Baupost Group
Baupost Group, led by Seth Klarman, is a Boston-based private investment partnership known for its value investing philosophy. Klarman, an esteemed figure in the investment community, authored "Margin of Safety," a seminal work on value investing. Baupost's investment approach is characterized by a focus on generating long-term capital through rigorous fundamental analysis and a disciplined approach to risk.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings β not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares β not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with β₯$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| IBM | $41.6M | 10.92% | $50.80 | $310.88 | +512.0% | 10.9% | |
| $34.1M | 8.96% | β | β | 9.0% | |||
| OTL | $33.1M | 8.69% | β | β | 8.7% | ||
| NHI | $30.6M | 8.03% | $3.21 | $77.50 | +2314.3% | 8.0% | |
| OMN | $24.0M | 6.31% | β | β | 6.3% | ||
| $21.9M | 5.76% | β | β | 5.8% | |||
| SOLUQ | $21.4M | 5.63% | β | β | 5.6% | ||
| WBR | $18.9M | 4.96% | β | β | 5.0% | ||
| $17.1M | 4.49% | β | β | 4.5% | |||
| $13.9M | 3.64% | β | β | 3.6% | |||
| RYI | $13.6M | 3.58% | β | β | 3.6% | ||
| AESPRC | $12.5M | 3.28% | β | β | 3.3% | ||
| RVSN | $10.8M | 2.84% | β | $4.72 | 2.8% | ||
| INGR | $9.3M | 2.45% | $9.84 | $98.29 | +898.9% | 2.5% | |
| $9.3M | 2.44% | β | β | 2.4% | |||
| HBP | $9.1M | 2.40% | β | β | 2.4% | ||
| GRA | $7.9M | 2.08% | β | β | 2.1% | ||
| TMTA | $6.7M | 1.75% | β | β | 1.8% | ||
| $6.1M | 1.59% | β | β | 1.6% | |||
| $5.8M | 1.53% | β | β | 1.5% | |||
| ADELQ | $5.2M | 1.37% | β | β | 1.4% | ||
| $4.3M | 1.13% | β | β | 1.1% | |||
| $4.0M | 1.06% | β | β | 1.1% | |||
| CHFNXXXX | $3.1M | 0.83% | β | β | 0.8% | ||
| ALVR | $2.8M | 0.74% | β | β | 0.7% | ||
| DJO | $2.4M | 0.64% | β | β | 0.6% | ||
| $1.9M | 0.50% | β | β | 0.5% | |||
| DIMEQ | $1.8M | 0.47% | β | β | 0.5% | ||
| $1.6M | 0.41% | β | β | 0.4% | |||
| ALDN | $1.5M | 0.40% | β | β | 0.4% |
Quarter-on-Quarter Activity
Q1 2002 vs. Q4 2001
New Positions (8)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| IBM | $41.6M | +512.0% | |
| $34.1M | |||
| SOLUQ | $21.4M | ||
| AESPRC | $12.5M | ||
| $9.3M | |||
| ADELQ | $5.2M | ||
| $4.0M | |||
| DJO | $2.4M |
Exited Positions (6)
| Ticker | Issuer | Notional |
|---|---|---|
| $63.9M | ||
| ATH | $14.8M | |
| HAL | $13.0M | |
| CVGYQ | $0.8M | |
| EDGW | $0.5M | |
| ZEUS | $0.1M |
Increased (6)
| Ticker | Issuer | Notional | Shares Ξ |
|---|---|---|---|
| RVSN | $0.5M | +16.1% | |
| WBR | $8.7M | +15.3% | |
| $6.6M | +9.9% | ||
| $3.0M | +5.0% | ||
| $-0.1M | +1.3% | ||
| CBLAQ | $0.1M | +0.1% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Ξ | Since Filing |
|---|---|---|---|---|
| $-122.4M | -88.6% | |||
| INGR | $-7.0M | -55.4% | +898.9% | |
| TMTA | $-1.9M | -53.9% | ||
| OMN | $-14.6M | -49.1% | ||
| $-0.0M | -20.9% | |||
| RYI | $-2.2M | -13.7% | ||
| HBP | $-1.8M | -8.3% | ||
| ALVR | $-1.7M | -7.0% |
Quarter Activity
During the quarter, Baupost Group initiated notable new positions in IBM, SOLUQ, and AESPRC, representing significant additions to their portfolio. The fund also exited positions in ATH, HAL, and CVGYQ. There was a notable reduction in holdings in INGR, TMTA, and OMN, indicating a shift in the fund's investment focus.
AI Commentary
<p>Baupost Group's current portfolio showcases a strong concentration in technology and healthcare sectors, with significant positions in International Business Machines (IBM) at $42M representing 10.9% of the portfolio, and Sepracor Inc at $34M accounting for 9.0%. Other notable holdings include Octel Corp (OTL) and National Health Investors Inc (NHI), emphasizing a diversified approach within these sectors. The fund's top ten holdings, which also include positions in financial and industrial companies like Golden State Bancorp Inc and US Industries Inc New, collectively make up a substantial portion of the total assets under management.</p> <p>The recent quarterly adjustments signal a strategic shift in Baupost Groupβs investment approach. The initiation of new positions in IBM and Solutia Inc (SOLUQ), alongside significant increases in Wyndham Intl Inc (WBR), suggests a growing confidence in the technology and hospitality sectors. Conversely, the substantial reductions in positions such as Omnova Solutions Inc (OMN) and the complete closure of positions in companies like Athene Holding (ATH) and Halliburton (HAL) indicate a strategic withdrawal from certain areas, possibly due to changing market dynamics or risk reassessment. These movements reflect Baupost's adaptive strategy in response to evolving economic conditions and sector performances.</p>