Seth Klarman

Seth Klarman

Last Update: 05-15-2015

Number of Stocks: 27
Number of New Stocks: 2

Total Value: $5,910 Mil
Q/Q Turnover: 15%

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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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 (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 (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 (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 (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 (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 (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 (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 (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...

  • Currently 4.91/5

Rating: 4.9/5 (11 votes)

Munger, Klarman and Buffett on EBITDA Charlie Munger, Seth Klarman, Warren Buffett - Munger, Klarman And Buffett On EBITDA
I was reviewing some of my notes and ran across some of the quotes that I have highlighted regarding commonly used metrics, such as EBITDA, for valuation purposes. More...

EBITDA, Charlie Munger, Seth Klarman, Warren Buffett


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Rating: 3.3/5 (3 votes)

Seth Klarman Buys Pioneer Natural Resources and KLX in First Quarter Seth Klarman - Seth Klarman Buys Pioneer Natural Resources And KLX In First Quarter
In the first quarter, Seth Klarman (Trades, Portfolio) purchased a sizable new position in oil and gas company Pioneer Natural Resources Co. (PXD) and a smaller holding of KLX Inc. (KLXI). More...

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Rating: 4.5/5 (2 votes)

15 Words of Wisdom on Finding an Edge Seth Klarman,Julian Robertson - 15 Words Of Wisdom On Finding An Edge
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Rating: 2.5/5 (2 votes)

Growing a Dividend Forest Seth Klarman - Growing A Dividend Forest
Investing in dividend stocks is similar to planting a tree. More...

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Rating: 5.0/5 (1 vote)

Analysis On Seth Klarman's Top 3 Holdings
Seth Klarman (Trades, Portfolio) runs the $5 billion investment partnership The Baupost Group. Founded in 1983, The Baupost Group has averaged returns of nearly 20% annually since their inception. Seth Klarman (Trades, Portfolio) 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, but he does go heavy in a few areas with only 27 positions with his top three holdings making up nearly 50% of his portfolio. More...

SETH KLARMAN, BAUPOST, ENERGY STOCKS, TECH STOCKS, GURU STOCKS,


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Why Margin Of Safety Is Misunderstood And Not Used Enough Seth Klarman,Warren Buffett - Why Margin Of Safety Is Misunderstood And Not Used Enough
Margin of safety are the 3 most important words in investing. More...

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16 Nuggets Of Advice On Selling Stocks From Investing Greats Seth Klarman,George Soros - 16 Nuggets Of Advice On Selling Stocks From Investing Greats
The truth is that selling stocks is hard but people just focus on the buy side. More...

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Seth Klarman's Trades During Q1 2015
Seth Klarman (Trades, Portfolio) 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 (Trades, Portfolio) is the author of the book "Margin of Safety" which sells for over $1,000. Klarman attended Cornell University where he received a degree in economics, and later attended Harvard University where he earned an M.B.A. More...

Seth Klarman


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The Importance Of Thinking Backwards, And 5 Inverted Questions That Will Flip Your Thinking Upside Down Charlie Munger,Seth Klarman -  The Importance Of Thinking Backwards, And 5 Inverted Questions That Will Flip Your Thinking Upside Down
What You’ll Learn More...

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Analyzing One of Seth Klarman’s Best Quotes Seth Klarman - Analyzing One Of Seth Klarman’s Best Quotes
I was reading Margin of Safety and ran into one of the most shocking quotes I have read in value investing. I have wrote about Seth Klarman (Trades, Portfolio) before, and I always highlight his raw comments that are both intelligent and concise. This is the complete quote: More...

Seth Klarman


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Long-Term Thinking and Seth Klarman
While I generally write about general investment lessons, today I will touch on a point that has been recently on my mind: long-term thinking. I believe this is a point that many of us as investors tend to overlook and use in a simplistic way. More...

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Seth Klarman Nearly Doubles Stake in Atara Biotherapeutics Seth Klarman - Seth Klarman Nearly Doubles Stake In Atara Biotherapeutics
Guru Seth Klarman (Trades, Portfolio), founder and president of Boston-based hedge fund Baupost Group, just added Atara Biotherapeutics Inc (ATRA) to his portfolio in the fourth quarter of last year, but he seems to be happy enough with it to want a second helping. He nearly doubled his stake in the first quarter of this year, apparently on the basis of Atara’s latest 13G filing with the Securities and Exchange Commission (SEC), making it the 19th-largest stake in his portfolio. More...

Seth Klarman, Baupost Group, Atara Biotherapeutics


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Analyzing Seth Klarman's Top Holdings
Seth Klarman (Trades, Portfolio) 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 (Trades, Portfolio) 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. More...

LONG, INTERNET


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Seth Klarman Says This is the Single Biggest Investing Advantage You Can Have Seth Klarman - Seth Klarman Says This Is The Single Biggest Investing Advantage You Can Have
Have you ever felt like you are at a steep disadvantage when investing in the stock market? Mutual funds and hedge funds have multi-million dollar research budgets, high frequency trading, and much better connections (I’m sure they never use their connections to gain an edge… right?). What is an individual investor to do? Seth Klarman (Trades, Portfolio) has the answer. More...

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Investment Reading: A Holistic Approach Seth Klarman, Charlie Munger - Investment Reading: A Holistic Approach
Over the past several months we have been asked what we might recommend for reading material in the field of investments. While we believe reading is an essential part of being a successful value investor, we think it’s only part of the total equation. We believe the old elementary school 3R’s (Reading, Writing, and Arithmetic) is the platform for constant study and self-improvement. More...

Research, Manhattan Research


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Some Thoughts on Globetrotting Seth Klarman - Some Thoughts On Globetrotting
Undoubtedly many value investors are worried about the current level of U.S market valuation. Great investors such as Seth Klarman (Trades, Portfolio) and Wally Weitz have publicly opined that it is getting harder to find values in the U.S. markets. The cash levels at many renowned value funds speak for this concern in general. More...

International, Global


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Should You Buy EBay Post Recent Analyst Upgrade?
Recently, Susquehanna analyst James Friedman upgraded his rating on eBay (EBAY) to buy from neutral. He also raised his stock price target to $75, which implies significant upside from the current levels. Friedman is bullish about Paypal's business prospects once it demerges from eBay. More...

LONG, INTERNET


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Newest Guru David Abrams Increases Stakes in MGI
David Abrams (Trades, Portfolio) of Abrams Capital Management recently increased his stakes in his latest position – Moneygram International Inc (MGI). More...

ABRAMS CAPITAL MANAGEMENT, SETH KLARMAN, BAUPOST GROUP


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Things I Learned From An Asian Value Investor

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User Comments

Jiangpengju1985@yahoo
ReplyJiangpengju1985@yahoo - 3 weeks ago
Klarman was interest in energy when oil plunge.
Juandemarc
ReplyJuandemarc - 8 months 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 - 9 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 - 9 months ago
Can we please have an update on performance here.
Efranco
ReplyEfranco - 11 months 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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