the past 5 years.
Sold Out: Horizon Lines Inc. (HRZ, Financial)
Seth Klarman sold out his holdings in Horizon Lines Inc.. His sale prices were between $3.32 and $6.89, with an estimated average price of $5.18.Horizon Lines, Inc. is the nation's leading Jones Act container shipping and integrated logistics company. It accounts for total U.S. marine container shipments from the continental U.S. to the three non- contiguous Jones Act markets, Alaska, Hawaii and Puerto Rico, and to Guam. Horizon Lines Inc. has a market cap of $158.4 million; its shares were traded at around $5.24 with a P/E ratio of 11.6 and P/S ratio of 0.1. The dividend yield of Horizon Lines Inc. stocks is 8.5%.
Sold Out: News Corp. (NWS, Financial)
Seth Klarman sold out his holdings in News Corp.. His sale prices were between $9.47 and $14.44, with an estimated average price of $12.29.News Corporation's diversified global operations include the production and distribution of motion pictures and television programming; television, satellite and cable broadcasting; the publication of newspapers, magazines, books; the production and distribution of promotional and advertising products and services; the development of digital broadcasting; the development of conditional access and subscriber management systems; and the creation and distribution of popular on-line programming. News Corp. has a market cap of $37.86 billion; its shares were traded at around $14.48 with a P/E ratio of 21.6 and P/S ratio of 1.3. The dividend yield of News Corp. stocks is 0.8%. News Corp. had an annual average earning growth of 5.7% over the past 10 years.
Sold Out: PDL Biopharma Inc. (PDLI, Financial)
Seth Klarman sold out his holdings in Pdl Biopharma Inc.. His sale prices were between $7.73 and $9.22, with an estimated average price of $8.48.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 markets several biopharmaceutical products in the United States through its hospital sales force and wholly-owned subsidiary, ESP Pharma, Inc. PDL Biopharma Inc. has a market cap of $980 million; its shares were traded at around $8.2 with a P/E ratio of 6.3 and P/S ratio of 3.3. The dividend yield of Pdl Biopharma Inc. stocks is 12.2%.
