Seth Klarman (Trades, Portfolio) is the portfolio manager of the Baupost Group, a hedge fund founded in 1982. During the third quarter, he trimmed or exited the following positions:
Klarman's largest sale of the quarter was Qualcomm Inc. (QCOM, Financial). The position was closed, impacting the portfolio by -3.31%.
The semiconductor chip manufacturer has a market cap of $100.45 billion and an enterprise value of $85.03 billion.
GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity (ROE) of 7.88% and return on assets (ROA) of 4.24% are outperforming 70% of companies in the global semiconductors industry. Financial strength has a rating of 6 out of 10. The cash-debt ratio of 1.70 is above the industry median of 1.62.
Barrow, Hanley, Mewhinney & Strauss is the company's largest shareholder among the gurus with 1.74% of outstanding shares, followed by PRIMECAP Management (Trades, Portfolio) with 1.05%, T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.43% and Jeremy Grantham (Trades, Portfolio) with 0.37%.
The investor trimmed his position in Dell-VMWare Tracking Stock V (DVMT, Financial) by 46%. The trade had an impact of -1.83% on the portfolio.
The information technology company has a market cap of $16.64 billion and an enterprise value of $16.64 billion.
GuruFocus gives the company a profitability and growth rating of 3 out of 10. The ROE of 9.10% and ROA of 5.31% are underperforming 99.99% of companies in the global software - infrastructure industry. Financial strength has a rating of 6 out of 10.
The company's largest guru shareholder is Dodge & Cox with 4.94% of outstanding shares, followed by Paul Singer (Trades, Portfolio) with 2.75%, Klarman with 1.5% and PRIMECAP Management (Trades, Portfolio) with 1.49%.
The Avis Budget Group Inc. (CAR, Financial) position was cut by 74.08%. The transaction had an impact of -0.93% on the portfolio.
The vehicle rental company has a market cap of $2.89 billion and an enterprise value of $16.23 billion.
GuruFocus gives the company a profitability and growth rating of 7 out of 10. While the ROE of 39.71% is outperforming the industry, the ROA of 0.57% is underperforming 68% of companies in in the global rental and leasing services industry. Financial strength has a rating of 3 out of 10. The cash-debt ratio of 0.06 is below the industry median of 0.62.
Larry Robbins (Trades, Portfolio) is the company's largest guru shareholder with 9.33% of outstanding shares, followed by Diamond Hill Capital (Trades, Portfolio) with 5.6%, Klarman with 1.27%, Richard Pzena (Trades, Portfolio) with 1.22% and Hotchkis & Wiley with 0.84%.
The guru exited his Spirit Realty Capital Inc. (SRC, Financial) position, impacting the portfolio by -0.77%.
The real estate investment trust (REIT) has a market cap of $3.85 billion and an enterprise value of $7.7 billion.
GuruFocus gives the company a profitability and growth rating of 3 out of 10. The ROE of 1.19% and ROA of 0.56% are underperforming 82% of companies in the global REIT - diversified industry. Financial strength has a rating of 4 out of 10. The cash-debt ratio of 0.44 is below the industry median of 0.53.
The company's largest shareholder among the gurus is Jim Simons (Trades, Portfolio) with 1.74% of outstanding shares, followed by Steven Cohen (Trades, Portfolio) with 0.23% and Paul Tudor Jones (Trades, Portfolio) with 0.07%.
Klarman reduced his Silver Run Acquisition Corp. II (SRUN, Financial) holding by 67.51%. The trade had an impact of -0.52% on the portfolio.
The blak check company has a market cap of $1.03 billion and an enterprise value of $1.03 billion.
GuruFocus gives the company a profitability and growth rating of 3 out of 10. The ROE of 32% and ROA of 0.15% are outperforming 50% of competitors. Financial strength has a rating of 6 out of 10. The cash-debt ratio of 0.36 is below the industry median of 4.54.
Louis Moore Bacon (Trades, Portfolio) is the company's largest shareholder among the gurus with 1.93% of outstanding shares, followed by Klarman with 1.66% and Cohen with 0.28%.
The Liberty Braves Group (BATRK, Financial) stake was closed, impacting the portfolio by -0.36%.
The company has a market cap of $1.11 billion and an enterprise value of $1.57 billion.
GuruFocus gives the company a profitability and growth rating of 2 out of 10. The ROE of -27.55% and ROA of -4.25% are underperforming 94% of competitors. Financial strength has a rating of 4 out of 10. The cash-debt ratio of 0.22 is below the industry median of 0.66.
With 3.18% of outstanding shares, Mario Gabelli (Trades, Portfolio) is the company's largest guru shareholder, followed by Howard Marks (Trades, Portfolio) with 1.96%, Simons with 0.95% and Arnold Van Den Berg (Trades, Portfolio) with 0.61%.
The Credit Acceptance Corp. (CACC, Financial) position was closed. The trade had an impact of -0.29% on the portfolio.
The consumer finance company has a market cap of $5.48 billion and an enterprise value of $8.43 billion.
GuruFocus gives the company a profitability and growth rating of 8 out of 10. The ROE of 31.19% and ROA of 8.49% is outperforming 86% of companies in the global credit services industry. Financial strength has a rating of 4 out of 10. The cash-debt ratio of 0.02 is below the industry median of 2.52.
Ruane Cunniff (Trades, Portfolio) is the company's largest guru shareholder with 5.56% of outstanding shares, followed by Grantham with 0.79%, Columbia Wanger (Trades, Portfolio) with 0.51% and Lee Ainslie (Trades, Portfolio) with 0.06%.
Klarman also reduced his position in ChipMOS TECHNOLOGIES Inc. (IMOS, Financial) by 13.15%, impacting the portfolio by -0.11%.
The semiconductor manufacturer has a market cap of $800.48 billion and an enterprise value of $889.61 billion.
GuruFocus gives the company a profitability and growth rating of 5 out of 10. The ROE of 19% and ROA of 9.99% are outperforming 82% of companies in the global semiconductors industry. Financial strength has a rating of 6 out of 10. The cash-debt ratio of 0.76 is below the industry median of 1.62.
The company's largest guru shareholder is Klarman with 7.12% of outstanding shares, followed by Simons with 4.2% and Richard Snow (Trades, Portfolio) with 0.08%.
Disclosure: I do not own any stocks mentioned in this article.
