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.
Web Page: http://www.baupost.com/
His portfolio is composed of 27 stocks for a total value of $5,091 Mil and during the Q1 of 2015 he traded six companies: Atara Biotherapeutics Inc (ATRA), Micron Technology Inc (MU), Theravance Inc (THRX), SunEdison Semiconductor Ltd (SEMI), Bellatrix Exploration Ltd (BXE) and Syneron Medical Ltd (ELOS).
He increased his position to 4,763,265 shares (impact of 1.83% on his portfolio) of Atara Biotherapeutics Inc (ATRA) at an average price of $41.57.
Over the last 12 months, the price rose by 391% and is currently trading at a P/B ratio of 9.70.
The company has a financial strength of 8/10 with no debt, but a weak profitability & growth rated 2/10, with negative returns.
On GuruFocus you can check this recent article about this trade.
Seth Klarman is the only Guru holding ATRA with 19.55% of outstanding.
He increased his position to 23,706,035 shares (Impact of 2.52% on his portfolio) of Micron Technology Inc (MU) at an average price of $31.94.
Over the last 12 months, the price rose by 11% and is currently trading at a P/B ratio of 2.40 and P/E (ttm) of 8.50.
The company has a financial strength of 8/10 with a cash to debt of 0.67. Profitability & growth is rated 8 out of 10 with double-figure ratios (ROA 17.70%, ROE 35.98% and ROC of 32.93%).
PRIMECAP Management is the main holder of MU with 3.24% of shares outstanding, followed by David Einhorn (2.9%). Seth Klarman is third holding the 2.2%.
He increased his position to 21,753,460 shares (Impact 0.57% on his portfolio) of Theravance Inc (THRX) at an average price of $13.855.
Over the last 12 months, the price dropped by 20% and is currently trading at a forward P/E ratio of 18.62.
The company has a financial strength of 5/10 with a Cash to Debt of 0.33. Profitability & growth is rated 2 out of 10 with deep-negative returns such as ROA of -28.39%, a ROE of -444.65% and ROC of -2098.48%.
Seth Klarman after this trade is the main holder of THRX with 18.65% of shares outstanding, followed by Richard Perry (3.45%)
He increased his position to 7,897,979 shares (Impact 1.31% on his portfolio) of SunEdison Semiconductor Ltd (SEMI) at an average price of $19.56.
Over the last 12 months, the price rose by 55% and is currently trading at a forward P/E ratio of 101.01.
The company has a financial strength of 5/10 with a Cash to Debt of 0.43. Profitability & growth is rated 2 out of 10 with negative returns such as ROA of -7.36%, a ROE of -12.50% and ROC of -11.52%.
Seth Klarman after this trade is the main holder of SEMI with 19.03% of shares outstanding, followed by Chuck Royce (1.93%) and Arnold Schneider (0.1%).
He increased his position to 21,839,400 shares (Impact 0.86% on his portfolio) of Bellatrix Exploration Ltd (BXE) at an average price of $2.03.
Over the last 12 months, the price tanked by 66% and is currently trading at a P/E(ttm) ratio of 4.00.
The company has a financial strength of 6/10 with a Cash to Debt of 0.01. Profitability & growth is rated 8 out of 10 with positive returns such as ROA of 8.76%, a ROE of 15.05% and ROC of 5.43%.
Seth Klarman is the main holder of BXE with 11.38% of shares outstanding, followed by David Dreman (Trades, Portfolio) (0.47%) and Ronald Muhlenkamp (Trades, Portfolio) (0.42%).
He reduced his position to 1,127,160 shares (Impact -0.34% on his portfolio) of Syneron Medical Ltd (ELOS) at an average price of $10.7.
Over the last 12 months, the price increased by 11% and is currently trading at a forward P/E ratio of 17.42.
The company has a financial strength of 7/10 and is out of debts. Profitability & growth is rated 6 out of 10 with few negative returns such as ROA of -1.70%, a ROE of -2.25% and ROC of -4.21%.
Seth Klarman is the main holder of ELOS with 6.57% of shares outstanding, followed by Charles Brandes (6.63%) and Chuck Royce (2.4%).
