Seth Klarman

Seth Klarman

Last Update: 06-08-2018

Number of Stocks: 31
Number of New Stocks: 1

Total Value: $10,287 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 (%)
200127.1-11.7638.9
20009.9-9.7519.6
1999-18.320.4-38.7
3-Year Cumulative14.1 (4.5%/year)-4.1 (-1.4%/year)18.2 (5.9%/year)
19983028.71.3
199724.833.47-8.7
5-Year Cumulative85.1 (13.1%/year)64.7 (10.5%/year)20.4 (2.6%/year)
199613.122.49-9.4
19958.138.04-29.9
199413.40.413.0
199318.910.088.8
19929.57.621.9
10-Year Cumulative234.2 (12.8%/year)231.2 (12.7%/year)3 (0.1%/year)

Top Ranked Articles

Re-Reading Seth Klarman Excerpts from 2 OID issues
I sat on a couch and re-read two old issues of OID – one from March 2009 and one from February 2008. Seth Klarman (Trades, Portfolio) was featured in both issues. His warnings in the February 2008 issue turned out to be prescient, and his comments in the March 2009 issue were both timeless and timely. Read more...
Some Thoughts on Holding Cash As markets reach record highs, investors have questioned whether it makes sense to continue holding cash
The S&P 500 continued climbing in the first half of 2017, with a total return of 9.3% (according to Morningstar). Over the past five years, the compounded return for the index has been nearly 15% per annum (enough to double your money). It’s been a wonderful time to be long U.S. equities. Read more...
Investment Gems From Seth Klarman Notes from Baupost's January 1990 letter to investors
Today I read the March 1990 issue of Outstanding Investor Digest (too bad it looks like the publisher had permanently stopped the subscription service). Highlighted in this issue was Baupost’s letter to clients in January 1990 written by Seth Klarman (Trades, Portfolio) and Howard Stevenson. I’m always thrilled to bump into gems like this. Below are my notes from the letter. Read more...
Interest Rates and Stock Prices The impact of long-term interest rates on equity valuations, and what that means for forward rates of return
During a recent CNBC appearance, Warren Buffett (Trades, Portfolio) said the following about the relationship between interest rates and equity valuations: Read more...
Seth Klarman on Passive Investing He is not a fan of the strategy
Index investing has gained in popularity in recent years. As asset managers like Vanguard lower the cost of their products to levels that shame the active management industry, investors have rushed in seeking better returns and lower costs. Read more...
» More Seth Klarman Articles

Commentaries and Stories

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Insight Into Seth Klarman's Research Process Some tips on researching securities Seth Klarman - Insight Into Seth Klarman's Research Process
When it comes to value investing, Seth Klarman (Trades, Portfolio) is without a doubt one of the foremost authorities on the subject. More...

VALUE, VALUE INVESTING, BAUPOST, SETH KLARMAN


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AT&T Set to Close Merger With Klarman’s Time Warner Federal judge opens the door for more mega-mergers in telecom and entertainment sectors Seth Klarman - AT&T Set To Close Merger With Klarman’s Time Warner
U.S. District Court Judge Richard Leon announced on Tuesday that AT&T Inc. (NYSE:T) has court approval to complete its $85.4 billion acquisition of Time Warner Inc. (NYSE:TWX), a major holding of Baupost Group manager Seth Klarman (Trades, Portfolio). More...

MERGERS AND ACQUISITIONS, SETH KLARMAN, ENTERTAINMENT, TELECOM


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8 Investing Rules That Have Stood the Test of Time Lessons from the archives of investing. Warren Buffett,Seth Klarman - 8 Investing Rules That Have Stood The Test Of Time
It's always interesting to search in the archives of investment articles because you never know what you're going to find. More...

INVESTING, VALUE INVESTING, VALUE, INVESTING LESSONS


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Gurus Pile on Dirt-Cheap Small-Caps in 1st Quarter Stock of a REIT pays 15.62% dividend in a market where 'deep value appears to be unusually cheap' Seth Klarman, Paul Tudor Jones, Arnold Schneider - Gurus Pile On Dirt-Cheap Small-Caps In 1st Quarter
A flurry of trading among gurus was focused on a pair of small-caps representing stakes in dirt-cheap stocks in the first quarter. More...

REIT, DEEP VALUE, SUPPLY CHAIN SOLUTIONS, EARNINGS, HISTORICAL VALUE, GLOBAL, CONSUMER ELECTRONICS,


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Seth Klarman Axes PBF Energy Stake Baupost Group manager closes position in New Jersey-based petroleum refiner Seth Klarman - Seth Klarman Axes PBF Energy Stake
Baupost Group manager Seth Klarman (Trades, Portfolio) disclosed on June 8 that he closed his position in PBF Energy Inc. (NYSE:PBF) on May 31 according to GuruFocus real-time picks. More...

SETH KLARMAN


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How to Invest Like Seth Klarman in 3 Quotes His way of thinking about investing is easy to replicate Seth Klarman - How To Invest Like Seth Klarman In 3 Quotes
Seth Klarman (Trades, Portfolio) is widely regarded as being one of the best investors of all time. His hedge fund, Baupost, has produced an average return of nearly 20% per annum for investors since inception thanks to his skill in finding value investments. More...

VALUE, VALUE INVESTING, SETH KLARMAN


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Merger Arbitrage Positions Dominate Seth Klarman's Equity Portfolio Klarman is betting on several deals to complete Seth Klarman - Merger Arbitrage Positions Dominate Seth Klarman's Equity Portfolio
Over the past few days, hedge fund investors with more than $100 million have been filing their 13F reports with the SEC, updating the regulator on their positions' movements during the first quarter of 2018. More...

SETH KLARMAN, VALUE, VALUE INVESTING


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Seth Klarman Buys Pioneer Natural Resources Co, PG&E Corp, Novagold Resources Inc, Sells Express Scripts Holding Co, PBF Energy Inc, Cascadian Therapeutics Inc Portfolio update for Seth Klarman's Baupost Group. Seth Klarman - Seth Klarman Buys Pioneer Natural Resources Co, PG&E Corp, Novagold Resources Inc, Sells Express Scripts Holding Co, PBF Energy Inc, Cascadian Therapeutics Inc
Seth Klarman (Trades, Portfolio) buys Pioneer Natural Resources Co, PG&E Corp, Novagold Resources Inc, sells Express Scripts Holding Co, PBF Energy Inc, Cascadian Therapeutics Inc, Sunrun Inc, ChipMOS TECHNOLOGIES Inc, Forward Pharma A/S during the 3-months ended 2018-03-31, according to the most recent filings of his investment company, The Baupost Group. As of 2018-03-31, The Baupost Group owns 31 stocks with a total value of $10.3 billion. These are the details of the buys and sells. New Purchases: PCG, Added Positions: PXD, FOXA, AGN, AR, MCK, ATRA, FOX, VSAT, NG, CLNS, VRTV, Reduced Positions: PBF, ABC, IMOS, FWP, Sold Out: ESRX, CASC, RUN, 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) Cheniere Energy Inc (LNG) - 20,726,340 shares, 10.77% of the total portfolio. Synchrony Financial (SYF) - 29,295,030 shares, 9.55% of the total portfolio. Twenty-First Century Fox Inc (FOXA) - 26,588,731 shares, 9.48% of the total portfolio. Shares added by 19.29% Viasat Inc (VSAT) - 13,658,137 shares, 8.73% of the total portfolio. Shares added by 3.80% Allergan PLC (AGN) - 4,750,000 shares, 7.77% of the total portfolio. Shares added by 5.56% New Purchase: PG&E Corp (NYSE:PCG) Seth Klarman (Trades, Portfolio) initiated holdings in PG&E Corp. His purchase prices were between $38.24 and $45.23, with an estimated average price of $42.43. The stock is now traded at around $43.14. The impact to his portfolio due to this purchase was 1.35%. His holdings were 3,149,972 shares as of 2018-03-31. Sold Out: Express Scripts Holding Co (NASDAQ:ESRX) Seth Klarman (Trades, Portfolio) sold out his holdings in Express Scripts Holding Co. His sale prices were between $69.08 and $81.92, with an estimated average price of $76.29. Sold Out: Cascadian Therapeutics Inc (NASDAQ:CASC) Seth Klarman (Trades, Portfolio) sold out his holdings in Cascadian Therapeutics Inc. His sale prices were between $3.56 and $10.06, with an estimated average price of $7.81. Sold Out: Sunrun Inc (NASDAQ:RUN) Seth Klarman (Trades, Portfolio) sold out his holdings in Sunrun Inc. His sale prices were between $5.33 and $8.93, with an estimated average price of $6.73. Added: Pioneer Natural Resources Co (NYSE:PXD) Seth Klarman (Trades, Portfolio) added to his holdings in Pioneer Natural Resources Co by 100.00%. His purchase prices were between $165.05 and $188.5, with an estimated average price of $176.2. The stock is now traded at around $201.36. The impact to his portfolio due to this purchase was 3.34%. His holdings were 4,000,000 shares as of 2018-03-31. Added: Novagold Resources Inc (NG) Seth Klarman (Trades, Portfolio) added to his holdings in Novagold Resources Inc by 25.36%. His purchase prices were between $3.6 and $4.68, with an estimated average price of $4.01. The stock is now traded at around $4.85. The impact to his portfolio due to this purchase was 0.12%. His holdings were 13,467,145 shares as of 2018-03-31. Reduced: PBF Energy Inc (NYSE:PBF) Seth Klarman (Trades, Portfolio) reduced to his holdings in PBF Energy Inc by 27.46%. His sale prices were between $29 and $36.36, with an estimated average price of $32.28. The stock is now traded at around $41.77. The impact to his portfolio due to this sale was -1.05%. Seth Klarman (Trades, Portfolio) still held 7,924,175 shares as of 2018-03-31. Reduced: ChipMOS TECHNOLOGIES Inc (NASDAQ:IMOS) Seth Klarman (Trades, Portfolio) reduced to his holdings in ChipMOS TECHNOLOGIES Inc by 36.5%. His sale prices were between $15.7 and $18.35, with an estimated average price of $17.36. The stock is now traded at around $13.99. The impact to his portfolio due to this sale was -0.09%. Seth Klarman (Trades, Portfolio) still held 933,658 shares as of 2018-03-31. Reduced: Forward Pharma A/S (NASDAQ:FWP) Seth Klarman (Trades, Portfolio) reduced to his holdings in Forward Pharma A/S by 31.86%. His sale prices were between $2.17 and $5.36, with an estimated average price of $3.48. The stock is now traded at around $2.38. The impact to his portfolio due to this sale was -0.05%. Seth Klarman (Trades, Portfolio) still held 2,848,003 shares as of 2018-03-31. Here is the complete portfolio of Seth Klarman. Also check out: 1. Seth Klarman's Undervalued Stocks 2. Seth Klarman's Top Growth Companies, and 3. Seth Klarman's High Yield stocks 4. Stocks that Seth Klarman keeps buying More...

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Seth Klarman Buys PG&E, Doubles Down on Pioneer Natural Resources Also sells Express Scripts Seth Klarman - Seth Klarman Buys PG&E, Doubles Down On Pioneer Natural Resources
Seth Klarman (Trades, Portfolio), a widely followed value investor and author, disclosed Monday that he purchased one stock, PG&E Corp. (NYSE:PCG), and doubled his stake in Pioneer Natural Resources Co. (NYSE:PXD) in the first quarter. More...

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David Abrams' Top Buys and Sells in 1st Quarter The guru chose Houston-based midstream energy provider and sold Wells Fargo. He also dumped more shares of bookseller David Abrams, Seth Klarman - David Abrams' Top Buys And Sells In 1st Quarter
The investment firm of guru investor David Abrams (Trades, Portfolio) established major positions in managed-health care giant Aetna Inc. (NYSE:AET) and one of North America's largest midstream energy suppliers, Kinder Morgan Co. (NYSE:KMI). More...

OIL, BRENT CRUDE, SETH KLARMAN, EARNINGS, PROFITS , NATURAL GAS, PIPELINES, INFRASTRUCTURE, HEALTHCARE


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Seth Klarman Dives Into Orexigen in Wake of Sale Beleaguered pharmaceutical company is being acquired for $75 million Seth Klarman - Seth Klarman Dives Into Orexigen In Wake Of Sale
Baupost Group’s Seth Klarman (Trades, Portfolio) disclosed this week he plunged into floundering pharmaceutical company Orexigen Therapeutics Inc. (OREX) on April 13, buying over 7 million shares. More...

SETH KLARMAN, BAUPOST, BUY, PHARMA, BUYOUT, BANKRUPT


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Value Investing Is Crucial for Retirement Saving Saving for the future requires a value mentality Seth Klarman, Warren Buffett - Value Investing Is Crucial For Retirement Saving
Saving for retirement is a goal every investor should have, no matter what age. The earlier you start, the better. More...

VALUE, VALUE INVESTING


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Famous Investors: Trying to Determine Risk Quotes on the topic of trying to define risk in an investment portfolio Charlie Munger,Seth Klarman - Famous Investors: Trying To Determine Risk
Risk is an extremely important concept in investing. However, over the years I've discovered that some of the world's best-known investors all have different interpretations of what risk is. More...

SETH KLARMAN, WARREN BUFFETT, CHARLIE MUNGER, VALUE, VALUE INVESTING, BENJAMIN GRAHAM, HOWARD MARKS


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Is Distressed Debt the Key to Seth Klarman's Outperformance? Seth Klarman on the benefits of buying debt Seth Klarman - Is Distressed Debt The Key To Seth Klarman's Outperformance?
Seth Klarman (Trades, Portfolio) is one of the most celebrated value investors of all time. More...

KLARMAN, SETH KLARMAN, DEBT, DISTRESSED DEBT, VALUE INVESTING


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What Makes a Value Investor According to Seth Klarman Seth Klarman on the best qualities value investors possess. Seth Klarman - What Makes A Value Investor According To Seth Klarman
I've recently been reading through a speech Seth Klarman (Trades, Portfolio) gave at the MIT Sloan Investment Management Club on Oct. 20, 2007. The speech concentrated on the best qualities a value investor must have to succeed and touched on some points about the current (2007) state of the financial system. More...

VALUE, VALUE INVESTING, VALUE STOCKS, SETH KLARMAN


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Seth Klarman: The Best Investors Do Not Target Returns An overview of the key qualities of the world's best investors Seth Klarman, Warren Buffett - Seth Klarman: The Best Investors Do Not Target Returns
More...

VALUE, VALUE INVESTING, SETH KLARMAN


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What's So Important About Benjamin Graham Notes from a lecture on Graham by Buffett Seth Klarman - What's So Important About Benjamin Graham
In his latest letter to limited partners of Baupost, Seth Klarman (Trades, Portfolio) discusses why Benjamin Graham is still relevant today, even though value investing has changed significantly since he first wrote Security Analysis. More...

VALUE, VALUE INVESTING, WARREN BUFFETT, BENJAMIN GRAHAM


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Seth Klarman Boosts Stake in Atara Biotherapeutics Guru real-time pick highlight Seth Klarman - Seth Klarman Boosts Stake In Atara Biotherapeutics
Baupost Group manager Seth Klarman (Trades, Portfolio) disclosed on Monday that he increased his stake in Atara Biotherapeutics Inc. (NASDAQ:ATRA). More...

SETH KLARMAN, STEVEN ROMICK, BILL ACKMAN, CARL ICAHN, WARREN BUFFETT


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A Long-Term View Is Key Seth Klarman shares some tips on long-term investing Seth Klarman - A Long-Term View Is Key
Market volatility has returned with a vengeance this year. With this being the case, I think it's the perfect time to revisit one of the core principles of value investing: investing with a long-term outlook. More...

VALUE, VALUE INVESTING, SETH KLARMAN, LONG-TERM INVESTING


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Seth Klarman: The Most Important Thing Some of the most important investment advice the guru has received Seth Klarman - Seth Klarman: The Most Important Thing
As one of the world's most successful value investors, Seth Klarman (Trades, Portfolio) has been at the top of his game for several decades. Over this period, he has undoubtedly picked up a wealth of experiences. More...

VALUE, VALUE INVESTING, SETH KLARMAN


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