Period: Q1 2013
Portfolio date: 31 Mar 2013
No. of stocks: 18
Portfolio value: $2,933,542,000
|Stock||% of portfolio||Shares||Recent activity||Reported Price*|
|hist||BP - BP plc||24.73||17,126,858||Add 56.73%||$42.35|
|hist||VSAT - Viasat Inc.||18.16||11,000,000||$48.44|
|hist||AIG - American Int'l. Group||15.68||11,850,200||Add 69.29%||$38.82|
|hist||THRX - Theravance Inc.||10.91||13,553,800||$23.62|
|hist||ROVI - Rovi Corp.||5.96||8,160,000||Add 97.34%||$21.41|
|hist||NWS - News Corp. CL B||4.24||4,047,412||Reduce 68.92%||$30.76|
|hist||ORCL - Oracle Corp.||3.73||3,386,890||Reduce 67.57%||$32.33|
|hist||ELN - Elan Corp. Plc||3.67||9,126,227||Buy||$11.80|
|hist||IDIX - Idenix Pharmaceuticals Inc.||3.14||26,042,000||Add 25.78%||$3.54|
|hist||NG - NovaGold Resources||2.68||21,688,300||$3.63|
|hist||ELOS - Syneron Medical Ltd.||1.39||4,000,000||$10.22|
|hist||AVEO - AVEO Pharmaceuticals Inc.||1.23||4,902,850||$7.35|
|hist||AOI - Alliance One International Inc.||1.08||8,131,594||Reduce 7.46%||$3.89|
|hist||ENZN - Enzon Pharmaceuticals Inc.||1.00||7,691,453||Reduce 2.02%||$3.80|
|hist||CPF - Central Pacific Financial||0.96||1,800,000||$15.70|
|hist||ITRN - Ituran Location & Control Ltd.||0.72||1,337,003||Reduce 20.68%||$15.69|
|hist||DTV - DIRECTV Group Inc.||0.40||207,300||Buy||$56.59|
|hist||NCQ - NovaCopper Inc.||0.31||5,005,298||$1.83|
* Reported Price is the price of the security on the portfolio date. This value is significant in that it indicates the portfolio manager's confidence in the stock at that price and suggests at least some level of undervaluation and/or margin of safety.
Sector % analysis
Articles & Commentaries
Microsoft finally meets the stringent investing criteria of the famed value investor Seth Klarman. His firm, Baupost Group, reported a 12 million share stake in the software giant. At 13.26% Microsoft is now his portfolio's third largest holding.
In these annual-letter excerpts, from VII, investing legend Seth Klarman explains why he believes no long-term lesson have been learned from 2008, defends short-selling, and describes the two key elements to investment success...
The stock market has seen plenty of ups and downs in the past 25 years. Through it all, hedge fund Baupost Group's Seth Klarman has managed to stay on the right side of the ledger, racking up an average annual gain of about 20%...
Bruce Berkowitz, named Morningstar Inc.’s domestic stock manager of the decade and a contributor to the latest edition of the Graham and Dodd book, said Klarman stands out among fund managers because he’s able to make money while holding cash and avoiding leverage.
“If he isn’t Elvis, he’s pretty close,” Berkowitz said.
And, said Mr. Klarman one of the best ways to protect against a decline in purchasing power is to buy whatever is "out of favor, loathed and despised." So forget about gold or other trendy hedges. Instead, wait patiently for markets—European stocks, perhaps—to get so cheap that they turn most investors' stomachs. Then you can pounce.
Mr. Klarman repeated cautions he has made before about investing in all commodities, including gold: They generate no cashflow, and so they are extraordinarily tricky to value. Gold has also just hit new highs, he added. That should make value investors–who tend to look for assets that are on sale–very nervous...