Baupost Group

Q1 2023 13F · by Seth Klarman, portfolio manager

As of: Mar 31, 2023
Filed: May 12, 2023
US stock: $5.8B · prev $6.1B
Positions: 30 · prev 32
Options notional: $0
Documents: 1· no amendments

Picture99.5% US stock

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

US stock listed on a US exchange 99.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.5%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves27 since the prior filing

+6.9 pp in · −11.0 pp out

New 3 +2.78 pp
Added 8 +4.12 pp
Trimmed 11 −3.38 pp
Exited 5 −7.61 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 38% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions52% of US stock

LBTYK Liberty Global Ltd. Class C held held16.6%
GOOG Alphabet Inc. Class C added+4.66 pp added+4.6610.5%
VSAT Viasat Inc held held9.5%
QRVO Qorvo, Inc. trimmed−0.38 pp trimmed−0.388.1%
VRTV Veritiv Corporation held held7.7%

Positions30 in this filing · 5 exited


LBTYKLiberty Global Ltd. Class C	16.64%	47,504,310	$968M	held	—	19 q
GOOGAlphabet Inc. Class C	10.46%	5,851,780	$609M	added+47%	+4.66 pp	13 q
VSATViasat Inc	9.47%	16,288,959	$551M	held	—	40 q
QRVOQorvo, Inc.	8.12%	4,649,504	$472M	trimmed−19%	−0.38 pp	25 q
VRTVVeritiv Corporation	7.72%	3,324,324	$449M	held	—	35 q
LSXMKLiberty Media Cor-siriusxm C	7.14%	14,851,048	$416M	added+9%	−1.60 pp	13 q
WBDWarner Bros. Discovery, Inc. Series A	6.55%	25,235,094	$381M	trimmed−19%	+1.74 pp	4 q
FISFidelity National Information Services, Inc.	4.52%	4,841,549	$263M	added×2.2	+2.13 pp	3 q
LM03Liberty Media Cor-siriusxm A	3.95%	8,177,656	$230M	added+7%	−0.99 pp	11 q
Garrett Motion Incconvertible	3.89%	25,480,292	$227M	held	—	6 q
EDUNew Oriental Education and Technology Group, Inc.	3.60%	5,418,784	$209M	trimmed−6%	+0.30 pp	4 q
WTWWillis Towers Watson Public Limited Company	3.43%	858,667	$200M	trimmed−33%	−1.70 pp	9 q
SSNCSS&C Technologies Inc	3.18%	3,274,430	$185M	trimmed−13%	−0.03 pp	12 q
LBTYALiberty Global Ltd. Class A	2.41%	7,194,276	$140M	held	—	19 q
TBPHTheravance Biopharma, Inc.	1.94%	10,419,226	$113M	trimmed−9%	−0.16 pp	36 q
SWKSSkyworks Solutions Inc	1.43%	703,865	$83M	new	+1.43 pp	new
JAZZJazz Pharmaceuticals, Inc.	1.20%	478,696	$70M	new	+1.20 pp	new
FISVFiserv, Inc.	1.04%	533,382	$60M	trimmed−73%	−2.27 pp	6 q
GTNGray Media, Inc.	0.56%	3,760,000	$33M	added+7%	−0.08 pp	5 q
HLFHerbalife Ltd.	0.54%	1,954,200	$31M	trimmed−2%	+0.05 pp	2 q
GTXGarrett Motion Inc.	0.47%	3,575,000	$27M	held	—	8 q
ATRAGBXAtara Biotherapeutics Inc	0.45%	9,123,616	$26M	added+12%	+0.01 pp	34 q
unresolvedAdvantage Solutions Inc	0.29%	11,001,624	$17M	held	—	10 q
OPTUOptimum Communications, Inc.	0.28%	4,774,615	$16M	added+23%	−0.01 pp	2 q
LADLithia Motors, Inc.	0.26%	65,043	$15M	trimmed−74%	−0.58 pp	3 q
DBRGDigitalBridge Group, Inc.	0.25%	1,233,914	$15M	trimmed−61%	−0.32 pp	20 q
STXSeagate Technology Holdings PLC (Ireland)	0.15%	136,077	$9M	new	+0.15 pp	new
TMQTrilogy Metals Inc	0.04%	4,271,542	$2M	trimmed−47%	−0.03 pp	27 q
unresolvedFinch Therapeutics Group Inc	0.01%	2,019,008	$793,000	added+98%	0.00 pp	9 q
unresolvedHorizon Acquisition Corporat	0.00%	2	$0	held	—	2 q
METAMeta Platforms, Inc. Class A	—	−1,727,851	—	exited	−3.40 pp	—
MUMicron Technology, Inc.	—	−3,285,974	—	exited	−2.69 pp	—
AMZNAmazon.Com Inc	—	−990,000	—	exited	−1.36 pp	—
NUVBNuvation Bio Inc.	—	−4,808,194	—	exited	−0.15 pp	—
TEADTe	—	−153,231	—	exited	−0.01 pp	—