
	Seth Klarman 13F
	The Baupost Group

	Last update 2024-09-09	23 Stocks (5 new)
	Value $3.53 Bil	Turnover 24 %
	Countries: Top Holdings: LBTYK(21.39%)WTW(12.27%)CRH(8.98%)FIS(7.49%)CLVT(6.27%) Portfolio Report

Seth Klarman Profile

Seth Klarman is a value investor and Portfolio Manager of the investment partnership The Baupost Group, which he founded in 1983. The guru, who authored the $1,000 book "Margin of Safety," received an economics degree at Cornell University and an MBA at Harvard University.

Seth Klarman Investing Philosophy

Seth Klarman invests in a wide array of investments, ranging from fairly traditional value stocks to more esoteric investments like distressed debt, liquidations and foreign equities or bonds. Klarman doesn't mind "doing nothing" on occasion. He is completely unperturbed by the idea of sitting on the sidelines holding cash whenever investment opportunities are scarce. Investing, he cautions, is more than just producing absolute returns. Too often investors focus on that one easy number "return" and ignore the risks incurred to generate that number.

Seth Klarman Portfolio and Latest Trades

Ticker
Ticker
GOOG
HUM
FIS
CRH
LSXMK
SOLV
WCC
WSC
FTRE
LSXMA
CLVT
JAZZ
CPRI
WBD
HLF
WTW
VSAT
TBPH
VRSN
EXP
GDS
ATUS
SOUN
J
LSXMK
WBD
LSXMA
EXP
TSEM
LLYVA
SSNC
CLVT
FIS
WCC
CRH
GTN
VSAT
J
GTX
LLYVK
GDS
FTRE
TBPH
HLF
SOUN
GOOG
FNCH
VRTV
GOOG
DG
QRVO
SSNC
EDU
STX
LLYVK
J
FIS
CLVT
GTX
JAZZ
ADV
ATRA
TSEM
LLYVA
TMQ
HLF
CRH
QRVO
CLVT
GTX
WTW
AMZN
EDU
SSNC
DG
TSEM
J
LLYVA
LLYVK
LBTYK
UNP
GOOG
FIS
ADV
VSAT
HLF
CRH
TMQ
GTXAP.PFD
QRVO
GOOG
GTX
AMZN
FIS
SWKS
FI
LBTYK
EDU
DG
UNP

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
GOOG	Alphabet Inc	2024-06-30	Reduce	-8.10%	● 151.94 ($170.1) 186.86	$183.32	7.77%	Reduce -63.84%	1,069,588	-1,888,064
HUM	Humana Inc	2024-06-30	New Buy	+4.44%	● 302.09 ($337.63) 373.65	$280.06	-17.05%	New holding	420,000	420,000
FIS	Fidelity National Information Services Inc	2024-06-30	Reduce	-4.33%	● 67.2 ($74.03) 78.36	$87.62	18.36%	Reduce -37.1%	3,509,254	-2,069,715
CRH	CRH PLC	2024-06-30	Add	+3.22%	● 72.72 ($79.79) 86.4	$100.15	25.52%	Add 55.99%	4,226,602	1,517,059
LSXMK	Liberty SiriusXM Group	2024-06-30	Reduce	-2.75%	● 20.38 ($23.78) 29.29	$22.29	-6.27%	Reduce -75.67%	1,058,616	-3,292,432
SOLV	Solventum Corp	2024-06-30	New Buy	+2.73%	● 50.75 ($60.7) 70.06	$70.70	16.47%	New holding	1,820,000	1,820,000
WCC	WESCO International Inc	2024-06-30	Add	+2.69%	● 152.52 ($170.23) 191.18	$204.35	20.04%	Add 290.33%	803,000	597,276
WSC	WillScot Holdings Corp	2024-06-30	New Buy	+2.63%	● 36.61 ($39.57) 44.56	$37.65	-4.85%	New holding	2,470,000	2,470,000
FTRE	Fortrea Holdings Inc	2024-06-30	Add	+1.88%	● 22.48 ($31.04) 40.28	$21.95	-29.28%	Add 933.7%	3,140,360	2,836,563
LSXMA	Liberty SiriusXM Group	2024-06-30	Reduce	-1.74%	● 20.48 ($23.84) 29.31	$22.29	-6.50%	Reduce -77.59%	600,194	-2,077,462
CLVT	Clarivate PLC	2024-06-30	Add	+1.34%	● 5.32 ($6.38) 7.65	$4.59	-28.06%	Add 27.23%	38,929,635	8,331,233
JAZZ	Jazz Pharmaceuticals PLC	2024-06-30	Add	+1.33%	● 103.94 ($109.94) 118.98	$127.70	16.15%	Add 52.84%	1,274,248	440,552
CPRI	Capri Holdings Ltd	2024-06-30	New Buy	+0.94%	● 30.95 ($36.17) 45.36	$19.39	-46.39%	New holding	1,000,000	1,000,000
WBD	Warner Bros. Discovery Inc	2024-06-30	Sold Out	-0.91%	● 6.99 ($8.01) 8.79	$9.22	15.11%	Sold Out	0	-3,713,930
HLF	Herbalife Ltd	2024-06-30	Add	+0.85%	● 7.65 ($9.99) 11.7	$8.20	-17.92%	Add 128.27%	5,124,526	2,879,603
WTW	Willis Towers Watson PLC	2024-06-30	Add	+0.72%	● 249.68 ($258.17) 273.44	$317.41	22.95%	Add 6.23%	1,652,648	96,981
VSAT	Viasat Inc	2024-06-30	Reduce	-0.65%	● 12.04 ($15.95) 19.38	$8.41	-47.24%	Reduce -8.46%	13,759,364	-1,271,474
TBPH	Theravance Biopharma Inc	2024-06-30	Reduce	-0.61%	● 8.29 ($9.03) 9.92	$8.91	-1.33%	Reduce -36.31%	4,200,021	-2,394,105
VRSN	VeriSign Inc	2024-06-30	New Buy	+0.53%	● 168.32 ($178.18) 191.42	$184.00	3.27%	New holding	105,764	105,764
EXP	Eagle Materials Inc	2024-06-30	Add	+0.49%	● 213.28 ($244.82) 273.95	$310.37	26.77%	Add 30.57%	342,102	80,102
GDS	GDS Holdings Ltd	2024-06-30	Add	+0.43%	● 6.11 ($8.08) 9.75	$22.59	179.58%	Add 63.46%	4,249,952	1,649,952
ATUS	Altice USA Inc	2024-06-30	Sold Out	-0.35%	● 1.91 ($2.22) 2.65	$2.79	25.68%	Sold Out	0	-4,774,615
SOUN	SoundHound AI Inc	2024-06-30	Sold Out	-0.16%	● 3.55 ($4.64) 5.56	$7.55	62.72%	Sold Out	0	-1,130,636
J	Jacobs Solutions Inc	2024-06-30	Reduce	-0.05%	● 134.12 ($141.79) 151.23	$147.11	3.75%	Reduce -2.48%	494,218	-12,568
LSXMK	Liberty SiriusXM Group	2024-03-31	Reduce	-6.59%	● 28.56 ($29.98) 31.21	$22.29	-25.65%	Reduce -70.7%	4,351,048	-10,500,000
WBD	Warner Bros. Discovery Inc	2024-03-31	Reduce	-5.34%	● 8.11 ($9.64) 11.66	$9.22	-4.36%	Reduce -85.28%	3,713,930	-21,521,164
LSXMA	Liberty SiriusXM Group	2024-03-31	Reduce	-3.45%	● 28.58 ($30.06) 31.25	$22.29	-25.85%	Reduce -67.26%	2,677,656	-5,500,000
EXP	Eagle Materials Inc	2024-03-31	New Buy	+2.01%	● 196.46 ($236.23) 271.75	$310.37	31.38%	New holding	262,000	262,000
TSEM	Tower Semiconductor Ltd	2024-03-31	Sold Out	-1.80%	● 28.3 ($31.12) 33.92	$43.08	38.43%	Sold Out	0	-2,710,852
LLYVA	Liberty Live Group	2024-03-31	Sold Out	-1.51%	● 34.38 ($37.32) 42.35	$65.46	75.40%	Sold Out	0	-1,899,547
SSNC	SS&C Technologies Holdings Inc	2024-03-31	Sold Out	-1.37%	● 59.34 ($62.1) 64.9	$74.30	19.65%	Sold Out	0	-1,028,545
CLVT	Clarivate PLC	2024-03-31	Add	+1.07%	● 7.01 ($8.35) 9.44	$4.59	-45.03%	Add 19.99%	30,598,402	5,098,402
FIS	Fidelity National Information Services Inc	2024-03-31	Reduce	-1.02%	● 59.01 ($65.1) 74.18	$87.62	34.59%	Reduce -12.29%	5,578,969	-781,750
WCC	WESCO International Inc	2024-03-31	New Buy	+0.99%	● 132.59 ($165.24) 193.83	$204.35	23.67%	New holding	205,724	205,724
CRH	CRH PLC	2024-03-31	Reduce	-0.96%	● 66.19 ($76.44) 87.2	$100.15	31.02%	Reduce -19.01%	2,709,543	-636,000
GTN	Gray Television Inc	2024-03-31	Sold Out	-0.73%	● 5.61 ($7.64) 9.97	$4.39	-42.54%	Sold Out	0	-3,760,000
VSAT	Viasat Inc	2024-03-31	Reduce	-0.70%	● 16.2 ($20.98) 28.04	$8.41	-59.89%	Reduce -7.07%	15,030,838	-1,144,001
J	Jacobs Solutions Inc	2024-03-31	Reduce	-0.63%	● 126.43 ($141.75) 153.73	$147.11	3.78%	Reduce -30.37%	506,786	-221,000
GTX	Garrett Motion Inc	2024-03-31	Sold Out	-0.63%	● 8.28 ($9.2) 10.03	$7.91	-14.02%	Sold Out	0	-2,994,289
LLYVK	Liberty Live Group	2024-03-31	Sold Out	-0.59%	● 34.74 ($38.27) 43.82	$67.19	75.57%	Sold Out	0	-718,270
GDS	GDS Holdings Ltd	2024-03-31	New Buy	+0.49%	● 5.06 ($6.77) 8.7	$22.59	233.68%	New holding	2,600,000	2,600,000
FTRE	Fortrea Holdings Inc	2024-03-31	New Buy	+0.34%	● 29.99 ($34.68) 40.14	$21.95	-36.71%	New holding	303,797	303,797
TBPH	Theravance Biopharma Inc	2024-03-31	Reduce	-0.20%	● 8.22 ($9.27) 11.59	$8.91	-3.88%	Reduce -11.12%	6,594,126	-825,100
HLF	Herbalife Ltd	2024-03-31	Add	+0.16%	● 8.03 ($10.75) 15.36	$8.20	-23.72%	Add 33.64%	2,244,923	565,124
SOUN	SoundHound AI Inc	2024-03-31	New Buy	+0.16%	● 1.63 ($3.96) 8.91	$7.55	90.66%	New holding	1,130,636	1,130,636
GOOG	Alphabet Inc	2024-03-31	Add	+0.03%	● 132.56 ($144.34) 154.84	$183.32	27.01%	Add 0.28%	2,957,652	8,114
FNCH	Finch Therapeutics Group Inc	2024-03-31	Sold Out	-0.01%	● 2.31 ($2.79) 3.82	$11.50	312.19%	Sold Out	0	-67,296
VRTV	Veritiv Corp	2023-12-31	Sold Out	-10.92%	● 168.69 ($169.37) 169.99	$169.99	0.37%	Sold Out	0	-3,324,324
GOOG	Alphabet Inc	2023-12-31	Reduce	-2.26%	● 123.4 ($135.69) 142.82	$183.32	35.10%	Reduce -23.02%	2,949,538	-882,000
DG	Dollar General Corp	2023-12-31	Sold Out	-1.91%	● 101.83 ($121.3) 135.95	$75.12	-38.07%	Sold Out	0	-927,000
QRVO	Qorvo Inc	2023-12-31	Sold Out	-1.74%	● 85.48 ($96.55) 114.61	$67.27	-30.33%	Sold Out	0	-935,612
SSNC	SS&C Technologies Holdings Inc	2023-12-31	Reduce	-1.30%	● 48.71 ($54.63) 61.29	$74.30	36.01%	Reduce -55.25%	1,028,545	-1,270,091
EDU	New Oriental Education & Technology Group Inc	2023-12-31	Sold Out	-1.16%	● 57.5 ($69.37) 82.76	$58.11	-16.23%	Sold Out	0	-1,023,272
STX	Seagate Technology Holdings PLC	2023-12-31	Sold Out	-0.77%	● 65.25 ($74.63) 86.79	$99.80	33.73%	Sold Out	0	-600,000
LLYVK	Liberty Live Group	2023-12-31	Reduce	-0.74%	● 30.1 ($34.02) 37.57	$67.19	97.50%	Reduce -62.25%	718,270	-1,184,202
J	Jacobs Solutions Inc	2023-12-31	Add	+0.68%	● 122.41 ($131.62) 140.35	$147.11	11.77%	Add 49.2%	727,786	240,000
FIS	Fidelity National Information Services Inc	2023-12-31	Reduce	-0.64%	● 47.16 ($54.86) 60.8	$87.62	59.72%	Reduce -8.61%	6,360,719	-599,500
CLVT	Clarivate PLC	2023-12-31	Add	+0.61%	● 6.2 ($7.39) 9.38	$4.59	-37.89%	Add 13.33%	25,500,000	3,000,000
GTX	Garrett Motion Inc	2023-12-31	Reduce	-0.46%	● 7.02 ($7.72) 9.67	$7.91	2.46%	Reduce -49.99%	2,994,289	-2,993,000
JAZZ	Jazz Pharmaceuticals PLC	2023-12-31	Add	+0.43%	● 114.26 ($124.79) 136	$127.70	2.33%	Add 23.75%	833,696	160,000
ADV	Advantage Solutions Inc	2023-12-31	Sold Out	-0.34%	● 1.95 ($2.84) 4.01	$3.30	16.20%	Sold Out	0	-6,153,982
ATRA	Atara Biotherapeutics Inc	2023-12-31	Sold Out	-0.28%	● 5.75 ($23.03) 43.5	$11.67	-49.33%	Sold Out	0	-9,773,616
TSEM	Tower Semiconductor Ltd	2023-12-31	Reduce	-0.07%	● 21.91 ($26.08) 30.64	$43.08	65.18%	Reduce -4.88%	2,710,852	-139,148
LLYVA	Liberty Live Group	2023-12-31	Reduce	-0.05%	● 29.52 ($33.2) 36.79	$65.46	97.17%	Reduce -4.02%	1,899,547	-79,620
TMQ	Trilogy Metals Inc	2023-12-31	Sold Out	-0.02%	● 0.4 ($0.45) 0.48	$1.02	126.67%	Sold Out	0	-2,329,285
HLF	Herbalife Ltd	2023-12-31	Reduce	0%	● 12.36 ($13.81) 15.4	$8.20	-40.62%	Reduce -0.8%	1,679,799	-13,546
CRH	CRH PLC	2023-09-30	New Buy	+3.56%	● 53.56 ($56.56) 59.5	$100.15	77.07%	New holding	3,345,543	3,345,543
QRVO	Qorvo Inc	2023-09-30	Reduce	-3.10%	● 94.13 ($102.11) 110.21	$67.27	-34.12%	Reduce -64.26%	935,612	-1,682,091
CLVT	Clarivate PLC	2023-09-30	New Buy	+2.94%	● 6.6 ($7.97) 9.9	$4.59	-42.41%	New holding	22,500,000	22,500,000
GTX	Garrett Motion Inc	2023-09-30	Reduce	-2.75%	● 7.23 ($7.7) 8.04	$7.91	2.73%	Reduce -77.03%	5,987,289	-20,083,300
WTW	Willis Towers Watson PLC	2023-09-30	Add	+2.65%	● 196.4 ($213.39) 235.08	$317.41	48.75%	Add 72.4%	1,555,667	653,300
AMZN	Amazon.com Inc	2023-09-30	Sold Out	-2.27%	● 125.98 ($134) 144.85	$208.91	55.90%	Sold Out	0	-963,946
EDU	New Oriental Education & Technology Group Inc	2023-09-30	Reduce	-2.21%	● 39.86 ($52.44) 58.83	$58.11	10.81%	Reduce -75.16%	1,023,272	-3,095,512
SSNC	SS&C Technologies Holdings Inc	2023-09-30	Reduce	-1.56%	● 52.54 ($57.16) 62.76	$74.30	29.99%	Reduce -38.22%	2,298,636	-1,421,794
DG	Dollar General Corp	2023-09-30	Add	+1.41%	● 104.34 ($149.07) 170.59	$75.12	-49.61%	Add 283.06%	927,000	685,000
TSEM	Tower Semiconductor Ltd	2023-09-30	New Buy	+1.36%	● 24.41 ($32.06) 38.37	$43.08	34.37%	New holding	2,850,000	2,850,000
J	Jacobs Solutions Inc	2023-09-30	New Buy	+1.29%	● 119.34 ($130.26) 136.97	$147.11	12.94%	New holding	487,786	487,786
LLYVA	Liberty Live Group	2023-09-30	New Buy	+1.23%	● 30.71 ($32.83) 35.73	$65.46	99.39%	New holding	1,979,167	1,979,167
LLYVK	Liberty Live Group	2023-09-30	New Buy	+1.19%	● 30.79 ($33.12) 37.68	$67.19	102.87%	New holding	1,902,472	1,902,472
LBTYK	Liberty Global PLC	2023-09-30	Reduce	-0.87%	● 17.82 ($19.24) 20.19	$21.09	9.62%	Reduce -5.98%	42,311,011	-2,693,299
UNP	Union Pacific Corp	2023-09-30	Sold Out	-0.65%	● 202.4 ($217.79) 238	$238.91	9.70%	Sold Out	0	-175,000
GOOG	Alphabet Inc	2023-09-30	Reduce	-0.63%	● 116.87 ($130.02) 138.99	$183.32	40.99%	Reduce -7%	3,831,538	-288,242
FIS	Fidelity National Information Services Inc	2023-09-30	Add	+0.20%	● 54.39 ($57.55) 62.12	$87.62	52.25%	Add 2.73%	6,960,219	185,219
ADV	Advantage Solutions Inc	2023-09-30	Reduce	-0.19%	● 2.31 ($2.66) 2.93	$3.30	24.06%	Reduce -42.22%	6,153,982	-4,497,387
VSAT	Viasat Inc	2023-09-30	Reduce	-0.09%	● 17.64 ($28.62) 43.71	$8.41	-70.60%	Reduce -0.7%	16,174,839	-114,120
HLF	Herbalife Ltd	2023-09-30	Reduce	-0.06%	● 12.3 ($15.12) 18.74	$8.20	-45.77%	Reduce -13.35%	1,693,345	-260,855
CRH	CRH PLC	2023-09-30	Sold Out	-0.06%	● 53.36 ($56.92) 60.3	$53.27	-6.40%	Sold Out	0	-56,543
TMQ	Trilogy Metals Inc	2023-09-30	Reduce	-0.01%	● 0.45 ($0.51) 0.64	$1.02	100.00%	Reduce -31.63%	2,329,285	-1,077,843
GTXAP.PFD	Garrett Motion Inc	2023-06-30	Sold Out	-3.89%	● 8.57 ($8.98) 9.38	$8.60	-4.23%	Sold Out	0	-25,480,292
QRVO	Qorvo Inc	2023-06-30	Reduce	-3.55%	● 89.69 ($96.08) 103.6	$67.27	-29.99%	Reduce -43.7%	2,617,703	-2,031,801
GOOG	Alphabet Inc	2023-06-30	Reduce	-3.10%	● 104 ($115.57) 127.91	$183.32	58.62%	Reduce -29.6%	4,119,780	-1,732,000
GTX	Garrett Motion Inc	2023-06-30	Add	+3.08%	● 7.36 ($8.02) 8.53	$7.91	-1.37%	Add 629.25%	26,070,589	22,495,589
AMZN	Amazon.com Inc	2023-06-30	New Buy	+2.27%	● 97.83 ($114.02) 130.36	$208.91	83.22%	New holding	963,946	963,946
FIS	Fidelity National Information Services Inc	2023-06-30	Add	+1.91%	● 52.42 ($55.01) 58.72	$87.62	59.28%	Add 39.93%	6,775,000	1,933,451
SWKS	Skyworks Solutions Inc	2023-06-30	Sold Out	-1.43%	● 96.43 ($105.7) 117.98	$87.04	-17.65%	Sold Out	0	-703,865
FI	Fiserv Inc	2023-06-30	Sold Out	-1.04%	● 111.59 ($117.65) 126.15	$214.06	81.95%	Sold Out	0	-533,382
LBTYK	Liberty Global PLC	2023-06-30	Reduce	-0.88%	● 16.82 ($18.66) 20.77	$21.09	13.02%	Reduce -5.26%	45,004,310	-2,500,000
EDU	New Oriental Education & Technology Group Inc	2023-06-30	Reduce	-0.86%	● 36 ($39.98) 45.59	$58.11	45.35%	Reduce -23.99%	4,118,784	-1,300,000
DG	Dollar General Corp	2023-06-30	New Buy	+0.74%	● 153.05 ($197.94) 222.43	$75.12	-62.05%	New holding	242,000	242,000
UNP	Union Pacific Corp	2023-06-30	New Buy	+0.65%	● 191.5 ($198.83) 205.92	$238.91	20.16%	New holding	175,000	175,000

100/Page

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