Klarman's Baupost Shows New Stake in Audiovox (VOXX), Increases TeleCom Exposure

Hedge fund titan Seth Klarman released the 13F for his Baupost fund for the quarter ended June 30, 2010.

The value of the disclosed portfolio is down from $1.72 billion at March 31, 2010 to $1.41 billion at June 30, 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 communications sector with a new stake in Audiovoxx, and increased stakes in ADC Telecom and ViaSat. Klarman stayed level with many of his investments, but sold a 1.6 million stake in DIRECTV.

Below a full summary of his notable moves:

Notable New Stakes:

• Audiovox Corporation (Nasdaq: VOXX) of 1,060,576 common shares.
  
• Energy XXI (Bermuda) Limited (Nasdaq: EXXI) of 265,000 common shares.

Raised Stakes:

• ADC Telecommunications Inc. (Nasdaq: ADCT) from 5,000,000 common to 5,662,469 common shares.
  
• Enzon Pharmaceuticals Inc. (Nasdaq: ENZN) from 9,203,100 to 10,175,898 common shares.
  
• ViaSat Inc. (Nasdaq: VSAT) from 8,706,700 common shares to 9,972,735 common shares.

Notable Maintained Stakes:

• Alliance One International, Inc. (NYSE: AOI) at 8,800,000 common shares.
  
• CapitalSource Inc. (NYSE: CSE) at 20,278,400 common shares.
  
• Ituran Location & Control Ltd. (Nasdaq: ITRN) at 1,721,066 common shares.
  
• Multimedia Games Inc. (Nasdaq: MGAM) at 2,600,000 common shares.
  
• Solar Capital Ltd. (Nasdaq: SLRC) at 2,010,973 common shares.
  
• Syneron Medical Ltd. (Nasdaq: ELOS) at 1,500,000 common shares.
  
• Theravance Inc. (Nasdaq: THRX) at 13,000,000 common shares.

Notable Lowered Stakes:

• Breitburn Energy Partners LP (Nasdaq: BBEP) from 8,495,939 to 8,290,839 common shares
  
• DIRECTV (NYSE: DTV) from 1,617,471 to zero common shares.
  
• Domtar Corporation (NYSE: UFS) from 2,676,927 to 1,825,000 common shares.
  
• Facet Biotech from 2,000,000 to zero common shares, due to buyout.
  
• News Corp. (Nasdaq: NWSA) from 23,140,000 to 19,050,000 common shares.

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