Seth Klarman

Seth Klarman

Last Update: 08-13-2015

Number of Stocks: 32
Number of New Stocks: 4

Total Value: $5,953 Mil
Q/Q Turnover: 8%

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 (%)
200127.1-11.8939.0
20009.9-9.119.0
1999-18.321.04-39.3
3-Year Cumulative14.1 (4.5%/year)-3.1 (-1%/year)17.2 (5.5%/year)
19983028.581.4
199724.833.36-8.6
5-Year Cumulative85.1 (13.1%/year)66.2 (10.7%/year)18.9 (2.4%/year)
199613.122.96-9.9
19958.137.58-29.5
199413.41.3212.1
199318.910.088.8
19929.57.621.9
10-Year Cumulative234.2 (12.8%/year)237.5 (12.9%/year)-3.3 (-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

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Present-Value Analysis and the Difficulty of Forecasting Future Cash Flow
In "Margin of Safety," Seth Klarman (Trades, Portfolio) touches upon Net Present Value and its use (or misuse) in valuation methods: More...

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Seth Klarman Adds to Top 3 Energy Stocks Seth Klarman - Seth Klarman Adds To Top 3 Energy Stocks
It makes sense that Seth Klarman (Trades, Portfolio), a deep value investor who prizes “margin of safety” in his investments, would pounce on the worst-hit sector of the S&P 500, energy, down almost 58% in the past year. More...

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The Greats Talk About Fear and Opportunity in the Market
With the recent market declines I find it very reassuring to read (again) some of the best quotes from my favorite investors, since they provide a long-term view and keep me focused on the important aspects of investing instead of getting carried away by my emotions. I have found these among others, and I share them with you hoping that you find them as useful. More...

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David Einhorn's Greenlight Capital Raises Stake in Leading U.S. Memory Chip Maker Micron
In this article, let's take a look at Micron Technology, Inc. (NASDAQ:MU), a $15.74 billion market cap company, which provides semiconductor solutions worldwide. Although the company delivers a negative return of more than 58% year-to-date, David Einhorn (Trades, Portfolio) holds 37.95 million shares, ups his stake by 14% on the quarter. The value of the stake amounts to $714.97 million. The second largest shareholder of the company is Seth Klarman (Trades, Portfolio), with 19.7 million shares, valued at $371.26 billion, held as of the end of the Q2 2015. More...

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Micron, A David Einhorn Stock, Has Fallen 40% This Quarter. Is it a Buy?
Micron Technology Inc. (NASDAQ:MU) provides semiconductor solutions worldwide in the form of Dynamic Random Access Memory (DRAM) and NAND flash memory products. Per GuruFocus, a number of notable investors own MU including David Einhorn, Seth Klarman, Joel Greenblatt, and more. David Einhorn (Trades, Portfolio) has a sizable position and recently made some interesting comments. Per the Wall Street Journal, Einhorn predicted that MU will be worth more than Netflix “sometime in the next few years” (Einhorn is bearish on Netflix). From what we can tell, Einhorn began purchasing MU in 2013 Q3 and his average price per share is $18.58/share. His latest batch of purchases was in 2015 Q2 is estimated to be at $26.66/share. Of course, we don’t know what hedges, if any, he used. More...

MU


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Klarman Invests in Frontier Communications, Sanchez Energy During Q2 Seth Klarman - Klarman Invests In Frontier Communications, Sanchez Energy During Q2
Seth Klarman (Trades, Portfolio) of The Baupost Group runs a concentrated portfolio of 32 stocks; four of them were new holdings added during the second quarter, according to data reported by GuruFocus Real Time Picks. More...

SETH KLARMAN, FRONTIER COMMUNICATIONS, SANCHEZ ENERGY


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Seth Klarman on Waiting for the Right Pitch
In "Margin of Safety," Seth Klarman (Trades, Portfolio) brilliantly discusses how patience plays an important role for investors. Not only that, but Klarman also discusses how opportunity costs play a key component in portfolio management. More...

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Is There a Secret Formula for Investing? Seth Klarman Answers
While reading Margin of Safety, I ran into one of Klarman’s statements that turns out to be very real and defines the implicit difficulty of being an investor: More...

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Carl Icahn Increasingly Banks on Energy With Cheniere Stake Carl Icahn,Seth Klarman,Andreas Halvorsen - Carl Icahn Increasingly Banks On Energy With Cheniere Stake
Though energy stocks plagued Carl Icahn (Trades, Portfolio)’s investment fund in 2014 with a half a billion-dollar loss, his bullish long-term stance on the sector continues with a headline-grabbing 8.18% stake in natural gas developer Cheniere Energy (LNG). More...

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What Does Seth Klarman See in a Company That Fell 28% Today?
Ocwen Financial Corporation’s (NYSE:OCN) stock price fell over 28% today. It’s a stock that many Gurus have owned including Kyle Bass, Howard Marks, Paul Tudor Jones, and Joel Greenblatt. Many of them sold out in the March 2015 quarter. At least one Guru, Seth Klarman (Trades, Portfolio), still holds shares. Per GuruFocus, Klarman’s Baupost Group owns 6.25% of OCN’s shares outstanding. Baupost began accumulating in Q3 2014 and bought more in Q1 2015. From what we can tell, Baupost is sitting on a loss over 50%. Of course, we don’t know if the firm hedged with other financial instruments. More...

SETH KLARMAN, OCWEN FINANCIAL CORPORATION, OCN MORTAGE LOANS


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Are We Value Investors? Seth Klarman - Are We Value Investors?
We were recently talking to a fellow investment manager and somewhere in the conversation - quite nonchalantly - they mentioned that we weren't really value investors. I laughed at the comment and asked why they thought that was the case. They stated (and I paraphrase here) that essentially we were growth-at-a-reasonable price investors because we didn't invest in true value companies. They went on to say our companies were too successful (measurement wise), had not suffered recent operational or strategic crises, and were too richly valued to be considered truly "value" stocks. More...

Value investing


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Klarman Takes Nearly 13% Stake in Biotie Therapies
Seth Klarman (Trades, Portfolio) of The Baupost Group acquired a 12.92% stake in Finnish pharmaceutical company Biotie Therapies (NASDAQ:BITI) on June 30, purchasing 1,633,532 shares for $19.97 per share. More...

SETH KLARMAN, BIOTIE THERAPIES, PHARMACEUTICALS, BIOTECHNOLOGY


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Why High Growth Stocks Like Netflix are Risky and Priced for Perfection Howard Marks,Seth Klarman - Why High Growth Stocks Like Netflix Are Risky And Priced For Perfection
“High risk investments have higher rewards.” More...

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Notes From Michael Mauboussin's Talk at Google Seth Klarman - Notes From Michael Mauboussin's Talk At Google
Renowned author and investment strategist Michael Mauboussin gave this great talk at Google earlier this year. It is absolutely one of the most fascinating speeches I’ve ever heard. In this article, I’d like to share with the readers a few key takeaways I jotted down while listening to the talk, including a fantastic Q&A session. More...

Google, Michael Mauboussin, Q&A


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Why Seth Klarman Is Buying Pioneer Natural Resources
Seth Klarman (Trades, Portfolio) of The Baupost Group has added Pioneer Natural Resources (NYSE:PXD) to his portfolio according to data reported by Guru Focus Real Time Picks. More...

LONG, ENERGY, OIL & GAS EXPLORATION


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Is Seth Klarman right about Keryx Inc.?
Seth Klarman (Trades, Portfolio) is the value investor and portfolio manager of the investment partnership The Baupost Group. More...

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Why I’m Now More of a Buffett and Munger Type Investor Seth Klarman,Charlie Munger - Why I’m Now More Of A Buffett And Munger Type Investor
I’ve changed. More...

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20 Quotes from Investing Greats to Make You a Better Dividend Investor Warren Buffett,Seth Klarman - 20 Quotes From Investing Greats To Make You A Better Dividend Investor
Individual investors benefit when investing greats share their wisdom. Warren Buffett (Trades, Portfolio), Seth Klarman (Trades, Portfolio), Peter Lynch, and Joel Greenblatt (Trades, Portfolio) are all investing greats who have written books and/or shared their wisdom in annual reports. See their thoughts on investing applied to dividend stocks. More...

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A Rare Interview With The Great Seth Klarman
Boston billionaire Seth Klarman (Trades, Portfolio) says most Republicans are “Neanderthals” on gay marriage. He calls Senator Tom Cotton’s letter to the Iranian leaders “divisive.” And he considers the 2010 Supreme Court ruling that ushered in an era of unlimited political donations “a terrible decision.” More...

Seth Klarman, Interview


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Seth Klarman Buys Pioneer Natural Resources, SunEdison Semiconductor Ltd, Atara Biotherapeutics Inc, Sells Syneron Medical Ltd
Legendary value investor, hedge fund manager Seth Klarman (Trades, Portfolio) buys Pioneer Natural Resources Co, SunEdison Semiconductor Ltd, Atara Biotherapeutics Inc, KLX Inc, Keryx Biopharmaceuticals Inc, Ocwen Financial Corp, Bellatrix Exploration Ltd, sells Syneron Medical Ltd during the 3-months ended , according to the most recent filings of his investment company, The Baupost Group. As of , The Baupost Group owns 27 stocks with a total value of $5.9 billion. These are the details of the buys and sells. New Purchases: PXD, KLXI, Added Positions: SEMI, ATRA, AR, KERX, OCN, BXE, TBPH, Reduced Positions: VRTV, Sold Out: ELOS, For the details of Seth Klarman (Trades, Portfolio)'s stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Seth+Klarman These are the top 5 holdings of Seth Klarman (Trades, Portfolio) Pioneer Natural Resources Co (PXD) - 3,166,937 shares, 8.76% of the total portfolio. New Position Antero Resources Corp (AR) - 9,347,700 shares, 5.59% of the total portfolio. Shares added by 19.11% Keryx Biopharmaceuticals Inc (KERX) - 22,380,200 shares, 4.82% of the total portfolio. Shares added by 22.30% SunEdison Semiconductor Ltd (SEMI) - 7,897,979 shares, 3.45% of the total portfolio. Shares added by 90.52% Atara Biotherapeutics Inc (ATRA) - 4,763,265 shares, 3.26% of the total portfolio. Shares added by 90.84% New Purchase: Pioneer Natural Resources Co (NYSE:PXD) Seth Klarman (Trades, Portfolio) initiated holdings in Pioneer Natural Resources Co. His purchase prices were between $134.93 and $166.5, with an estimated average price of $153.66. The stock is now traded at around $152.68. The impact to his portfolio due to this purchase was 8.76%. His holdings were 3,166,937 shares as of 2015-03-31. New Purchase: KLX Inc (NASDAQ:KLXI) Seth Klarman (Trades, Portfolio) initiated holdings in KLX Inc. His purchase prices were between $37.34 and $41.65, with an estimated average price of $39.61. The stock is now traded at around $44.23. The impact to his portfolio due to this purchase was 0.98%. His holdings were 1,500,000 shares as of 2015-03-31. Sold Out: Syneron Medical Ltd (NASDAQ:ELOS) Seth Klarman (Trades, Portfolio) sold out his holdings in Syneron Medical Ltd. His sale prices were between $9.06 and $12.38, with an estimated average price of $11.07. Added: SunEdison Semiconductor Ltd (NASDAQ:SEMI) Seth Klarman (Trades, Portfolio) added to his holdings in SunEdison Semiconductor Ltd by 90.52%. His purchase prices were between $15.19 and $27.14, with an estimated average price of $21.51. The stock is now traded at around $21.90. The impact to his portfolio due to this purchase was 1.64%. His holdings were 7,897,979 shares as of 2015-03-31. Added: Atara Biotherapeutics Inc (NASDAQ:ATRA) Seth Klarman (Trades, Portfolio) added to his holdings in Atara Biotherapeutics Inc by 90.84%. His purchase prices were between $18 and $42.9, with an estimated average price of $26.44. The stock is now traded at around $37.55. The impact to his portfolio due to this purchase was 1.55%. His holdings were 4,763,265 shares as of 2015-03-31. Added: Keryx Biopharmaceuticals Inc (NASDAQ:KERX) Seth Klarman (Trades, Portfolio) added to his holdings in Keryx Biopharmaceuticals Inc by 22.30%. His purchase prices were between $10.87 and $14.68, with an estimated average price of $12.86. The stock is now traded at around $10.35. The impact to his portfolio due to this purchase was 0.88%. His holdings were 22,380,200 shares as of 2015-03-31. Added: Ocwen Financial Corp (NYSE:OCN) Seth Klarman (Trades, Portfolio) added to his holdings in Ocwen Financial Corp by 31.29%. His purchase prices were between $5.77 and $15.03, with an estimated average price of $8.93. The stock is now traded at around $9.88. The impact to his portfolio due to this purchase was 0.26%. His holdings were 7,833,884 shares as of 2015-03-31. Added: Bellatrix Exploration Ltd (NYSE:BXE) Seth Klarman (Trades, Portfolio) added to his holdings in Bellatrix Exploration Ltd by 20.64%. His purchase prices were between $1.92 and $3.7, with an estimated average price of $2.64. The stock is now traded at around $3.04. The impact to his portfolio due to this purchase was 0.15%. His holdings were 21,840,500 shares as of 2015-03-31. More...

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User Comments

Jiangpengju1985@yahoo
ReplyJiangpengju1985@yahoo - 3 months ago
Klarman was interest in energy when oil plunge.
Juandemarc
ReplyJuandemarc - 1 year 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 - 1 year 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 - 1 year ago
Can we please have an update on performance here.
Efranco
ReplyEfranco - 1 year ago
What does the ending ".WS" mean? thank you
Paulson545@yahoo
ReplyPaulson545@yahoo - 1 year 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 - 1 year ago
Goforit
ReplyGoforit - 1 year 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 - 1 year ago
Rishardo - You are so smart
Rishardo
ReplyRishardo - 1 year ago
59% Tech weighting while the Nasdaq makes all time highs? This is going to end in tears.

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