
	Seth Klarman 13F
	The Baupost Group

	Last update 2024-11-13	20 Stocks (5 new)
	Value $3.50 Bil	Turnover 13 %
	Countries: Top Holdings: LBTYK(26.10%)WTW(14.97%)CLVT(7.89%)GOOG(6.99%)CRH(6.98%) 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
VRTV
GOOG
LSXMK
DG
FIS
WBD
HUM
HUM
FIS
GTXAP.PFD
JAZZ
GOOG
CRH
QRVO
LSXMA
META
CRH
GOOG
CRH
QRVO
GOOG
GTX
CLVT
DBX
GTX
LSXMK
SOLV
WCC
MU
WTW
WSC
WSC
FIS
FI
FI
EHC
AMZN
AMZN
GOOG
EDU
WCC
META
EXP
DG
FIS
GOOG
FTRE
TSEM
QRVO
LSXMA
FIS
WTW
QRVO
SSNC
LLYVA
SWKS
SWKS
QRVO
DG
SSNC
AMZN
TSEM
CLVT
JAZZ
SSNC
EXP
J
LLYVA
JAZZ
LLYVK
EDU
WTW
CLVT
FI
FIS
AMZN
TBPH
WCC
CRH
CPRI
CPRI
WBD
WBD
LBTYK
LFG
LBTYK
EDU
HLF
EDU
STX
DG
LLYVK
GTN
WTW
VSAT
J
LSXMK
VSAT
UNP
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
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	2024-06-30	Reduce	-8.10%	● 151.94 ($170.1) 186.86	$170.49	0.23%	Reduce -63.84%	1,069,588	-1,888,064
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
DG	Dollar General Corp	2024-09-30	New Buy	+5.56%	● 80.41 ($109.62) 132.42	$77.27	-29.51%	New holding	2,303,800	2,303,800
FIS	Fidelity National Information Services Inc	2024-09-30	Reduce	-5.42%	● 72.8 ($78.96) 85.04	$85.30	8.03%	Reduce -72.32%	971,460	-2,537,794
WBD	Warner Bros. Discovery Inc	2024-03-31	Reduce	-5.34%	● 8.11 ($9.64) 11.66	$10.48	8.71%	Reduce -85.28%	3,713,930	-21,521,164
HUM	Humana Inc	2024-06-30	New Buy	+4.44%	● 302.09 ($337.63) 373.65	$296.38	-12.22%	New holding	420,000	420,000
HUM	Humana Inc	2024-09-30	Sold Out	-4.44%	● 310.41 ($355.97) 404.52	$296.38	-16.74%	Sold Out	0	-420,000
FIS	Fidelity National Information Services Inc	2024-06-30	Reduce	-4.33%	● 67.2 ($74.03) 78.36	$85.30	15.22%	Reduce -37.1%	3,509,254	-2,069,715
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
JAZZ	Jazz Pharmaceuticals PLC	2024-09-30	Sold Out	-3.85%	● 100.57 ($109.58) 116.37	$121.59	10.96%	Sold Out	0	-1,274,248
GOOG	Alphabet Inc	2022-12-31	Add	+3.80%	● 83.49 ($95.44) 104.93	$170.49	78.64%	Add 190.22%	3,994,280	2,618,000
CRH	CRH PLC	2023-09-30	New Buy	+3.56%	● 53.56 ($56.56) 59.5	$102.27	80.82%	New holding	3,345,543	3,345,543
QRVO	Qorvo Inc	2023-06-30	Reduce	-3.55%	● 89.69 ($96.08) 103.6	$69.05	-28.13%	Reduce -43.7%	2,617,703	-2,031,801
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
META	Meta Platforms Inc	2023-03-31	Sold Out	-3.40%	● 124.74 ($170.3) 211.94	$574.32	237.24%	Sold Out	0	-1,727,851
CRH	CRH PLC	2024-09-30	Reduce	-3.38%	● 72.05 ($83.97) 93.24	$102.27	21.79%	Reduce -37.62%	2,636,602	-1,590,000
GOOG	Alphabet Inc	2023-03-31	Add	+3.32%	● 86.77 ($96.56) 108.8	$170.49	76.56%	Add 46.5%	5,851,780	1,857,500
CRH	CRH PLC	2024-06-30	Add	+3.22%	● 72.72 ($79.79) 86.4	$102.27	28.17%	Add 55.99%	4,226,602	1,517,059
QRVO	Qorvo Inc	2023-09-30	Reduce	-3.10%	● 94.13 ($102.11) 110.21	$69.05	-32.38%	Reduce -64.26%	935,612	-1,682,091
GOOG	Alphabet Inc	2023-06-30	Reduce	-3.10%	● 104 ($115.57) 127.91	$170.49	47.52%	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	$8.48	5.74%	Add 629.25%	26,070,589	22,495,589
CLVT	Clarivate PLC	2023-09-30	New Buy	+2.94%	● 6.6 ($7.97) 9.9	$5.73	-28.11%	New holding	22,500,000	22,500,000
DBX	Dropbox Inc	2022-12-31	Sold Out	-2.80%	● 20.03 ($22) 23.75	$27.66	25.73%	Sold Out	0	-7,819,924
GTX	Garrett Motion Inc	2023-09-30	Reduce	-2.75%	● 7.23 ($7.7) 8.04	$8.48	10.13%	Reduce -77.03%	5,987,289	-20,083,300
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	$71.51	17.81%	New holding	1,820,000	1,820,000
WCC	WESCO International Inc	2024-06-30	Add	+2.69%	● 152.52 ($170.23) 191.18	$211.57	24.28%	Add 290.33%	803,000	597,276
MU	Micron Technology Inc	2023-03-31	Sold Out	-2.69%	● 50.37 ($58.6) 63.87	$97.95	67.15%	Sold Out	0	-3,285,974
WTW	Willis Towers Watson PLC	2023-09-30	Add	+2.65%	● 196.4 ($213.39) 235.08	$322.00	50.90%	Add 72.4%	1,555,667	653,300
WSC	WillScot Holdings Corp	2024-06-30	New Buy	+2.63%	● 36.61 ($39.57) 44.56	$38.24	-3.36%	New holding	2,470,000	2,470,000
WSC	WillScot Holdings Corp	2024-09-30	Sold Out	-2.63%	● 33.49 ($38.16) 43.24	$38.24	0.21%	Sold Out	0	-2,470,000
FIS	Fidelity National Information Services Inc	2023-03-31	Add	+2.51%	● 49.7 ($65.09) 77.81	$85.30	31.05%	Add 124.67%	4,841,549	2,686,549
FI	Fiserv Inc	2022-12-31	Reduce	-2.47%	● 93.7 ($99.59) 105.46	$220.96	121.87%	Reduce -43.31%	2,002,391	-1,530,000
FI	Fiserv Inc	2023-03-31	Reduce	-2.43%	● 99.4 ($110) 118.26	$220.96	100.87%	Reduce -73.36%	533,382	-1,469,009
EHC	Encompass Health Corp	2022-12-31	Sold Out	-2.30%	● 46.76 ($54.38) 59.81	$102.94	89.30%	Sold Out	0	-2,950,000
AMZN	Amazon.com Inc	2023-06-30	New Buy	+2.27%	● 97.83 ($114.02) 130.36	$207.89	82.33%	New holding	963,946	963,946
AMZN	Amazon.com Inc	2023-09-30	Sold Out	-2.27%	● 125.98 ($134) 144.85	$207.89	55.14%	Sold Out	0	-963,946
GOOG	Alphabet Inc	2023-12-31	Reduce	-2.26%	● 123.4 ($135.69) 142.82	$170.49	25.65%	Reduce -23.02%	2,949,538	-882,000
EDU	New Oriental Education & Technology Group Inc	2023-09-30	Reduce	-2.21%	● 39.86 ($52.44) 58.83	$58.32	11.21%	Reduce -75.16%	1,023,272	-3,095,512
WCC	WESCO International Inc	2024-09-30	Add	+2.18%	● 149.47 ($162.34) 183.24	$211.57	30.33%	Add 56.66%	1,258,000	455,000
META	Meta Platforms Inc	2022-12-31	Add	+2.04%	● 88.91 ($117.43) 140.28	$574.32	389.07%	Add 150.83%	1,727,851	1,039,000
EXP	Eagle Materials Inc	2024-03-31	New Buy	+2.01%	● 196.46 ($236.23) 271.75	$308.92	30.77%	New holding	262,000	262,000
DG	Dollar General Corp	2023-12-31	Sold Out	-1.91%	● 101.83 ($121.3) 135.95	$77.27	-36.30%	Sold Out	0	-927,000
FIS	Fidelity National Information Services Inc	2023-06-30	Add	+1.91%	● 52.42 ($55.01) 58.72	$85.30	55.06%	Add 39.93%	6,775,000	1,933,451
GOOG	Alphabet Inc	2024-09-30	Add	+1.89%	● 149.54 ($169.25) 192.66	$170.49	0.73%	Add 37.02%	1,465,588	396,000
FTRE	Fortrea Holdings Inc	2024-06-30	Add	+1.88%	● 22.48 ($31.04) 40.28	$21.05	-32.18%	Add 933.7%	3,140,360	2,836,563
TSEM	Tower Semiconductor Ltd	2024-03-31	Sold Out	-1.80%	● 28.3 ($31.12) 33.92	$47.13	51.45%	Sold Out	0	-2,710,852
QRVO	Qorvo Inc	2023-12-31	Sold Out	-1.74%	● 85.48 ($96.55) 114.61	$69.05	-28.48%	Sold Out	0	-935,612
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
FIS	Fidelity National Information Services Inc	2022-12-31	Add	+1.71%	● 57.18 ($71.04) 84.9	$85.30	20.07%	Add 250.41%	2,155,000	1,540,000
WTW	Willis Towers Watson PLC	2023-03-31	Reduce	-1.69%	● 219.72 ($241.75) 257.18	$322.00	33.20%	Reduce -32.96%	858,667	-422,241
QRVO	Qorvo Inc	2023-03-31	Reduce	-1.60%	● 89.14 ($101.44) 113.53	$69.05	-31.93%	Reduce -18.88%	4,649,504	-1,082,153
SSNC	SS&C Technologies Holdings Inc	2023-09-30	Reduce	-1.56%	● 52.54 ($57.16) 62.76	$77.34	35.30%	Reduce -38.22%	2,298,636	-1,421,794
LLYVA	Liberty Live Group	2024-03-31	Sold Out	-1.51%	● 34.38 ($37.32) 42.35	$71.69	92.10%	Sold Out	0	-1,899,547
SWKS	Skyworks Solutions Inc	2023-03-31	New Buy	+1.43%	● 90.5 ($110.81) 122.97	$87.59	-20.95%	New holding	703,865	703,865
SWKS	Skyworks Solutions Inc	2023-06-30	Sold Out	-1.43%	● 96.43 ($105.7) 117.98	$87.59	-17.13%	Sold Out	0	-703,865
QRVO	Qorvo Inc	2022-12-31	Reduce	-1.43%	● 78.34 ($90.32) 102.2	$69.05	-23.55%	Reduce -15.41%	5,731,657	-1,044,259
DG	Dollar General Corp	2023-09-30	Add	+1.41%	● 104.34 ($149.07) 170.59	$77.27	-48.17%	Add 283.06%	927,000	685,000
SSNC	SS&C Technologies Holdings Inc	2024-03-31	Sold Out	-1.37%	● 59.34 ($62.1) 64.9	$77.34	24.54%	Sold Out	0	-1,028,545
AMZN	Amazon.com Inc	2023-03-31	Sold Out	-1.36%	● 83.12 ($96.61) 112.91	$207.89	115.18%	Sold Out	0	-990,000
TSEM	Tower Semiconductor Ltd	2023-09-30	New Buy	+1.36%	● 24.41 ($32.06) 38.37	$47.13	47.01%	New holding	2,850,000	2,850,000
CLVT	Clarivate PLC	2024-06-30	Add	+1.34%	● 5.32 ($6.38) 7.65	$5.73	-10.19%	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	$121.59	10.60%	Add 52.84%	1,274,248	440,552
SSNC	SS&C Technologies Holdings Inc	2023-12-31	Reduce	-1.30%	● 48.71 ($54.63) 61.29	$77.34	41.57%	Reduce -55.25%	1,028,545	-1,270,091
EXP	Eagle Materials Inc	2024-09-30	Add	+1.30%	● 212.39 ($250.04) 292.07	$308.92	23.55%	Add 46.24%	500,273	158,171
J	Jacobs Solutions Inc	2023-09-30	New Buy	+1.29%	● 119.34 ($130.26) 136.97	$141.23	8.42%	New holding	487,786	487,786
LLYVA	Liberty Live Group	2023-09-30	New Buy	+1.23%	● 30.71 ($32.83) 35.73	$71.69	118.37%	New holding	1,979,167	1,979,167
JAZZ	Jazz Pharmaceuticals PLC	2023-03-31	New Buy	+1.20%	● 133.98 ($147.92) 160.47	$121.59	-17.80%	New holding	478,696	478,696
LLYVK	Liberty Live Group	2023-09-30	New Buy	+1.19%	● 30.79 ($33.12) 37.68	$73.02	120.47%	New holding	1,902,472	1,902,472
EDU	New Oriental Education & Technology Group Inc	2023-12-31	Sold Out	-1.16%	● 57.5 ($69.37) 82.76	$58.32	-15.93%	Sold Out	0	-1,023,272
WTW	Willis Towers Watson PLC	2024-09-30	Add	+1.08%	● 257.34 ($279.76) 294.53	$322.00	15.10%	Add 7.78%	1,781,206	128,558
CLVT	Clarivate PLC	2024-03-31	Add	+1.07%	● 7.01 ($8.35) 9.44	$5.73	-31.38%	Add 19.99%	30,598,402	5,098,402
FI	Fiserv Inc	2023-06-30	Sold Out	-1.04%	● 111.59 ($117.65) 126.15	$220.96	87.81%	Sold Out	0	-533,382
FIS	Fidelity National Information Services Inc	2024-03-31	Reduce	-1.02%	● 59.01 ($65.1) 74.18	$85.30	31.03%	Reduce -12.29%	5,578,969	-781,750
AMZN	Amazon.com Inc	2022-12-31	Add	+1.02%	● 81.82 ($98.78) 121.09	$207.89	110.46%	Add 299.19%	990,000	742,000
TBPH	Theravance Biopharma Inc	2024-09-30	Sold Out	-1.01%	● 7.66 ($8.66) 10.25	$9.25	6.81%	Sold Out	0	-4,200,021
WCC	WESCO International Inc	2024-03-31	New Buy	+0.99%	● 132.59 ($165.24) 193.83	$211.57	28.04%	New holding	205,724	205,724
CRH	CRH PLC	2024-03-31	Reduce	-0.96%	● 66.19 ($76.44) 87.2	$102.27	33.79%	Reduce -19.01%	2,709,543	-636,000
CPRI	Capri Holdings Ltd	2024-09-30	Sold Out	-0.94%	● 29.61 ($35.07) 42.44	$23.41	-33.25%	Sold Out	0	-1,000,000
CPRI	Capri Holdings Ltd	2024-06-30	New Buy	+0.94%	● 30.95 ($36.17) 45.36	$23.41	-35.28%	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	$10.48	30.84%	Sold Out	0	-3,713,930
WBD	Warner Bros. Discovery Inc	2023-03-31	Reduce	-0.89%	● 9.54 ($14.23) 15.94	$10.48	-26.35%	Reduce -18.6%	25,235,094	-5,764,906
LBTYK	Liberty Global PLC	2023-06-30	Reduce	-0.88%	● 16.82 ($18.66) 20.77	$14.62	-21.65%	Reduce -5.26%	45,004,310	-2,500,000
LFG	Archaea Energy Inc	2022-12-31	Sold Out	-0.88%	● 16.88 ($24.58) 26.02	$26.00	5.78%	Sold Out	0	-2,930,297
LBTYK	Liberty Global PLC	2023-09-30	Reduce	-0.87%	● 17.82 ($19.24) 20.19	$14.62	-24.01%	Reduce -5.98%	42,311,011	-2,693,299
EDU	New Oriental Education & Technology Group Inc	2023-06-30	Reduce	-0.86%	● 36 ($39.98) 45.59	$58.32	45.87%	Reduce -23.99%	4,118,784	-1,300,000
HLF	Herbalife Ltd	2024-06-30	Add	+0.85%	● 7.65 ($9.99) 11.7	$7.77	-22.22%	Add 128.27%	5,124,526	2,879,603
EDU	New Oriental Education & Technology Group Inc	2022-12-31	Reduce	-0.78%	● 19.14 ($28.25) 40.19	$58.32	106.44%	Reduce -24.61%	5,793,928	-1,891,778
STX	Seagate Technology Holdings PLC	2023-12-31	Sold Out	-0.77%	● 65.25 ($74.63) 86.79	$101.33	35.78%	Sold Out	0	-600,000
DG	Dollar General Corp	2023-06-30	New Buy	+0.74%	● 153.05 ($197.94) 222.43	$77.27	-60.96%	New holding	242,000	242,000
LLYVK	Liberty Live Group	2023-12-31	Reduce	-0.74%	● 30.1 ($34.02) 37.57	$73.02	114.64%	Reduce -62.25%	718,270	-1,184,202
GTN	Gray Television Inc	2024-03-31	Sold Out	-0.73%	● 5.61 ($7.64) 9.97	$4.27	-44.11%	Sold Out	0	-3,760,000
WTW	Willis Towers Watson PLC	2024-06-30	Add	+0.72%	● 249.68 ($258.17) 273.44	$322.00	24.72%	Add 6.23%	1,652,648	96,981
VSAT	Viasat Inc	2024-03-31	Reduce	-0.70%	● 16.2 ($20.98) 28.04	$9.33	-55.53%	Reduce -7.07%	15,030,838	-1,144,001
J	Jacobs Solutions Inc	2023-12-31	Add	+0.68%	● 122.41 ($131.62) 140.35	$141.23	7.30%	Add 49.2%	727,786	240,000
LSXMK	Liberty SiriusXM Group	2024-09-30	Sold Out	-0.66%	● 20.7 ($22.54) 23.83	$22.29	-1.11%	Sold Out	0	-1,058,616
VSAT	Viasat Inc	2024-06-30	Reduce	-0.65%	● 12.04 ($15.95) 19.38	$9.33	-41.50%	Reduce -8.46%	13,759,364	-1,271,474
UNP	Union Pacific Corp	2023-09-30	Sold Out	-0.65%	● 202.4 ($217.79) 238	$244.66	12.34%	Sold Out	0	-175,000
UNP	Union Pacific Corp	2023-06-30	New Buy	+0.65%	● 191.5 ($198.83) 205.92	$244.66	23.05%	New holding	175,000	175,000

100/Page

Total 193

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