Drew Angerer
Billionaire investor Seth Klarman’s Baupost made yet another about-turn on Amazon.com (NASDAQ:AMZN), having exited its stake in the tech and retail giant in Q3 2023 after retaking a position in the previous quarter.
The fund also disposed off its holdings in railroad operator Union Pacific (NYSE:UNP), while taking in stakes in Israel-based Tower Semiconductor (NASDAQ:TSEM) and infrastructure and engineering firm Jacobs Solutions (NYSE:J).
Baupost disclosed the information in its latest 13F filing for the three months ended September 30, 2023, published on Monday.
The fund in Q3 shed the nearly 964K shares in Amazon (AMZN) it had retaken in Q2, after having disposed off the 990K shares it had held in the firm in Q1. Baupost also sold its stake of 175K shares in Union Pacific (UNP).
Aside from Tower Semi (TSEM), Baupost took in stakes of 22.5M shares in London-based analytics firm Clarivate (CLVT) and about 487.8K shares in Jacobs (J).
Among other notable moves, the fund cut its stake in Google-parent Alphabet’s (GOOG) class C stock to 3.83M in Q3 from 4.12M in Q2. Baupost also trimmed its position in nutrition supplements marketer Herbalife (HLF) to 1.69M shares from 1.95M, and semiconductor company Qorvo (QRVO) to 935.6K shares from 2.62M.
The fund raised its stake in discount retailer Dollar General (DG) to 927K shares in Q3 from 242K shares in Q2. Baupost upped its holdings in Ireland-based building materials maker CRH (CRH) to 3.35M shares from 56.5K shares.
Seth Klarman’s Baupost Group manages roughly $30B across a wide range of asset classes, making it one of the largest hedge funds in the U.S. According to Forbes, Klarman’s real time net worth is $1.3B.