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:
Cash is 28%
Gates Capital Management's ECF Value Funds have a fantastic track record. The funds (full-name Excess Cash Flow Value Funds), which invest in an event-driven equity and credit strategy, have produced a 12.6% annualised return over the past 26 years. The funds added 7.7% overall in the second half of 2022, outperforming the 3.4% return for Read More
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