Baupost Group

Q2 2020 13F · by Seth Klarman, portfolio manager

As of: Jun 30, 2020
Filed: Aug 13, 2020
US stock: $8.0B · prev $6.7B
Positions: 30 · prev 32
Options notional: $0
Documents: 1· no amendments

Picture99.6% US stock

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

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.4%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves26 since the prior filing

+7.2 pp in · −13.0 pp out

New 4 +1.92 pp
Added 5 +5.24 pp
Trimmed 11 −6.67 pp
Exited 6 −6.33 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.2 years per position

Low
Moderate
High

Top 5 positions57% of US stock

EBAY eBay Inc held held21.1%
LBTYK Liberty Global Ltd. Class C added+2.19 pp added+2.1914.7%
FOXA Fox Corporation Class A held held9.2%
VSAT Viasat Inc held held6.6%
PARA Paramount Global-class B trimmed+0.83 pp trimmed+0.835.5%

Positions30 in this filing · 6 exited


EBAYeBay Inc	21.08%	32,086,000	$1.7B	held	—	7 q
LBTYKLiberty Global Ltd. Class C	14.70%	54,555,407	$1.2B	added+2%	+2.19 pp	8 q
FOXAFox Corporation Class A	9.18%	27,322,720	$733M	held	—	6 q
VSATViasat Inc	6.60%	13,732,068	$527M	held	—	29 q
PARAParamount Global-class B	5.50%	18,837,585	$439M	trimmed−16%	+0.83 pp	3 q
QRVOQorvo, Inc.	4.24%	3,065,086	$339M	added0%	+0.58 pp	14 q
unresolvedTranslate Bio Inc	4.00%	18,044,239	$319M	added+3%	+1.46 pp	9 q
HPQHP Inc.	3.93%	18,000,681	$314M	trimmed−10%	−1.22 pp	3 q
GOOGAlphabet Inc. Class C	3.80%	214,680	$303M	trimmed−29%	−1.38 pp	2 q
MCKMcKesson Corporation	3.21%	1,669,181	$256M	held	—	12 q
HDSHD Supply Holdings, Inc.	2.87%	6,621,583	$229M	added+6%	+0.25 pp	2 q
AKBAAkebia Therapeutics, Inc.	2.55%	15,000,000	$204M	trimmed−14%	+0.58 pp	7 q
TBPHTheravance Biopharma, Inc.	2.45%	9,309,168	$195M	held	—	25 q
METAMeta Platforms, Inc. Class A	2.42%	851,500	$193M	trimmed−57%	−2.49 pp	2 q
NXSTNexstar Media Group, Inc.	2.19%	2,085,000	$174M	held	—	7 q
LBTYALiberty Global Ltd. Class A	2.10%	7,657,205	$167M	held	—	8 q
FOXFox Corporation Class B	1.91%	5,680,307	$152M	held	—	6 q
ATRAGBXAtara Biotherapeutics Inc	1.81%	9,922,030	$145M	added+19%	+0.76 pp	23 q
HCAHCA Healthcare, Inc.	1.22%	1,000,000	$97M	new	+1.22 pp	new
CLNSDigitalBridge Group, Inc.	0.77%	25,687,370	$62M	trimmed−48%	−0.52 pp	9 q
VRTVVeritiv Corporation	0.76%	3,564,439	$60M	held	—	24 q
CORCencora, Inc.	0.59%	468,150	$47M	trimmed−50%	−0.64 pp	12 q
PCGPG&E Corporation	0.52%	4,702,443	$42M	trimmed−52%	−0.77 pp	10 q
VTYVerint Systems Inc	0.35%	616,328	$28M	new	+0.35 pp	new
TMQTrilogy Metals Inc	0.30%	12,182,568	$24M	held	—	16 q
UNVRUnivar Solutions Inc.	0.27%	1,283,248	$22M	trimmed−77%	−0.60 pp	8 q
VTRVentas, Inc.	0.25%	550,000	$20M	new	+0.25 pp	new
VISTVista Energy S.A.B. de C.V.	0.23%	5,961,709	$18M	trimmed−3%	+0.05 pp	4 q
SSNCSS&C Technologies Inc	0.10%	140,516	$8M	new	+0.10 pp	new
LSXMKLiberty Media Cor-siriusxm C	0.08%	184,867	$6M	trimmed−85%	−0.51 pp	2 q
LNGCheniere Energy Inc	—	−8,124,235	—	exited	−4.03 pp	—
ETEnergy Transfer LP	—	−12,105,005	—	exited	−0.83 pp	—
XPOXPO, Inc.	—	−845,877	—	exited	−0.61 pp	—
S9QSpirit Aerosystems Hold-cl A	—	−1,067,781	—	exited	−0.38 pp	—
LM03Liberty Media Cor-siriusxm A	—	−625,568	—	exited	−0.29 pp	—
CARSCars.com Inc.	—	−3,000,000	—	exited	−0.19 pp	—