Seth Klarman’s 13F is not the most exciting filing to look into, partly because of the fact that the publicly disclosed holdings only amount to $4 billion while the actual assets under management of the firm are up to $26 billion. Of note here is that Klarman’s portfolio worth rose from $3 billion to $4 billion in the last quarter, so at least the fund is doing great in its long equity holdings.
Read notes from Klarman’s recent speech here.
Klarman buys even more gold miners in Q2
It seems Klarman was buying gold on the dip, Baupost Group bought gold stocks in the last quarter when most others were selling. The fund initiated new holdings in 3,255,500 shares of Yamana Gold Inc. (NYSE:AUY) (TSE:YRI) in the last quarter and also bought 2,102,700 shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K). Both companies are Canadian based gold explorers and processors, Yamana Gold Inc. (USA) (NYSE:AUY) (TSE:YRI) has mining operations in Brazil, Chile, Argentina, Mexico and Colombia whereas Kinross Gold Corporation (NYSE:KGC) (TSE:K) carries out exploration activities in Canada, the United States, the Russian Federation, Brazil, Ecuador, Chile, Ghana and Mauritania.
Gold miners plummeted
Klarman is a firm believer in gold, and Baupost has held positions in the lustrous metal for as long as one can remember. I mentioned how Klarman was losing across his holdings in gold miners across the board in a previous post. Baupost Group has lost hundreds of millions in Guyana Goldfields Inc. (TSE:GUY" target="_blank">TSE:GUY), NovaGold Resources Inc. (NYSEMKT:NG), Gabriel Resources Ltd. (TSE:GBU) and Carpathian Gold Inc (OTCMKTS:CPNFF) (TSE:CPN).
Another stock that Baupost Group bought in Q2 is Micron Technology, Inc. (NASDAQ:MU), a global manufacturer of flash memory. This one seems to be a hot stock for the last quarter, so we are keeping an eye out for Micron in 13F filings. Baupost also bought ChipMOS Technologies (Bermuda) Ltd (NASDAQ:IMOS) and increased its positions in BP plc (NYSE:BP) (LON:BP), Theravance Inc (NASDAQ:THRX), Idenix Pharmaceuticals Inc (NASDAQ:IDIX) and bought more warrants of Citigroup Inc (NYSE:C).