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Top 5 1st Quarter Trades of Seth Klarman

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May 13, 2022
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Seth Klarman recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

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.

As of the latest 13F report, the guru’s equity portfolio contained 54 stocks valued at a total of $9,272,000,000. The top holdings were LBTYK(15.08%), QRVO(8.89%), and INTC(8.87%).

According to GuruFocus data, these were

Seth Klarman (Trades, Portfolio)’s top five trades of the quarter.

Pershing Square Tontine Holdings Ltd


The guru sold out of their 9,550,504-share investment in NYSE:PSTH. Previously, the stock had a 1.86% weight in the equity portfolio. Shares traded for an average price of $19.82 during the quarter.

On 05/13/2022, Pershing Square Tontine Holdings Ltd traded for a price of $19.84 per share and a market cap of $3,968,002,000. The stock has returned -18.66% over the past year.

GuruFocus gives the company a financial strength rating of 10 out of 10 and a profitability rating of 2 out of 10.

In terms of valuation, Pershing Square Tontine Holdings Ltd has a price-earnings ratio of 5.35, a price-book ratio of 1.06 and a EV-to-Ebitda ratio of -2707.12.

Encompass Health Corp


During the quarter,

Seth Klarman (Trades, Portfolio) bought 2,283,900 shares of NYSE:EHC for a total holding of 3,000,000. The trade had a 1.75% impact on the equity portfolio. During the quarter, the stock traded for an average price of $65.64.

On 05/13/2022, Encompass Health Corp traded for a price of $64.09 per share and a market cap of $6,396,353,000. The stock has returned -25.57% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, Encompass Health Corp has a price-earnings ratio of 16.39, a price-book ratio of 3.24, a price-earnings-to-growth (PEG) ratio of 3.49, a EV-to-Ebitda ratio of 9.32 and a price-sales ratio of 1.23.

The price-to-GF Value ratio is 0.83, earning the stock a GF Value rank of 9.

NortonLifeLock Inc


The guru sold out of their 5,780,000-share investment in NAS:NLOK. Previously, the stock had a 1.49% weight in the equity portfolio. Shares traded for an average price of $27.49 during the quarter.

On 05/13/2022, NortonLifeLock Inc traded for a price of $23.95 per share and a market cap of $13,935,578,000. The stock has returned -3.44% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, NortonLifeLock Inc has a price-earnings ratio of 16.99, a price-earnings-to-growth (PEG) ratio of 0.80, a EV-to-Ebitda ratio of 12.13 and a price-sales ratio of 5.08.

The price-to-GF Value ratio is 0.91, earning the stock a GF Value rank of 9.

Fiserv Inc


During the quarter,

Seth Klarman (Trades, Portfolio) bought 938,391 shares of NAS:FISV for a total holding of 3,988,391. The trade had a 1.03% impact on the equity portfolio. During the quarter, the stock traded for an average price of $101.22.

On 05/13/2022, Fiserv Inc traded for a price of $96.17 per share and a market cap of $62,163,717,000. The stock has returned -17.24% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, Fiserv Inc has a price-earnings ratio of 37.54, a price-book ratio of 2.00, a price-earnings-to-growth (PEG) ratio of 2.42, a EV-to-Ebitda ratio of 13.98 and a price-sales ratio of 3.85.

The price-to-GF Value ratio is 0.75, earning the stock a GF Value rank of 10.

Qorvo Inc


During the quarter,

Seth Klarman (Trades, Portfolio) bought 699,968 shares of NAS:QRVO for a total holding of 6,645,712. The trade had a 0.94% impact on the equity portfolio. During the quarter, the stock traded for an average price of $135.49.

On 05/13/2022, Qorvo Inc traded for a price of $104.81 per share and a market cap of $11,364,719,000. The stock has returned -38.82% over the past year.

GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, Qorvo Inc has a price-earnings ratio of 11.03, a price-book ratio of 2.44, a price-earnings-to-growth (PEG) ratio of 0.73, a EV-to-Ebitda ratio of 8.01 and a price-sales ratio of 2.45.

The price-to-GF Value ratio is 0.62, earning the stock a GF Value rank of 4.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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