Great investors · Seth Klarman · Q3 2024
What Seth Klarman bought and sold in Q3 2024
Baupost Group 13F portfolio as of Sep 30, 2024: 20 positions worth $3.5 bn. Largest: LBTYK, WTW, CLVT, GOOG. Filed with the SEC on Nov 13, 2024.
The 13F is filed by Baupost Group, not by Seth Klarman personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q3 2024
- NewDollar GeneralDG+5.5 pp
- IncreasedWESCO InternationalWCC+2.2 pp
- IncreasedAlphabetGOOG+1.9 pp
- IncreasedEagle MaterialsEXP+1.3 pp
- IncreasedWillis Towers WatsonWTW+1.1 pp
Sells in Q3 2024
- ReducedFidelity National Information ServicesFIS−6.0 pp
- Sold outHumanaHUM−4.4 pp
- ReducedCRH publicCRH−4.2 pp
- Sold outJazz PharmaceuticalsJAZZ−3.9 pp
- Sold outWillscot HoldingsWSC−2.6 pp
- Sold outTheravance BiopharmaTBPH−1.0 pp
- Sold outCapri HoldingsCPRI−0.9 pp
- Sold outSirius XM HoldingsSIRI−0.7 pp
- Sold outVerisignVRSN−0.5 pp
- ReducedJacobs SolutionsJ−0.5 pp
- ReducedViasatVSAT−0.5 pp
16 companies with material moves, out of 21 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Baupost Group's Q3 2024 13F lists 20 lines of US-listed securities worth $3.5 bn; the largest is LBTYK at 26.1% of the portfolio. It was accepted by the SEC on Nov 13, 2024 at 4:35 PM ET.
Against the previous quarter, it opened 5 positions (DG, LBRDK, TBN and QSR and 1 more), closed 7 (HUM, JAZZ, WSC and TBPH and 3 more), added to 4 (WCC, GOOG, EXP and WTW) and trimmed 5 (CRH, FIS, VSAT and J and 1 more). 6 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Liberty Global LBTYK | 42.3 M | $914M | 26.1% | no change |
| 2 | Willis Towers Watson WTW | 1.8 M | $525M | 15.0% | +7.8% |
| 3 | Clarivate CLVT | 38.9 M | $276M | 7.89% | no change |
| 4 | Alphabet GOOG | 1.5 M | $245M | 6.99% | +37% |
| 5 | CRH public CRH | 2.6 M | $245M | 6.98% | −38% |
| 6 | WESCO International WCC | 1.3 M | $211M | 6.03% | +57% |
| 7 | Dollar General DG | 2.3 M | $195M | 5.56% | new |
| 8 | Liberty Global LBTYA | 7.2 M | $152M | 4.33% | no change |
| 9 | Viasat VSAT | 12.2 M | $146M | 4.17% | −11% |
| 10 | Eagle Materials EXP | 500,273 | $144M | 4.11% | +46% |
| 11 | Solventum SOLV | 1.8 M | $127M | 3.62% | no change |
| 12 | GDS Holdings GDS | 4.2 M | $86.7M | 2.47% | no change |
| 13 | Fidelity National Information Services FIS | 971,460 | $81.4M | 2.32% | −72% |
| 14 | Jacobs Solutions J | 350,681 | $45.9M | 1.31% | −29% |
| 15 | Fortrea Holdings FTRE | 2.3 M | $45.9M | 1.31% | −27% |
| 16 | Herbalife HLF | 5.1 M | $36.8M | 1.05% | no change |
| 17 | Liberty Broadband LBRDK | 170,610 | $13.2M | 0.38% | new |
| 18 | Tamboran Resources TBN | 570,833 | $11.6M | 0.33% | new |
| 19 | Restaurant Brands International QSR | 28,294 | $2.0M | 0.06% | new |
| 20 | Liberty Broadband | 7,560 | $581K | 0.02% | new |
Positions it closed (7)
- Humana HUMwas 4.44% · 420,000 shares
- Jazz Pharmaceuticals JAZZwas 3.85% · 1.3 M shares
- Willscot Holdings WSCwas 2.63% · 2.5 M shares
- Theravance Biopharma TBPHwas 1.01% · 4.2 M shares
- Capri Holdings CPRIwas 0.94% · 1.0 M shares
- Sirius XM Holdings SIRIwas 0.66% · 1.3 M shares
- Verisign VRSNwas 0.53% · 105,764 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Baupost Group's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.