Seth Klarman

Seth Klarman

Last Update: 08-13-2018

Number of Stocks: 31
Number of New Stocks: 5

Total Value: $11,101 Mil
Q/Q Turnover: 13%

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...
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...
7 Quotes That Sum Up Buffett's Entire Strategy Insight into how the average investor should look for value and high-quality investments
Warren Buffett (Trades, Portfolio) is the world’s greatest and most prominent value investor.Unlike other highly successful value investors, such as Seth Klarman (Trades, Portfolio), Buffett spends a large amount of time doing interviews. There have also been thousands of articles written about him and possibly hundreds of books. Read more...
» More Seth Klarman Articles

Commentaries and Stories

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Stocks That Seth Klarman Keeps Buying: AGN, FOX, MCK, VRTV These are the high conviction stocks of Seth Klarman Seth Klarman - Stocks That Seth Klarman Keeps Buying: AGN, FOX, MCK, VRTV
As we update the portfolios of Gurus, we have found that for some stocks the gurus have high convictions so that they have kept adding to their positions. For renowned value investor Seth Klarman (Trades, Portfolio), he has added again to his positions in Allergan, Twenty-First Century Fox, McKesson, and Veritiv. More...

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Seth Klarman Doubles Down on 21st Century Fox Guru increases holding in the 2nd quarter Seth Klarman - Seth Klarman Doubles Down On 21st Century Fox
Over the past several days, some of the world's best-known hedge funds have been publishing their quarterly 13F updates with the Securities and Exchange Commission. More...

VALUE, VALUE INVESTING, SETH KLARMAN


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Seth Klarman Buys 5 Stocks, Including Tribune Media, in 2nd Quarter Venerated bargain-shopping investor was betting on a newspaper merger Seth Klarman - Seth Klarman Buys 5 Stocks, Including Tribune Media, In 2nd Quarter
Venerated bargain-shopping investor Seth Klarman (Trades, Portfolio) reported his second quarter portfolio changes Monday, listing five new buys, including Chicago Tribune daily newspaper owner Tribune Media Co. (NYSE:TRCO). More...

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Warren Buffett and Seth Klarman’s Synchrony Financial Falls Despite Strong 2nd-Quarter Net Interest Income Growth Company starts new partnership with PayPal despite losing credit-card partnership with Walmart Daniel Loeb,Seth Klarman - Warren Buffett And Seth Klarman’s Synchrony Financial Falls Despite Strong 2nd-Quarter Net Interest Income Growth
Synchrony Financial (NYSE:SYF), a General Electric Co. (NYSE:GE) spinoff and large holding of Warren Buffett (Trades, Portfolio) and Seth Klarman (Trades, Portfolio), said on Friday that second-quarter net interest income increased 3% on strong loan receivables growth. More...

WARREN BUFFETT, SETH KLARMAN, DANIEL LOEB


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Investment Wisdom From Seth Klarman Can you build an investment strategy using quotes alone? No, but you can increase your knowledge of the investment world Seth Klarman - Investment Wisdom From Seth Klarman
Can you build an investment strategy using quotes alone? No, but you can increase your knowledge of the investment world and build out your investing mental model. More...

VALUE, VALUE INVESTING, SETH KLARMAN


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Seth Klarman’s Little-Known, Highly Profitable British Stake Bidding war is pushing gains higher Seth Klarman - Seth Klarman’s Little-Known, Highly Profitable British Stake
Seth Klarman (Trades, Portfolio)’s portfolio of 31 stocks lists only those based in the U.S. or that trade in the U.S., but his multifaceted hedge fund The Baupost Group invests in a variety of situations, including British media and telecom company Sky Plc (LSE:SKY). More...

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The One Stock Warren Buffett and Seth Klarman Agree On – and Are Buying Buffett loves financials, while Klarman avoids them. But they both love Synchrony Financial Warren Buffett,Seth Klarman - The One Stock Warren Buffett And Seth Klarman Agree On – And Are Buying
Warren Buffett (Trades, Portfolio) and Seth Klarman (Trades, Portfolio) are each a legend in their own right, although they achieved that status through approaches with distinctively different characteristics. Buffett famously seeks quality businesses at fair prices, forsaking mediocre businesses at low prices years ago. Klarman has never given up his deep value style of investing, often seeking “cigar butts,” or companies that may be on their last leg but could pull through. Perhaps consequently, their portfolios overlap on only one company: Synchrony Financial (NYSE:SYF). More...

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Seth Klarman Declares Ownership of Fledgling Biotech Translate Bio is developing a drug to treat cystic fibrosis. The drug received orphan designation in 2015 and is undergoing clinical trial Seth Klarman - Seth Klarman Declares Ownership Of Fledgling Biotech
Seth Klarman (Trades, Portfolio) has declared 14.5% interest in a Massachusetts-based startup that is working on a new drug to treat cystic fibrosis, which affects more than 70,000 people in the world. More...

PHARMACEUTICAL, SANOFI, VACCINES, CYSTIC FIBROSIS, MRNA, ORPHAN DRUG DESIGNATION


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Seth Klarman on False Market Lessons The guru discusses lessons learned from the financial crisis Seth Klarman - Seth Klarman On False Market Lessons
Combing through the valuable archives of ValueInvestorInsight, I recently stumbled across this gem of an article, which is an extract from Seth Klarman (Trades, Portfolio)'s letter to Baupost investors in 2009. More...

VALUE, VALUE INVESTING, SETH KLARMAN


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Seth Klarman's Top Lessons From the Financial Crisis Comments from the guru's 2009 letter to investors Seth Klarman - Seth Klarman's Top Lessons From The Financial Crisis
Combing through the valuable archives of ValueInvestorInsight, I recently stumbled across this gem of an article. It is an extract from Seth Klarman (Trades, Portfolio)'s letter to Baupost investors in 2009. In the letter, he celebrates the one year anniversary of the financial crisis by going over some of the critical lessons investors learned from the event. More...

VALUE, VALUE INVESTING, SETH KLARMAN


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Seth Klarman Stays True to Form The guru loads up on health care stocks that have fallen out of favor, reminding us that the best picks don't come knocking at the door Seth Klarman - Seth Klarman Stays True To Form
In the famous words of guru investor Seth Klarman (Trades, Portfolio), great investments don’t just knock on the door and say, “Buy me.” Klarman is reminding us that we have to dig for great ideas because the glaring ones are often not the best. More...

HEALTHCARE, PHARMACEUTICALS, DELIVERY, AMAZON, ONLINE PHARMACY, PILLS, PILLPACK


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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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