Insight into Seth Klarman (Trades, Portfolio)'s Fourth Quarter 2024 Investment Adjustments

Seth Klarman (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2024, providing insights into his investment moves during this period. Seth Klarman (Trades, Portfolio) is a renowned value investor and the Portfolio Manager of The Baupost Group, an investment partnership he founded in 1983. Known for his cautious and strategic approach, Klarman authored the highly regarded book "Margin of Safety," which is valued at $1,000. He holds an economics degree from Cornell University and an MBA from Harvard University. Klarman's investment strategy spans a wide array of assets, from traditional value stocks to more complex investments like distressed debt and foreign equities. He is known for his patience, often holding cash when opportunities are scarce, and emphasizes the importance of risk management over mere returns.

Summary of New Buy

Seth Klarman (Trades, Portfolio) added a total of 4 stocks, among them:

• The most significant addition was Ferguson Enterprises Inc (FERG, Financial), with 1,132,000 shares, accounting for 5.74% of the portfolio and a total value of $196,480,000.
• The second largest addition to the portfolio was Sunrise Communications AG (SNRE, Financial), consisting of 2,335,263 shares, representing approximately 2.94% of the portfolio, with a total value of $100,600,000.
• The third largest addition was Humana Inc (HUM, Financial), with 346,000 shares, accounting for 2.57% of the portfolio and a total value of $87,780,000.

Key Position Increases

Seth Klarman (Trades, Portfolio) also increased stakes in a total of 6 stocks, among them:

• The most notable increase was Restaurant Brands International Inc (QSR, Financial), with an additional 2,873,406 shares, bringing the total to 2,901,700 shares. This adjustment represents a significant 10,155.53% increase in share count, a 5.48% impact on the current portfolio, with a total value of $189,130,000.
• The second largest increase was Eagle Materials Inc (EXP, Financial), with an additional 137,950 shares, bringing the total to 638,223. This adjustment represents a significant 27.57% increase in share count, with a total value of $157,490,000.

Summary of Sold Out

Seth Klarman (Trades, Portfolio) completely exited 3 of the holdings in the fourth quarter of 2024, as detailed below:

• Fidelity National Information Services Inc (FIS, Financial): Seth Klarman (Trades, Portfolio) sold all 971,460 shares, resulting in a -2.32% impact on the portfolio.
• Jacobs Solutions Inc (J, Financial): Seth Klarman (Trades, Portfolio) liquidated all 350,681 shares, causing a -1.31% impact on the portfolio.

Key Position Reduces

Seth Klarman (Trades, Portfolio) also reduced positions in 6 stocks. The most significant changes include:

• Reduced Liberty Global Ltd (LBTYK, Financial) by 2,857,168 shares, resulting in a -6.75% decrease in shares and a -1.76% impact on the portfolio. The stock traded at an average price of $12.36 during the quarter and has returned -7.33% over the past 3 months and -13.89% year-to-date.
• Reduced Liberty Global Ltd (LBTYA, Financial) by 1,992,832 shares, resulting in a -27.7% reduction in shares and a -1.2% impact on the portfolio. The stock traded at an average price of $11.85 during the quarter and has returned -7.77% over the past 3 months and -13.99% year-to-date.

Portfolio Overview

At the fourth quarter of 2024, Seth Klarman (Trades, Portfolio)'s portfolio included 21 stocks, with top holdings including 16.82% in Willis Towers Watson PLC (WTW, Financial), 15.15% in Liberty Global Ltd (LBTYK), 7.94% in Alphabet Inc (GOOG, Financial), 7.59% in WESCO International Inc (WCC, Financial), and 7.14% in CRH PLC (CRH, Financial).

The holdings are mainly concentrated in 9 of the 11 industries: Communication Services, Financial Services, Industrials, Basic Materials, Technology, Consumer Cyclical, Consumer Defensive, Healthcare, and Energy.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.