Baupost Group

Q3 2019 13F · by Seth Klarman, portfolio manager

As of: Sep 30, 2019
Filed: Nov 13, 2019
US stock: $8.5B · prev $10.7B
Positions: 30 · prev 30
Options notional: $0
Documents: 1· no amendments

Picture96.3% US stock

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

US stock listed on a US exchange 96.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 3.8%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves23 since the prior filing

+7.8 pp in · −10.7 pp out

New 3 +2.28 pp
Added 6 +5.51 pp
Trimmed 11 −3.84 pp
Exited 3 −6.82 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.3 years per position

Low
Moderate
High

Top 5 positions50% of US stock

Positions30 in this filing · 3 exited


LBTYKLiberty Global Ltd. Class C	12.30%	43,958,295	$1.0B	added+5%	+1.93 pp	5 q
VSATViasat Inc	12.17%	13,732,068	$1.0B	held	—	26 q
FOXAFox Corporation Class A	10.14%	27,322,720	$862M	held	—	3 q
EBAYeBay Inc	7.63%	16,646,000	$649M	trimmed−31%	−1.26 pp	4 q
LNGCheniere Energy Inc	7.52%	10,139,133	$639M	trimmed−5%	+0.71 pp	23 q
BMYBristol-Myers Squibb Co.	5.97%	10,000,000	$507M	trimmed−23%	+0.47 pp	3 q
unresolvedCBS Corp	5.70%	12,000,000	$484M	added+20%	+1.05 pp	4 q
QRVOQorvo, Inc.	4.96%	5,681,181	$421M	trimmed−35%	−0.43 pp	11 q
CLNSDigitalBridge Group, Inc.	3.52%	49,687,370	$299M	held	—	6 q
PCGPG&E Corporation	2.88%	24,500,000	$245M	held	—	7 q
NXSTNexstar Media Group, Inc.	2.41%	2,000,000	$205M	added+43%	+1.09 pp	4 q
UNVRUnivar Solutions Inc.	2.32%	9,500,000	$197M	held	—	5 q
LBTYALiberty Global Ltd. Class A	2.23%	7,657,205	$190M	added+3%	+0.36 pp	5 q
TBPHTheravance Biopharma, Inc.	2.13%	9,309,168	$181M	held	—	22 q
FOXFox Corporation Class B	2.11%	5,680,307	$179M	held	—	3 q
MCKMcKesson Corporation	2.10%	1,306,011	$178M	trimmed−50%	−1.15 pp	9 q
unresolvedTranslate Bio Inc	2.03%	17,544,239	$172M	added+98%	+1.01 pp	6 q
SYFSynchrony Financial	2.01%	5,003,981	$171M	trimmed−46%	−0.98 pp	13 q
TAKTakeda Pharmaceutical Company Limited	1.91%	9,434,803	$162M	trimmed−0%	+0.35 pp	3 q
NUANNuance Communications, Inc.	1.58%	8,245,456	$134M	new	+1.58 pp	new
ATRAGBXAtara Biotherapeutics Inc	1.38%	8,308,900	$117M	added+19%	+0.07 pp	20 q
AKBAAkebia Therapeutics, Inc.	1.13%	24,471,453	$96M	held	—	4 q
CORCencora, Inc.	1.13%	1,166,299	$96M	trimmed−47%	−0.63 pp	9 q
VRTVVeritiv Corporation	0.76%	3,564,439	$64M	held	—	21 q
ARAntero Resources Corporation	0.75%	21,087,791	$64M	trimmed−26%	−0.72 pp	21 q
VISTVista Energy S.A.B. de C.V.	0.38%	6,175,000	$32M	new	+0.38 pp	new
CARSCars.com Inc.	0.32%	3,000,000	$27M	new	+0.32 pp	new
TMQTrilogy Metals Inc	0.23%	12,182,568	$20M	trimmed−11%	−0.14 pp	13 q
GOSSGossamer Bio, Inc.	0.19%	967,171	$16M	trimmed−24%	−0.06 pp	3 q
PRTKParatek Pharmaceuticals, Inc.	0.12%	2,394,498	$10M	held	—	20 q
ACTAllergan PLC	—	−3,679,549	—	exited	−5.74 pp	—
XPOXPO, Inc.	—	−1,500,000	—	exited	−0.81 pp	—
SBGISinclair, Inc. Class A	—	−549,423	—	exited	−0.27 pp	—