This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory 13F Form filed on 08/13/2020. Please visit our Tracking Seth Klarman’s Baupost Group Holdings article for an idea on how his holdings have progressed over the years and our previous update for the fund's moves during Q1 2020.

Baupost Group’s 13F portfolio value increased ~18% from $6.77B to $8.01B this quarter. The total number of 13F securities decreased from 30 to 29. The portfolio is heavily concentrated with eBay Inc., Liberty Global, Fox Corp, ViaSat, and ViacomCBS, together accounting for ~61% of the 13F holdings.

Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% and 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book, “Margin of Safety: Risk-averse value investing strategies for the thoughtful investor”. The book is out-of-print and copies sell for a huge premium.

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