Klarman's Baupost Group Acquires 21st Century Fox in Q2: Insights from 13F Filings

Earlier this week, leading hedge fund managers across the United States submitted their 13F filings to the U.S. Securities and Exchange Commission (SEC), revealing detailed investment moves made during the second quarter of this year. These publicly available reports offer valuable insights into how top funds adjust their holdings, providing investors with strategic guidance. Among the most closely monitored is Seth Klarman, the billionaire founder of Baupost Group, whose Q2 13F filing highlights a remarkable increase of over $1 billion in the fund’s portfolio value during the quarter.

Strategic New Investments in AT&T, Tribune Media, and Sinclair Broadcast

Baupost Group maintained a portfolio of 31 securities throughout Q2, introducing several new positions. Notably, the firm acquired a 2.66% stake in AT&T Inc. (T), a move stemming from AT&T's acquisition of Time Warner, where Baupost previously held a significant merger-arbitrage position. Additionally, Klarman added small stakes in Tribune Media Co. (TRCO) and Sinclair Broadcast Group Inc. (SBGI), each representing less than 1% of the portfolio, signaling confidence in media sector opportunities.

Exiting Positions: PBF Energy, ChipMOS, Orexigen Therapeutics, and Forward Pharma

Alongside new acquisitions, Baupost strategically exited several holdings in Q2. The most notable divestment was from PBF Energy Inc. (PBF), which previously accounted for approximately 2.59% of the portfolio. Initially purchased around five years ago at prices up to $26 per share, Baupost sold its stake at significantly higher prices ranging between $33.50 and $51 per share during the quarter. Additionally, Klarman closed out minor positions in ChipMOS Technologies (IMOS), Orexigen Therapeutics, and Forward Pharma (FWP), streamlining the portfolio.

Portfolio Adjustments: Expanding 21st Century Fox and Viasat, Reducing Cheniere Energy

Baupost also refined its existing positions, most prominently expanding its stake in 21st Century Fox Inc. (FOX), which remains the largest holding, representing about 23% of the portfolio. Klarman has increased his investment in FOX by approximately 40% in both the first and second quarters of the year, underscoring strong conviction in the company's prospects. Viasat Inc. (VSAT) also saw a modest 4% increase, now comprising roughly 8% of the fund's assets. Conversely, Klarman reduced his position in Cheniere Energy Inc. (LNG), the third-largest holding at around 11%, by selling about one-third of his shares, though the fund still maintains a 5.7% ownership stake.

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