Business

Klarman’s Baupost Buys NCQ, HES, GNW, ORCL Adds to BP, HPQ VSAT and NG


Seth Klarman’s Baupost Group is out with their latest 13F. Before looking at some of the new positions, we have details on the exact allocation of the entire $24 billion, the famous value hedge fund manager runs. US equities which show up on the 13F represent only a fraction ($3.8 billion or 16% of total aum) of the securities. As we reported earlier this is the breakdown:

Klarman's Baupost Buys NCQ, HES, GNW, ORCL Adds to BP, HPQ VSAT and NG

Cash is 28%

Distressed debt 23%

Equity exposure (foreign and domestic) 20%

Real estate 16%

The remainder of assets is in hedges and structured products.

Seth Klarman added to the following already held stakes:

Hewlett-Packard Company (NYSE:HPQ), the fund owns 27 million shares, and it makes up 15% of the current portfolio

BP Plc (NYSE:BP) (LON:BP), Klarman owns 13M shares or 14.42% of the fund’s portfolio. BP Plc (NYSE:BP) (LON:BP) is still the largest domestic stake in the portfolio followed by Hewlett-Packard Company (NYSE:HPQ). We discovered that Klarman owns 26Million shares of Vivendi, which could be a larger holding than BP Plc (NYSE:BP) (LON:BP). Michael Price, who Seth Klarman calls his mentor, also purchased stake in HPQ this quarter.

NovaGold Resources Inc. (NYSEAMEX:NG) (TSE:NG), 16M shares, slightly over 2% of assets reported in the 13F

The firm now owns 1oM shares of Idenix Pharmaceuticals, Inc. (NASDAQ:IDIX), making up 2.7% of reported assets.

Baupost now owns over 16 million shares of ViaSat, Inc. (NASDAQ:VSAT), which accounts for 10.62% of reported assets.

Some of the new positions include some familiar large caps, and some not so familiar names:

Klarman purchased 15.8million shares of Oracle Corporation (NASDAQ:ORCL), which equals 15% of assets, 15M shares of Genworth Financial Inc (NYSE:GNW) or approximately 2% of stated assets.

One Million shares of Hess Corp. (NYSE:HES), equal to 2% of assets reported in the 13F.

3.2 million shares of Novacopper Inc (NYSEAMEX:NCQ), which is less than 1%.

Klarman sold out of two negligable stakes in Multimedia Games Holding Company Inc (NASDAQ:MGAM), and Alere Inc (NYSE:ALR)

Disclosure: Long BP, not other positions