Seth Klarman

Seth Klarman

Last Update: 2014-08-14

Number of Stocks: 24
Number of New Stocks: 4

Total Value: $6,141 Mil
Q/Q Turnover: 9%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Seth Klarman' s Profile & Performance

Profile

Seth Klarman is a value investor and Portfolio Manager of the investment partnership The Baupost Group. Founded in 1983, The Baupost Group now manages $7 billion, and has averaged returns of nearly 20% annually since their inception. Seth Klarman is the author of the book "Margin of Safety" which sells for over $1000. Mr. Klarman attended Cornell University where he received a degree in economics, and later attended Harvard University where he earned an M.B.A.

Web Page:http://www.baupost.com/

Investing Philosophy

Seth Klarman invests in a wide array of investments ranging from fairly traditional value stocks to more esoteric investments like distressed debt, liquidations, and foreign equities or bonds. Klarman doesn't mind "doing nothing" on occasion. He is completely unperturbed by the idea of sitting on the sidelines holding cash whenever investment opportunities are scarce. In fact, in 2005 and 2006, nearly half of his portfolio was held in cash. Investing, he cautions, is more than just producing absolute returns. Too often investors focus on that one easy number "return" and ignore the risks incurred to generate that number.

Total Holding History

Performance of Baupost Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
200127.1-11.939.0
20009.9-9.119.0
1999-18.321-39.3
3-Year Cumulative14.1 (4.5%/year)-3.1 (-1%/year)17.2 (5.5%/year)
19983028.61.4
199724.833.4-8.6
5-Year Cumulative85.1 (13.1%/year)66.2 (10.7%/year)18.9 (2.4%/year)
199613.123-9.9
19958.137.6-29.5
199413.41.312.1
199318.910.18.8
19929.57.61.9
10-Year Cumulative234.2 (12.8%/year)237.6 (12.9%/year)-3.4 (-0.1%/year)

Top Ranked Articles

Seth Klarman on the Art of Complex Deep Value Investing
Seth A. Klarman, President of The Baupost Group, averaged about 20% per year for 24 years with only one negative year. This digest of Seth A. Klarman’s investment strategies and practices is mainly based on a guest lecture by superinvestor Seth Klarman at Columbia Business School and his book, Margin of Safety. Many sections here are not Klarman’s exact words, but our digest of the distilled essence of his investment methods. Read more...
Jason Zweig Interviews Seth Klarman At CFA Institute Annual Conference
I was reading Dah Hui Lau's notes from May in which Jason Zweig interviews Seth Klarman. It sparked my interest whether the interview would be available two months later and found it. Read more...
Charlie Rose Interviews Seth Klarman
Charlie Rose Interviews Seth Klarman. The first 18 minutes is about "Facing History", his nonprofit organizaiton. Then they got to the book of "Margin of Safety". Klarman's view of Warren Buffett's three stages of investing: "Warren evolves three stages". He said he is still in the first stage. Read more...
Analysis of Targacept: Seth Klarman's New Purchase
An analysis on Seth Klarman's new purchase: Targacept (TRGT) Read more...
Interview with Amitabh Singhi, Managing Director at Surefin Investments
Amitabh Singhi is managing director at Surefin Investments, an India-based portfolio management and investment advisory company. Since inception in mid-2001 the fund has returned 27.9% annualized, net of all fees to investors (as of 2011). Mr. Singhi graduated with a B.S. in economics from the Wharton School at the University of Pennsylvania, with concentrations in finance and management. Amitabh was one of the speakers at the last Value Investing Congress in New York. Read more...
» More Seth Klarman Articles

Commentaries and Stories

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Li Lu's 2010 Lecture at Columbia
Bruce Greenwald: Warren Buffett (Trades, Portfolio) says that when he retires, there are three people he would like to manage his money. First is Seth Klarman (Trades, Portfolio) of the Baupost Group, who you will hear from later in the course. Next is Greg Alexander of the Sequoia Fund. Third is Li Lu. He happens to manage all of Charlie Munger (Trades, Portfolio)’s money. I have a small investment with him and in four years it is up 400%. More...

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

TPCA: Assets for 35 Cents on the Dollar
"Value investing is at its core the marriage of a contrarian streak and a calculator."~ Seth Klarman (Trades, Portfolio) More...

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Rating: 0.0/5 (0 votes)

Seth Klarman’s The Baupost Group Buys eBay, SunEdison Semiconductor, Keryx Biopharmaceuticals, Sells BP, Theravance
Legendary value investor, hedge fund manager Seth Klarman (Trades, Portfolio) just reported his second quarter portfolio. Seth Klarman (Trades, Portfolio) buys eBay Inc, SunEdison Semiconductor Ltd, Keryx Biopharmaceuticals Inc, Kosmos Energy Ltd, Boyd Gaming Corporation, Triquint Semiconductor, RF Micro Devices Inc, Cheniere Energy Inc, Viasat Inc, Veritiv Corp, Veritiv Corp, sells BP PLC, Theravance Inc during the 3-months ended 06/30/2014, according to the most recent filings of his investment company, The Baupost Group. As of 06/30/2014, The Baupost Group owns 24 stocks with a total value of $6.1 billion. These are the details of the buys and sells. More...

  • Currently 4.13/5

Rating: 4.1/5 (8 votes)

Seth Klarman Buys 14% of Newly Formed Company Veritiv Seth Klarman - Seth Klarman Buys 14% Of Newly Formed Company Veritiv
Seth Klarman (Trades, Portfolio), the value-driven founder of the Baupost Group, purchased 2,249,601 shares of Veritiv Corp. (VRTV), according to GuruFocus Real Time Picks. His holding represents 14.06% of the company, a filing from July 31 showed. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Free Advice From Seth Klarman & Charlie Munger
It was Sir Isaac Newton who famously said, “If I have seen further than certain other men, it is by standing upon the shoulders of giants.” More...

VALUE INVESTING


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Japanese Net Nets: Fantastic or Foolish? Seth Klarman,Tweedy Browne - Japanese Net Nets: Fantastic Or Foolish?
Investors should be forgiven for feeling weary of investing in Japanese net nets. More...

  • Currently 5.00/5

Rating: 5.0/5 (5 votes)

A Value Investing Framework: B.E. GREEDY Warren Buffett,Seth Klarman - A Value Investing Framework: B.E. GREEDY
More...

LONG, VALUE INVESTING, FUNDAMENTAL ANALYSIS, MARGIN OF SAFETY


  • Currently 4.50/5

Rating: 4.5/5 (4 votes)

Seth Klarman Is Top-Performing Guru for First Half 2014 Seth Klarman - Seth Klarman Is Top-Performing Guru For First Half 2014
After making a $1 billion gain on Idenix Pharmaceuticals Inc. (IDIX) and his stock picks of the past six months on average gaining 60.8% in the first half of the year compared to about 6% for the S&P 500, Seth Karman resoundingly leads GuruFocus’ scoreboard. More...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Running an Offense or Defense? Warren Buffett,Seth Klarman - Running An Offense Or Defense?
It’s not a secret that the latest gross domestic product (GDP) numbers were poor. It is more likely than not, that when the GDP is revised as more information becomes available, that it will be reported that the numbers were worse than first stated. Stories are now beginning to appear indicating that the second quarter may also not prove to be as robust as previously predicted. I won’t pretend to guess, however; the numbers are certainly not what one would expect from a recovering or strong economy. More...

  • Currently 3.63/5

Rating: 3.6/5 (8 votes)

Listening to the Smart Guys: Be Cautious David Tepper,Seth Klarman - Listening To The Smart Guys: Be Cautious
Hedge fund manager David Tepper (Trades, Portfolio) shook up the markets this week when he announced at the SALT Conference in Las Vegas that he was nervous about the market. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Seth Klarman Buys Cheniere Energy, Keryx Biopharmaceuticals, Idenix Pharmaceuticals, Sells BP, Fidelity National Financial
The Baupost Group, the hedge fund firm run by famed investor Seth Klarman (Trades, Portfolio), just reported their first quarter portfolio. Seth Klarman (Trades, Portfolio) buys Cheniere Energy Inc, Keryx Biopharmaceuticals Inc, Idenix Pharmaceuticals Inc, PBF Energy Inc, RF Micro Devices Inc, Triquint Semiconductor, Viasat Inc, Theravance Inc, Keryx Biopharmaceuticals Inc, sells BP PLC, Fidelity National Financial Inc, Rovi Corp, Enzon Pharmaceuticals Inc during the 3-months ended 03/31/2014, according to the most recent filings of his investment company, The Baupost Group. As of 03/31/2014, The Baupost Group owns 20 stocks with a total value of $4.1 billion. These are the details of the buys and sells. New Purchases: LNG, KERX, RFMD, TQNT, KERX, Added Positions: IDIX, PBF, VSAT, THRX, Reduced Positions: BP, Sold Out: FNF, ROVI, ENZN, For the details of Seth Klarman (Trades, Portfolio)'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 52.8% Healthcare 26.7% Energy 11.4% Basic Materials 2.1% Consumer Defensive 0.4% These are the top 5 holdings of Seth Klarman (Trades, Portfolio) 1. Micron Technology Inc (MU) - 51,655,434 shares, 29.5% of the total portfolio. 2. Viasat Inc (VSAT) - 11,395,900 shares, 19.0% of the total portfolio. Shares added by 2.4% 3. Theravance Inc (THRX) - 20,705,801 shares, 15.5% of the total portfolio. Shares added by 2.79% 4. Cheniere Energy Inc (LNG) - 5,660,000 shares, 7.6% of the total portfolio. New Position 5. Idenix Pharmaceuticals Inc (IDIX) - 53,331,109 shares, 7.3% of the total portfolio. Shares added by 44.49% New Purchase: Cheniere Energy Inc (LNG) Seth Klarman (Trades, Portfolio) initiated holdings in Cheniere Energy Inc. His purchase prices were between $40.88 and $54.87, with an estimated average price of $47.65. The impact to his portfolio due to this purchase was 7.6%. His holdings were 5,660,000 shares as of 03/31/2014. Cheniere Energy Inc, a Delaware corporation, is a Houston-based energy company primarily engaged in LNG-related businesses. Cheniere Energy Inc has a market cap of $13.56 billion; its shares were traded at around $56.98 with and P/S ratio of 46.80. New Purchase: Keryx Biopharmaceuticals Inc (KERX) Seth Klarman (Trades, Portfolio) initiated holdings in Keryx Biopharmaceuticals Inc. His purchase prices were between $12.16 and $16.88, with an estimated average price of $14.98. The impact to his portfolio due to this purchase was 2.6%. His holdings were 6,310,850 shares as of 03/31/2014. Keryx Biopharmaceuticals, Inc is a Delaware corporation incorporated in Delaware in October 1998. Keryx Biopharmaceuticals Inc has a market cap of $1.17 billion; its shares were traded at around $12.79 with and P/S ratio of 107.10. New Purchase: RF Micro Devices Inc (RFMD) Seth Klarman (Trades, Portfolio) initiated holdings in RF Micro Devices Inc. His purchase prices were between $4.51 and $7.93, with an estimated average price of $6.09. The impact to his portfolio due to this purchase was 1.3%. His holdings were 6,585,000 shares as of 03/31/2014. RF Micro Devices, Inc. was incorporated under the laws of the State of North Carolina in 1991. Rf Micro Devices Inc has a market cap of $2.46 billion; its shares were traded at around $8.72 with and P/S ratio of 2.10. New Purchase: Triquint Semiconductor (TQNT) Seth Klarman (Trades, Portfolio) initiated holdings in Triquint Semiconductor. His purchase prices were between $8.07 and $13.55, with an estimated average price of $10.28. The impact to his portfolio due to this purchase was 1.2%. His holdings were 3,825,000 shares as of 03/31/2014. Triquint Semiconductor was incorporated in California in 1981 and reincorporated in Delaware on February 12, 1997. Triquint Semiconductor has a market cap of $2.49 billion; its shares were traded at around $14.51 with and P/S ratio of 2.60. Triquint Semiconductor had an annual average earnings growth of 11.00% over the past 10 years. New Purchase: Keryx Biopharmaceuticals Inc (KERX) Seth Klarman (Trades, Portfolio) initiated holdings in Keryx Biopharmaceuticals Inc. The impact to his portfolio due to this purchase was 3.11%. His holdings were 9,151,600 shares as of 03/31/2014. Keryx Biopharmaceuticals, Inc is a Delaware corporation incorporated in Delaware in October 1998. Keryx Biopharmaceuticals Inc has a market cap of $1.17 billion; its shares were traded at around $12.79 with and P/S ratio of 107.10. Sold Out: Fidelity National Financial Inc (FNF) Seth Klarman (Trades, Portfolio) sold out his holdings in Fidelity National Financial Inc. His sale prices were between $29.78 and $33.22, with an estimated average price of $31.66. Fidelity National Financial, Inc. was incorporated in the State of Delaware. Fidelity National Financial Inc has a market cap of $9.32 billion; its shares were traded at around $33.66 with a P/E ratio of 19.30 and P/S ratio of 1.00. The dividend yield of Fidelity National Financial Inc stocks is 2.00%. Fidelity National Financial Inc had an annual average earnings growth of 17.60% over the past 5 years. Sold Out: Rovi Corp (ROVI) Seth Klarman (Trades, Portfolio) sold out his holdings in Rovi Corp. His sale prices were between $19.38 and $25.2, with an estimated average price of $22.8. Rovi Corp, a Delaware corporation was formed in 2007. Rovi Corp has a market cap of $2.18 billion; its shares were traded at around $23.00 with and P/S ratio of 4.20. Rovi Corp had an annual average earnings growth of 5.80% over the past 10 years. GuruFocus rated Rovi Corp the business predictability rank of 3.5-star. Sold Out: Enzon Pharmaceuticals Inc (ENZN) Seth Klarman (Trades, Portfolio) sold out his holdings in Enzon Pharmaceuticals Inc. His sale prices were between $0.861 and $1.26, with an estimated average price of $1.04. Enzon Pharmaceuticals, Inc., a biotechnology company, was founded on 1981. Enzon Pharmaceuticals Inc has a market cap of $40.100 million; its shares were traded at around $0.91 with a P/E ratio of 2.30 and P/S ratio of 1.40. Added: Idenix Pharmaceuticals Inc (IDIX) Seth Klarman (Trades, Portfolio) added to his holdings in Idenix Pharmaceuticals Inc by 44.49%. His purchase prices were between $5.82 and $8.04, with an estimated average price of $6.96. The impact to his portfolio due to this purchase was 2.25%. His holdings were 53,331,109 shares as of 03/31/2014. Idenix Pharmaceuticals, Inc. is a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases with operations in the United States and Europe. Idenix Pharmaceuticals Inc has a market cap of $859.800 million; its shares were traded at around $5.70 . Added: PBF Energy Inc (PBF) Seth Klarman (Trades, Portfolio) added to his holdings in PBF Energy Inc by 174.04%. His purchase prices were between $23.79 and $31.46, with an estimated average price of $26.73. The impact to his portfolio due to this purchase was 2.16%. His holdings were 5,416,606 shares as of 03/31/2014. PBF Energy Inc is a Delaware corporation incorporated on November 7, 2011. Pbf Energy Inc has a market cap of $2.91 billion; its shares were traded at around $30.06 with a P/E ratio of 22.10 and P/S ratio of 0.10. The dividend yield of Pbf Energy Inc stocks is 4.00%. Added: Viasat Inc (VSAT) Seth Klarman (Trades, Portfolio) added to his holdings in Viasat Inc by 2.4%. His purchase prices were between $56.04 and $73.62, with an estimated average price of $64.86. The impact to his portfolio due to this purchase was 0.45%. His holdings were 11,395,900 shares as of 03/31/2014. Viasat Inc was incorporated in California in 1986, and subsequently reincorporated in Delaware in 1996. Viasat Inc has a market cap of $2.72 billion; its shares were traded at around $58.99 with and P/S ratio of 2.00. Viasat Inc had an annual average earnings growth of 9.20% over the past 10 years. Added: Theravance Inc (THRX) Seth Klarman (Trades, Portfolio) added to his holdings in Theravance Inc by 2.79%. His purchase prices were between $30.17 and $40.49, with an estimated average price of $36.39. The impact to his portfolio due to this purchase was 0.42%. His holdings were 20,705,801 shares as of 03/31/2014. Theravance Inc., was incorporated in Delaware in November 1996 under the name Advanced Medicine, Inc, and began operations in May 1997. Theravance Inc has a market cap of $3.2 billion; its shares were traded at around $28.37 with and P/S ratio of 819.10. Reduced: BP PLC (BP) Seth Klarman (Trades, Portfolio) reduced to his holdings in BP PLC by 44.12%. His sale prices were between $46.04 and $50.67, with an estimated average price of $48.22. The impact to his portfolio due to this sale was -3.44%. Seth Klarman (Trades, Portfolio) still held 3,166,413 shares as of 03/31/2014. BP PLC operates as an integrated oil and gas company and is the parent company of the BP group of companies. Bp Plc has a market cap of $173.49 billion; its shares were traded at around $50.96 with a P/E ratio of 15.80 and P/S ratio of 0.40. The dividend yield of Bp Plc stocks is 4.50%. Bp Plc had an annual average earnings growth of 20.60% over the past 5 years. More...

  • Currently 3.67/5

Rating: 3.7/5 (3 votes)

Baupost’s Seth Klarman Takes 10% Stake in Keryx Biopharmaceuticals Seth Klarman - Baupost’s Seth Klarman Takes 10% Stake In Keryx Biopharmaceuticals
The Baupost Group’s Seth Klarman (Trades, Portfolio) has purchased a new holding that constitutes more than 5% of the company, requiring reporting during the quarter and appearing on GuruFocus RealTime Picks. The purchase was of 9,151,600 shares of Keryx Biopharmaceuticals (KERX), which represents 10.07% of the company’s shares outstanding. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Invest Like Benjamin Graham in Singapore Stocks
Benjamin Graham is the father of value investing and his way of value investing was to search for net-net stocks, and construct a basket of them as his portfolio. His method of value investing is still being widely practiced by value investors such as Seth Klarman (Trades, Portfolio), Third Avenue Management (Trades, Portfolio), etc. In this blog post, I would like to refer to an article by CLSA to explore the idea of investing in Graham-like stocks in the Singapore stock market. More...

  • Currently 5.00/5

Rating: 5.0/5 (4 votes)

Two Seth Klarman Stocks in His Top-Weighted Tech Sector Reach Five-Year Highs Seth Klarman - Two Seth Klarman Stocks In His Top-Weighted Tech Sector Reach Five-Year Highs
Seth Klarman (Trades, Portfolio), a renowned value investor at the Baupost Group, has a dire forecast for markets. In his 2013 annual letter, he said that he sees a “Truman Show” market which is precarious even though it doesn’t look that bad. He names as positive factors: elevated but not extreme P/E ratios, shrinking deficits, mending consumer balance sheets, recovering U.S. housing, nearing energy independence, low bond yields and low interest rates. More...

  • Currently 3.93/5

Rating: 3.9/5 (14 votes)

Three Key Takeaways from Seth Klarman’s 2013 Letter
Seth Klarman (Trades, Portfolio) of Baupost is clearly skeptical of two big themes today. (Check out notes from his 2013 annual letter here and here.) More...

  • Currently 5.00/5

Rating: 5.0/5 (3 votes)

The Choice Of A Discount Rate: Excerpts From Seth Klarman's 'Margin Of Safety' Seth Klarman - The Choice Of A Discount Rate: Excerpts From Seth Klarman's 'Margin Of Safety'
“Ultimately investors must choose sides. One side – the wrong choice is a seemingly effortless path that offers the comfort of consensus.” – Seth Klarman (Trades, Portfolio) More...

SETH KLARMAN


  • Currently 3.50/5

Rating: 3.5/5 (2 votes)

Inflation Is Coming, Inflation Is Coming!! Seth Klarman - Inflation Is Coming, Inflation Is Coming!!
Most know about the famous story of Paul Revere, the colonial patriot that rode from Boston to warn that the British troops were advancing upon the cities. Revere was the son of a silversmith and eventually was successful after the war as a silversmith himself. He also built the first copper mill and designed the original Continental currency. Less known is that Revere was with two other men on that famous ride, Samuel Prescott and William Dawes, who seem to appear only as footnotes in history, and are left out of the famous poem of that historic journey. More...

KLARMAN, MARKS, INFLATION


  • Currently 2.00/5

Rating: 2.0/5 (3 votes)

Tocqueville Asset Management - A Matter of Odds: Not Everything That Is Suppose to Work, Works All the Time
The recent and ongoing confrontation between Russia and Ukraine over Crimea, with its saber rattling and flurry of diplomatic activity, has uncovered a lot of confusion about the causes, motives, and ultimate outcome of this crisis, as well as its likely economic and financial consequences. More...

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Rating: 0.0/5 (0 votes)

John Mauldin's Outside the Box - Seth Klarman: Investors Downplaying Risk 'Never Turns Out Well'
Seth Klarman (Trades, Portfolio): Investors Downplaying Risk “Never Turns Out Well” More...

JOHN MAULDIN, SETH KLARMAN


  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Value Investor Ron Muhlenkamp Doesn't Agree with Seth Klarman's Stock Market Warning
Seth Klarman (Trades, Portfolio) thinks any time the stock market goes up 30% in a year but corporate earnings stay flat is a cause for alarm. More...

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User Comments

Juandemarc
ReplyJuandemarc - 1 month ago
DrK,
I'm glad someone is following the finer details!
I agree, re- Seth Klarman (Trades, Portfolio) average price bought and sold , indeed would have made a loss on eg. Alere Inc.
The manor in which the data is presented anchors readers thoughts to a large gain of 70% rather than losses of circa 20-25%.
Current stock price does not equate to the value of the stock when sold!
This is a red herring data column and should be scrapped unless a true reflection of profit or loss on holdings is shown on both free and professional formats!
Great website although be careful of drawing false conclusions!
DrK
ReplyDrK - 2 months ago
The way you show "Gains" in the holding history of a guru makes absolutely no sense - you are calculating it as "price paid" vs. "current stock price". This is NOT the gain mthe Guru made, and can HIDE actual losses. Example: Seth Klarman (Trades, Portfolio) the way you calcute gain made more than 20% gain for the stock Alere Inc. (ALR) because you are comparing his price paid to the current stock price rather than to the price he sold out for. In reality he made a LOSS when selling it. THIS MUST BE CORRECTED - your information is misleading!
Paulmenezes
ReplyPaulmenezes - 2 months ago
Can we please have an update on performance here.
Efranco
ReplyEfranco - 4 months ago
What does the ending ".WS" mean? thank you
Paulson545@yahoo
ReplyPaulson545@yahoo - 5 months ago
There will soon be over 500 million diabetes world wide . It might be time to take a look at ( erb ) ERBA Diagnostics, a world wide company in the diabetic field.......jmho
Toddforthree
ReplyToddforthree - 6 months ago
Goforit
ReplyGoforit - 6 months ago
Why is your most recent performance data from 2001 - it's now 2014! How are we (and you) to rate Klarman when the most recent GuruFocus performance data is 13 years old? For all we know, his track record over the last 13 years could be 5% lower than the SP-500 index and yet he's listed as a Guru.
Wsjalerts13
ReplyWsjalerts13 - 9 months ago
Rishardo - You are so smart
Rishardo
ReplyRishardo - 11 months ago
59% Tech weighting while the Nasdaq makes all time highs? This is going to end in tears.

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