Baupost Group

Q3 2018 13F · by Seth Klarman, portfolio manager

As of: Sep 30, 2018
Filed: Nov 15, 2018
US stock: $12.7B · prev $11.1B
Positions: 36 · prev 31
Options notional: $0
Documents: 1· 1 amendment

Picture97.4% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 97.4%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 2.6%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves19 since the prior filing

+14.7 pp in · −8.4 pp out

New 6 +6.21 pp
Added 8 +8.50 pp
Trimmed 4 −5.68 pp
Exited 1 −2.74 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions48% of US stock

unresolved Twenty First Centy Fox Inc added+1.31 pp added+1.3118.9%
LNG Cheniere Energy Inc held held7.8%
ACT Allergan PLC held held7.4%
VSAT Viasat Inc held held6.9%
PCG PG&E Corporation added+5.14 pp added+5.146.9%

Revealed late, restated

restated 1 row corrected by the filer · US stock +0.34%; later quarters recomputed 13F-HR/A · Nov 15, 2018 ↗

Positions36 in this filing · 1 exited


unresolvedTwenty First Centy Fox Inc	18.95%	52,001,167	$2.4B	added+32%	+1.31 pp	13 q
LNGCheniere Energy Inc	7.76%	14,196,135	$986M	held	—	19 q
ACTAllergan PLC	7.42%	4,950,000	$943M	held	—	11 q
VSATViasat Inc	6.91%	13,732,068	$878M	held	—	22 q
PCGPG&E Corporation	6.87%	18,979,790	$873M	added×4.2	+5.14 pp	3 q
QRVOQorvo, Inc.	6.65%	11,000,000	$846M	held	—	7 q
unresolvedTwenty First Centy Fox Inc	6.24%	17,320,922	$794M	added+27%	+0.20 pp	13 q
PXDPioneer Natural Resource Co.	5.48%	4,000,000	$697M	held	—	5 q
SYFSynchrony Financial	3.99%	16,332,929	$508M	trimmed−44%	−4.82 pp	9 q
ARAntero Resources Corporation	3.70%	26,587,791	$471M	held	—	17 q
LBTYKLiberty Global Ltd. Class C	2.39%	10,768,870	$303M	new	+2.39 pp	new
TBPHTheravance Biopharma, Inc.	2.39%	9,309,168	$304M	held	—	18 q
CLNSDigitalBridge Group, Inc.	2.38%	49,687,370	$303M	held	—	2 q
MCKMcKesson Corporation	2.27%	2,175,700	$289M	added+34%	+0.31 pp	5 q
ATRAGBXAtara Biotherapeutics Inc	2.03%	6,254,632	$259M	held	—	16 q
CAHCardinal Health, Inc.	2.01%	4,738,485	$256M	trimmed−7%	−0.23 pp	8 q
CORCencora, Inc.	2.00%	2,751,056	$254M	added+47%	+0.56 pp	5 q
TRCOTribune Media Company Class A	1.81%	5,996,042	$230M	added×2.0	+0.78 pp	2 q
AABAAltaba Inc.	1.51%	2,810,775	$191M	new	+1.51 pp	new
LBTYALiberty Global Ltd. Class A	1.13%	4,957,205	$143M	new	+1.13 pp	new
VRTVVeritiv Corporation	1.02%	3,564,439	$130M	trimmed−7%	−0.35 pp	17 q
YPFYPF Sociedad Anonima	0.73%	6,000,000	$93M	new	+0.73 pp	new
unresolvedKeryx Biopharmaceuticals Inc	0.69%	25,791,678	$88M	held	—	19 q
SBGISinclair, Inc. Class A	0.67%	3,000,000	$85M	added+17%	−0.07 pp	2 q
unresolvedTranslate Bio Inc	0.49%	6,491,287	$62M	added×3.4	+0.27 pp	2 q
unresolvedAmc Entmt Hldgs Inc	0.44%	2,731,300	$56M	trimmed−45%	−0.28 pp	5 q
UNVRUnivar Solutions Inc.	0.43%	1,771,100	$54M	new	+0.43 pp	new
NGNovaGold Resources Inc.	0.39%	13,467,145	$50M	held	—	22 q
unresolvedGty Technology Holdings Inc	0.37%	4,400,000	$48M	held	—	8 q
TMQTrilogy Metals Inc	0.20%	13,050,758	$26M	held	—	9 q
unresolvedSaban Cap Acquisition Corp	0.19%	2,326,500	$24M	held	—	8 q
PRTKParatek Pharmaceuticals, Inc.	0.18%	2,394,498	$23M	held	—	16 q
unresolvedShire PLC	0.14%	98,932	$18M	held	—	2 q
unresolvedSentinel Energy Svcs Inc	0.13%	1,600,000	$16M	held	—	4 q
unresolvedNexeo Solutions Inc	0.02%	2,850,000	$3M	new	+0.02 pp	new
unresolvedSaban Cap Acquisition Corp	0.01%	1,163,250	$1M	held	—	8 q
TAT&T Inc.	—	−9,480,700	—	exited	−2.74 pp	—