Baupost Group

Q4 2018 13F · by Seth Klarman, portfolio manager

As of: Dec 31, 2018
Filed: Feb 13, 2019
US stock: $11.1B · prev $12.7B
Positions: 35 · prev 36
Options notional: $0
Documents: 1· no amendments

Picture96.6% US stock

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

US stock listed on a US exchange 96.6%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 3.4%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves29 since the prior filing

+11.7 pp in · −10.7 pp out

New 6 +8.35 pp
Added 6 +3.36 pp
Trimmed 10 −5.63 pp
Exited 7 −5.09 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 41% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions50% of US stock

unresolved Twenty First Centy Fox Inc trimmed+3.22 pp trimmed+3.2222.2%
LNG Cheniere Energy Inc held held7.5%
unresolved Twenty First Centy Fox Inc trimmed+1.08 pp trimmed+1.087.3%
VSAT Viasat Inc held held7.3%
QRVO Qorvo, Inc. trimmed−0.82 pp trimmed−0.825.8%

Positions35 in this filing · 7 exited


unresolvedTwenty First Centy Fox Inc	22.17%	51,281,167	$2.5B	trimmed−1%	+3.22 pp	14 q
LNGCheniere Energy Inc	7.55%	14,196,135	$840M	held	—	20 q
unresolvedTwenty First Centy Fox Inc	7.32%	17,040,922	$814M	trimmed−2%	+1.08 pp	14 q
VSATViasat Inc	7.27%	13,732,068	$810M	held	—	23 q
QRVOQorvo, Inc.	5.83%	10,681,181	$649M	trimmed−3%	−0.82 pp	8 q
ACTAllergan PLC	5.71%	4,755,495	$636M	trimmed−4%	−1.71 pp	12 q
LBTYKLiberty Global Ltd. Class C	5.52%	29,742,795	$614M	added×2.8	+3.13 pp	2 q
PXDPioneer Natural Resource Co.	5.32%	4,500,000	$592M	added+13%	−0.16 pp	6 q
EBAYeBay Inc	5.30%	21,000,000	$589M	new	+5.30 pp	new
PCGPG&E Corporation	3.30%	15,474,483	$368M	trimmed−18%	−3.57 pp	4 q
SYFSynchrony Financial	3.07%	14,553,557	$341M	trimmed−11%	−0.92 pp	10 q
ARAntero Resources Corporation	2.41%	28,587,791	$268M	added+8%	−1.29 pp	18 q
TBPHTheravance Biopharma, Inc.	2.14%	9,309,168	$238M	held	—	19 q
CLNSDigitalBridge Group, Inc.	2.09%	49,687,370	$233M	held	—	3 q
ATRAGBXAtara Biotherapeutics Inc	1.95%	6,254,632	$217M	held	—	17 q
MCKMcKesson Corporation	1.71%	1,720,011	$190M	trimmed−21%	−0.56 pp	6 q
UNVRUnivar Solutions Inc.	1.51%	9,500,000	$169M	added×5.4	+1.08 pp	2 q
CORCencora, Inc.	1.35%	2,014,299	$150M	trimmed−27%	−0.65 pp	6 q
AKBAAkebia Therapeutics, Inc.	1.22%	24,471,453	$135M	new	+1.22 pp	new
unresolvedCBS Corp	1.00%	2,547,059	$111M	new	+1.00 pp	new
LBTYALiberty Global Ltd. Class A	0.95%	4,957,205	$106M	held	—	2 q
VRTVVeritiv Corporation	0.80%	3,564,439	$89M	held	—	18 q
unresolvedShire PLC	0.72%	460,473	$80M	added×4.7	+0.58 pp	3 q
YPFYPF Sociedad Anonima	0.72%	6,000,000	$80M	held	—	2 q
SBGISinclair, Inc. Class A	0.71%	3,000,000	$79M	held	—	3 q
NXSTNexstar Media Group, Inc.	0.67%	950,000	$75M	new	+0.67 pp	new
CAHCardinal Health, Inc.	0.59%	1,467,652	$65M	trimmed−69%	−1.42 pp	9 q
unresolvedTranslate Bio Inc	0.42%	6,491,287	$47M	held	—	3 q
TMQTrilogy Metals Inc	0.20%	13,050,758	$22M	held	—	10 q
unresolvedAmc Entmt Hldgs Inc	0.16%	1,458,002	$18M	trimmed−47%	−0.28 pp	6 q
unresolvedSentinel Energy Svcs Inc	0.15%	1,600,000	$16M	new	+0.15 pp	new
PRTKParatek Pharmaceuticals, Inc.	0.11%	2,394,498	$12M	held	—	17 q
unresolvedNexeo Solutions Inc	0.04%	10,000,000	$4M	added×3.5	+0.02 pp	2 q
unresolvedSaban Cap Acquisition Corp	0.01%	1,163,250	$698,000	held	—	9 q
unresolvedGty Technology Holdings Inc	0.01%	1,466,666	$1M	new	+0.01 pp	new
TRCOTribune Media Company Class A	—	−5,996,042	—	exited	−1.81 pp	—
AABAAltaba Inc.	—	−2,810,775	—	exited	−1.51 pp	—
unresolvedKeryx Biopharmaceuticals Inc	—	−25,791,678	—	exited	−0.69 pp	—
NGNovaGold Resources Inc.	—	−13,467,145	—	exited	−0.39 pp	—
unresolvedGty Technology Holdings Inc	—	−4,400,000	—	exited	−0.37 pp	—
unresolvedSaban Cap Acquisition Corp	—	−2,326,500	—	exited	−0.19 pp	—
unresolvedSentinel Energy Svcs Inc	—	−1,600,000	—	exited	−0.13 pp	—