Seth Klarman’s Baupost Group filed its 13F today which included four new positions and two reductions in eighteen stocks it presently holds. For the third consecutive quarter, the group’s largest holding is in Micron Technology, Inc. (NASDAQ:MU). While there was no change to the fund’s position the 51,655,434 shares it holds still represents 30.13% of its $4.2 portfolio. ViaSat, Inc. (NASDAQ:VSAT) accounted for 19.39% of the portfolio with 11,395,900 shares held while Theravance Inc (NASDAQ:THRX). rounded out the podium with a 15.79% portion of the fund’s portfolio. Cheniere Energy, Inc. (NYSEMKT:LNG), a new purchase represented 7.72% of the portfolio while the fifth spot went to Idenix Pharmaceuticals Inc (NASDAQ:IDIX) at 7.47%.
Baupost ‘s new purchases and additions
The jump-out-at-you new purchase was made as mentioned in Cheniere Energy, Inc. (NYSEMKT:LNG) with the fund picking up 5,660,000 shares at a reported price of $55.35. Baupost also acquired 6,310,850 shares of Keryx Biopharmaceuticals (NASDAQ:KERX) which now accounts for 2.65% of the total portfolio. Smaller positions were taken in RF Micro Devices, Inc. (NASDAQ:RFMD), TriQuint Semiconductor (NASDAQ:TQNT), when it acquired 6,585,000 and 3,825,000 shares respectively. The company added 2.40% to its position in ViaSat, Inc. (NASDAQ:VSAT) and a similar 2.79% in Theravance Inc. The biggest increase in position belongs to PBF Energy Inc (NYSE:PBF) with Baupost adding 5,416,606 shares an addition of 174.04%. Lastly, the fund increased its stake in Idenix Pharmaceuticals Inc (NASDAQ:IDIX) by 44.49%.
Greenhaven Road Capital commentary for the third quarter ended September 30, 2022. Q3 2022 hedge fund letters, conferences and more Dear Fellow Investors, The Fund is enduring its worst drawdown since inception. We were down again in the third quarter, bringing year -to-date returns to approximately -59%. Returns vary by . . . SORRY! This Read More
Baupost ‘s held positions
Seth Klarman opted not to change its holdings in Micron Technology, Inc. (NASDAQ:MU), NovaGold Resources Inc. (NYSEMKT:NG) (TSE:NG), ChipMOS Technologies (Bermuda) Ltd (NASDAQ:IMOS), amongst its larger holdings. The last five stocks that it held its position are the smallest holdings in the portfolio. These unchanged five were: Syneron Medical Ltd. (NASDAQ:ELOS), Alliance One International, Inc. (NYSE:AOI), Novacopper Inc (NYSEMKT:NCQ) (TSE:NCQ), AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO), and Alon USA Partners LP (NYSE:ALDW).
Baupost’s reductions and sell offs
Baupost largely held its positions for the first quarter with just two exceptions. In nearly each quarter since Q3 2011 for two years, BP plc (ADR) (NYSE:BP) (LON:BP) was the largest single holding in the portfolio. That changed dramatically this quarter when Baupost reduced its position by 44.12% in BP. It holds 3,166,413 shares in the company and BP still accounts for 3.75% of Seth Klarman’s portfolio. The other reduction was a sell-off of 4.69% in Kindred Biosciences Inc (NASDAQ:KIN) taking its share total down to 2,763,848.