Klarman's Baupost Group Shows New Stake In ADC Telecom (ADCT), Raises ViaSat (VSAT) Stake
Hedge fund titan Seth Klarman released the 13F for his Baupost Group fund for the quarter ended March 31, 2010 after the close.
The value of the disclosed portfolio is up from $1.58 billion at December 31, 2009 to $1.72 billion at March 31, 2010, but it should be noted that cash, short positions and various other securities are not required to be disclosed in the 13F filing.
During the quarter, Seth Klarman greatly increased his exposure to the pharma and tech sectors, with increased stakes in ViaSat, Theravance, and Enzon Pharma, while adding Solar Capital to his holdings. Klarman also held many of his positions through the quarter. He may not have liked how big media was going, and exited out of News Corp. Klarman also sold out of his CIT stock, which he likely received in a debt conversion.
Below a full summary of his notable moves:
Notable New Stakes:
ADC Telecommunications Inc. (Nasdaq: ADCT) to 5,000,000 shares
Solar Capital Ltd. (Nasdaq: SLRC) to 2,010,973 shares
Raised Stakes:
Enzon Pharmaceuticals Inc. (Nasdaq: ENZN) from 8,082,400 shares to 9,203,100 shares
Theravance Inc. (Nasdaq: THRX) from 10,100,000 shares to 13,000,000 shares
ViaSat Inc. (Nasdaq: VSAT) from 4,915,901 shares to 8,706,700 shares
Notable Maintained Stakes:
Alliance One International, Inc. (NYSE: AOI) of 8,800,000 shares
Breitburn Energy Partners LP (Nasdaq: BBEP) of 8,495,939 shares
CapitalSource Inc. (NYSE: CSE) of 20,278,400 shares
DIRECTV (NYSE: DTV) of 1,617,471 shares
Ituran Location & Control Ltd. (Nasdaq: ITRN) of 1,721,066 shares
Liberty Media Interactive (Nasdaq: LINTA) of 422,216 shares
Multimedia Games Inc. (Nasdaq: MGAM) of 2,600,000 shares
Syneron Medical Ltd. (Nasdaq: ELOS) of 1,500,000 shares
Notable Lowered Stakes:
Audiovox Corporation (Nasdaq: VOXX) from 1,797,286 shares to 1,713,686 shares
CIT Group, Inc. (NYSE: CIT) from 2,582,186 shares to 0 shares
Domtar Corporation (NYSE: UFS) from 2,900,000 shares to 2,676,927 shares
Facet Biotech (Nasdaq: FACT) from 3,506,875 shares to 2,000,000 shares [acquired by Abbott Labs]
News Corp. (Nasdaq: NWSA) from 24,450,000 to 23,140,000 shares
Sapphire Industrial Corp. (AMEX: FYR) from 2,250,000 shares to 0 shares [company currently liquidated]
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The value of the disclosed portfolio is up from $1.58 billion at December 31, 2009 to $1.72 billion at March 31, 2010, but it should be noted that cash, short positions and various other securities are not required to be disclosed in the 13F filing.
During the quarter, Seth Klarman greatly increased his exposure to the pharma and tech sectors, with increased stakes in ViaSat, Theravance, and Enzon Pharma, while adding Solar Capital to his holdings. Klarman also held many of his positions through the quarter. He may not have liked how big media was going, and exited out of News Corp. Klarman also sold out of his CIT stock, which he likely received in a debt conversion.
Below a full summary of his notable moves:
Notable New Stakes:
ADC Telecommunications Inc. (Nasdaq: ADCT) to 5,000,000 shares
Solar Capital Ltd. (Nasdaq: SLRC) to 2,010,973 shares
Raised Stakes:
Enzon Pharmaceuticals Inc. (Nasdaq: ENZN) from 8,082,400 shares to 9,203,100 shares
Theravance Inc. (Nasdaq: THRX) from 10,100,000 shares to 13,000,000 shares
ViaSat Inc. (Nasdaq: VSAT) from 4,915,901 shares to 8,706,700 shares
Notable Maintained Stakes:
Alliance One International, Inc. (NYSE: AOI) of 8,800,000 shares
Breitburn Energy Partners LP (Nasdaq: BBEP) of 8,495,939 shares
CapitalSource Inc. (NYSE: CSE) of 20,278,400 shares
DIRECTV (NYSE: DTV) of 1,617,471 shares
Ituran Location & Control Ltd. (Nasdaq: ITRN) of 1,721,066 shares
Liberty Media Interactive (Nasdaq: LINTA) of 422,216 shares
Multimedia Games Inc. (Nasdaq: MGAM) of 2,600,000 shares
Syneron Medical Ltd. (Nasdaq: ELOS) of 1,500,000 shares
Notable Lowered Stakes:
Audiovox Corporation (Nasdaq: VOXX) from 1,797,286 shares to 1,713,686 shares
CIT Group, Inc. (NYSE: CIT) from 2,582,186 shares to 0 shares
Domtar Corporation (NYSE: UFS) from 2,900,000 shares to 2,676,927 shares
Facet Biotech (Nasdaq: FACT) from 3,506,875 shares to 2,000,000 shares [acquired by Abbott Labs]
News Corp. (Nasdaq: NWSA) from 24,450,000 to 23,140,000 shares
Sapphire Industrial Corp. (AMEX: FYR) from 2,250,000 shares to 0 shares [company currently liquidated]
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