Baupost Buys Fidelity National; Sells Oracle Corporation

The latest 13F filing by Baupost Group LLC reveals an aggregate portfolio worth $3.52 billion as of December 31, 2013. This is up from the end-September value of $3.49 billion. The value oriented hedge fund manages close to $25 billion, with most holdings in debt, cash and other assets not reported on the 13F.

Micron Technology tops Baupost’s portfolio holdings

As of the end December, Baupost’s biggest holding as a percentage of portfolio value was Micron Technology, Inc. (NASDAQ:MU) at a whopping 31.83%. The investment advisor owns 51,655,434 shares of Micron Technology Inc. that are currently valued at $1.12 billion.

The second largest holding was Theravance Inc (NASDAQ:THRX) of which Baupost owns 20,144,301 shares that are currently valued at $718.14 million representing 20.35% of its total portfolio. The investment advisor’s third largest holding was ViaSat, Inc.(NASDAQ:VSAT) in which it owns 11,129,200 shares valuing $697.24 million, constituting a sizable 19.76% of its overall portfolio.

BP plc (NYSE:BP) was the fourth largest holding of Baupost. The investment advisor owns 5,666,413 shares that are currently valued at $275.44 million, representing 7.80% of its overall portfolio. Baupost’s fifth largest holding was Idenix Pharmaceuticals Inc (NASDAQ:IDIX) where it owns 36,910,868 shares that are currently valued at $220.72 million representing 6.25% of its total portfolio. The investment manager added 7,245,175 shares of Idenix Pharmaceuticals Inc (NASDAQ:IDIX) during the quarter.

New positions

During the quarter, the investment management firm purchased 1,974,400 shares of Fidelity National Financial Inc (NYSE:FNF) for $64.06 million, representing 1.82% of its overall portfolio. Kindred Biosciences Inc (NASDAQ:KIN) Com STK was the second major new addition, of which Baupost purchased 2,900,000 shares valued at $32.39 million.

Alon USA Partners, LP, which is involved in refining and marketing petroleum products, was another new addition of Baupost. The investment advisor purchased 329,188 shares of Alon USA Partners LP (NYSE:ALDW) valued $5.48 million constituting 0.16% of its overall portfolio.

Reduced positions

During the period, the investment management firm sold 2,386,890 shares of Oracle Corporation (NYSE:ORCL) and 12,344,566 shares of Micron Technology, Inc. (NASDAQ:MU) Baupost also sold 779,715 shares of Central Pacific Financial Corp. (NYSE:CPF) The investment management firm also cut its stake in Ituran Location and Control Ltd. (NASDAQ:ITRN) by selling its entire 476,341 shares.

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About the Author

Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports

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