Billionaire Seth Klarman cuts Google

In the last quarter of 2023, billionaire investor Seth Klarman’s Baupost Group reduced its stake in Google-owner Alphabet and sold seven other companies.

This was revealed in Klarman’s 13F Filing with the SEC, a quarterly requirement for investors managing over $100 million.

Klarman is the founder and CEO of Baupost, the investment company he started in 1982.

Klarman has made a name for himself as a value investor, an investment philosophy often attributed to Benjamin Graham and made famous by Warren Buffett.

Klarman’s risk-averse style places emphasis on maintaining a margin of safety. In 1991, he authored the book “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor”.

In the four decades since it was founded, the Baupost Group has become one of the largest hedge funds in the world.

It has consistently delivered an impressive annual average return of 15%, amassing $25 billion in assets under management.

Through his role at Baupost, Klarman has amassed a substantial $1.3 billion personal net worth.

Seth Klarman’s portfolio

In the final quarter of 2023, the Baupost portfolio’s value fell from $5.21 billion to $4.59 billion.

Klarman’s portfolio is heavily concentrated around five corporations that comprise roughly 62% of total holdings – namely, Liberty Global, Liberty SiriusXM, Viasat, Alphabet and Fidelity National Information Services.

Baupost made considerable changes to its portfolio in the final quarter of 2023, adding to its stake in three companies and reducing its stake in another eight.

The firm increased its stake in Clarivate by 13.33%, in Jazz Pharmaceuticals by 23.75% and in Jacobs Solutions by 49.20%.

Baupost decreased his stake in Alphabet by 23.02%, selling around 882,000 shares.

The firm also disposed of its stakes in eight companies, including Dollar General, Qorvo, New Oriental Education and Seagate Technology.

Baupost made no changes to his two top holdings – Liberty Global and Warner Bros. Discovery.

Baupost Group portfolio

The table below shows Seth Klarman’s Baupost Group’s share portfolio on 31 December 2023.

CompanyPercent of portfolioChangeValue
Liberty Global Ltd.17.20No change$788,677,000
Viasat Inc.9.86No change$452,087,000
Liberty SiriusXM Series C9.32No change$427,413,000
Alphabet Inc.9.07Reduce 23.02%$415,678,000
Fidelity National Information Services8.33Reduce 8.61%$382,088,000
Willis Towers Watson plc8.18No change$375,227,000
Warner Bros. Discovery Inc.6.26No change$287,175,000
Clarivate plc5.15Add 13.33%$236,130,000
Liberty Sirius XC Series A5.13No change$235,026,000
CRH plc5.05No change$231,378,000
Liberty Global Ltd CL A2.79No change$127,842,000
Jazz Pharmaceuticals plc2.24Add 23.75%$102,545,000
Jacobs Solutions Inc.2.06Add 49.20%$94,467,000
Theravance Biopharma Inc.1.82No change$83,392,000
Tower Semiconductor Ltd.1.80Reduce 4.88%$82,735,000
Liberty Media Corp. Series A Live1.51Reduce 4.02%$69,428,000
SS&C Technologies Holdings Inc.1.37Reduce 55.25%$62,854,000
Gray Television Inc.0.73No change$33,690,000
Garrett Motion Inc.0.63Reduce 49.99%$28,955,000
Liberty Media Corp. Series C Live0.59Reduce 62.25%$26,856,000
Herbalife Nutrition Ltd.0.56Reduce 0.80%$25,634,000
Altice USA, Inc.0.34No change$15,517,000
Finch Therapeutics Group Inc.0.01No change$243,000


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