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The Baupost Group Buys Cit Group Inc., DirecTv Group Inc. LSTZA, Enzon Inc., Viasat Inc., Sells Rhi Entertainment Inc., Liberty Media Corporation

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Seth Klarman of the Baupost Group just released his Q4 portfolio. He has new positions in CIT Group, LSTZA, and DirecTv. Seth Klarman owns 17 stocks with a total value of $1.4 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 29.8%
Health Care 21.7%
Basic Materials 11.9%
Technology 11.5%
Financials 11.2%
Oil & Gas 6.6%
Consumer Goods 4.8%
Industrials 0.9%


These are the top 5 holdings of Seth Klarman

  1. News Corp. (NWSA) - 24,450,000 shares, 24.71% of the total portfolio
  2. Domtar Corp. (UFS) - 2,900,000 shares, 11.86% of the total portfolio
  3. ViaSat Inc. (VSAT) - 4,915,901 shares, 11.53% of the total portfolio
  4. Theravance Inc. (THRX) - 10,100,000 shares, 9.74% of the total portfolio
  5. BREITBURN ENERGY PARTNERS, L.P. - COMMON UNITS REP (BBEP) - 8,495,939 shares, 6.64% of the total portfolio


Added: Enzon Inc. (ENZN)

Seth Klarman added to his holdings in Enzon Inc. by 290.19%. His purchase prices were between $8.2 and $10.77, with an estimated average price of $9.69. The impact to his portfolio due to this purchase was 4.67%. His holdings were 8,082,400 shares as of 12/31/2009.

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 $415.5 million; its shares were traded at around $9.13 with and P/S ratio of 2.1.

Added: Viasat Inc. (VSAT)

Seth Klarman added to his holdings in Viasat Inc. by 61.36%. His purchase prices were between $28.34 and $32.34, with an estimated average price of $30.46. The impact to his portfolio due to this purchase was 4.38%. His holdings were 4,915,901 shares as of 12/31/2009.

ViaSat Inc. designs, produces and markets advanced digital satellitetelecommunications and other networking and signal processing equipment. Viasat Inc. has a market cap of $926.1 million; its shares were traded at around $29.05 with a P/E ratio of 20.8 and P/S ratio of 1.4. Viasat Inc. had an annual average earning growth of 18.9% over the past 5 years.

Added: Theravance Inc. (THRX)

Seth Klarman added to his holdings in Theravance Inc. by 11.8%. His purchase prices were between $13 and $15.4, with an estimated average price of $14.08. The impact to his portfolio due to this purchase was 1.03%. His holdings were 10,100,000 shares as of 12/31/2009.

Theravance Inc is focused on the discovery, development and commercialization of small molecule medicines for unmet medical needs across a number of therapeutic areas including respiratory disease, bacterial infections, overactive bladder and gastrointestinal disorders. Theravance Inc. has a market cap of $616.6 million; its shares were traded at around $9.7 with and P/S ratio of 26.7.

Added: Capitalsource Inc. (CSE)

Seth Klarman added to his holdings in Capitalsource Inc. by 15.41%. His purchase prices were between $3.13 and $4.05, with an estimated average price of $3.76. The impact to his portfolio due to this purchase was 0.79%. His holdings were 20,278,400 shares as of 12/31/2009.

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 $1.62 billion; its shares were traded at around $5.01 with and P/S ratio of 1.3. The dividend yield of Capitalsource Inc. stocks is 0.8%. Capitalsource Inc. had an annual average earning growth of 44.3% over the past 5 years.

New Purchase: Cit Group Inc. (CIT)

Seth Klarman initiated holdings in Cit Group Inc.. His purchase prices were between $0.25 and $29.64, with an estimated average price of $13.18. The impact to his portfolio due to this purchase was 5.26%. His holdings were 2,582,186 shares as of 12/31/2009.

CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. Cit Group Inc. has a market cap of $13.05 billion; its shares were traded at around $32.25 . Cit Group Inc. had an annual average earning growth of 27.2% over the past 5 years.

New Purchase: Directv Group Inc. The (DTV)

Seth Klarman initiated holdings in Directv Group Inc. The. His purchase prices were between $25.44 and $33.97, with an estimated average price of $30.15. The impact to his portfolio due to this purchase was 3.98%. His holdings were 1,617,471 shares as of 12/31/2009.

DIRECTV Class A is a provider of digital multichannel television entertainment, broadband satellite networks and services, and global video and data broadcasting in the United States and Latin America. Directv Group Inc. The has a market cap of $29.37 billion; its shares were traded at around $30.69 with a P/E ratio of 23.9 and P/S ratio of 1.5. Directv Group Inc. The had an annual average earning growth of 12.7% over the past 10 years.

New Purchase: Lstza (LSTZA)

Seth Klarman initiated holdings in Lstza. His purchase prices were between $46.39 and $51.16, with an estimated average price of $48.32. The impact to his portfolio due to this purchase was 1.44%. His holdings were 422,216 shares as of 12/31/2009.

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. Lstza has a market cap of $2.34 billion; its shares were traded at around $47.3 .

Reduced: Syneron Medical Ltd. (ELOS)

Seth Klarman reduced to his holdings in Syneron Medical Ltd. by 28.44%. His sale prices were between $9.43 and $12.23, with an estimated average price of $10.59. The impact to his portfolio due to this sale was -0.33%. Seth Klarman still held 1,500,000 shares as of 12/31/2009.

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. Syneron Medical Ltd. has a market cap of $274.6 million; its shares were traded at around $9.95 with and P/S ratio of 2.5.

Sold Out: Rhi Entertainment Inc. (RHIE)

Seth Klarman sold out his holdings in Rhi Entertainment Inc.. His sale prices were between $0.3 and $3.1, with an estimated average price of $1.53.

RHI Entertainment develops, produces and distributes new made-for-television movies, miniseries and other television programming worldwide, and is the provider of new long-form television content in the United States. Rhi Entertainment Inc. has a market cap of $4.7 million; its shares were traded at around $0.34 .


Rating: 3.0/5 (6 votes)

Comments

yswolinsky
Yswolinsky - 4 years ago
I guess he bought LMDIA for DTV and stub LSTVA, I wonder what price he got for cit, any speculation

He is really going in heavy into CSE and BBEP any thoughts?

http://valuewalk.com/
sandleking
Sandleking - 4 years ago
confirmation or not on whether the CIT stake is a conversion from the nice secured position they had in CIT right before bankruptcy?
vr_123
Vr_123 - 4 years ago
Estimated average price for CIT mentioned as $13.18 is incorrect because the lowest price after coming out of bankruptcy was $24.83
sandleking
Sandleking - 4 years ago
he's owned capital source for a while and in some senses its a smaller version of CIT. The business lending business is a solid one if it isn't overlevered (ahem CIT) and you would think in a tough ecnomy, there would be a high demand for business loans to stay afloat for a while.

when can we force managers to disclose bond and loan positions, someone in the government has to want to meddle in that! god knows i'd love to see what situations baupost and others like appaloosa and harbinger have in their bond portfolios.

-s
texdanr
Texdanr - 4 years ago


Should be required of all politiciansto listen to this interview.

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