Baupost Group

Q1 2022 13F · by Seth Klarman, portfolio manager

As of: Mar 31, 2022
Filed: May 13, 2022
US stock: $9.3B · prev $10.1B
Positions: 54 · prev 53
Options notional: $0
Documents: 1· no amendments

Picture99.7% US stock

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

US stock listed on a US exchange 99.7%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.3%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves43 since the prior filing

+5.4 pp in · −7.8 pp out

New 3 +0.71 pp
Added 9 +4.68 pp
Trimmed 29 −4.42 pp
Exited 2 −3.35 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.9 years per position

Low
Moderate
High

Top 5 positions49% of US stock

Positions54 in this filing · 2 exited


LBTYKLiberty Global Ltd. Class C	15.08%	53,971,307	$1.4B	held	—	15 q
QRVOQorvo, Inc.	8.89%	6,645,712	$825M	added+12%	−0.32 pp	21 q
INTCIntel Corp	8.87%	16,592,431	$822M	trimmed−8%	−0.33 pp	6 q
VSATViasat Inc	8.57%	16,288,959	$795M	held	—	36 q
GOOGAlphabet Inc. Class C	7.35%	243,890	$681M	added+7%	+0.81 pp	9 q
LSXMKLiberty Media Cor-siriusxm C	5.50%	11,161,589	$510M	added+6%	+0.21 pp	9 q
VRTVVeritiv Corporation	5.14%	3,564,439	$476M	held	—	31 q
FISVFiserv, Inc.	4.36%	3,988,391	$404M	added+31%	+1.23 pp	2 q
WTWWillis Towers Watson Public Limited Company	3.14%	1,230,966	$291M	trimmed−2%	+0.20 pp	5 q
SSNCSS&C Technologies Inc	3.05%	3,767,449	$283M	trimmed−1%	−0.05 pp	8 q
LM03Liberty Media Cor-siriusxm A	2.77%	5,619,936	$257M	added+13%	+0.26 pp	7 q
DBXDropbox, Inc. Class A	2.65%	10,571,046	$246M	added+31%	+0.68 pp	3 q
MUMicron Technology, Inc.	2.61%	3,110,974	$242M	trimmed−4%	−0.39 pp	7 q
METAMeta Platforms, Inc. Class A	2.33%	969,911	$216M	trimmed−1%	−0.95 pp	9 q
NXSTNexstar Media Group, Inc.	2.33%	1,147,692	$216M	trimmed−33%	−0.23 pp	14 q
EHCEncompass Health Corporation	2.30%	3,000,000	$213M	added×4.2	+1.84 pp	2 q
Garrett Motion Incconvertible	2.27%	25,480,292	$211M	held	—	2 q
LBTYALiberty Global Ltd. Class A	2.11%	7,657,205	$195M	held	—	15 q
CLNSDigitalBridge Group, Inc.	1.43%	18,366,359	$132M	trimmed−20%	−0.46 pp	16 q
TBPHTheravance Biopharma, Inc.	1.41%	13,643,333	$130M	trimmed−0%	−0.08 pp	32 q
VTYVerint Systems Inc	1.23%	2,207,576	$114M	trimmed−41%	−0.72 pp	8 q
ATRAGBXAtara Biotherapeutics Inc	0.81%	8,123,616	$75M	trimmed−4%	−0.51 pp	30 q
unresolvedAdvantage Solutions Inc	0.80%	12,039,952	$74M	trimmed−1%	−0.15 pp	6 q
LFGArchaea Energy Inc	0.71%	3,121,503	$65M	trimmed−11%	+0.09 pp	3 q
NUVBNuvation Bio Inc.	0.59%	10,443,494	$55M	added+21%	−0.13 pp	5 q
AVANAvanti Acquisition Corp-a	0.43%	4,000,000	$39M	held	—	5 q
ISIronsource Ltd-a	0.41%	7,936,988	$38M	added+98%	+0.10 pp	4 q
unresolvedLiberty Media Acquisition Co	0.34%	3,156,598	$31M	trimmed−1%	+0.01 pp	5 q
GTNGray Media, Inc.	0.31%	1,290,916	$28M	new	+0.31 pp	new
GTXGarrett Motion Inc.	0.28%	3,575,000	$26M	held	—	4 q
POSTPost Holdings, Inc.	0.28%	378,284	$26M	new	+0.28 pp	new
unresolvedAltimeter Growth Corp 2	0.26%	2,473,180	$24M	trimmed−1%	+0.02 pp	5 q
GRABGrab Holdings Limited Class A	0.22%	6,105,101	$20M	trimmed−5%	−0.21 pp	2 q
unresolvedDragoneer Growth Opt Corp II	0.21%	1,964,288	$19M	trimmed−2%	+0.02 pp	5 q
CGEMCullinan Therapeutics, Inc.	0.17%	1,535,560	$16M	held	—	5 q
JOBYJoby Aviation, Inc.	0.14%	1,967,244	$13M	trimmed−80%	−0.56 pp	3 q
TMQTrilogy Metals Inc	0.13%	11,125,566	$12M	trimmed−5%	−0.06 pp	23 q
BRBRBellRing Brands, Inc.	0.12%	479,583	$11M	new	+0.12 pp	new
unresolvedSvf Investment Corp	0.10%	989,267	$10M	trimmed−1%	0.00 pp	5 q
TEADTe	0.09%	792,000	$8M	held	—	3 q
unresolvedFinch Therapeutics Group Inc	0.06%	1,123,108	$6M	trimmed−1%	−0.05 pp	5 q
NENoble Corporation plc	0.04%	104,928	$3M	held	—	4 q
unresolvedPershing Square Tontine Hldg	0.02%	1,898,711	$2M	trimmed−2%	−0.01 pp	7 q
JOBY/WSJoby Aviation Inc -CW25	0.02%	867,896	$1M	trimmed−1%	+0.01 pp	3 q
unresolvedRedball Acquisition Corp	0.02%	1,636,173	$1M	trimmed−1%	0.00 pp	6 q
unresolvedErmenegildo Zegna N V	0.02%	698,199	$2M	trimmed−0%	+0.01 pp	2 q
AUROWAurora Innovation, Inc.	0.01%	736,550	$1M	trimmed−2%	−0.01 pp	4 q
unresolvedAvanti Acquisition Corp	0.01%	2,000,000	$520,000	held	—	5 q
CZOWFCazoo Group LTD-CW26	0.01%	1,250,000	$475,000	held	—	3 q
unresolvedHorizon Acquisition Corporat	0.01%	1,166,666	$770,000	held	—	5 q
EVTWFVertical Aerospce Ltd Wts	0.01%	1,462,477	$1M	trimmed−2%	0.00 pp	2 q
unresolvedHippo Hldgs Inc	0.00%	199,485	$68,000	trimmed−0%	0.00 pp	3 q
unresolvedLiberty Media Acquisition Co	0.00%	631,320	$423,000	trimmed−1%	−0.01 pp	5 q
unresolvedSvf Investment Corp	0.00%	197,853	$111,000	trimmed−1%	0.00 pp	5 q
PSTHPershing Square Tontine Holdings, Ltd.	—	−9,550,504	—	exited	−1.86 pp	—
GENGen Digital Inc.	—	−5,780,000	—	exited	−1.49 pp	—