(GuruFocus, November 15, 2009) Investment Guru Seth Klarman reported his holdings.
Recently, Klarman had a investor's meeting for the first time since the founding of his firm Baupost. According to people attended the meeting, he currently thinks Stocks are more expensive than the distressed debt and keeps about 30% in cash.
As of September 30, 2009, Klarman had $1.13 billion allocated among the 24 stocks, and here are his top holdings:
No. 1: News Corp. (NWS-A), Weightings: 25.97% - 24,600,000 Shares
NEWS CORPORATION is a diversified entertainment company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast satellite television; magazines and inserts; newspapers and information services; book publishing; and other. The activities of News Corporation are conducted principally in the United States Continental Europe the United Kingdom Australia Asia and the Pacific Basin. News Corp. has a market cap of $15.45 billion; its shares were traded at around $0 with a P/E ratio of 6.86 and P/S ratio of 0.47. The dividend yield of News Corp. stocks is 1.41%. News Corp. had an annual average earning growth of 17.2% over the past 5 years.
No. 2: Theravance Inc. (THRX, Financial), Weightings: 11.67% - 9,033,741 Shares
Theravance Inc is focused on the discovery, development and commercialization of small molecule medicines for unmet medical needs across a number of therapeutic areas including respiratory disease, bacterial infections, overactive bladder and gastrointestinal disorders. Theravance Inc. has a market cap of $908.9 million; its shares were traded at around $14.5 with and P/S ratio of 39.2.
No. 3: LIBERTY MEDIA CORPORATION - SERIES A LIBERTY ENTER (LMDIA, Financial), Weightings: 11.59% - 4,222,160 Shares
Liberty Media Corporation is a holding company, which, through its subsidiaries owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Those interests are attributed to three tracking stock groups: (1) the Liberty Interactive group, which includes Liberty's interests in QVC, Provide Commerce, Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2) the Liberty Entertainment group, which includes Liberty's interests in The DIRECTV Group, Inc., Starz Entertainment, FUN Technologies, Inc., GSN, LLC, WildBlue Communications, Inc., and Liberty Sports Holdings LLC, and (3) the Liberty Capital group, which includes all businesses, assets and liabilities not attributed to the Interactive group or the Entertainment group including its subsidiaries Starz Media, LLC, Atlanta National League Baseball Club, Inc., and TruePosition, Inc., and minority equity investments in Time Warner Inc. and Sprint Nextel Cor Liberty Media Corporation - Series A Liberty Enter has a market cap of $17 billion; its shares were traded at around $34.35 .
No. 4: Domtar Corp. (UFS, Financial), Weightings: 10.05% - 3,234,071 Shares
Domtar is a major North American manufacturer of pulp and forest products, fine papers and packaging that fosters sustainable development through the rigorous application of its integrated forest management policy. A leading manufacturer and marketer of printing and writing papers, Domtar is also a significant Canadian producer of containerboard and corrugated containers and a major Eastern Canadian lumber producer. Domtar Corp. has a market cap of $2.21 billion; its shares were traded at around $52.81 with and P/S ratio of 0.3.
No. 5: BREITBURN ENERGY PARTNERS, L.P. - COMMON UNITS REP (BBEP, Financial), Weightings: 8.53% - 8,495,939 Shares
BreitBurn Energy Partners L.P. is an independent oil and gas limited partnership, recently formed by a subsidiary of Provident Energy Trust, focused on the acquisition, exploitation and development of oil and gas properties. BreitBurn's assets consist primarily of producing and non-producing crude oil reserves located in the Los Angeles Basin in California and the Wind River and Big Horn Basins in central Wyoming. Breitburn Energy Partners, L.p. - Common Units Rep has a market cap of $597.8 million; its shares were traded at around $11.33 with a P/E ratio of 15.5 and P/S ratio of 0.8. The dividend yield of Breitburn Energy Partners, L.p. - Common Units Rep stocks is 9.2%.
No. 6: ViaSat Inc. (VSAT, Financial), Weightings: 7.15% - 3,046,516 Shares
ViaSat Inc. designs, produces and markets advanced digital satellitetelecommunications and other networking and signal processing equipment. The company has been developing and marketing its technology through strategic alliances for emerging commercial markets, such as private corporate networks, mobile applications, alternative carrier access and broadband Internet/Intranet access by satellite to multiple servers. Viasat Inc. has a market cap of $937.4 million; its shares were traded at around $29.65 with a P/E ratio of 21.1 and P/S ratio of 1.5. Viasat Inc. had an annual average earning growth of 18.9% over the past 5 years.
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Recently, Klarman had a investor's meeting for the first time since the founding of his firm Baupost. According to people attended the meeting, he currently thinks Stocks are more expensive than the distressed debt and keeps about 30% in cash.
As of September 30, 2009, Klarman had $1.13 billion allocated among the 24 stocks, and here are his top holdings:
No. 1: News Corp. (NWS-A), Weightings: 25.97% - 24,600,000 Shares
NEWS CORPORATION is a diversified entertainment company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast satellite television; magazines and inserts; newspapers and information services; book publishing; and other. The activities of News Corporation are conducted principally in the United States Continental Europe the United Kingdom Australia Asia and the Pacific Basin. News Corp. has a market cap of $15.45 billion; its shares were traded at around $0 with a P/E ratio of 6.86 and P/S ratio of 0.47. The dividend yield of News Corp. stocks is 1.41%. News Corp. had an annual average earning growth of 17.2% over the past 5 years.
No. 2: Theravance Inc. (THRX, Financial), Weightings: 11.67% - 9,033,741 Shares
Theravance Inc is focused on the discovery, development and commercialization of small molecule medicines for unmet medical needs across a number of therapeutic areas including respiratory disease, bacterial infections, overactive bladder and gastrointestinal disorders. Theravance Inc. has a market cap of $908.9 million; its shares were traded at around $14.5 with and P/S ratio of 39.2.
No. 3: LIBERTY MEDIA CORPORATION - SERIES A LIBERTY ENTER (LMDIA, Financial), Weightings: 11.59% - 4,222,160 Shares
Liberty Media Corporation is a holding company, which, through its subsidiaries owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Those interests are attributed to three tracking stock groups: (1) the Liberty Interactive group, which includes Liberty's interests in QVC, Provide Commerce, Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2) the Liberty Entertainment group, which includes Liberty's interests in The DIRECTV Group, Inc., Starz Entertainment, FUN Technologies, Inc., GSN, LLC, WildBlue Communications, Inc., and Liberty Sports Holdings LLC, and (3) the Liberty Capital group, which includes all businesses, assets and liabilities not attributed to the Interactive group or the Entertainment group including its subsidiaries Starz Media, LLC, Atlanta National League Baseball Club, Inc., and TruePosition, Inc., and minority equity investments in Time Warner Inc. and Sprint Nextel Cor Liberty Media Corporation - Series A Liberty Enter has a market cap of $17 billion; its shares were traded at around $34.35 .
No. 4: Domtar Corp. (UFS, Financial), Weightings: 10.05% - 3,234,071 Shares
Domtar is a major North American manufacturer of pulp and forest products, fine papers and packaging that fosters sustainable development through the rigorous application of its integrated forest management policy. A leading manufacturer and marketer of printing and writing papers, Domtar is also a significant Canadian producer of containerboard and corrugated containers and a major Eastern Canadian lumber producer. Domtar Corp. has a market cap of $2.21 billion; its shares were traded at around $52.81 with and P/S ratio of 0.3.
No. 5: BREITBURN ENERGY PARTNERS, L.P. - COMMON UNITS REP (BBEP, Financial), Weightings: 8.53% - 8,495,939 Shares
BreitBurn Energy Partners L.P. is an independent oil and gas limited partnership, recently formed by a subsidiary of Provident Energy Trust, focused on the acquisition, exploitation and development of oil and gas properties. BreitBurn's assets consist primarily of producing and non-producing crude oil reserves located in the Los Angeles Basin in California and the Wind River and Big Horn Basins in central Wyoming. Breitburn Energy Partners, L.p. - Common Units Rep has a market cap of $597.8 million; its shares were traded at around $11.33 with a P/E ratio of 15.5 and P/S ratio of 0.8. The dividend yield of Breitburn Energy Partners, L.p. - Common Units Rep stocks is 9.2%.
No. 6: ViaSat Inc. (VSAT, Financial), Weightings: 7.15% - 3,046,516 Shares
ViaSat Inc. designs, produces and markets advanced digital satellitetelecommunications and other networking and signal processing equipment. The company has been developing and marketing its technology through strategic alliances for emerging commercial markets, such as private corporate networks, mobile applications, alternative carrier access and broadband Internet/Intranet access by satellite to multiple servers. Viasat Inc. has a market cap of $937.4 million; its shares were traded at around $29.65 with a P/E ratio of 21.1 and P/S ratio of 1.5. Viasat Inc. had an annual average earning growth of 18.9% over the past 5 years.
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