In the third quarter of 2023, Seth Klarman’s Baupost, a renowned hedge fund managing approximately $30 billion across diverse asset classes, made significant strategic investment decisions. The fund decided to exit its stake in the tech and retail giant, Amazon.com (NASDAQ:AMZN), after reinstating its position in the previous quarter. Additionally, Baupost divested its holdings in the railroad operator Union Pacific (NYSE:UNP) while acquiring stakes in Tower Semiconductor (NASDAQ:TSEM), headquartered in Israel, and the infrastructure and engineering firm Jacobs Solutions (NYSE:J). This revelation came to light through Baupost’s latest 13F filing for the three months ending September 30, 2023, published on Monday.
The third quarter witnessed the fund shedding nearly 964,000 shares in Amazon (AMZN) that were reacquired in the second quarter, following the disposal of 990,000 shares in the firm in the first quarter. Baupost also liquidated its 175,000-share stake in Union Pacific (UNP). Accompanying its position in Tower Semiconductor (TSEM), Baupost initiated stakes of 22.5 million shares in the London-based analytics firm Clarivate (CLVT) and approximately 487,800 shares in Jacobs (J).
In addition to these movements, the fund adjusted its positions in several other companies. Notably, Baupost decreased its stake in Google-parent Alphabet’s (GOOG) class C stock to 3.83 million in the third quarter from 4.12 million in the second quarter. The fund also reduced its holdings in nutrition supplements marketer Herbalife (HLF) to 1.69 million shares from 1.95 million and in semiconductor company Qorvo (QRVO) to 935,600 shares from 2.62 million. Conversely, Baupost raised its stake in discount retailer Dollar General (DG) to 927,000 shares in the third quarter from 242,000 shares in the second quarter. The fund also increased its holdings in Ireland-based building materials maker CRH (CRH) to 3.35 million shares from 56,500 shares.
It is important to note that Seth Klarman’s Baupost Group is considered one of the largest hedge funds in the U.S., managing an extensive portfolio of approximately $30 billion across various asset classes. As per Forbes, Klarman’s real-time net worth is estimated to be $1.3 billion.
