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"Tracking David Einhorn’s Portfolio – Q4 2011 Update"

"This series of articles are an ongoing analysis of the changes made to Einhorn’s Greenlight Capital US stock portfolio on a quarterly basis. Greenlight Capital’s US long stock holdings stood at $5.23 billion at the end Q4 2011 which is 12% more than the ~$4.67 billion of Q3 2011. The fund returned 9.7% during the quarter although it underperformed the S&P 500 index which returned 11.15% then. The 2011 full-year returns of 2.9% outperformed the S&P 500 index which remained flat. Einhorn summarized the 2011 performance as “Never has so much work gone into making 2%...While outperforming the S&P 500 has never been our goal, this is the 13th consecutive year that we have done so, though this time by a trivial margin.” The net-long position was altered marginally from a 94-55 long-short ratio to 93-53 in the last two quarters of 2011. The net-long position is significant compared to the 101-75 long-short ratio as of the end of Q4 2010.New Stakes:Dell Inc (DELL): Dell, a 4% of the long US stock portfolio stake, was initiated during this quarter at an average purchase price of $15.53 per share. The stock currently trades at $17.99. The investment thesis is that the valuation is extremely low and Einhorn summed it up as “DELL has roughly $7 per share in net cash and investments and currently earns about $2 per share (up from $1.50 in 2010). Accordingly, DELL’s P/E multiple is about 7x, and net of the cash and investments, it is less than 4x. This reflects a valuation usually associated with collapsing businesses.” He is equally enamored by Dell’s commitment to repurchase shares – “During the first three quarters of 2011, DELL repurchased 7.5% of the company and has the balance sheet to do much more.”Delphi Automotive PLC (DLPH): DLPH, a ~3% of the long US stock portfolio stake, was purchased in Q1 2011 prior to its IPO. DLPH began trading (11/17/2011) in the NYSE at an IPO price of $22 per share. The stock has returned over 35% in the last 45 trading days and it will be interesting to watch Einhorn’s next move on the position in Q1 2012.Xerox (XRX): XRX, a ~2.5% of the long US stock portfolio stake, was purchased during this quarter at an average purchase price of $7.61 per share. The stock currently trades at $8.33. The investment theory is that the Affiliated Computer Services (ACS) acquisition in 2/2010 will help with its foray into business process outsourcing. Also significant is its commitment to share repurchases – it expects to spend $1.0-$1.4 billion on share repurchases in 2012.CA Inc (CA), DST Systems (DST), Liberty Media Capital (LMCA), Omnivision Technologies (OVTI), Research in Motion (RIMM), Tessera Technologies (TSRA), and Yahoo Inc (YHOO): These are smaller (<1.5% of the long US stock portfolio) stakes initiated this quarter. OVTI, RIMM, and YHOO are trading closer to the range Einhorn could have bought them at and are worth consideration for investors attempting to follow Einhorn’s trades. The other positions are all trading well above Einhorn’s possible entry price-range and as such are not value options.Stake Disposals:CVS Caremark Corp (CVS): CVS, a 2% stake initiated in Q1 2011 when the price-per-share varied between $32.67 and $35.41, was held almost steady until this quarter when it was eliminated. In Q4 2011, the price-per-share varied between $32.97 and $41.17. The stock currently trades at $43.98. The elimination of this significant stake clearly indicates a bearish bias.First Solar (FSLR) puts: FSLR puts, a very small (<1%) stake initiated in Q3 2011 when the price-per-share varied between $63 and $132, paid immediate dividends as it traded as low as $29.87 in Q4 2011. The position was mostly exited by the end of the year and the remainder was liquidated in the first two weeks of 2012. In his EOY 2011 letter to investors Einhorn commented: “Our largest winner by far was our short of First Solar (FSLR), which fell from $130.14 to $33.76 per share and was the worst performing stock in the S&P 500.”Ingram Micro (IM), Lyondellbasell Industries (LYB), and Marathon Oil Corp (MRO): These were small positions (~1% each of the long US stock portfolio) eliminated this quarter. MRO was purchased in Q2 2011 while LYB and IM stakes were purchased in 2010. The stake eliminations indicate a mild bearish bias.Becton Dickinson (BDX): BDX, a 1% stake initiated in 2009, was increased by 2010 to a ~4% position and further increased again by 20% in the first quarter of 2011. The holding was reduced by around a third in Q3 2011 and eliminated this quarter. The periodic stake disposal of this ~4% position and its eventual elimination indicates a strong bearish bias.Synaptics (SYNA), Employers Holdings Inc (EIG) and Semgroup Corp (SEMG): SYNA, a minute ~0.06% position, was liquidated in the quarter. EIG and SEMG were other small positions that were eliminated in the quarter (together they accounted for <1% of the long US stock portfolio). As the position sizes were very small, these disposals do not indicate a bearish bias.Stake Increases:Apple Inc (AAPL): AAPL, a very large 11.3% stake, was expanded by over 11% in the quarter when the stock price varied between $363.57 and $422.24. The stock currently trades around $500. Einhorn is extremely bullish on Apple shares in spite of his cautionary comment regarding Apple TV earlier this month – for the rumored TV product to have good margins, it needs to be revolutionary. However, he also indicated AAPL can continue to be very successful without the TV.General Motors Company (GM): GM, a large 7.4% of the long US stock portfolio stake, is being aggressively built-up – the stake was increased by ~30% this quarter - in Q3 2011, the stake was tripled at an average purchase price of $25.78. The share price ranged between $19.05 and $26.45 in Q4 2011 and trades currently at $24.93. Einhorn is especially bullish on GM. For investors attempting to follow him, the current share price is an excellent entry point.Marvell Technology Group (MRVL): MRVL, a large 4.6% position initiated in Q3 2011 with an average purchase price of $13.35, currently trades at $16.14. The stake was upped by 4.4% this quarter when the share price varied between $13.14 and $15.67. The investment logic is that the valuation is low because of certain misconceptions in the market. In fact, the company is well-run and operates in structurally-defensible markets. The stake increase, albeit minor signifies a bullish bias.CBS Corporation (CBS) and Legg Mason (LM): These are smaller positions (<3% of the long US stock portfolio) that were increased incrementally during the quarter. CBS, a 3% stake increased by ~20% this quarter, was initiated in Q3 2011 at an average purchase price of $20.79. The stock currently trades at around $29.57. LM, a small 1.5% position initiated last quarter when the price-per-share ranged between $24 and $34, currently trades at $26.87. The position was increased by 30% this quarter when the price-per-share varied between $22.95 and $29.08. For investors attempting to follow Einhorn, these are decent options to consider.Stake Decreases:Travelers Companies (TRV) and Broadridge Financial Solutions (BR): These positions were reduced significantly this quarter. TRV, a 4.5% position, was trimmed to just 1% during the quarter. Purchased initially in 2009 and roughly doubled in 2010 and doubled again in Q1 2011, TRV was held almost steady until Q3 2011 before the large disposal this quarter. This about-turn in the quarter indicates a clear bearish bias. BR was a small 1% stake initiated in 2010 that was reduced by ~85% this quarter.Aspen Insurance Holdings (AHL), Carefusion (CFN), Energy Partners Limited (EPL), Furiex Pharmaceuticals (FURX), HCA Holdings (HCA), Huntington Ingalls (HII), NCR Corp (NCR), and NVR Inc (NVR): These stakes were decreased by less than 20% during the quarter and indicates a mild bearish bias.The rest of the positions have remained unchanged during the quarter. Large positions among them include BAGL (>2%), Gold sector (GDX >7%, GDXJ ~1%, ABX ~1%, and a large stake in physical gold), Microsoft (MSFT - 7.5%), Seagate Technology (STX – 4.5%), and Sprint Nextel Corp (S – 3.3%). Among these, S is trading at a large discount to the average purchase price of Einhorn’s stake.The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q4 2011:Please visit our series for an idea on how his holdings have progressed over the years and highlighting the fund’s moves during Q3 2011."

"Tracking Seth Klarman’s Baupost Group Holdings – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 8/11/2023. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q1 2023.Baupost Group’s 13F portfolio value decreased from $5.85B to $5.61B this quarter. The total number of 13F securities decreased from 31 to 29. The portfolio is heavily concentrated with Liberty Global, Liberty Media Sirius XM, ViaSat, Alphabet, and Veritiv together accounting for ~58% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Garrett Motion (GTX), Amazon.com (AMZN), Dollar General (DGEN), and Union Pacific (UNP): Baupost controlled ~32% of Garrett Motion (GTX) as of last quarter. The bulk of the ownership was through a series A preferred share offering. They were converted to common stock during the quarter. The stock is now at ~$8. AMZN is a 2.24% of the portfolio position purchased at prices between ~$98 and ~$130 and the stock is now above that range at ~$138. DGEN and UNP are very small (less than 0.75% of the portfolio each) stakes established during the quarter.Note: The GTX position was reduced to a 2.31% (5.99M shares) ownership stake after the quarter ended at an average price of ~$7.75. This is compared to ~26M shares in the 13F Report.Stake Disposals:Skyworks Solutions (SWKS): SWKS was a small 1.42% of the portfolio stake established last quarter at prices between ~$91 and ~$123. The disposal this quarter was at prices between ~$96 and ~$118. The stock currently trades at ~$106.Fiserv Inc. (FI): FI was a ~1% of the portfolio position purchased in Q4 2021 at prices between ~$96 and ~$111. There was a ~30% stake increase in Q1 2022 at prices between ~$93 and ~$110 while in the next quarter there was a ~11% trimming. Q4 2022 saw a ~45% reduction at prices between ~$94 and ~$106. That was followed with a ~75% selling last quarter at prices between ~$99 and ~$118. The elimination this quarter was at prices between ~$112 and ~$126. The stock is now at ~$123.DigitalBridge (DBRG) previously Colony Capital: The very small 0.25% stake in DigitalBridge came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. Roughly half the position was sold in Q2 2020 at prices between ~$5.70 and $12.40. Q1 2022 saw another ~20% selling at prices between ~$26.40 and ~$33. That was followed with another ~30% reduction next quarter at prices between ~$18 and ~$30. The last quarter saw a ~60% selling at prices between ~$10.50 and ~$15.40. The remainder was sold this quarter. DBRG currently trades at ~$17.Note: the prices quoted above are adjusted for the one-for-four reverse stock split last August. Their overall cost-basis was ~$50 per share.Stake Increases:Fidelity National Information Services (FIS): The 6.60% FIS position was purchased during Q3 2022 at prices between ~$76 and ~$105 and it is now at $55.88. There was a ~250% stake increase during Q4 2022 at prices between ~$57 and ~$85. That was followed with a ~125% increase last quarter at prices between ~$50 and ~$78. This quarter also saw a ~40% increase at prices between ~$52 and ~$59.SS&C Technologies (SSNC): SSNC is a ~4% position built in Q3 2020 at prices between ~$56 and ~$65. The two quarters through Q1 2021 had seen a ~25% stake increase at prices between ~$63 and ~$71. There was a ~22% selling in Q2 2022 at prices between ~$55 and ~$79. The next quarter saw a similar increase at prices between ~$48 and ~$63. There was a ~13% trimming last quarter while this quarter there was a similar increase. The stock is now at ~$56.Willis Towers Watson (WTW): WTW is a 3.78% of the portfolio stake established in Q1 2021 at prices between ~$200 and ~$235. The two quarters through Q3 2021 saw a ~60% selling at prices between ~$202 and ~$270 while the next quarter there was a ~25% stake increase at prices between ~$226 and ~$249. There was a similar reduction in Q2 2022 at prices between ~$191 and ~$243. Q3 2022 saw a ~40% increase at prices between ~$192 and ~$221 while in the last quarter there was a one-third reduction at prices between ~$220 and ~$257. The stock currently trades at ~$197. There was a minor ~5% stake increase this quarter.Jazz Pharmaceuticals (JAZZ): The 1.49% position in JAZZ stake was purchased last quarter at prices between ~$134 and ~$161 and it is now at ~$140. There was a ~40% stake increase this quarter at prices between ~$123 and ~$147.Seagate Technology (STX): The 0.66% STX stake was primarily built this quarter at prices between ~$55 and ~$67. The stock currently trades at $65.50.Stake Decreases:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at ~16.40% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80. Since then, the activity had been minor. There was a ~10% reduction in Q2 2022 at prices between ~$22 and ~$26. This quarter also saw a ~5% trimming. The stock currently trades at $19.49.Alphabet Inc. (GOOG) (GOOGL): The large (top five) 8.88% GOOG stake was purchased in Q1 2020 at prices between ~$53 and ~$76. The last three quarters of 2020 had seen a ~75% selling at prices between ~$55 and ~$92. There was a ~265% stake increase in Q1 2021 at prices between ~$86 and ~$105. Q4 2021 saw a ~22% trimming at prices between ~$133 and ~$151 while next quarter there was a ~7% increase. The zig-zag trading pattern continued in the next quarter: ~30% reduction at prices between ~$106 and ~$144. That was followed with another ~60% selling during Q3 2022 at prices between ~$96 and ~$123. The stake was rebuilt next quarter at prices between ~$83.50 and ~$105. The last quarter saw a ~47% stake increase at prices between ~$87 and ~$109 while this quarter saw a ~30% selling at prices between ~$104 and ~$128. The stock is now at ~$130.Qorvo Inc. (QRVO): QRVO is a 4.76% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. 2019 had seen a ~75% selling at prices between $60 and $118. Q4 2020 saw an about turn: ~50% stake increase at prices between ~$125 and ~$170. That was followed with a ~18% further increase next quarter. The two quarters through Q1 2022 saw another ~31% stake increase at prices between ~$119 and ~$178. The last three quarters saw a ~61% reduction at prices between ~$78 and ~$114. The stock is now at ~$100.New Oriental Education (EDU): EDU is a 2.90% of the portfolio position purchased in Q2 2022 at prices between ~$9.75 and ~$23.50. There was a ~25% selling during Q4 2022 at prices between ~$19 and ~$40. That was followed with a similar reduction this quarter at prices between ~$36 and ~$46. The stock is now at ~$51.Theravance Biopharma (TBPH): TBPH is a 1.37% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The two quarters through Q3 2021 saw a ~50% stake increase at prices between ~$7 and ~$22.50. The last three quarters saw a ~45% selling at prices between ~$9.70 and ~$12. The stock is now at $10.14.Note: they have a ~13% ownership stake in the business.Kept Steady:Liberty Media Sirius XM (LSXMK): The ~11% LSXMK stake was primarily built in Q3 2020 at prices between $32 and $37. Q4 2020 saw a ~14% stake increase. The four quarters through Q2 2022 saw the position doubled at prices between ~$35 and ~$56. The stock currently trades below the low end of their purchase price ranges at ~$24.ViaSat (VSAT): VSAT is a large (top five) position at 9.43% of the portfolio. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. In July 2020, Baupost participated in ViaSat’s 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share. The stock currently trades at $31.23.Note: Baupost’s ownership stake in the business went down from 21% to 13% following ViaSat’s acquisition of Inmarsat due to the related dilution.Veritiv Corporation (VRTV): VRTV is a 7.44% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at ~$168.50.Note: Klarman’s ownership interest in VRTV is ~25%. Earlier this month, the stock popped as they received a $170 per share cash offer from an affiliate of Clayton, Dubilier & Rice, LLC.Warner Brothers Discovery (WBD): The large 5.64% of the portfolio stake in WBD was established in Q2 2022 at prices between ~$13 and ~$26. The next quarter saw a ~60% increase at prices between ~$11.30 and ~$17.50. The stock is now at $13.42. There was a minor ~7% stake increase during Q4 2022 while the last quarter saw a ~19% trimming.Gray Television (GTN): The very small 0.53% GTN stake saw a ~75% increase in Q2 2022 at prices between ~$17 and ~$22. That was followed with a ~45% increase next quarter at prices between ~$16.25 and ~$20.75. The stock currently trades at $8.62.Herbalife Nutrition (HLF): HLF is a small 0.46% of the portfolio stake established during Q4 2022 at prices between ~$12.60 and ~$22.20 and the stock currently trades at ~$16.Note: They own ~9% of Atara Biotherapeutics (ATRA).The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Baupost Group’s 13F filings for Q1 2023 and Q2 2023.5/15/2023: There was a comment in the article saying the Garrett Motion Preferred will be converted to common in July 2023.Regulatory filings from 2/18/2023 to 5/14/2023: 13G/A – 5/9 – OutBrain – 4.72M shares – 8.45% of business."

"Tracking Seth Klarman’s Baupost Group Holdings – Q1 2023 Update"

"Seth Klarman’s 13F portfolio value decreased from $6.13B to $5.85B this quarter.Baupost Group increased Alphabet and Fidelity National Information Services while dropping Meta Platforms, Micron Technology, and Amazon.com.The portfolio continues to be heavily concentrated with the top three positions accounting for ~40% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 5/12/2023. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q4 2022.Baupost Group’s 13F portfolio value decreased ~5% from $6.13B to $5.85B this quarter. The total number of 13F securities decreased from 34 to 31. The portfolio is heavily concentrated with Liberty Global, Liberty Media Sirius XM, Alphabet, ViaSat, and Qorvo together accounting for ~58% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.Note: They own ~32% of Garrett Motion (GTX) and ~9% each of Atara Biotherapeutics (ATRA) and Just Eat Takeaway (GRUB). GTX emerged from Chapter 11 bankruptcy in May 2021. The bulk of the ownership is through a series A preferred share offering.New Stakes:Skyworks Solutions (SWKS) and Jazz Pharmaceuticals (JAZZ): SWKS is a small 1.42% of the portfolio stake established this quarter at prices between ~$91 and ~$123 and the stock currently trades at ~$97. The 1.20% position in JAZZ stake was purchased at prices between ~$134 and ~$161 and it is now near the bottom of that range at ~$136.Stake Disposals:Meta Platforms (META): META was a 3.39% of the portfolio position established in Q1 2020 at prices between $146 and $223. The next two quarters saw a ~70% selling at prices between ~$154 and ~$304. There was a ~175% stake increase over the three quarters through Q3 2021 at prices between ~$245 and ~$355 while next quarter there was a ~36% reduction at prices between ~$307 and ~$348. That was followed with a ~30% selling in Q2 2022 at prices between ~$156 and ~$234. Last quarter saw the stake rebuilt at prices between ~$89 and ~$140. The elimination this quarter was at prices between ~$125 and ~$212. The stock is now at ~$234.Micron Technology (MU): MU was a 2.68% of the portfolio position purchased in Q3 2020 at prices between $42.50 and $52.65. Q2 2021 saw a one-third increase at prices between ~$77 and ~$96 while in Q4 2021 there was a ~55% selling at prices between ~$66 and ~$96. There was ~12% trimming in Q2 2022 while the next quarter saw a ~20% increase at prices between ~$49 and ~$65. The disposal this quarter was at prices between ~$50 and ~$64. The stock currently trades at ~$61.Amazon.com (AMZN): AMZN was a 1.36% of the portfolio purchased in Q2 20222 at prices between ~$102 and ~$168. There was ~60% selling next quarter at prices between ~$106 and ~$145. The position was rebuilt last quarter at prices between ~$86 and ~$121. The stake was sold this quarter at prices between ~$83 and ~$113. The stock currently trades at ~$110.Stake Increases:Liberty Media Sirius XM (LSXMK): The ~11% LSXMK stake was primarily built in Q3 2020 at prices between $32 and $37. Q4 2020 saw a ~14% stake increase. The four quarters through Q2 2022 saw the position doubled at prices between ~$35 and ~$56. The stock currently trades below the low end of their purchase price ranges at $27.80. The last three quarters have seen only minor adjustments.Alphabet Inc. (GOOG) (GOOGL): The large (top three) 10.41% GOOG stake was purchased in Q1 2020 at prices between ~$53 and ~$76. The last three quarters of 2020 had seen a ~75% selling at prices between ~$55 and ~$92. There was a ~265% stake increase in Q1 2021 at prices between ~$86 and ~$105. Q4 2021 saw a ~22% trimming at prices between ~$133 and ~$151 while next quarter there was a ~7% increase. The zig-zag trading pattern continued in the next quarter: ~30% reduction at prices between ~$106 and ~$144. That was followed with another ~60% selling during Q3 2022 at prices between ~$96 and ~$123. The stake was rebuilt last quarter at prices between ~$83.50 and ~$105. This quarter saw a ~47% stake increase at prices between ~$87 and ~$109. The stock is now at ~$118.Fidelity National Information Services (FIS): The 4.50% FIS position was purchased during Q3 2022 at prices between ~$76 and ~$105 and it is now at $55.07. There was a ~250% stake increase last quarter at prices between ~$57 and ~$85. That was followed with a ~125% increase this quarter at prices between ~$50 and ~$78.Gray Television (GTN): The very small 0.56% GTN stake saw a ~75% increase in Q2 2022 at prices between ~$17 and ~$22. That was followed with a ~45% increase next quarter at prices between ~$16.25 and ~$20.75. The stock currently trades at $7.60. The last two quarters have also seen minor increases.Stake Decreases:Qorvo Inc. (QRVO): QRVO is a large (top five) ~8% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. 2019 had seen a ~75% selling at prices between $60 and $118. Q4 2020 saw an about turn: ~50% stake increase at prices between ~$125 and ~$170. That was followed with a ~18% further increase next quarter. The two quarters through Q1 2022 saw another ~31% stake increase at prices between ~$119 and ~$178. The last two quarters saw a similar reduction at prices between ~$78 and ~$114. The stock is now at ~$90.Note: They have a ~4.6% ownership stake in the business.Warner Brothers Discovery (WBD): The large 6.52% of the portfolio stake in WBD was established in Q2 2022 at prices between ~$13 and ~$26. The next quarter saw a ~60% increase at prices between ~$11.30 and ~$17.50. The stock is now at $12.51. There was a minor ~7% stake increase last quarter while this quarter saw a ~19% trimming.New Oriental Education (EDU): EDU is a 3.58% of the portfolio position purchased in Q2 2022 at prices between ~$9.75 and ~$23.50. There was a ~25% selling last quarter at prices between ~$19 and ~$40. The stock is now at $37.77. This quarter also saw a minor ~7% trimming.Willis Towers Watson (WTW): WTW is a 3.41% of the portfolio stake established in Q1 2021 at prices between ~$200 and ~$235. The two quarters through Q3 2021 saw a ~60% selling at prices between ~$202 and ~$270 while the next quarter there was a ~25% stake increase at prices between ~$226 and ~$249. There was a similar reduction in Q2 2022 at prices between ~$191 and ~$243. Q3 2022 saw a ~40% increase at prices between ~$192 and ~$221 while this quarter there was a one-third reduction at prices between ~$220 and ~$257. The stock currently trades at ~$229.SS&C Technologies (SSNC): SSNC is a 3.16% position built in Q3 2020 at prices between ~$56 and ~$65. The two quarters through Q1 2021 had seen a ~25% stake increase at prices between ~$63 and ~$71. There was a ~22% selling in Q2 2022 at prices between ~$55 and ~$79. The next quarter saw a similar increase at prices between ~$48 and ~$63. It is now at ~$55. There was a ~13% trimming this quarter.Theravance Biopharma (TBPH): TBPH is a ~2% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The two quarters through Q3 2021 saw a ~50% stake increase at prices between ~$7 and ~$22.50. The stock is now at $11.30. There was a ~15% trimming last quarter and that was followed with a ~9% trimming this quarter.Note: they have a ~15% ownership stake in the business.Fiserv Inc. (FISV): FISV is a ~1% of the portfolio position purchased in Q4 2021 at prices between ~$96 and ~$111. There was a ~30% stake increase in Q1 2022 at prices between ~$93 and ~$110 while in the next quarter there was a ~11% trimming. The last quarter saw a ~45% reduction at prices between ~$94 and ~$106. That was followed with a ~75% selling this quarter at prices between ~$99 and ~$118. The stock is now at ~$119.Herbalife Nutrition (HLF): HLF is a small 0.54% of the portfolio stake established last quarter at prices between ~$12.60 and ~$22.20 and the stock currently trades at ~$14. There was marginal trimming this quarter.Lithia Motors (LAD): LAD is a very small 0.25% of the portfolio stake established during Q3 2022 at prices between ~$215 and ~$296 and the stock currently trades at ~$212. The position was sold down by ~75% this quarter at prices between ~$201 and ~$294.DigitalBridge (DBRG) previously Colony Capital: The very small 0.25% stake in DigitalBridge came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. Roughly half the position was sold in Q2 2020 at prices between ~$5.70 and $12.40. Q1 2022 saw another ~20% selling at prices between ~$26.40 and ~$33. That was followed with another ~30% reduction next quarter at prices between ~$18 and ~$30. Their overall cost-basis is ~$50 per share. DBRG currently trades at $10.93. This quarter saw a ~60% selling at prices between ~$10.50 and ~$15.40.Note: the prices quoted above are adjusted for the one-for-four reverse stock split last August.Kept Steady:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at ~19% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80. Since then, the activity had been minor. There was a ~10% reduction in Q2 2022 at prices between ~$22 and ~$26. The stock currently trades at ~$18.ViaSat (VSAT): VSAT is a large (top five) position at 9.43% of the portfolio. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. In July 2020, Baupost participated in ViaSat’s 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share. The stock currently trades at $35.75.Note: Baupost controls ~22% of the business.Veritiv Corporation (VRTV): VRTV is a 7.68% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at ~$110.Note: Klarman’s ownership interest in VRTV is ~26%.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Baupost Group’s 13F filings for Q42022 and Q1 2023.Regulatory filings from 11/18/2022 to 2/18/2023: 13G/As – 2/14 – LFG – zero, LSXMK – 7.68M shares – 7.83% of business. 13G/As – 2/13 – VRTV – 3.32M shares – 24.66% of business, QRVO – 5.73M shares – 5.65% of business, LSXMA – 13.65M shares – 6.25% of business, LSXMB – zero, VRNT - zero, AVAN – zero, JETKY – 19.51M shares – 9.03% of business, TBPH – 11.42M shares – 16.95% of business, AGCB - zero, OB – 9.59M shares – 15.47% of business. 13G/A – 2/9 – TMQ - 5.74M shares – 3.93% of business, 13G/A – 1/9 – 7.99M shares – 5.46% of business."

"Tracking Seth Klarman’s Baupost Group Holdings – Q4 2022 Update"

"Seth Klarman’s 13F portfolio value increased from $5.79B to $6.13B this quarter.Baupost Group increased Alphabet and Meta Platforms while dropping Dropbox and Encompass Health.The portfolio continues to be heavily concentrated with the top three positions accounting for ~39% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 2/13/2023. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q3 2022.Baupost Group’s 13F portfolio value increased ~6% from $5.79B to $6.13B this quarter. The total number of 13F securities decreased from 45 to 34. The portfolio is heavily concentrated with Liberty Global, Liberty Media Sirius XM, Qorvo, ViaSat, and Veritiv Corporation together accounting for ~54% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.Note: They own ~32% of Garrett Motion (GTX) and ~9% of Just Eat Takeaway (GRUB). GTX emerged from Chapter 11 bankruptcy last May. The bulk of the ownership is through a series A preferred share offering.New Stakes:Herbalife Nutrition (HLF): HLF is a small ~0.50% of the portfolio stake established this quarter at prices between ~$12.60 and ~$22.20 and the stock currently trades at $19.29.Stake Disposals:Dropbox Inc. (DBX): DBX was a 2.80% of the portfolio position established in Q3 2021 at prices between ~$28 and ~$32.50. Q1 2022 saw a ~30% stake increase while next quarter there was a similar reduction. The disposal this quarter was at prices between ~$20 and ~$23.75. The stock currently trades at ~$21. They realized losses.Encompass Health (EHC): The 2.30% stake in EHC was primarily built during Q1 2022 at prices between ~$60 and ~$70. The elimination this quarter was at prices between ~$45 and ~$60. The stock is now at $60.88.Archaea Energy (LFG): The small 0.88% of the portfolio LFG stake was purchased in Q3 2021 at prices between ~$14.50 and ~$20. Last two quarters had seen a ~18% selling at prices between ~$15.50 and ~$23. BP purchased Archaea Energy in a $26 per share all-cash deal that closed in December. Baupost had a ~5.5% ownership stake in the business.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): The 5.78% GOOG stake was purchased in Q1 2020 at prices between ~$53 and ~$76. Last three quarters of 2020 had seen a ~75% selling at prices between ~$55 and ~$92. There was a ~265% stake increase in Q1 2021 at prices between ~$86 and ~$105. Q4 2021 saw a ~22% trimming at prices between ~$133 and ~$151 while next quarter there was a ~7% increase. The zig-zag trading pattern continued next quarter: ~30% reduction at prices between ~$106 and ~$144. That was followed with another ~60% selling last quarter at prices between ~$96 and ~$123. The stake was rebuilt this quarter was at prices between ~$83.50 and ~$105. The stock is now at ~$91.Warner Brothers Discovery (WBD): The large 4.79% of the portfolio stake in WBD was established in Q2 2022 at prices between ~$13 and ~$26. Last quarter saw a ~60% increase at prices between ~$11.30 and ~$17.50. The stock is now at $15.73. There was a minor ~7% stake increase this quarter.Meta Platforms (META): META is a 3.39% of the portfolio position established in Q1 2020 at prices between $146 and $223. The next two quarters had seen a ~70% selling at prices between ~$154 and ~$304. There was a ~175% stake increase over the three quarters through Q3 2021 at prices between ~$245 and ~$355 while next quarter there was a ~36% reduction at prices between ~$307 and ~$348. That was followed with a ~30% selling in Q2 2022 at prices between ~$156 and ~$234. This quarter saw the stake rebuilt at prices between ~$89 and ~$140. The stock is now at ~$172.Fidelity National Information Services (FIS): The 2.38% FIS position was purchased last quarter at prices between ~$76 and ~$105 and it is now at $66.18. There was a ~250% stake increase this quarter at prices between ~$57 and ~$85.Amazon.com (AMZN): AMZN is a 1.36% of the portfolio purchased in Q2 20222 at prices between ~$102 and ~$168. There was ~60% selling last quarter at prices between ~$106 and ~$145. The position was rebuilt this quarter at prices between ~$86 and ~$121. The stock currently trades at $95.82.Gray Television (GTN): The very small 0.64% GTN stake saw a ~75% increase in Q2 2022 at prices between ~$17 and ~$22. That was followed with a ~45% increase last quarter at prices between ~$16.25 and ~$20.75. The stock currently trades at $12.73. This quarter also saw a ~8% stake increase.Stake Decreases:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at ~17% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80. Since then, the activity had been minor. There was a ~10% reduction in Q2 2022 at prices between ~$22 and ~$26. The stock currently trades at ~$22. Last two quarters have seen marginal trimming.Liberty Media Sirius XM (LSXMK): The ~14% LSXMK stake was primarily built in Q3 2020 at prices between $32 and $37. Q4 2020 saw a ~14% stake increase. The four quarters through Q2 2022 had seen the position doubled at prices between ~$35 and ~$56. The stock currently trades near the low end of their purchase price ranges at ~$33. Last two quarters have seen only minor adjustments.Qorvo Inc. (QRVO): QRVO is a large (top three) 8.47% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. 2019 had seen a ~75% selling at prices between $60 and $118. Q4 2020 saw an about turn: ~50% stake increase at prices between ~$125 and ~$170. That was followed with a ~18% further increase next quarter. The two quarters through Q1 2022 had seen another ~31% stake increase at prices between ~$119 and ~$178. The stock is now at ~$103. There was a ~15% trimming this quarter.Note: They have a ~5.7% ownership stake in the business.Veritiv Corporation (VRTV): VRTV is a 6.60% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at ~$138. There was a ~3% trimming this quarter.Note: Klarman’s ownership interest in VRTV is ~26%.Willis Towers Watson (WTW): WTW is a 5.11% of the portfolio stake established in Q1 2021 at prices between ~$200 and ~$235. The two quarters through Q3 2021 saw a ~60% selling at prices between ~$202 and ~$270 while next quarter there was a ~25% stake increase at prices between ~$226 and ~$249. There was a similar reduction in Q2 2022 at prices between ~$191 and ~$243. Last quarter saw a ~40% increase at prices between ~$192 and ~$221. The stock currently trades at ~$237. There was marginal trimming this quarter.Fiserv Inc. (FISV): FISV is a 3.30% of the portfolio position purchased in Q4 2021 at prices between ~$96 and ~$111. There was a ~30% stake increase in Q1 2022 at prices between ~$93 and ~$110 while next quarter there was a ~11% trimming. There was a ~45% reduction this quarter at prices between ~$94 and ~$106. The stock is now at ~$117.New Oriental Education (EDU): EDU is a 3.29% of the portfolio position purchased in Q2 2022 at prices between ~$9.75 and ~$23.50. There was a ~25% selling this quarter at prices between ~$19 and ~$40. The stock is now at ~$42.57.Theravance Biopharma (TBPH): TBPH is a ~2% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The two quarters through Q3 2021 saw a ~50% stake increase at prices between ~$7 and ~$22.50. The stock is now at $10.25. There was a ~15% trimming this quarter.Note: they have a ~17% ownership stake in the business.DigitalBridge (DBRG) previously Colony Capital: The 0.57% stake in DigitalBridge came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. Roughly half the position was sold in Q2 2020 at prices between ~$5.70 and $12.40. Q1 2022 saw another ~20% selling at prices between ~$26.40 and ~$33. That was followed with another ~30% reduction next quarter at prices between ~$18 and ~$30. Their overall cost-basis is ~$50 per share. DBRG currently trades at $13.75. There was a minor ~3% trimming this quarter.Note: the prices quoted above are adjusted for the one-for-four reverse stock split last August.Kept Steady:ViaSat (VSAT): VSAT is a large (top five) position at 8.41% of the portfolio. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. In July 2020, Baupost participated in ViaSat’s 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share. The stock currently trades at $32.92.Note: Baupost controls ~22% of the business.SS&C Technologies (SSNC): SSNC is a 3.20% position built in Q3 2020 at prices between ~$56 and ~$65. The two quarters through Q1 2021 had seen a ~25% stake increase at prices between ~$63 and ~$71. There was a ~22% selling in Q2 2022 at prices between ~$55 and ~$79. Last quarter saw a similar increase at prices between ~$48 and ~$63. It is now at $60.47.Micron Technology (MU): MU is a 2.68% of the portfolio position purchased in Q3 2020 at prices between $42.50 and $52.65 and the stock currently trades at $58.75. Q2 2021 saw a one-third increase at prices between ~$77 and ~$96 while in Q4 2021 there was a ~55% selling at prices between ~$66 and ~$96. There was ~12% trimming in Q2 2022 while last quarter saw a ~20% increase at prices between ~$49 and ~$65.Lithia Motors (LAD): LAD is a small 0.83% of the portfolio stake established last quarter at prices between ~$215 and ~$296 and the stock currently trades at ~$260.Atara Biotherapeutics (ATRA): ATRA is a 0.43% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follows: Q3 2019 saw a ~20% stake increase at prices between $12 and $20. Q2 2020 also saw a similar increase at prices between $7.50 and $14.93. The two quarters through Q1 2021 had seen a combined ~15% trimming. The stock currently trades at $4.27.Note: Klarman controls ~8.5% of the business.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Baupost Group’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 8/13/2022 to 11/18/2022: 13G/A – 9/9 – VRTV – 3.49M shares – 24.98% of business."

"Tracking Seth Klarman’s Baupost Group Holdings – Q3 2022 Update"

"Seth Klarman’s 13F portfolio value decreased from $6.77B to $5.79B this quarter.Baupost Group increased Warner Brothers Discovery and Willis Towers Watson while dropping Intel Corporation.The portfolio continues to be heavily concentrated with the top three positions accounting for ~39% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 11/14/2022. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q2 2022.Baupost Group’s 13F portfolio value decreased ~14% from $6.77B to $5.79B this quarter. The total number of 13F securities decreased from 52 to 45. The portfolio is heavily concentrated with Liberty Global, Liberty Media Sirius XM, Qorvo, ViaSat, and Veritiv Corporation together accounting for ~53% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.Note: They own ~32% of Garrett Motion (GTX) and ~14% of Just Eat Takeaway (GRUB). GTX emerged from Chapter 11 bankruptcy last May. The bulk of the ownership is through a series A preferred share offering.New Stakes:Lithia Motors (LAD) and Fidelity National Information Services (FIS): LAD is a small 0.93% of the portfolio stake established this quarter at prices between ~$215 and ~$296 and the stock currently trades at ~$225. The 0.80% FIS position was purchased at prices between ~$76 and ~$105 and it is now well below that range at $65.19.Stake Disposals:Intel Corp (INTC): INTC is a 4.82% of the portfolio stake established in Q4 2020 at prices between ~$44 and ~$55. Q1 2021 saw a ~28% stake increase at prices between ~$50 and ~$66. Last five quarters had seen a ~63% selling at prices between ~$36 and ~$68. That was followed with the elimination this quarter at prices between ~$26 and ~$41. The stock currently trades at $29.82. They realized losses.Nexstar Media Group (NXST): NXST stake was established in Q4 2018 at prices between $71 and $88. Q2 & Q3 2019 saw a ~80% stake increase at prices between $90 and $120. Last three quarters had seen a ~35% selling at prices between ~$144 and ~$190. This quarter saw the disposal at prices between ~$163 and ~$202. The stock is now at ~$173.Verint Systems (VRNT): The original VRNT position was built in Q3 2020 at prices between ~$42 and ~$51. Q1 2021 saw a ~20% stake increase at prices between ~$33.50 and ~$52. That was followed with a ~15% increase Q3 2021 at prices between ~$42 and ~$46. There was a ~40% selling in Q1 2022 at prices between ~$48 and ~$54. The position was almost eliminated last quarter at prices between ~$40 and ~$56. The stock is now at $38.72. The remainder stake was sold during the quarter.Stake Increases:Liberty Media Sirius XM (LSXMK): The ~14% LSXMK stake was primarily built in Q3 2020 at prices between $32 and $37. Q4 2020 saw a ~14% stake increase. Last four quarters had seen the position doubled at prices between ~$35 and ~$56. The stock currently trades at $42.85. This quarter saw a minor ~4% further increase.Warner Brothers Discovery (WBD): The large 5.76% of the portfolio stake in WBD was established last quarter at prices between ~$13 and ~$26. This quarter saw a ~60% increase at prices between ~$11.30 and ~$17.50. The stock is now below their purchase price ranges at $10.80.Willis Towers Watson (WTW): WTW is a 4.46% of the portfolio stake established in Q1 2021 at prices between ~$200 and ~$235. The two quarters through Q3 2021 saw a ~60% selling at prices between ~$202 and ~$270 while next quarter there was a ~25% stake increase at prices between ~$226 and ~$249. There was a similar reduction last quarter at prices between ~$191 and ~$243. This quarter saw a ~40% increase at prices between ~$192 and ~$221. The stock currently trades at ~$239.SS&C Technologies (SSNC): SSNC is a 3.11% position built in Q3 2020 at prices between ~$56 and ~$65. The two quarters through Q1 2021 had seen a ~25% stake increase at prices between ~$63 and ~$71. There was a ~22% selling last quarter at prices between ~$55 and ~$79. This quarter saw a similar increase at prices between ~$48 and ~$63. It is now at $51.40.Micron Technology (MU): MU is a 2.84% of the portfolio position purchased in Q3 2020 at prices between $42.50 and $52.65 and the stock currently trades at ~$59. Q2 2021 saw a one-third increase at prices between ~$77 and ~$96 while in Q4 2021 there was a ~55% selling at prices between ~$66 and ~$96. There was ~12% trimming last quarter while this quarter saw a ~20% increase at prices between ~$49 and ~$65.Gray Television (GTN): The very small 0.81% GTN stake saw a ~75% increase last quarter at prices between ~$17 and ~$22. That was followed with a ~45% increase this quarter at prices between ~$16.25 and ~$20.75. The stock currently trades at $10.76.Stake Decreases:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at ~16% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80. Since then, the activity had been minor. There was a ~10% reduction last quarter at prices between ~$22 and ~$26. The stock currently trades at $20.36. This quarter saw marginal trimming.Qorvo Inc. (QRVO): QRVO is a large (top three) 9.29% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. 2019 had seen a ~75% selling at prices between $60 and $118. Q4 2020 saw an about turn: ~50% stake increase at prices between ~$125 and ~$170. That was followed with a ~18% further increase next quarter. The two quarters through Q1 2022 had seen another ~31% stake increase at prices between ~$119 and ~$178. The stock is now at ~$97. Last two quarters have seen only minor adjustments.Note: They have a ~6.2% ownership stake in the business.Veritiv Corporation (VRTV): VRTV is a 5.80% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at ~$129. There was a ~4% trimming this quarter.Note: Klarman’s ownership interest in VRTV is ~25%.Amazon.com (AMZN) and New Oriental Education (EDU): AMZN is a 0.48% of the portfolio purchased last quarter at prices between ~$102 and ~$168 and the stock currently trades at ~$93. There was ~60% selling this quarter at prices between ~$106 and ~$145. EDU is a 3.18% of the portfolio position purchased last quarter at prices between ~$9.75 and ~$23.50. The stock is now at ~$26. There was a minor ~4% trimming this quarter.Alphabet Inc. (GOOG) (GOOGL): The 2.28% GOOG stake was purchased in Q1 2020 at prices between ~$53 and ~$76. Last three quarters of 2020 had seen a ~75% selling at prices between ~$55 and ~$92. There was a ~265% stake increase in Q1 2021 at prices between ~$86 and ~$105. Q4 2021 saw a ~22% trimming at prices between ~$133 and ~$151 while next quarter there was a ~7% increase. The zig-zag trading pattern continued last quarter: ~30% reduction at prices between ~$106 and ~$144. That was followed with another ~60% selling this quarter at prices between ~$96 and ~$123. The stock is now at ~$97.Kept Steady:ViaSat (VSAT): VSAT is a large (top five) position at 8.50% of the portfolio. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. In July 2020, Baupost participated in ViaSat’s 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share. The stock currently trades at ~$34.Note: Baupost controls ~22% of the business.Fiserv Inc. (FISV): FISV is a 5.71% of the portfolio position purchased in Q4 2021 at prices between ~$96 and ~$111. There was a ~30% stake increase in Q1 2022 at prices between ~$93 and ~$110 while last quarter there was a ~11% trimming. The stock is now at ~$101.Dropbox Inc. (DBX): DBX is a 2.80% of the portfolio position established in Q3 2021 at prices between ~$28 and ~$32.50 and the stock currently trades well below that range at $22.35. Q1 2022 saw a ~30% stake increase while last quarter there was a similar reduction.Theravance Biopharma (TBPH): TBPH is a 2.35% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The two quarters through Q3 2021 saw a ~50% stake increase at prices between ~$7 and ~$22.50. The stock is now at $10.61. There was marginal trimming in the last two quarters.Encompass Health (EHC): The 2.30% stake in EHC was primarily built during Q1 2022 at prices between ~$60 and ~$70. The stock is now below that range at $56.72. There was marginal trimming last quarter.Meta Platforms (META) previously Facebook: META is a 1.61% of the portfolio position established in Q1 2020 at prices between $146 and $223. The next two quarters had seen a ~70% selling at prices between ~$154 and ~$304. There was a ~175% stake increase over the three quarters through Q3 2021 at prices between ~$245 and ~$355 while next quarter there was a ~36% reduction at prices between ~$307 and ~$348. That was followed with a ~30% selling last quarter at prices between ~$156 and ~$234. The stock is now at ~$111.Archaea Energy (LFG): The small 0.88% of the portfolio LFG stake was purchased in Q3 2021 at prices between ~$14.50 and ~$20 and it is now at $25.86. Last two quarters had seen a ~18% selling at prices between ~$15.50 and ~$23.Note: Baupost controls ~5.5% of Archaea Energy.DigitalBridge (DBRG) previously Colony Capital: The 0.71% stake in DigitalBridge came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. Roughly half the position was sold in Q2 2020 at prices between ~$5.70 and $12.40. Q1 2022 saw another ~20% selling at prices between ~$26.40 and ~$33. That was followed with another ~30% reduction last quarter at prices between ~$18 and ~$30. Their overall cost-basis is ~$50 per share. DBRG currently trades at $14.54.Note: the prices quoted above are adjusted for the one-for-four reverse stock split in August.Atara Biotherapeutics (ATRA): ATRA is a 0.53% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follows: Q3 2019 saw a ~20% stake increase at prices between $12 and $20. Q2 2020 also saw a similar increase at prices between $7.50 and $14.93. The two quarters through Q1 2021 had seen a combined ~15% trimming. The stock currently trades at $4.21.Note: Klarman controls ~8.5% of the business.Advantage Solutions (ADV): The 0.43% ADV stake was established in Q4 2020 at prices between $8.75 and $13.35. The stock currently trades at $2.39. Last two quarters had seen minor selling.Nuvation Bio (NUVB): NUVB is a 0.40% of the portfolio stake established in Q1 2021 following their de-SPAC transaction that closed last February. The stock currently trades at $1.82. There was a ~20% stake increase in Q1 2022 at prices between ~$4.50 and ~$8.83. Last quarter saw marginal trimming.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Baupost Group’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 5/15/2022 to 8/13/2022: 13G/A – 7/8 – DBRG – 25.82M shares – 4.24% of business, 6/9 – 30.5M shares - ~5% of business."

"Tracking Seth Klarman’s Baupost Group Holdings – Q2 2022 Update"

"Seth Klarman’s 13F portfolio value decreased from $9.30B to $6.77B this quarter.Baupost Group added Warner Brothers Discovery and Amazon while reducing Alphabet, Intel Corp, Nexstar Media, and Verint Systems.The portfolio continues to be heavily concentrated with the top three positions accounting for ~46% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 8/12/2022. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q1 2022.Baupost Group’s 13F portfolio value decreased ~27% from $9.30B to $6.77B this quarter. The total number of 13F securities decreased from 55 to 52. The portfolio is heavily concentrated with Liberty Global, Liberty Media Sirius XM, Qorvo, ViaSat, and Veritiv Corporation together accounting for ~57% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.Note 1: Baupost has several very small (less than 0.5% of the portfolio each) stakes. Those positions are Aurora Innovation (AUR) wts, Avanti Acquisition (AVAN) wts, BellRing Brands (BRBR), Cazoo Group (CZOO) wts, Cullinan Oncology (CGEM), Ermenegildo Zegna (ZGN) wts, Finch Therapeutics Group (FNCH), Garrett Motion (GTX), Grab Holdings (GRAB), Hippo Holdings (HIPO) wts, Horizon Acquisition II (HZON) wts, ironSource (IS), Joby Aviation (JOBY), Liberty Media Acquisition Corp (LMACA) & wts, Noble Corp (NE), Outbrain Inc. (OB), Pershing Square Tontine wts, Redball Acquisition Corp (RBAC) wts, SVF Investment Corp (SVFA) wts, Trilogy Metals (TMQ), and Vertical Aerospace (EVTL) wts.Note 2: They own ~32% of Garrett Motion (GTX) and ~14% of Just Eat Takeaway (GRUB). GTX emerged from Chapter 11 bankruptcy last May. The bulk of the ownership is through a series A preferred share offering.New Stakes:Amazon.com (AMZN) and Warner Brothers Discovery (WBD): AMZN is a 0.94% of the portfolio purchased this quarter at prices between ~$102 and ~$168 and the stock currently trades at ~$144. The fairly large 3.57% of the portfolio stake in WBD was established this quarter at prices between ~$13 and ~$26 and the stock is now near the low end of that range at $13.68.Stake Increases:Liberty Media Sirius XM (LSXMK): The ~11% LSXMK stake was primarily built in Q3 2020 at prices between $32 and $37. Q4 2020 saw a ~14% stake increase. Last four quarters have seen the position doubled at prices between ~$35 and ~$56. The stock currently trades at $44.56.Qorvo Inc. (QRVO): QRVO is a large (top three) 9.71% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. 2019 had seen a ~75% selling at prices between $60 and $118. Q4 2020 saw an about turn: ~50% stake increase at prices between ~$125 and ~$170. That was followed with a ~18% further increase next quarter. Last two quarters had seen another ~31% stake increase at prices between ~$119 and ~$178. The stock is now at ~$111. There was a minor ~5% further increase this quarter.Note: They have a ~6.3% ownership stake in the business.Gray Television (GTN): The very small 0.56% GTN stake saw a ~75% increase this quarter at prices between ~$17 and ~$22. The stock currently trades at $19.65.Stake Decreases:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at ~18% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80. Since then, the activity had been minor. There was a ~10% trimming this quarter at prices between ~$22 and ~$26. The stock currently trades at $23.29.Alphabet Inc. (GOOG) (GOOGL): The 5.46% GOOG stake was purchased in Q1 2020 at prices between ~$53 and ~$76. Last three quarters of 2020 had seen a ~75% selling at prices between ~$55 and ~$92. There was a ~265% stake increase in Q1 2021 at prices between ~$86 and ~$105. Q4 2021 saw a ~22% trimming at prices between ~$133 and ~$151 while last quarter there was a ~7% increase. The zig-zag trading pattern continued this quarter - ~30% reduction at prices between ~$106 and ~$144. The stock is now at $123.Intel Corp (INTC): INTC is a 4.82% of the portfolio stake established in Q4 2020 at prices between ~$44 and ~$55. Q1 2021 saw a ~28% stake increase at prices between ~$50 and ~$66. Last five quarters have seen a ~63% selling at prices between ~$36 and ~$68. The stock currently trades at $36.11.Fiserv Inc. (FISV): FISV is a 4.64% of the portfolio position purchased in Q4 2021 at prices between ~$96 and ~$111. There was a ~30% stake increase last quarter at prices between ~$93 and ~$110 while this quarter there was a ~11% trimming. The stock is now at ~$109.Willis Towers Watson (WLTW): WLTW is a 2.70% of the portfolio stake established in Q1 2021 at prices between ~$200 and ~$235. The two quarters through Q3 2021 saw a ~60% selling at prices between ~$202 and ~$270 while next quarter there was a ~25% stake increase at prices between ~$226 and ~$249. There was a similar reduction this quarter at prices between ~$191 and ~$243. The stock currently trades at ~$220.SS&C Technologies (SSNC): SSNC is a 2.54% position built in Q3 2020 at prices between ~$56 and ~$65. The two quarters through Q1 2021 had seen a ~25% stake increase at prices between ~$63 and ~$71. There was a ~22% selling this quarter at prices between ~$55 and ~$79. It is now at $62.71.Encompass Health (EHC): The 2.44% stake in EHC was primarily built last quarter at prices between ~$60 and ~$70. The stock is now below that range at $53.82. There was marginal trimming this quarter.Dropbox Inc. (DBX): DBX is a 2.43% of the portfolio position established in Q3 2021 at prices between ~$28 and ~$32.50 and the stock currently trades below that range at $24.84. Last quarter saw a ~30% stake increase while this quarter there was a similar reduction.Micron Technology (MU): MU is a 2.23% of the portfolio position purchased in Q3 2020 at prices between $42.50 and $52.65 and the stock currently trades at ~$65. Q2 2021 saw a one-third increase at prices between ~$77 and ~$96 while in Q4 2021 there was a ~55% selling at prices between ~$66 and ~$96. There was ~12% trimming this quarter.Theravance Biopharma (TBPH): TBPH is a 1.80% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The two quarters through Q3 2021 saw a ~50% stake increase at prices between ~$7 and ~$22.50. The stock is now at $9.61. There was marginal trimming in the last two quarters.Note: Klarman controls ~20% of the business. The 13F filing also lists a small position in Theravance Biopharma Notes.Meta Platforms (META) previously Facebook: META is a 1.64% of the portfolio position established in Q1 2020 at prices between $146 and $223. The next two quarters had seen a ~70% selling at prices between ~$154 and ~$304. There was a ~175% stake increase over the three quarters through Q3 2021 at prices between ~$245 and ~$355 while next quarter there was a ~36% reduction at prices between ~$307 and ~$348. That was followed with a ~30% selling this quarter at prices between ~$156 and ~$234. The stock is now at ~$181.DigitalBridge (DBRG) previously Colony Capital: The 0.95% stake in DigitalBridge came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. Roughly half the position was sold in Q2 2020 at prices between $1.42 and $3.10. Last quarter saw another ~20% selling at prices between ~$6.60 and ~$8.25. That was followed with another ~30% reduction this quarter at prices between ~$4.50 and ~$7.50. Their overall cost-basis is ~$12.50 per share. DBRG currently trades at $5.70.Nexstar Media Group (NXST): NXST is now a small 0.67% of the portfolio position. It was established in Q4 2018 at prices between $71 and $88. Q2 & Q3 2019 saw a ~80% stake increase at prices between $90 and $120. Last three quarters have seen a ~35% selling at prices between ~$144 and ~$190. The stock is now at ~$202.Advantage Solutions (ADV): The 0.64% ADV stake was established in Q4 2020 at prices between $8.75 and $13.35. The stock currently trades well below that range at $4.48. Last two quarters have seen minor selling.Archaea Energy (LFG): The small 0.64% of the portfolio LFG stake was purchased in Q3 2021 at prices between ~$14.50 and ~$20 and it is now at $19.05. Last two quarters have seen a ~18% selling at prices between ~$15.50 and ~$23.Note: Baupost controls ~5.5% of Archaea Energy.Nuvation Bio (NUVB): NUVB is a 0.50% of the portfolio stake established in Q1 2021 following their de-SPAC transaction that closed last February. The stock currently trades at $2.88. There was a ~20% stake increase last quarter at prices between ~$4.50 and ~$8.83. This quarter saw marginal trimming.Verint Systems (VRNT): VRNT is now a minutely small 0.12% of the portfolio stake. The original position was built in Q3 2020 at prices between ~$42 and ~$51. Q1 2021 saw a ~20% stake increase at prices between ~$33.50 and ~$52. That was followed with a ~15% increase Q3 2021 at prices between ~$42 and ~$46. There was a ~40% selling last quarter at prices between ~$48 and ~$54. The position was almost eliminated this quarter at prices between ~$40 and ~$56. The stock is now at $49.64.Kept Steady:ViaSat (VSAT): VSAT is a large (top five) position at 7.37% of the portfolio. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. In July 2020, Baupost participated in ViaSat’s 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share. The stock currently trades at ~$40.Note: Baupost controls ~22% of the business.Veritiv Corporation (VRTV): VRTV is a 5.72% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at ~$141.Note: Klarman’s ownership interest in VRTV is ~23%.Atara Biotherapeutics (ATRA): ATRA is a 0.94% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follows: Q3 2019 saw a ~20% stake increase at prices between $12 and $20. Q2 2020 also saw a similar increase at prices between $7.50 and $14.93. The two quarters through Q1 2021 had seen a combined ~15% trimming. The stock currently trades at $5.84.Note: Klarman controls ~8.5% of the business.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Baupost Group’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 2/14/2022 to 5/15/2022: None."

"Tracking Seth Klarman’s Baupost Group Holdings – Q1 2022 Update"

"Seth Klarman’s 13F portfolio value decreased from $10.13B to $9.30B this quarter.Baupost Group increased Fiserv, Dropbox, Encompass Health, Nuvation Bio, and IronSource while reducing Joby Aviation and dropping Pershing Square Tontine and NortonLifeLock.The portfolio continues to be heavily concentrated with the top three positions accounting for ~35% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 5/13/2022. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q4 2021.Baupost Group’s 13F portfolio value decreased ~8% from $10.13B to $9.30B this quarter. The total number of 13F securities increased from 54 to 55. The portfolio is heavily concentrated with Liberty Global, Qorvo, Intel, ViaSat, and Liberty Media Sirius XM together accounting for ~52% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.Note 1: Baupost has several very small (less than 0.5% of the portfolio each) stakes, many of which are SPAC common shares and/or warrants. Those positions are Altimeter Growth Corp II (AGCB), Archea Energy (LFG), Aurora Innovation (AUR) wts, Avanti Acquisition (AVAN) & wts, Cazoo Group (CZOO) wts, Cullinan Oncology (CGEM), Cvent (CVT), Ermenegildo Zegna (ZGN) wts, Finch Therapeutics Group (FNCH), Garrett Motion (GTX), Grab Holdings (GRAB), Gray Television (GTN), Hippo Holdings (HIPO) wts, Horizon Acquisition II (HZON) wts, Liberty Media Acquisition Corp (LMACA) & wts, Noble Corp (NE), Outbrain Inc. (OB), Pershing Square Tontine (PSTH) wts, Post Holdings (PSPC), Redball Acquisition Corp (RBAC) wts, SVF Investment Corp (SVFA) & wts, Trilogy Metals (TMQ), and Vertical Aerospace (EVTL) wts. Although the SPAC stakes as a percentage of the portfolio are very small, it is significant that they hold mid-to-high-single-digit percentage of the trust-values in most of them.Note 2: They own ~32% of Garrett Motion (GTX) and ~14% of Just Eat Takeaway (GRUB). GTX emerged from Chapter 11 bankruptcy in May. Baupost started buying shares last November when it was trading below $3. It currently trades at $5.96. The bulk of the ownership is through a series A preferred share offering.Stake Disposals:Pershing Square Tontine (PSTH): PSTH was a 1.86% of the 13F portfolio stake established in Q3 2020. Pershing Square Tontine is a ~$4B SPAC that had an IPO in July 2020. The units started trading at ~$21.50. The common stake was reduced by ~27% in Q4 2020 at prices between ~$22.25 and ~$27.75. That was followed with a ~20% selling in Q2 2021 at prices between ~$22 and ~$25.50. The disposal this quarter was at prices between $19.75 and $19.92. The stock currently trades at $19.84.Note: they still own a small stake in the warrants.NortonLifeLock (NLOK): The 1.48% of the portfolio stake in NLOK was established last quarter at prices between ~$24 and ~$27. It was sold this quarter at prices between ~$25 and ~$31. The stock is now at $23.95.Stake Increases:Qorvo Inc. (QRVO): QRVO is a large (top three) 8.87% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. 2019 had seen a ~75% selling at prices between $60 and $118. Q4 2020 saw an about turn: ~50% stake increase at prices between ~$125 and ~$170. That was followed with a ~18% further increase next quarter. Last two quarters have seen another ~31% stake increase at prices between ~$119 and ~$178. The stock is now at ~$105.Note: They have a ~6% ownership stake in the business.Liberty Media Sirius XM (LSXMK): The 8.25% LSXMK stake was primarily built in Q3 2020 at prices between $32 and $37. Q4 2020 saw a ~14% stake increase. Last three quarters have seen another ~68% stake increase at prices between ~$44 and ~$56. The stock currently trades at $39.44.Alphabet Inc. (GOOG) (GOOGL): The 7.32% GOOG stake was purchased in Q1 2020 at prices between $1057 and $1527 and the stock currently trades at ~$2330. Last three quarters of 2020 had seen a ~75% selling at prices between ~$1098 and ~$1830. There was a ~265% stake increase in Q1 2021 at prices between ~$1725 and ~$2100. Last quarter saw a ~22% trimming at prices between ~$2665 and ~$3014 while this quarter there was a ~7% increase.Fiserv Inc. (FISV): FISV is a 4.35% of the portfolio position purchased last quarter at prices between ~$96 and ~$111 and the stock currently trades at the low end of that range at ~$96. There was a ~30% stake increase this quarter at prices between ~$93 and ~$110.Dropbox Inc. (DBX): DBX is a 2.64% of the portfolio position established in Q3 2021 at prices between ~$28 and ~$32.50 and the stock currently trades below that range at $20.77. There was a ~13% trimming last quarter. This quarter saw a ~30% stake increase at prices between ~$20 and ~$25.Encompass Health (EHC): The 2.29% stake in EHC was primarily built this quarter at prices between ~$60 and ~$70. The stock is now at ~$64.Nuvation Bio (NUVB): NUVB is a 0.59% of the portfolio stake established in Q1 2021 following their de-SPAC transaction that closed last February. The stock currently trades at ~$4. There was a ~20% stake increase this quarter at prices between ~$4.50 and ~$8.83.Note: Nuvation Bio is an oncology startup whose founding team came from Medivation. Their SPAC sponsor was Panacea Acquisition. In 2004, their team did a SPAC transaction for Medivation which turned out to be the best performing biotech SPAC deal ever - after going revenue-less for almost a decade, Medivation came up with the blockbuster drug XTANDI (late-stage prostate cancer treatment). Pfizer then acquired them in 2015 for ~$14B compared to ~$3M market-cap for the de-SPAC transaction that closed in December 2004.IronSource Ltd. (IS): Thoma Bravo Advantage was a SPAC that had a ~$1B IPO in January 2021. In March 2021, they announced the merger with IronSource. The transaction closed in June. Baupost established the original stake in Q1 2021. The position was doubled in Q2 2021 at prices between ~$10 and ~$11. Last quarter saw a ~50% selling at prices between ~$7.50 and ~$12.50 while this quarter there was a stake doubling at prices between $4.55 and $7.94. The stock currently trades at $2.80.Stake Decreases:Intel Corp (INTC): INTC is a large (top three) 8.84% of the portfolio stake established in Q4 2020 at prices between ~$44 and ~$55. Q1 2021 saw a ~28% stake increase at prices between ~$50 and ~$66. The stock currently trades at $43.60. Last four quarters have seen a ~30% selling at prices between ~$44 and ~$68.Willis Towers Watson (WLTW): WLTW is a 3.13% of the portfolio stake established in Q1 2021 at prices between ~$200 and ~$235 and the stock currently trades at ~$206. The two quarters through Q3 2021 saw a ~60% selling at prices between ~$202 and ~$270 while last quarter there was a ~25% stake increase at prices between ~$226 and ~$249. There was marginal trimming this quarter.SS&C Technologies (SSNC): SSNC is a ~3% position built in Q3 2020 at prices between ~$56 and ~$65 and it is now at $59.82. The two quarters through Q1 2021 had seen a ~25% stake increase at prices between ~$63 and ~$71. Q2 2021 saw a ~13% trimming while next quarter there was a similar increase. There was marginal trimming this quarter.Micron Technology (MU): MU is a 2.61% of the portfolio position purchased in Q3 2020 at prices between $42.50 and $52.65 and the stock currently trades at $71.92. Q2 2021 saw a one-third increase at prices between ~$77 and ~$96 while last quarter there was a ~55% selling at prices between ~$66 and ~$96. There was minor trimming this quarter.Nexstar Media Group (NXST): The 2.33% NXST position was established in Q4 2018 at prices between $71 and $88. Q2 & Q3 2019 saw a ~80% stake increase at prices between $90 and $120. The stock is now at ~$172. Last two quarters have seen a ~45% selling at prices between ~$143 and ~$190.Meta Platforms (FB) previously Facebook: FB is a 2.32% of the portfolio position established in Q1 2020 at prices between $146 and $223. The next two quarters had seen a ~70% selling at prices between ~$154 and ~$304. There was a ~175% stake increase over the three quarters through Q3 2021 at prices between ~$245 and ~$355 while last quarter there was a ~36% reduction at prices between ~$307 and ~$348. The stock is now at ~$199. There was marginal selling this quarter.DigitalBridge (DBRG) previously Colony Capital: The 1.42% stake in DigitalBridge came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. Roughly half the position was sold in Q2 2020 at prices between $1.42 and $3.10. This quarter saw another ~20% selling at prices between ~$6.60 and ~$8.25. Their overall cost-basis is ~$12.50 per share. DBRG currently trades at $5.94.Note: Baupost owns ~5.4% of DigitalBridge.Theravance Biopharma (TBPH): TBPH is a 1.40% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The two quarters through Q3 2021 saw a ~50% stake increase at prices between ~$7 and ~$22.50. The stock is now at $9.12. There was marginal trimming this quarter.Note: The stock dropped ~50% last August after a clinical setback – ampreloxetine missed primary endpoint in orthostatic hypotension study. In September, they announced a ~75% headcount reduction to focus on their respiratory assets. There is speculation that GlaxoSmithKline (GSK) is considering a merger deal. Klarman controls ~20% of the business. The 13F also lists a small position in Theravance Biopharma Notes.Verint Systems (VRNT): The 1.23% VRNT stake was built in Q3 2020 at prices between ~$42 and ~$51 and the stock currently trades at $51.12. Q1 2021 saw a ~20% stake increase at prices between ~$33.50 and ~$52. That was followed with a ~15% increase Q3 2021 at prices between ~$42 and ~$46. Last quarter also saw a minor ~6% stake increase. There was a ~40% selling this quarter at prices between ~$48 and ~$54.Atara Biotherapeutics (ATRA): ATRA is a 0.81% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follows: Q3 2019 also saw a ~20% stake increase at prices between $12 and $20. Q2 2020 saw a similar increase at prices between $7.50 and $14.93. The two quarters through Q1 2021 had seen a combined ~15% trimming. The stock currently trades at $5.48. This quarter saw a minor ~4% trimming.Note: Klarman controls ~8.5% of the business.Advantage Solutions (ADV): The 0.80% ADV stake was established in Q4 2020 at prices between $8.75 and $13.35. The stock currently trades at $4.42. This quarter saw marginal selling.Archaea Energy (LFG): The small 0.70% of the portfolio LFG stake was purchased in Q3 2021 at prices between ~$14.50 and ~$20 and it is now at $18.66. This quarter saw a ~11% trimming.Note: Archaea Energy is a De-SPAC that started trading last September following the close of their merger with Rice Energy Acquisition. Baupost controls ~5.8% of Archaea Energy.Joby Aviation (JOBY): JOBY position saw a roughly two-thirds stake increase in Q3 2021 at prices between $8.15 and $13.40. The stock is now at $5.33. The stake was sold down by ~80% this quarter to a minutely small position at prices between $3.63 and $7.48.Note: Joby Aviation is a De-SPAC that started trading last August following the close of its merger transaction with Reinvent Technology Partners.Kept Steady:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at 17.14% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80. Since then, the activity has been minor. The stock currently trades at $24.07.ViaSat (VSAT): VSAT is a large (top five) position at 8.55% of the portfolio. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. In July 2020, Baupost participated in ViaSat’s 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share. The stock currently trades at $37.90.Note: Baupost controls ~22% of the business.Veritiv Corporation (VRTV): VRTV is a 5.12% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at ~$144.Note: Klarman’s ownership interest in VRTV is ~23%.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Baupost Group’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/14/2021 to 2/14/2022: 13G – 2/14 – GRUB – Just Eat Takeaway – 14.04% of business – 6.6% of business. The Nasdaq listed ADRs are delisting in Q1 2022. 13G/A – 2/11 – AVAN – 4M shares – 6.67% of business. 13G/A – 2/11 – DBRG – 35.79M shares – 6.8% of business. 13G/A – 2/11 – PSTH – 9.55M shares – 4.78% of business. 13G/A – 2/11 – HZON – 0. 13G – 2/11 – AGCB – 2.5M shares – 5.42% of business. 13G – 2/11 – LMACA – 3.2M shares – 5.57% of business. 13G/A – 2/11 – RBAC – 0. 13G/A – 2/11 – AJAX – 0. 13G/A – 2/11 – TMQ – 11.71M shares – 8.11% of business. 13G – 2/11 – QRVO – 5.95M shares – 5.39% of business. 13G – 2/11 – LFG – Archaea Energy – 3.5M shares – 6.53% of business. 13G/A – 2/11 – SKIN – Beauty Health – 0. 13D/A – 2/11 – IIAC – InvestIndustrial/Zegna – 0. 13G/A – 2/11 – BSN – Broadstone/EVTL – 0. 13G/A – 2/11 – TBPH – 14.53M shares – 19.49% of business. 13G – 2/11 – VRNT – Verint – 3.75M shares – 5.72% of business. 13G – 2/11 – Liberty Media – 4.975M shares – 5.15% of business. 13G/A – 2/9 – ATRA – 8.12M shares – 9.19% of business. Form 4, 13D/A – 12/14 – GTX – Garrett Motion – 3.575M shares – 29.06M shares – 32.09% of business."

"Tracking Seth Klarman’s Baupost Group Holdings – Q4 2021 Update"

"Seth Klarman’s 13F portfolio value decreased from $10.88B to $10.13B this quarter.Baupost Group added Fiserv while dropping eBay and International Flavors & Fragrances.The portfolio continues to be heavily concentrated with the top three positions accounting for ~35% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 2/11/2022. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q3 2021.Baupost Group’s 13F portfolio value decreased ~7% from $10.88B to $10.13B this quarter. The total number of 13F securities decreased from 57 to 54. The portfolio is heavily concentrated with Liberty Global, Qorvo, Intel, Liberty Media Sirius XM, and ViaSat together accounting for ~50% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.Note 1: Baupost has several very small (less than 0.5% of the portfolio each) stakes, many of which are SPAC common shares and/or warrants. Those positions are Altimeter Growth Corp II (AGCB), Aurora Innovation (AUR) wts, Avanti Acquisition (AVAN) & wts, Cvent (CVT), Encompass Health (EHC), Ermenegildo Zegna (ZGN) wts, Finch Therapeutics Group (FNCH), Garrett Motion (GTX), Grab Holdings (GRAB), Hippo Holdings (HIPO) wts, Horizon Acquisition II (HZON) wts, Liberty Media Acquisition Corp (LMACA) & wts, Noble Corp (NE), Outbrain Inc. (OB), Pershing Square Tontine (PSTH) & wts, Redball Acquisition Corp (RBAC) wts, SVF Investment Corp (SVFA) & wts, Trilogy Metals (TMQ), and Vertical Aerospace (EVTL) wts. Although the SPAC stakes as a percentage of the portfolio are very small, it is significant that they hold mid-to-high-single-digit percentage of the trust-values in most of them.Note 2: They own ~32% of Garrett Motion (GTX) and ~14% of Just Eat Takeaway (GRUB). GTX emerged from Chapter 11 bankruptcy in May. Baupost started buying shares last November when it was trading below $3. It currently trades at $7.14. The bulk of the ownership is through a series A preferred share offering.New Stakes:Fiserv Inc. (FISV) and NortonLifeLock (NLOK): These are the two new positions this quarter. FISV is a 3.13% of the portfolio position purchased at prices between ~$96 and ~$111 and the stock currently trades near the low end of that range at ~$98. The 1.48% of the portfolio stake in NLOK was established at prices between ~$24 and ~$27 and it is now at $29.48.Stake Disposals:eBay Inc. (EBAY): EBAY stake was at 3.83% of the portfolio as of last quarter. It was established in Q4 2018 at prices between $26 and $33 and increased by ~40% in Q1 2019 at prices between $28 and $38. There was a ~18% selling next quarter at prices between $35.50 and $40. That was followed with a ~30% selling in Q3 2019 at prices between $38 and $42. Q4 2019 saw a ~20% stake increase at prices between $34.50 and $39.25. That was followed with a ~60% increase in Q1 2020 at prices between $26.34 and $38.50. Last three quarters had seen a ~80% reduction at prices between ~$50.50 and ~$78. The disposal this quarter was at prices between ~$64 and ~$81. The stock currently trades at $58.18.International Flavors & Fragrances (IFF): IFF was a 1.53% of the portfolio position established in Q1 2021 at prices between ~$105 and ~$141. There was a ~40% selling last quarter at prices between ~$132 and ~$157. The remaining stake was sold this quarter at around the same price range. The stock is now at ~$132.PG&E Corporation (PCG): PCG was a large stake built during the first three quarters of 2018 at prices between $38 and $47. Q2 2019 saw another 58% stake increase at prices between $6 and $24. The three quarters thru Q2 2020 had seen a ~80% reduction at prices between ~$6.50 and ~$18. Q3 2020 saw the position rebuilt at prices between $8.60 and $10. There was a ~75% reduction last quarter at prices between $8.30 and $10.50. The remainder stake was disposed this quarter. The stock currently trades at $11.28.Note: It was reported in November 2018 that Baupost had hedged this position by buying $1B worth of certain insurance claims against PG&E connected to the Nov 2017 wildfires for ~35c on the dollar. Baupost collected ~$3B on those payments in August 2020.Stake Increases:Qorvo Inc. (QRVO): QRVO is a large (top three) 9.18% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. 2019 had seen a ~75% selling at prices between $60 and $118. Q4 2020 saw an about turn: ~50% stake increase at prices between ~$125 and ~$170. That was followed with a ~18% further increase next quarter. This quarter also saw a similar increase. The stock is now at ~$129.Note: They have a 5.39% ownership stake in the business.Liberty Media Sirius XM (LSXMK): The 7.78% LSXMK stake was primarily built in Q3 2020 at prices between $32 and $37. Q4 2020 saw a ~14% stake increase and that was followed with a ~35% increase last quarter at prices between ~$44 and ~$50. There was another ~15% increase this quarter. The stock currently trades at $50.59.Willis Towers Watson (WLTW): WLTW is a 2.93% of the portfolio stake established in Q1 2021 at prices between ~$200 and ~$235 and the stock currently trades at ~$219. Last two quarters saw a ~60% selling at prices between ~$202 and ~$270 while this quarter there was a ~25% stake increase at prices between ~$226 and ~$249.Verint Systems (VRNT): The 1.95% VRNT stake was built in Q3 2020 at prices between ~$42 and ~$51 and the stock currently trades at $52.18. Q1 2021 saw a ~20% stake increase at prices between ~$33.50 and ~$52. That was followed with a ~15% increase last quarter at prices between ~$42 and ~$46. This quarter also saw a minor ~6% stake increase.Stake Decreases:Intel Corp (INTC): INTC is a large (top three) 9.17% of the portfolio stake established in Q4 2020 at prices between ~$44 and ~$55. Q1 2021 saw a ~28% stake increase at prices between ~$50 and ~$66. The stock currently trades at $47.58. Last three quarters have seen a ~23% selling.Alphabet Inc. (GOOG) (GOOGL): The 6.52% GOOG stake was purchased in Q1 2020 at prices between $1057 and $1527 and the stock currently trades at ~$2706. Last three quarters of 2020 had seen a ~75% selling at prices between ~$1098 and ~$1830. There was a ~265% stake increase in Q1 2021 at prices between ~$1725 and ~$2100. This quarter saw a ~22% trimming at prices between ~$2665 and ~$3014.Meta Platforms (FB) previously Facebook: FB is a 3.27% of the portfolio position established in Q1 2020 at prices between $146 and $223. The next two quarters had seen a ~70% selling at prices between ~$154 and ~$304. There was a ~175% stake increase over the last three quarters at prices between ~$245 and ~$355 while this quarter there was a ~36% reduction at prices between ~$307 and ~$348. The stock is now at ~$218.Micron Technology (MU): MU is a ~3% of the portfolio position purchased in Q3 2020 at prices between $42.50 and $52.65 and the stock currently trades at ~$90. Q2 2021 saw a one-third increase at prices between ~$77 and ~$96 while this quarter there was a ~55% selling at prices between ~$66 and ~$96.Nexstar Media Group (NXST): The 2.55% NXST position was established in Q4 2018 at prices between $71 and $88. Q2 & Q3 2019 saw a ~80% stake increase at prices between $90 and $120. The stock is now at ~$177. There was a ~17% trimming this quarter.Dropbox Inc. (DBX): DBX is a ~2% of the portfolio position established last quarter at prices between ~$28 and ~$32.50 and the stock currently trades below that range at $24.39. There was a ~13% trimming this quarter.Joby Aviation (JOBY): JOBY is a 0.69% of the portfolio position that saw a roughly two-thirds stake increase last quarter at prices between $8.15 and $13.40. The stock is now at $4.76. There was a minor ~4% trimming this quarter.Note: Joby Aviation is a De-SPAC that started trading last August following the close of its merger transaction with Reinvent Technology Partners.IronSource Ltd. (IS): Thoma Bravo Advantage was a SPAC that had a ~$1B IPO in January 2021. In March 2021, they announced the merger with IronSource. The transaction closed in June. Baupost established the original stake in Q1 2021. The position was doubled in Q2 2021 at prices between ~$10 and ~$11. This quarter saw a ~50% selling at prices between ~$7.50 and ~$12.50. The stock currently trades at $6.73.Kept Steady:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at 17.07% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80. Since then, the activity has been minor. The stock currently trades at $27.74.ViaSat (VSAT): VSAT is a large (top five) position at 7.16% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. In July 2020, Baupost participated in ViaSat’s 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share. The stock currently trades at ~$43.Note: Baupost controls ~22% of the business.Veritiv Corporation (VRTV): VRTV is a 4.31% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at ~$95.Note: Klarman’s ownership interest in VRTV is ~23%.SS&C Technologies (SSNC): SSNC is a ~3% position built in Q3 2020 at prices between ~$56 and ~$65 and it is now at ~$75. The two quarters through Q1 2021 had seen a ~25% stake increase at prices between ~$63 and ~$71. Q2 2021 saw a ~13% trimming while last quarter there was a similar increase.DigitalBridge (DBRG) previously Colony Capital: The 1.88% stake in DigitalBridge came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. Roughly half the position was sold in Q2 2020 at prices between $1.42 and $3.10. Since then, the activity has been minor. Their overall cost-basis is ~$12.50 per share. DBRG currently trades at $6.95.Note: Baupost owns ~6.8% of DigitalBridge.Pershing Square Tontine (PSTH) and wts: PSTH is a 1.86% of the 13F portfolio stake established in Q3 2020. Pershing Square Tontine is a ~$4B SPAC that had an IPO in July 2020. The units started trading at ~$21.50. Separate trading of the stock and warrants started around mid-September. They currently trade at $19.84 and $1.31 respectively. The common stake was reduced by ~27% in Q4 2020 at prices between ~$22.25 and ~$27.75. That was followed with a ~20% selling in Q2 2021 at prices between ~$22 and ~$25.50.Theravance Biopharma (TBPH): TBPH is a 1.49% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. Last two quarters saw a ~50% stake increase at prices between ~$7 and ~$22.50. The stock is now at $9.26.Note: The stock dropped ~50% last August after a clinical setback – ampreloxetine missed primary endpoint in orthostatic hypotension study. In September, they announced a ~75% headcount reduction to focus on their respiratory assets. There is speculation that GlaxoSmithKline (GSK) is considering a merger deal. Klarman controls ~20% of the business. The 13F also lists a small position in Theravance Biopharma Notes.Atara Biotherapeutics (ATRA): ATRA is a 1.32% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follows: Q3 2019 also saw a ~20% stake increase at prices between $12 and $20. Q2 2020 saw a similar increase at prices between $7.50 and $14.93. The two quarters through Q1 2021 had seen a combined ~15% trimming. The stock currently trades at $14.24.Note: Klarman controls ~9% of the business.Advantage Solutions (ADV): The ~1% ADV stake was established in Q4 2020 at prices between $8.75 and $13.35. The stock currently trades at ~$7.20.Nuvation Bio (NUVB): NUVB is a 0.72% of the portfolio stake established in Q1 2021 following their de-SPAC transaction that closed last October. The stock currently trades at $5.20.Note: The Nuvation Bio SPAC sponsor was Panacea Acquisition. In 2004, their team did a SPAC transaction for Medivation which turned out to be the best performing biotech SPAC deal ever - after going revenue-less for almost a decade, Medivation came up with the blockbuster drug XTANDI (late-stage prostate cancer treatment). Pfizer then acquired them in 2015 for ~$14B compared to ~$3M market-cap for the de-SPAC transaction that closed in December 2004.Archaea Energy (LFG): The small 0.61% of the portfolio LFG stake was purchased last quarter at prices between ~$14.50 and ~$20 and it is now at $15.96.Note: Archaea Energy is a De-SPAC that started trading last September following the close of their merger with Rice Energy Acquisition. Baupost controls ~6.5% of Archaea Energy.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Baupost Group’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 8/15/2021 thru 11/14/2021: 13D/A – 11/10 – VSAT – 16.29M shares – 22.18% of business. 9/15 – 4/A & 13D/A – TBIO – 18.04M shares disposed @ 38 due to acquisition by Sanofi."

"Tracking Seth Klarman’s Baupost Group Holdings – Q3 2021 Update"

"Seth Klarman’s 13F portfolio value decreased from $12.33B to $10.88B this quarter.Baupost Group increased Liberty Sirius XM, Theravance Biopharma, and Joby Aviation while decreasing eBay, Willis Towers Watson, International Flavors & Fragrances, and PG&E.The portfolio continues to be heavily concentrated with the top three positions accounting for ~35% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 11/12/2021. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q2 2021.Baupost Group’s 13F portfolio value decreased ~12% from $12.33B to $10.88B this quarter. The total number of 13F securities decreased from 59 to 57. The portfolio is heavily concentrated with Liberty Global, Intel, ViaSat, Qorvo, and Alphabet and together accounting for ~50% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.Note 1: Baupost has several very small (less than 0.5% of the portfolio each) stakes, many of which are SPAC common shares and/or warrants. Those positions are Altimeter Growth Corp II (AGCB), Avanti Acquisition (AVAN) & wts, Broadstone Acquisition (BSN) & wts, Cazoo Group (CZOO), Dragoneer Growth Opportunities II (DGNS), Dragoneer Growth Opportunities III (DGNU), Finch Therapeutics Group (FNCH), Garrett Motion (GTX), Hippo Insurance (HIPO) & wts previously Reinvent Technology Partners Z, Horizon Acquisition II (HZON) & wts, InvestIndustrial Acquisition (IIAC) & wts, Liberty Media Acquisition Corp (LMACA) & wts, Noble Corp (NE), Outbrain Inc. (OB), Pershing Square Tontine (PSTH) wts, Redball Acquisition Corp (RBAC) wts, SVF Investment Corp (SVFA) & wts, and Trilogy Metals (TMQ). Although the SPAC stakes as a percentage of the portfolio are very small, it is significant that they hold mid-to-high-single-digit percentage of the trust-values in most of them.Note 2: They own ~20% of Garrett Motion (GTX) and ~16% of Outbrain Inc. (OB). GTX emerged from Chapter 11 bankruptcy in May. Baupost started buying shares last November when it was trading below $3. The bulk of the ownership is through a series A preferred share offering.New Stakes:Dropbox Inc. (DBX) and Archaea Energy (LFG): These are the new stakes this quarter. DBX is a 2.49% of the portfolio position established this quarter at prices between ~$28 and ~$32.50 and the stock currently trades just below that range at ~$27. The small 0.54% of the portfolio LFG stake was purchased at prices between ~$14.50 and ~$20 and it is now at $20.75.Note: Archaea Energy is a De-SPAC that started trading in September following the close of their merger with Rice Energy Acquisition.Stake Disposals:Translate Bio (TBIO): The ~4% TBIO stake saw a ~35% stake increase in Q2 2019 at prices between $8.75 and $13.25 and that was followed with a stake doubling next quarter at prices between $8 and $12. Sanofi (SNY) acquired Translate Bio in a $38 per share all-cash deal that closed in September. Translate Bio’s primary asset is mRNA technology that originally came from Shire plc.Stake Increases:Liberty Media Sirius XM (LSXMK): The 5.87% LSXMK stake was primarily built in Q3 2020 at prices between $32 and $37. Q4 2020 saw a ~14% stake increase and that was followed with a ~35% increase this quarter at prices between ~$44 and ~$50. The stock currently trades at ~$55.SS&C Technologies (SSNC): SSNC is a 2.43% position built in Q3 2020 at prices between ~$56 and ~$65 and it is now at ~$79. The two quarters through Q1 2021 had seen a ~25% stake increase at prices between ~$63 and ~$71. Last quarter saw a ~13% trimming while this quarter there was a similar increase.Verint Systems (VRNT): The 1.45% VRNT stake was built in Q3 2020 at prices between ~$42 and ~$51 and the stock currently trades at $47.43. Q1 2021 saw a ~20% stake increase at prices between ~$33.50 and ~$52. That was followed with a ~15% increase this quarter at prices between ~$42 and ~$46.Theravance Biopharma (TBPH): TBPH is a 0.93% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The last major activity was a ~25% increase in Q4 2016 at prices between $24.50 and $38.50. Last two quarters have seen another ~50% stake increase at prices between ~$7 and ~$22.50. The stock is now at $8.20.Note: The stock dropped ~50% in August after a clinical setback – ampreloxetine missed primary endpoint in orthostatic hypotension study. In September, they announced a ~75% headcount reduction to focus on their respiratory assets. Klarman controls ~27% of the business. The 13F also lists a small position in Theravance Biopharma Notes.Joby Aviation (JOBY): JOBY is a 0.88% of the portfolio position that saw a roughly two-thirds stake increase this quarter at prices between $8.15 and $13.40. The stock is now at $9.10.Note: Joby Aviation is a De-SPAC that started trading in August following the close of its merger transaction with Reinvent Technology Partners.Stake Decreases:Intel Corp (INTC): INTC is a large (top three) ~10% of the portfolio stake established in Q4 2020 at prices between ~$44 and ~$55. Q1 2021 saw a ~28% stake increase at prices between ~$50 and ~$66. The stock currently trades at $50.31. Last two quarters have seen a ~18% trimming.Qorvo Inc. (QRVO): QRVO is a large (top five) 7.81% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. 2019 had seen a ~75% selling at prices between $60 and $118. Q4 2020 saw an about turn: ~50% stake increase at prices between ~$125 and ~$170. That was followed with a ~18% further increase next quarter. Last two quarters have seen only minor adjustments. The stock is now at ~$161.eBay Inc. (EBAY): EBAY is currently at 3.83% of the portfolio. It was established in Q4 2018 at prices between $26 and $33 and increased by ~40% in Q1 2019 at prices between $28 and $38. There was a ~18% selling next quarter at prices between $35.50 and $40. That was followed with a ~30% selling in Q3 2019 at prices between $38 and $42. Q4 2019 saw a ~20% stake increase at prices between $34.50 and $39.25. That was followed with a ~60% increase in Q1 2020 at prices between $26.34 and $38.50. Last three quarters have seen a ~80% reduction at prices between ~$50.50 and ~$78. The stock currently trades at ~$74.Willis Towers Watson (WLTW): WLTW is a 2.14% of the portfolio stake established in Q1 2021 at prices between ~$200 and ~$235 and the stock currently trades at ~$231. Last two quarters saw a ~60% selling at prices between ~$202 and ~$270.Note: Aon plc (AON) was to merge with Willis Towers Watson in an all-stock deal (1.08 shares of AON for each WLTW held) announced last March. The transaction fell through following monopoly concerns raised by regulators.Pershing Square Tontine (PSTH) and warrants (PSTHWS): PSTH is a 1.73% of the 13F portfolio stake established in Q3 2020. Pershing Square Tontine is a ~$4B SPAC that had an IPO in July 2020. The units started trading at ~$21.50. Separate trading of the stock and warrants started around mid-September. They currently trade at $19.83 and $1.80 respectively. The common stake was reduced by ~27% in Q4 2020 at prices between ~$22.25 and ~$27.75. That was followed with a ~20% selling last quarter at prices between ~$22 and ~$25.50. This quarter also saw minor trimming.International Flavors & Fragrances (IFF): IFF is a 1.53% of the portfolio position established in Q1 2021 at prices between ~$105 and ~$141. There was a ~40% selling this quarter at prices between ~$132 and ~$157. The stock is now at ~$153.PG&E Corporation (PCG): PCG is a 0.64% stake built during the first three quarters of 2018 at prices between $38 and $47. Q2 2019 saw another 58% stake increase at prices between $6 and $24. The three quarters thru Q2 2020 had seen a ~80% reduction at prices between ~$6.50 and ~$18. Q3 2020 saw the position rebuilt at prices between $8.60 and $10. There was a ~75% reduction this quarter at prices between $8.30 and $10.50. The stock currently trades at $12.26.Note: It was reported in November 2018 that Baupost had hedged this position by buying $1B worth of certain insurance claims against PG&E connected to the Nov 2017 wildfires for ~35c on the dollar. Baupost collected ~$3B on those payments last August.Kept Steady:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at 16.70% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80. Since then the activity has been minor. The stock currently trades at $28.74.ViaSat (VSAT): VSAT is a large (top three) position at 8.24% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. In July 2020, Baupost participated in ViaSat’s 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share. The stock currently trades at $53.59.Note: Baupost controls ~22% of the business.Alphabet Inc. (GOOG) (GOOGL): The 7.12% GOOG stake was purchased in Q1 2020 at prices between $1057 and $1527 and the stock currently trades at ~$2974. Last three quarters of 2020 had seen a ~75% selling at prices between ~$1098 and ~$1830. There was a ~265% stake increase in Q1 2021 at prices between ~$1725 and ~$2100.Meta Platforms (FB) previously Facebook: FB is a 4.82% of the portfolio position established in Q1 2020 at prices between $146 and $223. The next two quarters had seen a ~70% selling at prices between ~$154 and ~$304. There was a ~175% stake increase over the last three quarters at prices between ~$245 and ~$355. The stock is now at ~$341.Micron Technology (MU): MU is a 4.67% of the portfolio position purchased in Q3 2020 at prices between $42.50 and $52.65 and the stock currently trades at $77.30. Last quarter saw a one-third increase at prices between ~$77 and ~$96.Veritiv Corporation (VRTV): VRTV is a 2.93% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at ~$153.Note: Klarman’s ownership interest in VRTV is ~23%.Nexstar Media Group (NXST): The 2.86% NXST position was established in Q4 2018 at prices between $71 and $88. Q2 & Q3 2019 saw a ~80% stake increase at prices between $90 and $120. The stock is now at ~$168. There was a minor ~2% trimming last quarter.Atara Biotherapeutics (ATRA): ATRA is a 1.39% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follows: Q3 2019 also saw a ~20% stake increase at prices between $12 and $20. Q2 2020 saw a similar increase at prices between $7.50 and $14.93. The stock currently trades at $17.62. The two quarters through Q1 2021 had seen a combined ~15% trimming.Note: Klarman controls ~10% of the business.DigitalBridge (DBRG) previously Colony Capital: The 1.27% stake in DigitalBridge came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. Roughly half the position was sold in Q2 2020 at prices between $1.42 and $3.10. Since then, the activity has been minor. Their overall cost-basis is ~$12.50 per share. DBRG currently trades at $7.56.IronSource Ltd. (IS) previously Thoma Bravo Advantage: Thoma Bravo Advantage was a SPAC that had a ~$1B IPO in January. In March, they announced the merger with IronSource. The transaction closed in June. Baupost established the original stake in Q1 2021. The position was doubled last quarter at prices between ~$10 and ~$11. The stock currently trades at $11.05.Advantage Solutions (ADV): The ~1% ADV stake was established in Q4 2020 at prices between $8.75 and $13.35. The stock currently trades at ~$9.Nuvation Bio (NUVB) and Cullinan Oncology (CGEM): NUVB is a 0.78% of the portfolio stake established in Q1 2021 following their de-SPAC transaction that closed last October. The stock currently trades at $9.40. CGEM is a very small 0.37% of the portfolio position. They had an IPO in January. Shares started trading at ~$35 and currently goes for $21.17. Baupost Group’s stake goes back to funding rounds prior to the IPO.Note: The Nuvation Bio SPAC sponsor was Panacea Acquisition. In 2004, their team did a SPAC transaction for Medivation which turned out to be the best performing biotech SPAC deal ever - after going revenue-less for almost a decade, Medivation came up with the blockbuster drug XTANDI (late-stage prostate cancer treatment). Pfizer then acquired them in 2015 for ~$14B compared to ~$3M market-cap for the de-SPAC transaction that closed in December 2004.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Baupost Group’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 5/19 thru 8/15/2021: 13G – 8/9 – Outbrain Inc. – OB – 10.23M shares – 16.17% of business. 13D/A – 8/4 – TBIO – 18.04M shares – 24% of business."

"Tracking Seth Klarman’s Baupost Group Holdings – Q2 2021 Update"

"Seth Klarman’s 13F portfolio value decreased from $12.56B to $12.33B this quarter.Baupost Group increased Micron Technology and Facebook while dropping Fox Corp.The portfolio continues to be heavily concentrated with the top three positions accounting for ~32% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 08/13/2021. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q1 2021.Baupost Group’s 13F portfolio value decreased ~2% from $12.56B to $12.33B this quarter. The total number of 13F securities remained steady at 59. The portfolio is heavily concentrated with Liberty Global, Intel, eBay Inc., Qorvo, and ViaSat together accounting for ~47% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.Note 1: Baupost has several very small (less than 0.5% of the portfolio each) stakes, most of which are SPAC common shares and/or warrants. Those positions are Ajax I (AJAX) & wts, Altimeter Growth Corp II (AGCB), Avanti Acquisition (AVAN) & wts, Broadstone Acquisition (BSN) & wts, Dragoneer Growth Opportunities II (DGNS), Dragoneer Growth Opportunities III (DGNU), Finch Therapeutics Group (FNCH), Garrett Motion (GTX), Horizon Acquisition II (HZON) & wts, InvestIndustrial Acquisition (IIAC) & wts, Liberty Media Acquisition Corp (LMACA) & wts, Noble Corp (NE), Pershing Square Tontine (PSTH) wts, Redball Acquisition Corp (RBAC) wts, Hippo Insurance (HIPO) & wts previously Reinvent Technology Partners Z, Reinvent Technology Partners Y (RTPYU), Joby Aviation (JOBY) & wts previously Reinvent Technology Partners, SVF Investment Corp (SVFA) & wts, Trilogy Metals (TMQ), and The Beauty Health Company (SKIN) wts previously Vesper Healthcare Acquisition. Although the SPAC stakes as a percentage of the portfolio are very small, it is significant that they hold mid-to-high-single-digit percentage of the trust-values in most of them.Note 2: Recent regulatory filings show them owning ~20% of Garrett Motion (GTX) and ~16% of Outbrain Inc. (OB). GTX emerged from Chapter 11 bankruptcy in May. Baupost started buying shares last November when it was trading below $3. The bulk of the ownership is through a series A preferred share offering.New Stakes:None.Stake Disposals:Fox Corp (FOX) (FOXA): The position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Klarman had a huge position in Twenty First Century Fox. The deal closed in March 2019 and the terms were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Q4 2020 saw a ~15% trimming. That was followed with a ~50% selling last quarter at prices between ~$28.50 and ~$41.50. The disposal this quarter was at prices between ~$35 and ~$37.50. The stock currently trades at ~$34.Fidelity National Financial (FNF): The ~1% FNF position was purchased in Q4 2020 at prices between ~$30 and ~$39.50. Last quarter saw a ~20% selling at prices between ~$36.30 and ~$42.30. The elimination this quarter was at prices between ~$41 and ~$48. The stock is now at ~$49.Healthpeak Properties (PEAK): The 1.26% PEAK position was purchased in Q3 2020 at prices between $25.50 and $29 and it now goes for $35.83. Last quarter saw a ~25% stake increase at prices between ~$28.50 and ~$32.50. The position was disposed this quarter at prices between ~$32 and ~$35.Stake Increases:Qorvo Inc. (QRVO): QRVO is a large (top five) 8.47% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. 2019 had seen a ~75% selling at prices between $60 and $118. Q4 2020 saw an about turn: ~50% stake increase at prices between ~$125 and ~$170. That was followed with a ~18% further increase last quarter. This quarter also saw a marginal increase. The stock is now at ~$188.Micron Technology (MU): MU is a 4.94% of the portfolio position purchased in Q3 2020 at prices between $42.50 and $52.65 and the stock currently trades at $70.92. This quarter saw a one-third increase at prices between ~$77 and ~$96.Facebook Inc. (FB): FB is a 4.36% of the portfolio position established in Q1 2020 at prices between $146 and $223. The next two quarters had seen a ~70% selling at prices between ~$154 and ~$304. There was a ~175% stake increase over the last three quarters at prices between ~$245 and ~$355. The stock is now at ~$363.Theravance Biopharma (TBPH): TBPH is a 1.17% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The last major activity was a ~25% increase in Q4 2016 at prices between $24.50 and $38.50. This quarter also saw a ~14% stake increase at prices between ~$14.50 and ~$22.50. The stock is now at $13.52.Note: Klarman controls ~20% of the business. The 13F also lists a small position in Theravance Biopharma Notes.IronSource Ltd. (IS) previously Thoma Bravo Advantage: Thoma Bravo Advantage was a SPAC that had a ~$1B IPO in January. In March, they announced the merger with IronSource. The transaction closed in June. Baupost established the original stake last quarter. The position was doubled this quarter at prices between ~$10 and ~$11. The stock currently trades below that range at $9.68.Stake Decreases:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at 13.53% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80. Since then the activity has been minor. The stock currently trades at $29.32.Intel Corp (INTC): INTC is a large (top three) ~10% of the portfolio stake established in Q4 2020 at prices between ~$44 and ~$55. Last quarter saw a ~28% stake increase at prices between ~$50 and ~$66. The stock currently trades at $53.49. This quarter saw a ~7% trimming.eBay Inc. (EBAY): EBAY is currently the third-largest 13F position at 8.48% of the portfolio. It was established in Q4 2018 at prices between $26 and $33 and increased by ~40% in Q1 2019 at prices between $28 and $38. There was a ~18% selling next quarter at prices between $35.50 and $40. That was followed with a ~30% selling in Q3 2019 at prices between $38 and $42. Q4 2019 saw a ~20% stake increase at prices between $34.50 and $39.25. That was followed with a ~60% increase in Q1 2020 at prices between $26.34 and $38.50. Last two quarters have seen a ~50% reduction at prices between ~$50.50 and ~$70.50. The stock currently trades at ~$74.Willis Towers Watson (WLTW): WLTW is a 3.53% of the portfolio stake established last quarter at prices between ~$200 and ~$235 and the stock currently trades at ~$219. This quarter saw a ~25% selling at prices between ~$225 and ~$270.Note: Aon plc (AON) was to merge with Willis Towers Watson in an all-stock deal (1.08 shares of AON for each WLTW held) announced last March. The transaction fell through last month following monopoly concerns raised by regulators.Nexstar Media Group (NXST): The 2.45% NXST position was established in Q4 2018 at prices between $71 and $88. Q2 & Q3 2019 saw a ~80% stake increase at prices between $90 and $120. The stock is now at ~$146. There was a minor ~2% trimming this quarter.SS&C Technologies (SSNC): SSNC is a 1.94% position built in Q3 2020 at prices between ~$56 and ~$65 and it is now at ~$77. Last two quarters had seen a ~25% stake increase at prices between ~$63 and ~$71. This quarter saw a ~13% trimming.Pershing Square Tontine (PSTH) and warrants (PSTHWS): PSTH is a 2.43% of the 13F portfolio stake established in Q3 2020. Pershing Square Tontine is a ~$4B SPAC that had an IPO last July. The units started trading at ~$21.50. Separate trading of the stock and warrants started around mid-September. They currently trade at $20.30 and $3.45 respectively. The common stake was reduced by ~27% in Q4 2020 at prices between ~$22.25 and ~$27.75. That was followed with a ~20% selling this quarter at prices between ~$22 and ~$25.50.DigitalBridge (DBRG) previously Colony Capital: The 1.47% stake in DigitalBridge came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. Roughly half the position was sold in Q2 2020 at prices between $1.42 and $3.10. Since then, the activity has been minor. Their overall cost-basis is ~$12.50 per share. DBRG currently trades at ~$7. There was a ~5% trimming this quarter.Advantage Solutions (ADV): The ~1% ADV stake established in Q4 2020 saw a ~2% trimming this quarter.Kept Steady:ViaSat (VSAT): VSAT is a large (top five) position at 6.59% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. Last July, Baupost participated in ViaSat’s 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share. The stock currently trades at $54.83.Note: Baupost controls ~23% of the business.Alphabet Inc. (GOOG) (GOOGL): The 5.92% GOOG stake was purchased in Q1 2020 at prices between $1057 and $1527 and the stock currently trades at ~$2768. Last three quarters of 2020 had seen a ~75% selling at prices between ~$1098 and ~$1830. There was a ~265% stake increase last quarter at prices between ~$1725 and ~$2100.Translate Bio (TBIO): The ~4% TBIO stake saw a ~35% stake increase in Q2 2019 at prices between $8.75 and $13.25 and that was followed with a stake doubling next quarter at prices between $8 and $12. There was a minor ~3% stake increase in Q2 2020 at ~$22 per share. The stock is now at $37.74.Note 1: Sanofi (SNY) is acquiring Translate Bio in a $38 per share all-cash deal announced earlier this month.Note 2: TBIO had an IPO in June 2018. Its main asset is a compound to treat Cystic fibrosis (mRNA therapy) acquired from Shire plc. Klarman controls ~24% of the business.Liberty Media Sirius XM (LSXMK): The 3.76% LSXMK stake was primarily built in Q3 2020 at prices between $32 and $37 and the stock currently trades at $47.70. Q4 2020 saw a ~14% stake increase.International Flavors & Fragrances (IFF): IFF is a 2.33% of the portfolio position established last quarter at prices between ~$105 and ~$141. The stock is now at ~$157.PG&E Corporation (PCG): PCG is a 2.53% stake built during the first three quarters of 2018 at prices between $38 and $47. Q2 2019 saw another 58% stake increase at prices between $6 and $24. The three quarters thru Q2 2020 had seen a ~80% reduction at prices between ~$6.50 and ~$18. Q3 2020 saw the position rebuilt at prices between $8.60 and $10. The stock currently trades at $9.12.Note: It was reported in November 2018 that Baupost had hedged this position by buying $1B worth of certain insurance claims against PG&E connected to the Nov 2017 wildfires for ~35c on the dollar. Baupost collected ~$3B on those payments last August.Veritiv Corporation (VRTV): VRTV is a 1.78% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at $83.91.Note: Klarman’s ownership interest in VRTV is ~23%.Verint Systems (VRNT): The 1.11% VRNT stake was built in Q3 2020 at prices between ~$42 and ~$51 and the stock currently trades at $42.70. Last quarter saw a ~20% stake increase at prices between ~$33.50 and ~$52.Atara Biotherapeutics (ATRA): ATRA is a ~1% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follows: Q3 2019 also saw a ~20% stake increase at prices between $12 and $20. Q2 2020 saw a similar increase at prices between $7.50 and $14.93. The stock currently trades at $12.45. Last two quarters had seen a combined ~15% trimming.Note: Klarman controls ~10% of the business.Nuvation Bio (NUVB) and Cullinan Oncology (CGEM): NUVB is a 0.63% of the portfolio stake established this quarter following their de-SPAC transaction that closed last October. The stock currently trades at $9.13. CGEM is a very small 0.38% of the portfolio position. They had an IPO in January. Shares started trading at ~$35 and currently goes for $27.71. Baupost Group’s stake goes back to funding rounds prior to the IPO.Note: The Nuvation Bio SPAC sponsor was Panacea Acquisition. In 2004, their team did a SPAC transaction for Medivation which turned out to be the best performing biotech SPAC deal ever. Medivation was acquired by Pfizer in 2015: after going revenue-less for almost a decade, Medivation came up with the blockbuster drug XTANDI (late-stage prostate cancer treatment). The Pfizer transaction in 2015 was for ~$14B compared to ~$3M market-cap for the de-SPAC transaction that closed in December 2004.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Baupost Group’s 13F filings for Q1 2021 and Q2 2021.Regulatory filings from 2/16/2021 thru 5/19/2021: Form 4 – 5/13 – GTX – 3.575M common, disposed ~762K series A preferred, still has 17.31M series A preferred (no expiration, initially convertible 1:1), Form 4 – 5/11 – 381K series A preferred disposed, 13D, Form 3 – 5/7 – 32M shares – 34.26% of business – 28.45M Series A Preferred acquired at an outlay of $149.37M, rest is common acquired previously at around $2.90 per share, Form 4 – 5/4 – pre-bankruptcy share disposal (exchange), 13D/A – 5/4 – 0, 13D/A – 3/10 – 3.575M shares – 4.72% of business, 13D/A – 2/17 - same. 13D/A – 5/5 – VSAT – 16.29M shares – 22.5% of business."

"Tracking Seth Klarman’s Baupost Group Holdings – Q1 2021 Update"

"Seth Klarman’s 13F portfolio value increased from $10.84B to $12.56B this quarter.Baupost Group increased Alphabet and Intel while reducing Fox Corp and dropping ViacomCBS. They also built small stakes in several SPACs.The portfolio continues to be heavily concentrated with the top three positions accounting for ~34% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 05/14/2021. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q4 2020.Baupost Group’s 13F portfolio value increased ~16% from $10.84B to $12.56B this quarter. The total number of 13F securities increased from 41 to 59. The portfolio is heavily concentrated with Liberty Global, Intel, eBay Inc., Qorvo, and ViaSat together accounting for ~47% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.Note 1: Baupost has several very small (less than 0.5% of the portfolio each) stakes, most of which are SPAC common shares and/or warrants. Those positions are Ajax I (AJAX) & wts, Altimeter Growth Corp II (AGCB), Avanti Acquisition (AVAN) & wts, Broadstone Acquisition (BSN) & wts, Dragoneer Growth Opportunities II (DGNS), Dragoneer Growth Opportunities III (DGNU), Finch Therapeutics Group (FNCH), Horizon Acquisition II (HZON) & wts, InvestIndustrial Acquisition (IIAC) & wts, Liberty Media Acquisition Corp (LMACA) & wts, Pershing Square Tontine (PSTH) wts, Redball Acquisition Corp (RBAC) wts, Reinvent Technology Partners Z (RTPZ) & wts, Reinvent Technology Partners Y (RTPYU), Reinvent Technology Partners (RTP) & wts, SVF Investment Corp (SVFA) & wts, Trilogy Metals (TMQ), and The Beauty Health Company (SKIN) wts previously Vesper Healthcare Acquisition. Although the SPAC stakes as a percentage of the portfolio are very small, it is significant that they hold mid-to-high-single-digit percentage of the trust-values in most of them.Note 2: Regulatory filings since the quarter ended show them owning ~20% of Garrett Motion (GTX). GTX emerged from Chapter 11 bankruptcy earlier this month. Baupost started buying shares last November when it was trading below $3. The bulk of the ownership is through a series A preferred share offering.New Stakes:Willis Towers Watson (WLTW): WLTW is a large 4.56% of the portfolio merger-arbitrage stake established this quarter at prices between ~$200 and ~$235 and the stock currently trades well above that range at ~$262. Aon plc (AON) is buying Willis Towers Watson in an all-stock deal (1.08 shares of AON for each WLTW held) announced last March.Nuvation Bio (NUVB) and Cullinan Oncology (CGEM): NUVB is a 0.66% of the portfolio stake established this quarter following their de-SPAC transaction that closed last October. The stock currently trades at $12.50. CGEM is a very small 0.57% of the portfolio position. They had an IPO in January. Shares started trading at ~$35 and currently goes for $31.20. Baupost Group’s stake goes back to funding rounds prior to the IPO.Note: The Nuvation Bio SPAC sponsor was Panacea Acquisition. In 2004, their team did a SPAC transaction for Medivation which turned out to be the best performing biotech SPAC deal ever. Medivation was acquired by Pfizer in 2015: after going revenue-less for almost a decade, Medivation came up with the blockbuster drug XTANDI (late-stage prostate cancer treatment). The Pfizer transaction in 2015 was for ~$14B compared to ~$3M market-cap for the de-SPAC transaction that closed in December 2004.Stake Disposals:ViacomCBS (VIAC): VIAC was a 1.62% position purchased in Q4 2018 at prices between $42 and $58.50 and increased by 235% next quarter at prices between $43.50 and $52. The following three quarters had also seen a stake doubling at prices between $35.50 and $53.50. Q1 2020 saw another one-third increase at prices between $11.25 and $42. There was a ~16% selling next quarter at prices between $12.43 and $28.51. That was followed with a ~75% reduction last quarter at prices between ~$27 and ~$37. The elimination this quarter was at prices between ~$36.50 and ~$100. The stock currently trades at ~$39.70.Marathon Petroleum (MPC): MPC was a ~3% of the portfolio position purchased last quarter at prices between ~$27.50 and ~$44. It was disposed this quarter at prices between ~$41 and ~$58. MPC is now at $59.55.Stake Increases:Intel Corp (INTC): INTC is a large (top three) ~12% of the portfolio stake established last quarter at prices between ~$44 and ~$55. This quarter saw a ~28% stake increase at prices between ~$50 and ~$66. The stock currently trades at $55.36.Qorvo Inc. (QRVO): QRVO is a large (top five) 7.60% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. 2019 had seen a ~75% selling at prices between $60 and $118. Last quarter saw an about turn: ~50% stake increase at prices between ~$125 and ~$170. That was followed with a ~18% further increase this quarter. The stock is now at ~$174.Micron Technology (MU): MU is a 3.86% of the portfolio position purchased in Q3 2020 at prices between $42.50 and $52.65 and the stock currently trades at ~$80. There was a ~4% stake increase this quarter.Facebook Inc. (FB): FB is a ~3% of the portfolio position established in Q1 2020 at prices between $146 and $223. The next two quarters had seen a ~70% selling at prices between ~$154 and ~$304 while last quarter there was a similar increase at prices between ~$258 and ~$295. This quarter saw another ~40% stake increase at prices between ~$245 and ~$295. The stock is now at ~$314.SS&C Technologies (SSNC): SSNC is a 2.12% position built in Q3 2020 at prices between ~$56 and ~$65 and it is now at ~$73.50. Last two quarters have seen a ~25% stake increase at prices between ~$63 and ~$71.Healthpeak Properties (PEAK): The 1.26% PEAK position was purchased in Q3 2020 at prices between $25.50 and $29 and it now goes for $33.25. This quarter saw a ~25% stake increase at prices between ~$28.50 and ~$32.50.Verint Systems (VRNT): The 1.10% VRNT stake was built in Q3 2020 at prices between ~$42 and ~$51 and the stock currently trades at $44.87. This quarter saw a ~20% stake increase at prices between ~$33.50 and ~$52.Stake Decreases:eBay Inc. (EBAY): EBAY is currently the third-largest 13F position at ~9% of the portfolio. It was established in Q4 2018 at prices between $26 and $33 and increased by ~40% in Q1 2019 at prices between $28 and $38. There was a ~18% selling next quarter at prices between $35.50 and $40. That was followed with a ~30% selling in Q3 2019 at prices between $38 and $42. Q4 2019 saw a ~20% stake increase at prices between $34.50 and $39.25. That was followed with a ~60% increase in Q1 2020 at prices between $26.34 and $38.50. This quarter saw a ~40% reduction at prices between ~$50 and ~$64. The stock currently trades at $59.79.Fox Corp (FOX) (FOXA): The position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Klarman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Last quarter saw a ~15% trimming. That was followed with a ~50% selling this quarter at prices between ~$28.50 and ~$41.50. The stock currently trades at $36.22 and the stake is at 3.77% of the portfolio.Atara Biotherapeutics (ATRA): ATRA is a ~1% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follows: Q3 2019 also saw a ~20% stake increase at prices between $12 and $20. Q2 2020 saw a similar increase at prices between $7.50 and $14.93. The stock currently trades at ~$14. Last two quarters have seen a combined ~15% trimming.Note: Klarman controls ~10% of the business.Fidelity National Financial (FNF): The ~1% FNF position was purchased last quarter at prices between ~$30 and ~$39.50. This quarter saw a ~20% selling at prices between ~$36.30 and ~$42.30. The stock is now at $46.26.Kept Steady:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at ~13% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80. There have been minor increases since. The stock currently trades at $27.40.ViaSat (VSAT): VSAT is a large (top five) position at 6.24% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. Last July, Baupost participated in ViaSat’s 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share. The stock currently trades at $46.60.Note: Baupost controls ~23% of the business.Liberty Media Sirius XM (LSXMK): The 3.51% LSXMK stake was primarily built in Q3 2020 at prices between $32 and $37 and the stock currently trades at $40.79. Last quarter saw a ~14% stake increase.PG&E Corporation (PCG): PCG is a 2.86% stake built during the first three quarters of 2018 at prices between $38 and $47. Q2 2019 saw another 58% stake increase at prices between $6 and $24. The three quarters thru Q2 2020 had seen a ~80% reduction at prices between ~$6.50 and ~$18. Q3 2020 saw the position rebuilt at prices between $8.60 and $10. The stock currently trades at $10.53.Note: It was reported in November 2018 that Baupost had hedged this position by buying $1B worth of certain insurance claims against PG&E connected to the Nov 2017 wildfires for ~35c on the dollar. Baupost collected ~$3B on those payments last August.Pershing Square Tontine (PSTH) and warrants (PSTHWS): PSTH is a 2.43% of the 13F portfolio stake established in Q3 2020. Pershing Square Tontine is a ~$4B SPAC that had an IPO last July. The units started trading at ~$21.50. Separate trading of the stock and warrants started around mid-September. They currently trade at $25.22 and $9.26 respectively. The common stake was reduced by ~27% last quarter at prices between ~$22.25 and ~$27.75.Translate Bio (TBIO): The 2.36% TBIO stake saw a ~35% stake increase in Q2 2019 at prices between $8.75 and $13.25 and that was followed with a stake doubling next quarter at prices between $8 and $12. There was a minor ~3% stake increase in Q2 2020 at ~$22 per share. The stock is now at $17.19.Note: TBIO had an IPO in June 2018. Its main asset is a compound to treat Cystic fibrosis (mRNA therapy) acquired from Shire plc. Klarman controls ~28% of the business.Nexstar Media Group (NXST): The 2.33% NXST position was established in Q4 2018 at prices between $71 and $88. Q2 & Q3 2019 saw a ~80% stake increase at prices between $90 and $120. The stock is now at ~$148.Theravance Biopharma (TBPH): TBPH is a 1.42% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The last major activity was a ~25% increase in Q4 2016 at prices between $24.50 and $38.50. The stock is now at $17.60. Q3 2020 saw a ~6% trimming.Note: Klarman controls ~18% of the business. The 13F also lists a small position in Theravance Biopharma Notes.Colony Capital (CLNY): The ~1% stake in Colony Capital came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. Roughly half the position was sold in Q2 2020 at prices between $1.42 and $3.10. Since then, the activity has been minor. Their overall cost-basis is ~$12.50 per share. CLNY currently trades at $6.41. They control ~5% of the business.Veritiv Corporation (VRTV): VRTV is a 1.21% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at ~$47.Note: Klarman’s ownership interest in VRTV is ~23%.Advantage Solutions (ADV): The 1.14% ADV stake established last quarter was kept steady this quarter.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Baupost Group’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 2/15/2021: 13G/As – 2/12 – UNVR – 1.53M shares – 0.89% of business, AVAN – 4M shares – 6.67% of business, TBPH – 9.61M shares – 14.81% of business, VIST – 4.11M shares – 4.59% of business, PSTH – 12.71M shares – 6.35% of business, RBAC – 4.95M shares – 8.61% of business, VSPR – 3.96M shares – 8.61% of business, HZON – 3.5M shares – 6.67% of business, ATRA – 9.11M shares – 11.07% of business, BSN – 2.97M shares – 9.73% of business, CLNY – 37.12M shares – 7.51% of business, IIAC – 2.1M shares – 5.22% of business, AJAX – 5M shares – 6.21% of business. 13D/As – 1/26, 1/13, – Garrett Motion (filed bankruptcy 9/12/2020) – GTX – 3.58M shares – 4.72% of business."

"Tracking Seth Klarman’s Baupost Group Holdings – Q4 2020 Update"

"Seth Klarman’s 13F portfolio value increased from $9.25B to $10.84B this quarter.Baupost Group added Intel, Marathon Petroleum, and a slew of SPACs during the quarter.The portfolio continues to be heavily concentrated with the top three positions accounting for ~36% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 02/12/2021. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q3 2020.Baupost Group’s 13F portfolio value increased ~17% from $9.25B to $10.84B this quarter. The total number of 13F securities increased from 34 to 41. The portfolio is heavily concentrated with eBay Inc., Liberty Global, Intel, Fox Corp, and Qorvo together accounting for ~51% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Intel Corp (INTC): INTC is a large (top three) 8.36% of the portfolio stake established this quarter at prices between ~$44 and ~$55 and the stock currently trades well above that range at $61.81.Marathon Petroleum (MPC): MPC is a ~3% of the portfolio position purchased this quarter at prices between ~$27.50 and ~$44 and it is now at $50.46.RedBall Acquisition (RBAC) & wts and Vesper Healthcare Acquisition (VSPR) & wts: These two SPACs had IPOs last quarter. RBAC units are currently trading at $11.42, a premium to the ~$10 redemption cash value. Vesper Healthcare is merging with Hydrafacial in a ~$1.1B EV deal announced in December. The units currently trade at $12.30 compared to redemption cash-value of ~$10.Note: Baupost owns 8.61% each of RedBall Acquisition and Vesper Healthcare Acquisition.Advantage Solutions (ADV), Fidelity National Financial (FNF), Ajax I (AJAX) units, Avanti Acquisition (AVAN) units, Horizon Acquisition II (HZON) units, InvestIndustrial Acquisition (IIAC) units, Radius Global Infrastructure (RADI), and Dragoneer Growth Opportunity (DGNR): These are small (less than ~1.5% of the portfolio each) new stakes established during the quarter.Note 1: Baupost owns 6.67% each of Avanti Acquisition & Horizon Acquisition II, 6.21% of Ajax I, and 5.22% of InvestIndustrial Acquisition. All four trade at sizable premiums to the $10 cash redemption value.Note 2: Ajax I, Avanti Acquisition, Horizon Acquisition II, and InvestIndustrial Acquisition are SPACs that had IPOs during the quarter. Dragoneer Growth Opportunity is also a SPAC which had an IPO last August. It is interesting that Baupost bought this stake in the secondary market at a premium to the redemption cash value.Stake Disposals:Applied Materials (AMAT) and Howmet Aerospace (HWM): The 1.48% AMAT stake was established last quarter at prices between ~$55 and ~$68 and disposed this quarter at prices between ~$57 and ~$90. It is now at ~$117. The small 0.83% HWM stake was established last quarter at prices between $14.75 and $18.80 and eliminated this quarter at prices between $16.50 and $28.50. It currently trades at $28.28.HD Supply Holdings (HDS): HDS was a ~3% of the portfolio position purchased in Q1 2020 at prices between ~$23 and ~$43. Home Depot (HD) acquired HD Supply Holdings for $56 per share cash and the transaction closed in December.HP Inc. (HPQ): HPQ was a 2.73% of the portfolio stake established in Q4 2019 at prices between $16 and $20.75 and doubled next quarter at prices between ~$13 and ~$23. Last two quarters saw a one-third selling at prices between ~$14 and ~$20. The elimination this quarter was at prices between ~$17.50 and ~$25. The stock currently trades at $27.49.McKesson Corp. (MCK): MCK was a 2.69% portfolio stake built during the five quarters thru Q3 2018 at prices between $123 and $177. Q1 2019 also saw a two-thirds increase at prices between $110 and $136. The pattern reversed in Q3 2019: ~50% reduction at prices between $134 and $149. That was followed with a ~20% stake increase next quarter at prices between $130 and $153. The stake was disposed this quarter at prices between ~$144 and ~$184. The stock currently trades at ~$182.Note: MCK had a previous round-trip. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out in Q2 2017 at prices between $135 and $168.Stake Increases:eBay Inc. (EBAY): EBAY is currently the largest 13F position at ~14% of the portfolio. It was established in Q4 2018 at prices between $26 and $33 and increased by ~40% in Q1 2019 at prices between $28 and $38. There was a ~18% selling next quarter at prices between $35.50 and $40. That was followed with a ~30% selling in Q3 2019 at prices between $38 and $42. Q4 2019 saw a ~20% stake increase at prices between $34.50 and $39.25. That was followed with a ~60% increase in Q1 2020 at prices between $26.34 and $38.50. The stock currently trades at ~$63. Last quarter saw a ~6% trimming while this quarter there was a minor increase.Qorvo Inc. (QRVO): QRVO is a large (top five) 6.81% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. 2019 had seen a ~75% selling at prices between $60 and $118. This quarter saw an about turn: ~50% stake increase at prices between ~$125 and ~$170. The stock is now at ~$176.Liberty Media Sirius XM (LSXMK): The ~4% LSXMK stake was primarily built last quarter at prices between $32 and $37 and the stock currently trades at ~$43. This quarter saw a ~14% stake increase.Facebook Inc. (FB): FB is a 2.32% of the portfolio position established in Q1 2020 at prices between $146 and $223 and it is now at ~$271. Last two quarters saw a ~70% selling at prices between ~$154 and ~$304 while this quarter there was a similar increase at prices between ~$258 and ~$295.SS&C Technologies (SSNC): SSNC is a 2.22% position primarily built last quarter at prices between ~$56 and ~$65 and it is now at ~$66. There was a ~9% increase this quarter.Healthpeak Properties (PEAK): The 1.12% PEAK position was purchased last quarter at prices between $25.50 and $29 and it now goes for $31. This quarter saw a marginal increase.Colony Capital (CLNY): The ~1% stake in Colony Capital came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. Roughly half the position was sold in Q2 2020 at prices between $1.42 and $3.10. Since then, the activity has been minor. Their overall cost-basis is ~$12.50 per share. CLNY currently trades at $5.51. They control ~5% of the business.Reinvent Technology (RTP) units: RTP is a SPAC that had an IPO last quarter. Baupost increased the stake by ~30% this quarter at prices between $10.75 and $12.60. The units currently trade at $15.46.Note: Reinvent Technology spiked roughly 30% last week following a report by FT that they are in merger talks with Joby Aviation for a ~$6B EV deal.Stake Decreases:Fox Corp (FOX) (FOXA): The position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Klarman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Klarman’s stake in Fox Corp is the fourth-largest in the portfolio at ~7.5%. The stock currently trades at ~$32. This quarter saw a ~15% trimming.Pershing Square Tontine (PSTH) and warrants (PSTHWS): PSTH is a 3.25% of the 13F portfolio stake established last quarter. Pershing Square Tontine is a ~$4B SPAC that had an IPO last July. The units started trading at ~$21.50. Separate trading of the stock and warrants started around mid-September. They currently trade at ~$30 and ~$14 respectively. The common stake was reduced by ~27% during the quarter at prices between ~$22.25 and ~$27.75.Atara Biotherapeutics (ATRA): ATRA is a 1.65% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follows: Q3 2019 also saw a ~20% stake increase at prices between $12 and $20. Q2 2020 saw a similar increase at prices between $7.50 and $14.93. The stock currently trades at $18.59. This quarter saw a ~8% trimming.Note: Klarman controls ~11% of the business.ViacomCBS (VIAC) previously CBS Corporation: VIAC is a 1.62% position purchased in Q4 2018 at prices between $42 and $58.50 and increased by 235% next quarter at prices between $43.50 and $52. The following three quarters had also seen a stake doubling at prices between $35.50 and $53.50. Q1 2020 saw another one-third increase at prices between $11.25 and $42. There was a ~16% selling next quarter at prices between $12.43 and $28.51. That was followed with a ~75% reduction this quarter at prices between ~$27 and ~$37. The stock currently trades at $58.31.Alphabet Inc. (GOOG) (GOOGL): The 2.46% GOOG stake was purchased in Q1 2020 at prices between $1057 and $1527 and the stock currently trades at ~$2100. Last three quarters saw a ~75% selling at prices between ~$1098 and ~$1830.Vista Oil & Gas (VIST): VIST had an IPO in July 2019. Shares started trading at $9.25 and currently goes for $2.80. The position saw a ~25% selling last quarter at prices between ~$2 and ~$3.70. That was followed with a ~55% selling this quarter at prices between ~$2 and ~$2.90.Kept Steady:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the second-largest position at ~14% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80. There have been minor increases since. The stock currently trades at $24.78.ViaSat (VSAT): VSAT is a large position at ~5% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. In July, Baupost participated in ViaSat’s 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share. The stock currently trades at ~$60.Note: Baupost controls ~24% of the business.Micron Technology (MU): MU is a 3.62% of the portfolio position purchased last quarter at prices between $42.50 and $52.65 and the stock currently trades at ~$88.PG&E Corporation (PCG): PCG is a 3.53% stake built during the first three quarters of 2018 at prices between $38 and $47. Q2 2019 saw another 58% stake increase at prices between $6 and $24. The three quarters thru Q2 2020 had seen a ~80% reduction at prices between ~$6.50 and ~$18. Last quarter saw the position rebuilt at prices between $8.60 and $10. The stock currently trades at $11.80.Note: It was reported in November 2018 that Baupost had hedged this position by buying $1B worth of certain insurance claims against PG&E connected to the Nov 2017 wildfires for ~35c on the dollar. Baupost collected ~$3B on those payments last August.Translate Bio (TBIO): The ~3% TBIO stake saw a ~35% stake increase in Q2 2019 at prices between $8.75 and $13.25 and that was followed with a stake doubling next quarter at prices between $8 and $12. There was a minor ~3% stake increase in Q2 2020 at ~$22 per share. The stock is now at $27.59.Note: TBIO had an IPO in June 2018. Its main asset is a compound to treat Cystic fibrosis (mRNA therapy) acquired from Shire plc. Klarman controls ~28% of the business.Nexstar Media Group (NXST): The ~2% NXST position was established in Q4 2018 at prices between $71 and $88. Q2 & Q3 2019 saw a ~80% stake increase at prices between $90 and $120. The stock is now at ~$129.Theravance Biopharma (TBPH): TBPH is a 1.43% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The last major activity was a ~25% increase in Q4 2016 at prices between $24.50 and $38.50. The stock is now at $19.66. Last quarter saw a ~6% trimming.Note: Klarman controls ~18% of the business. The 13F also lists a small position in Theravance Biopharma Notes.Verint Systems (VRNT): The 1.19% VRNT stake was built last quarter at prices between ~$42 and ~$51 and the stock currently trades at $50.75.Veritiv Corporation (VRTV): VRTV is a 0.68% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades below the low end of those ranges at ~$22.Note: Klarman’s ownership interest in VRTV is ~23%.Broadstone Acquisition (BSNU): Broadstone Acquisition is a SPAC that had an IPO last quarter. Units currently trade at $10.25. Baupost has a ~10% stake in the business.Trilogy Metals (TMQ): The very small 0.22% of the portfolio TMQ stake was kept steady this quarter.Note: Baupost controls ~9% of Trilogy Metals.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q4 2020:Regulatory filings thru 11/14/2020: 13D/A 11/4, 10/23 Form 3, 10/23 13D – GTXMQ – Garrett Motion – 3.58M shares – 4.72% of business – debt related filing – equity commitment parties to beneficially own 54.2% of the outstanding shares per amendment 1. They committed $1050M of new shares in reorganized business. Also rights offering. 13G/A – 10/9 – AKBA - 0."

"Tracking Seth Klarman’s Baupost Group Holdings – Q3 2020 Update"

"Seth Klarman’s 13F portfolio value increased from $8.01B to $9.25B this quarter.Baupost Group added Pershing Square Tontine, Micron Technology, and Applied Materials while dropping Akebia Therapeutics.The portfolio continues to be heavily concentrated with the top three positions accounting for ~41% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 11/13/2020. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q2 2020.Baupost Group’s 13F portfolio value increased ~16% from $8.01B to $9.25B this quarter. The total number of 13F securities increased from 29 to 34. The portfolio is heavily concentrated with eBay Inc., Liberty Global, Fox Corp, ViaSat, and ViacomCBS together accounting for ~52% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Pershing Square Tontine (PSTH) and warrants (PSTHWS): PSTH is a large 4.29% of the 13F portfolio stake established this quarter. Pershing Square Tontine is a ~$4B SPAC that had an IPO in July. The units started trading at ~$21.50. Separate trading of the stock and warrants embedded in the units started trading around mid-September. They currently trade at $23 and $7.40 respectively.Note: Pershing Square Tontine has a few distinct features that make them attractive to retail investors:20% founder share dilution is absent – most SPACS are structured so as to cause a 20% dilution because of founder shares that are awarded for next to nothing. In this case, there are no such shares.Warrant structure is skewed to long-term holders – the tontine structure is a setup that disincentivizes redeeming after business combination announcement – i.e.,, if you choose to redeem, then you lose two-thirds of the warrants due. Details of the unit structure follow:one share of common stock,one-ninth of a redeemable warrant, exercisable at $23; andtwo-ninths of a warrant, exercisable at $23 provided that they are not redeemed in connection with a proposed business combination.Sponsors generally get sponsor warrants for cheap. But, in this case, Pershing Square and its affiliates (including Tontine board members) are paying $67.8 million for warrants to acquire 6.21% of the company. These have a ten-year term, can be exercised only after 3 years, and strike price is $24 per share.Micron Technology (MU), Applied Materials (AMAT), Healthpeak Properties (PEAK), and Howmet Aerospace (HWM): MU is a 2.65% of the portfolio position purchased this quarter at prices between $42.50 and $52.65 and the stock currently trades at $57.93. The 1.48% AMAT stake was established at prices between ~$55 and ~$68 and it is now at $72.81. The 1.17% PEAK position was purchased at prices between $25.50 and $29 and it now goes for $29.71. The small 0.83% HWM stake was established at prices between $14.75 and $18.80 and it currently trades at $22.36.RedBall Acquisition (RBACU), Vesper Healthcare Acquisition (VSPRU), Reinvent Technology (RTPU), and Broadstone Acquisition (BSNU): These three SPAC units had IPOs during the quarter. VSPRU and BSNU units are currently trading near cash-value at ~$10. RBACU is at $10.70 while RTPU is at $11.16. Baupost established minutely small (less than ~0.5% of the portfolio each) stakes in all four of these units.Stake Disposals:Akebia Therapeutics (AKBA): The 2.54% AKBA stake came about as a result of the all-stock merger with Keryx Pharmaceuticals. Baupost had effective ownership of 65.37M shares (includes 39.6M shares of convertible notes they agreed to redeem at a conversion price of $4.17) for which they received 24.47M shares of AKBA (0.37433:1 ratio). Overall, their cost-basis was around $19, much higher than the current price of $2.54. The entire position was disposed over the last four quarters at prices between $2.40 and $13.60.AmerisourceBergen (ABC): ABC was a minutely small position established in Q3 2017. It was built to a significant stake next quarter at prices between $73 and $94. The two quarters thru Q3 2018 had seen a stake doubling at prices between $79 and $95 while next quarter saw a ~25% selling at prices between $71 and $94. There was a ~20% stake increase in Q1 2019 at prices between $73 and $87. Last four quarters had seen a ~80% selling at prices between ~$74 and ~$102. The 0.59% remainder stake was eliminated this quarter at prices between ~$94 and ~$105. The stock is now at ~$108.Univar Inc. (UNVR): UNVR stake was established in Q3 2018 at prices between $25.50 and $31 and increased by ~440% next quarter at prices between $16.25 and $31. The position was sold down by ~40% in Q1 2020 at prices between ~$7 and ~$24. Last quarter saw another ~75% selling at prices between $9.60 and $18.15. The disposal this quarter was at prices between ~$16 and ~$19. The stock is now at $17.37.HCA Healthcare (HCA) and Ventas Inc. (VTR): These two small (less than ~1.25% of the portfolio each) positions purchased last quarter were dropped this quarter.Stake Increases:ViaSat (VSAT): VSAT is a large (top five) position at ~6% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. In July, Baupost participated in ViaSat’s 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share. The stock currently trades at $34.59.Note: Baupost controls ~24% of the business.Liberty Media Sirius XM (LSXMK): The 3.13% LSXMK stake was primarily built this quarter at prices between $32 and $37 and the stock currently trades at $41.51.PG&E Corporation (PCG): PCG is a 3.11% stake built during the first three quarters of 2018 at prices between $38 and $47. Q2 2019 saw another 58% stake increase at prices between $6 and $24. Last three quarters had seen a ~80% reduction at prices between ~$6.50 and ~$18. This quarter saw the position rebuilt at prices between $8.60 and $10. The stock currently trades at $11.40.Note: It was reported in November 2018 that Baupost had hedged this position by buying $1B worth of certain insurance claims against PG&E connected to the Nov 2017 wildfires for ~35c on the dollar. Baupost collected ~$3B on those payments this August.HD Supply Holdings (HDS): HDS is a ~3% of the portfolio position purchased in Q1 2020 at prices between ~$23 and ~$43 and the stock currently trades at $44.81. There was a ~7% stake increase last quarter and that was followed with a ~3% increase this quarter.SS&C Technologies (SSNC) and Verint Systems (VRNT): These two positions were purchased last quarter and increased this quarter. SSNC is a ~2% position primarily built this quarter at prices between ~$56 and ~$65 and it is now at $64.83. The 1.19% VRNT stake was built at prices between ~$42 and ~$51 and the stock currently trades at $54.37.Stake Decreases:eBay Inc. (EBAY): EBAY is currently the largest 13F position at ~17% of the portfolio. It was established in Q4 2018 at prices between $26 and $33 and increased by ~40% in Q1 2019 at prices between $28 and $38. There was a ~18% selling next quarter at prices between $35.50 and $40. That was followed with a ~30% selling in Q3 2019 at prices between $38 and $42. Q4 2019 saw a ~20% stake increase at prices between $34.50 and $39.25. That was followed with a ~60% increase in Q1 2020 at prices between $26.34 and $38.50. The stock currently trades at $48.67. This quarter saw a ~6% trimming.Fox Corp (FOX) (FOXA): The position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Klarman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Klarman’s stake in Fox Corp is the third-largest in the portfolio at ~10%. The stock currently trades at $26.64. This quarter saw marginal trimming.Qorvo Inc. (QRVO): QRVO is a 4.13% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. The stock is now at ~$148. Last year had seen a ~75% selling at prices between $60 and $118. There was a ~11% stake increase in Q1 2020. Last two quarters have seen only minor adjustments.HP Inc. (HPQ): HPQ is a 2.73% of the portfolio stake established in Q4 2019 at prices between $16 and $20.75 and doubled next quarter at prices between ~$13 and ~$23. The stock currently trades at $19.61. Last two quarters saw a one-third selling at prices between ~$14 and ~$20.Alphabet Inc. (GOOG) (GOOGL) and Facebook Inc. (FB): These two positions were established in Q1 2020. The 2.46% GOOG stake was purchased at prices between $1057 and $1527 and the stock currently trades at ~$1777. Last two quarters saw a ~50% selling at prices between $1098 and $1728. FB is a 1.59% of the portfolio position established at prices between $146 and $223 and it is now at ~$277. Last two quarters saw a ~70% selling at prices between ~$154 and ~$304.Theravance Biopharma (TBPH): TBPH is a 1.40% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The last major activity was a ~25% increase in Q4 2016 at prices between $24.50 and $38.50. The stock is now at $17.66. This quarter saw a ~6% trimming.Note: Klarman controls ~18% of the business. The 13F also lists a small position in Theravance Biopharma Notes.Colony Capital (CLNY): The 0.67% stake in Colony Capital came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. Roughly half the position was sold last quarter at prices between $1.42 and $3.10. This quarter also saw a ~12% trimming. Their overall cost-basis is ~$12.50 per share. CLNY currently trades at ~$4. They control ~4.5% of the business.Vista Oil & Gas (VIST): VIST had an IPO in July 2019. Shares started trading at $9.25 and currently goes for $2.40. The position saw a ~25% selling this quarter at prices between ~$2 and ~$3.70.Note: Baupost controls ~6.75% of Vista Oil & Gas.Kept Steady:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the second-largest position at ~14% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80 and that was followed with a ~12% stake increase next quarter. The stock currently trades near the low end of those ranges at ~$21. Q1 2020 also saw a ~16% stake increase while last quarter there was a marginal further increase. For investors attempting to follow, LBTYK is a good option to consider for further research.ViacomCBS (VIAC) previously CBS Corporation: VIAC is a fairly large (top five) 5.70% position purchased in Q4 2018 at prices between $42 and $58.50 and increased by 235% next quarter at prices between $43.50 and $52. The following three quarters had also seen a stake doubling at prices between $35.50 and $53.50. Q1 2020 saw another one-third increase at prices between $11.25 and $42. The stock currently trades at $30.20. There was a ~16% selling last quarter at prices between $12.43 and $28.51.McKesson Corp. (MCK): MCK is a 2.69% portfolio stake built during the five quarters thru Q3 2018 at prices between $123 and $177. Q1 2019 also saw a two-thirds increase at prices between $110 and $136. The pattern reversed in Q3 2019: ~50% reduction at prices between $134 and $149. That was followed with a ~20% stake increase next quarter at prices between $130 and $153. The stock currently trades at ~$183.Note: MCK had a previous round-trip. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out in Q2 2017 at prices between $135 and $168.Translate Bio (TBIO): The 2.62% TBIO stake saw a ~35% stake increase in Q2 2019 at prices between $8.75 and $13.25 and that was followed with a stake doubling next quarter at prices between $8 and $12. There was a minor ~3% stake increase last quarter at ~$22 per share. The stock is now at ~$16.Note: TBIO had an IPO in June 2018. Its main asset is a compound to treat Cystic fibrosis (mRNA therapy) acquired from Shire plc. Klarman controls ~28% of the business.Nexstar Media Group (NXST): The ~2% NXST position was established in Q4 2018 at prices between $71 and $88. Q2 & Q3 2019 saw a ~80% stake increase at prices between $90 and $120. The stock is now at ~$100.Atara Biotherapeutics (ATRA): ATRA is a 1.39% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follows: there was a ~17% stake increase in Q1 2018 at prices between $18 and $48. Q3 2019 also saw a ~20% stake increase at prices between $12 and $20. Last quarter saw a similar increase at prices between $7.50 and $14.93. The stock currently trades at ~$18.Note: Klarman controls ~18% of the business.Veritiv Corporation (VRTV): VRTV is a 0.49% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades well below the low end of those ranges at $19.64.Note: Klarman’s ownership interest in VRTV is ~23%.Trilogy Metals (TMQ): The very small 0.24% of the portfolio TMQ stake was kept steady this quarter.Note: Baupost controls ~9% of Trilogy Metals.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q3 2020:7/30/2020 – Q2 2020 Letter at SA: . Bloomberg report excerpt in SA - - Baupost was a net seller of stocks from April to June 30, with cash rise to 31% from 26%. “Gains in the hedge fund were led by EBay Inc., Pacific Gas and Electric Co., Liberty Global Plc, ViacomCBS Inc., Steinhoff International Holdings NV and Translate Bio Inc.Covid-19 has caused “some adverse developments” in the firm’s public portfolio but those are likely to be temporary, he said. Investments in subrogation claims and equity of Pacific Gas were not affected by Covid-19 and substantial distribution is expected to be paid this month. The pandemic is challenging some of the firm’s private holdings including in real estate. While residential property developments in Miami, Denver, Lake Tahoe and southern Delaware are experiencing strong sales and traffic, a mixed use property outside of Cleveland is impaired because rents aren’t being paid, he said. Occupancy is also falling at a “major residential property” that wasn’t identified. Hedges cost the firm 1% of net asset value in the second quarter after contributing about 3% in the first quarter.”Regulatory filings thru 8/14/2020: 13D/A – 8/10 – TBIO – 18.04M shares – 24.3% of business, Form 4 – 6/30 – 500K shares purchased @ 22. 13D/A – 7/27 – VSAT – 16.29M shares – 24.13% of business. Participated in a private placement at $39.11: “On July 22, 2020, in connection with a private placement by the Issuer (the “Private Placement”) the Issuer entered into a securities purchase agreement (the “Purchase Agreement”) with Baupost Group Securities, L.L.C. and the other purchasers party thereto (collectively, the “Purchasers”), pursuant to which the Issuer agreed to sell an aggregate of 4,474,559 of shares of the Issuer’s Common Stock at a price per share of Common Stock equal to $39.11. Under the Purchase Agreement, Baupost Group Securities, L.L.C. agreed to purchase an aggregate of 2,556,891 shares of Common Stock for an aggregate purchase price of $100,000,007.01.” Form 4 – 7/27 – 2.56M shares @ 39.11 – 16.29M shares total."

"Tracking Seth Klarman’s Baupost Group Holdings – Q2 2020 Update"

"Seth Klarman’s 13F portfolio value increased from $6.77B to $8.01B this quarter.Baupost Group increased Atara Biotherapeutics while dropping Cheniere Energy.The portfolio continues to be heavily concentrated with the top three positions accounting for ~49% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 08/13/2020. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q1 2020.Baupost Group’s 13F portfolio value increased ~18% from $6.77B to $8.01B this quarter. The total number of 13F securities decreased from 30 to 29. The portfolio is heavily concentrated with eBay Inc., Liberty Global, Fox Corp, ViaSat, and ViacomCBS together accounting for ~61% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On average, the fund has held ~25% cash over the last decade. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:HCA Healthcare (HCA): HCA is a small 1.21% of the portfolio established this quarter at prices between $82 and $118 and the stock currently trades at ~$134.Verint Systems (VRNT), Ventas Inc. (VTR), and SS&C Technologies (SSNC): These are minutely small (less than ~0.5% of the portfolio each) positions purchased during the quarter.Stake Disposals:Cheniere Energy (LNG): LNG was a ~4% of the portfolio position as of last quarter. The original large stake was established in Q1 2014 at prices between $41 and $55. In H2 2014, it was doubled at prices between $62 and $84. The three quarters thru Q1 2016 saw another stake doubling at prices between $24 and $71. Q4 2016 saw a reversal: 22% sold at prices between $35.50 and $43.50 and that was followed with a roughly one-third reduction in Q2 2018 at prices between $53 and $69. The three quarters thru Q3 2019 had also seen a ~30% selling at prices between $58 and $70. There was another ~20% reduction last quarter at prices between $30 and $66. The disposal this quarter was at prices between $32 and $51. The stock currently trades at $54.25.Cars.com (CARS): CARS is a June 2017 spinoff from Tegna (TGNA). Shares started trading at ~$25 and currently goes for $8.64. The minutely small 0.19% stake was disposed this quarter at prices between $3.61 and $8.22.Energy Transfer LP (ET), XPO Logistics (XPO), and Spirit AeroSystems (SPR): These very small (less than ~1% of the portfolio each) stakes established last quarter were eliminated this quarter.Stake Increases:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the second-largest position at ~17% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80 and that was followed with a ~12% stake increase next quarter. The stock currently trades near the low end of those ranges at $21.54. Last quarter also saw a ~16% stake increase while this quarter there was a marginal further increase. For investors attempting to follow, LBTYK is a good option to consider for further research.Qorvo Inc. (QRVO): QRVO is a 4.23% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. The stock is now at ~$132. Last year had seen a ~75% selling at prices between $60 and $118. There was a ~11% stake increase last quarter and a marginal increase this quarter.Translate Bio (TBIO): The ~4% TBIO stake saw a ~35% stake increase in Q2 2019 at prices between $8.75 and $13.25 and that was followed with a stake doubling next quarter at prices between $8 and $12. There was a minor ~3% stake increase this quarter at ~$22 per share. The stock is now at $14.59.Note: TBIO had an IPO in June 2018. Its main asset is a compound to treat Cystic fibrosis (mRNA therapy) acquired from Shire plc. Klarman controls ~28% of the business.HD Supply Holdings (HDS): HDS is a ~3% of the portfolio position purchased last quarter at prices between ~$23 and ~$43 and the stock currently trades at $41.92. There was a ~7% stake increase this quarter.Atara Biotherapeutics (ATRA): ATRA is a 1.80% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follows: there was a ~17% stake increase in Q1 2018 at prices between $18 and $48. Q3 2019 also saw a ~20% stake increase at prices between $12 and $20. This quarter saw a similar increase at prices between $7.50 and $14.93. The stock currently trades at $12.17. For investors attempting to follow, ATRA is a good option to consider for further research.Note: Klarman controls ~18% of the business.Stake Decreases:ViacomCBS (VIAC) previously CBS Corporation: VIAC is a fairly large (top five) 5.48% position purchased in Q4 2018 at prices between $42 and $58.50 and increased by 235% next quarter at prices between $43.50 and $52. The following three quarters had also seen a stake doubling at prices between $35.50 and $53.50. Last quarter saw another one-third increase at prices between $11.25 and $42. The stock currently trades at $27.46. There was a ~16% selling this quarter at prices between $12.43 and $28.51.HP Inc. (HPQ): HPQ is a 3.92% of the portfolio stake established in Q4 2019 at prices between $16 and $20.75 and doubled last quarter at prices between ~$13 and ~$23. The stock currently trades at $18.18. There was a ~30% reduction this quarter at prices between $14 and $18.Alphabet Inc. (GOOG) (GOOGL) and Facebook Inc. (FB): These two positions were established last quarter. The 3.79% GOOG stake was purchased at prices between $1057 and $1527 and the stock currently trades at ~$1505. This quarter saw a ~30% selling at prices between $1093 and $1465. FB is a 2.41% of the portfolio position established at prices between $146 and $223 and it is now at $261. This quarter saw a ~57% selling at prices between $154 and $242.Akebia Therapeutics (AKBA): The 2.54% AKBA stake came about as a result of the all-stock merger with Keryx Pharmaceuticals. Baupost had effective ownership of 65.37M shares (includes 39.6M shares of convertible notes they agreed to redeem at a conversion price of $4.17) for which they received 24.47M shares of AKBA (0.37433:1 ratio). Overall, their cost-basis is around $19, much higher than the current price of $10.53. Last three quarters have seen a ~40% selling at prices between $3.15 and $13.60.Note: Baupost controls ~12% of Akebia Therapeutics.Colony Capital (CLNY): The 0.77% stake in Colony Capital came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. Roughly half the position was sold this quarter at prices between $1.42 and $3.10. They control ~5% of CLNY and their overall cost-basis is ~$12.50 per share. CLNY currently trades at $2.69.AmerisourceBergen (ABC): ABC was a minutely small position established in Q3 2017. It was built to a significant stake next quarter at prices between $73 and $94. The two quarters thru Q3 2018 had seen a stake doubling at prices between $79 and $95 while next quarter saw a ~25% selling at prices between $71 and $94. There was a ~20% stake increase in Q1 2019 at prices between $73 and $87. Last four quarters have seen a ~80% selling at prices between ~$74 and ~$102. The stake is now at 0.59% of the portfolio and the stock is at ~$104.PG&E Corporation (PCG): PCG is a 0.52% stake established in Q1 2018 at prices between $38 and $45 and increased by ~43% next quarter at prices between $39 and $47. Q3 2018 saw a stake doubling at prices between $41.50 and $47. Q2 2019 saw another 58% stake increase at prices between $6 and $24. The stock currently trades at $9.41. There was a ~23% selling in Q4 2019 at prices between $3.75 and $12.50. That was followed with a ~50% reduction last quarter at prices between $7.25 and $18. This quarter also saw a similar reduction at prices between $7.90 and $12.60.Note: It was reported in November 2018 that Baupost had hedged this position by buying $1B worth of certain insurance claims against PG&E connected to the Nov 2017 wildfires for ~35c on the dollar.Univar Inc. (UNVR): UNVR is now a very small 0.27% stake. It was established in Q3 2018 at prices between $25.50 and $31 and increased by ~440% next quarter at prices between $16.25 and $31. The position was sold down by ~40% last quarter at prices between ~$7 and ~$24. This quarter saw another ~75% selling at prices between $9.60 and $18.15. The stock is now at $17.70.Vista Oil & Gas (VIST): VIST had an IPO in July 2019. Shares started trading at $9.25 and currently goes for $3.09. The position saw minor trimming this quarter.Note: Baupost controls ~9% of Vista Oil & Gas.Liberty Media Sirius XM (LSXMK): The small LSXMK position established last quarter was almost sold out this quarter.Kept Steady:eBay Inc. (EBAY): EBAY is currently the largest 13F position at ~21% of the portfolio. It was established in Q4 2018 at prices between $26 and $33 and increased by ~40% in Q1 2019 at prices between $28 and $38. There was a ~18% selling next quarter at prices between $35.50 and $40. That was followed with a ~30% selling in Q3 2019 at prices between $38 and $42. Q4 2019 saw a ~20% stake increase at prices between $34.50 and $39.25. That was followed with a ~60% increase last quarter at prices between $26.34 and $38.50. The stock currently trades at $56.29.Fox Corp (FOX) (FOXA): The position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Klarman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Klarman’s stake in Fox Corp is the third-largest in the portfolio at ~11%. The stock currently trades at $25.82.ViaSat (VSAT): VSAT is a large (top five) position at 6.58% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $41.38. Q4 2016 saw a ~14% increase at prices between $66 and $81.Note: Regulatory filings since the quarter ended show them owning 16.29M shares (~24% of the business) of VSAT. This is compared to 13.73M shares in the 13F report. Last month, Baupost participated in ViaSat’s 4.47M share private placement by acquiring ~2.56M shares at ~$39 per share.McKesson Corp. (MCK): MCK is a 3.20% portfolio stake established in Q3 2017 at prices between $146 and $168 and increased by ~170% in the following quarter at prices between $135 and $163. The first three quarters of 2018 saw a ~60% stake increase at prices between $123 and $177. Q4 2018 saw a ~20% selling at prices between $108 and $137 while next quarter saw a two-thirds increase at prices between $110 and $136. The pattern reversed again in Q3 2019: ~50% reduction at prices between $134 and $149. That was followed with a ~20% stake increase next quarter at prices between $130 and $153. Last quarter also saw a ~5% further increase. The stock currently trades at ~$159.Note: MCK had a previous round-trip. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out in Q2 2017 at prices between $135 and $168.Theravance Biopharma (TBPH): TBPH is a 2.44% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The last major activity was a ~25% increase in Q4 2016 at prices between $24.50 and $38.50. The stock is now at $16.70.Note: Klarman controls ~19% of the business. The 13F also lists a small position in Theravance Biopharma Notes.Nexstar Media Group (NXST): The 2.18% NXST position was established in Q4 2018 at prices between $71 and $88. Q2 & Q3 2019 saw a ~80% stake increase at prices between $90 and $120. The stock is now at ~$91.90. Last quarter saw a minor increase.Veritiv Corporation (VRTV): VRTV is a 0.75% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades well below the low end of those ranges at $17.87.Note: Klarman’s ownership interest in VRTV is ~23%.Trilogy Metals (TMQ): The very small 0.30% of the portfolio TMQ stake was kept steady this quarter.Note: Baupost controls ~9% of Trilogy Metals.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q2 2020:Regulatory filings thru 5/14/2020:13D/A – 5/11 – TBIO – 17.54M shares – 27.9% of business, 13G – 4/9 – AKBA – 17.53M shares – 13.5% of business."

"Tracking Seth Klarman’s Baupost Group Holdings – Q1 2020 Update"

"Seth Klarman’s 13F portfolio value decreased from $9.06B to $6.77B this quarter.Baupost Group increased eBay, HP, and ViacomCBS while dropping Bristol Myers Squibb and Synchrony Financial. They also added large positions in Alphabet and Facebook during the quarter.The portfolio continues to be heavily concentrated with the top three positions accounting for ~40% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 05/14/2020. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q4 2019.Baupost Group’s 13F portfolio value decreased ~25% from $9.06B to $6.77B this quarter. The total number of 13F securities increased from 29 to 30. The portfolio is heavily concentrated with Liberty Global, eBay Inc., Fox Corp, ViaSat, and Alphabet together accounting for ~53% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On the average, the fund held ~25% cash over the last decade but that allocation had gone up to ~31% as of EOY 2019. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Alphabet Inc. (GOOG) (GOOGL) and Facebook Inc. (FB): These two are large new positions established this quarter. The 5.16% GOOG stake was purchased at prices between $1057 and $1527 and the stock currently trades at $1373. FB is a 4.89% of the portfolio position established at prices between $146 and $223 and it is now at $211.HD Supply Holdings (HDS): HDS is a 2.61% of the portfolio position purchased this quarter at prices between ~$23 and ~$43 and the stock currently trades at $27.30.Liberty Media Sirius XM (LSXMK), Energy Transfer LP (ET), XPO Logistics (XPO), and Spirit AeroSystems (SPR): These are very small (less than ~1% of the portfolio each) stake established this quarter.Stake Disposals:Bristol Myers Squibb (BMY): The ~3% BMY stake saw a 225% stake increase in Q2 2019 at prices between $44.50 and $49.50. The position was established in Q1 2019 at prices between $45 and $54. There was a ~23% selling in Q3 2019 at prices between $42.50 and $51. That was followed with a ~60% reduction last quarter at prices between $49 and $64. The disposal this quarter was at prices between $46.40 and $67.50. The stock is now at ~$64.Synchrony Financial (SYF): SYF, the November 2015 split-off from General Electric (GE) is at 1.19% of the portfolio. It was established in Q3 2016 at prices between $25 and $28.50. Q2 2017 saw a two-thirds increase at prices between $26.50 and $34.50. At the time, it was the second-largest position at ~10% of the portfolio. Q3 2018 saw an about turn: ~44% reduction at prices between $29 and $35. Last three quarters saw the stake sold down by another ~80% at prices between $31.25 and $37.75. The elimination this quarter was at prices between $12.80 and $36.50. The stock currently trades at $16.54.Nuance Communications (NUAN): NUAN was a 0.45% of the portfolio position purchased in Q3 2019 at prices between $13.15 and $15.50 and reduced by ~70% last quarter at prices between $14.25 and $18. The stock currently trades at ~$20. The position was sold out this quarter at prices between ~$14 and ~$23.Eldorado Resorts (ERI) and McDermott International (MDRIQ): These are minutely small positions established last quarter but disposed this quarter.Note: Eldorado Resorts is acquiring Caesars Entertainment (CZR) in a deal announced in June 2019. It is expected to close in H1 2020. MDRIQ filed for Chapter 11 bankruptcy in January. Baupost also has a position in McDermott debt.Tesla Notes: The 4.65% position in Tesla Notes had seen a 20% increase in Q3 2018 and was kept steady since. The stake was disposed during the quarter.Stake Increases:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at ~14% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80 and that was followed with a ~12% stake increase next quarter. The stock currently trades near the low end of those ranges at $21.36. Last quarter also saw a ~16% stake increase while this quarter there was a marginal further increase. For investors attempting to follow, LBTYK is a good option to consider for further research.eBay Inc. (EBAY): EBAY is a large (top three) ~14% of the portfolio stake established in Q4 2018 at prices between $26 and $33 and increased by ~40% in Q1 2019 at prices between $28 and $38. There was a ~18% selling next quarter at prices between $35.50 and $40. That was followed with a ~30% selling in Q3 2019 at prices between $38 and $42. Last quarter saw a ~20% stake increase at prices between $34.50 and $39.25. That was followed with a ~60% increase this quarter at prices between $26.34 and $38.50. The stock currently trades at $42.11.Note: Starboard Value has an activist position in eBay. They ended their proxy fight last month following eBay’s hiring of new CEO Jamie Iannone.HP Inc. (HPQ): HPQ is a large 5.13% of the portfolio stake established last quarter at prices between $16 and $20.75 and doubled this quarter at prices between ~$13 and ~$23. The stock currently trades near the low end of those ranges at $14.86. For investors attempting to follow, HPQ is a good option to consider for further research.ViacomCBS (VIAC) previously CBS Corporation: VIAC is a fairly large 4.65% position purchased in Q4 2018 at prices between $42 and $58.50 and increased by 235% next quarter at prices between $43.50 and $52. Last three quarters had also seen a stake doubling at prices between $35.50 and $53.50. This quarter also saw a one-third further increase at prices between $11.25 and $42. The stock currently trades at ~$17.30. For investors attempting to follow, VIAC is a good option to consider for further research.Qorvo Inc. (QRVO): QRVO is a 3.65% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. The stock is now at $94.71. Last three quarters had seen a ~75% selling at prices between $60 and $118. There was a ~11% stake increase this quarter.McKesson Corp. (MCK): MCK is a 3.33% portfolio stake established in Q3 2017 at prices between $146 and $168 and increased by ~170% in the following quarter at prices between $135 and $163. The first three quarters of 2018 saw a ~60% stake increase at prices between $123 and $177. Q4 2018 saw a ~20% selling at prices between $108 and $137 while next quarter saw a two-thirds increase at prices between $110 and $136. The pattern reversed again in Q3 2019: ~50% reduction at prices between $134 and $149. That was followed with a ~20% stake increase last quarter at prices between $130 and $153. This quarter also saw a ~5% further increase. The stock currently trades at ~$137.Note: MCK had a previous round-trip. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out in Q2 2017 at prices between $135 and $168.Nexstar Media Group (NXST): The 2.59% NXST position was established in Q4 2018 at prices between $71 and $88. Q2 & Q3 2019 saw a ~80% stake increase at prices between $90 and $120. The stock is now at ~$73. This quarter saw a minor increase.Cars.com (CARS): CARS is a June 2017 spinoff from Tegna (TGNA). Shares started trading at ~$25 and currently goes for $5.29. The minutely small 0.19% stake saw a ~10% trimming last quarter and a similar increase this quarter.Stake Decreases:Cheniere Energy (LNG): LNG is a ~4% of the portfolio position. The original stake was established in Q1 2014 at prices between $41 and $55. In H2 2014, it was doubled at prices between $62 and $84. The three quarters thru Q1 2016 saw another stake doubling at prices between $24 and $71. Q4 2016 saw a reversal: 22% sold at prices between $35.50 and $43.50 and that was followed with a roughly one-third reduction in Q2 2018 at prices between $53 and $69. The three quarters thru Q3 2019 had also seen a ~30% selling at prices between $58 and $70. There was another ~20% reduction this quarter at prices between $30 and $66. The stock currently trades at $41.27.Akebia Therapeutics (AKBA): The ~2% AKBA stake came about as a result of the all-stock merger with Keryx Pharmaceuticals. Baupost had effective ownership of 65.37M shares (includes 39.6M shares of convertible notes they agreed to redeem at a conversion price of $4.17) for which they received 24.47M shares of AKBA (0.37433:1 ratio). Overall, their cost-basis is around $19, much higher than the current price of $12.42. Last quarter saw a ~20% selling at prices between $3.15 and $6.75 and that was followed with a ~10% trimming this quarter.Note: Baupost controls ~14% of Akebia Therapeutics.PG&E Corporation (PCG): PCG is a 1.29% stake established in Q1 2018 at prices between $38 and $45 and increased by ~43% next quarter at prices between $39 and $47. Q3 2018 saw a stake doubling at prices between $41.50 and $47. Q2 2019 saw another 58% stake increase at prices between $6 and $24. The stock currently trades at $11.33. There was a ~23% selling last quarter at prices between $3.75 and $12.50. That was followed with a ~50% reduction this quarter at prices between $7.25 and $18.Note: It was reported in November 2018 that Baupost had hedged this position by buying $1B worth of certain insurance claims against PG&E connected to the Nov 2017 wildfires for ~35c on the dollar.AmerisourceBergen (ABC): ABC was a minutely small position established in Q3 2017. It was built to a 1.30% portfolio stake next quarter at prices between $73 and $94. The two quarters thru Q3 2018 had seen a stake doubling at prices between $79 and $95 while next quarter saw a ~25% selling at prices between $71 and $94. There was a ~20% stake increase in Q1 2019 at prices between $73 and $87. Q3 2019 saw a ~47% selling at prices between $81 and $92. This quarter saw a ~20% reduction at prices between $74 and $97. The stake is now at 1.22% of the portfolio and the stock is at $85.75.Univar Inc. (UNVR): UNVR is a ~1% stake established in Q3 2018 at prices between $25.50 and $31 and increased by ~440% next quarter at prices between $16.25 and $31. The position was sold down by ~40% this quarter at prices between ~$7 and ~$24. The stock is now at $12.53.Kept Steady:Fox Corp (FOX) (FOXA): The position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Klarman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Klarman’s stake in Fox Corp is the third-largest in the portfolio at 11.45%. The stock currently trades at ~$25.50.ViaSat (VSAT): VSAT is a large (top five) position at 7.28% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at ~$35. Q4 2016 saw a ~14% increase at prices between $66 and $81.Note: Klarman controls ~23% of VSAT.Theravance Biopharma (TBPH): TBPH is a 3.18% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The last major activity was a ~25% increase in Q4 2016 at prices between $24.50 and $38.50. The stock is now at $27.41.Note: Klarman controls ~19% of the business. The 13F also lists a small position in Theravance Biopharma Notes.Translate Bio (TBIO): The 2.53% TBIO stake saw a ~35% stake increase in Q2 2019 at prices between $8.75 and $13.25 and that was followed with a stake doubling next quarter at prices between $8 and $12. The stock is now at ~$16.Note: TBIO had an IPO in June 2018. Its main asset is a compound to treat Cystic fibrosis (mRNA therapy) acquired from Shire plc. Klarman controls ~28% of the business.Colony Capital (CLNY): The 1.28% stake in Colony Capital came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. They control ~10% of CLNY and their overall cost-basis is ~$12.50 per share. CLNY currently trades well below that at $1.52.Atara Biotherapeutics (ATRA): ATRA is a ~1% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follows: there was a ~17% stake increase in Q1 2018 at prices between $18 and $48 and that was followed with a ~10% stake increase last quarter at prices between $19 and $41. Q3 2019 also saw a ~20% stake increase at prices between $12 and $20. The stock currently trades at $10.76. For investors attempting to follow, ATRA is a good option to consider for further research.Note: Klarman controls ~15% of the business.Veritiv Corporation (VRTV): VRTV is a 0.41% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades well below the low end of those ranges at $9.34.Note: Klarman’s ownership interest in VRTV is ~23%.Vista Oil & Gas (VIST) and Trilogy Metals (TMQ): These two very small stakes were kept steady during the quarter. VIST had an IPO in July 2019. Shares started trading at $9.25 and currently goes for $3.30.Note: Baupost controls ~9% each of Trilogy Metals and Vista Oil & Gas.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q1 2020:1/22/2020 – reporting on Seth Klarman’s year-end letter - Klarman noted that about 31% of the fund’s portfolio was in cash to end 2019. However, according to this latest report, Baupost managed only high-single-digit returns last year, citing a “few mistakes” he made along with “conservative positioning,”Regulatory filings thru 2/14/2020: 13G & 13G/A on 2/13 – NXEO – 0, QRVO – 2.75M shares – 2.37% of business, VIST – 8.33M shares – 9.36% of business, TMQ – 12.18M shares – 8.7% of business, UNVR – 11.03M shares – 6.48% of business, ATRA – 8.31M shares – 15.34% of business, AKBA – 19.57M shares – 16.45% of business, AR – 0, 12/9/2019 – PRTK – 1.55M shares – 4.66% of business."

"Tracking Seth Klarman’s Baupost Group Holdings – Q4 2019 Update"

"Seth Klarman’s 13F portfolio value increased from $8.83B to $9.06B this quarter.Baupost Group increased Liberty Global, eBay, and McKesson while dropping Antero Resources and Paratek Pharmaceuticals.The portfolio continues to be heavily concentrated with the top three positions accounting for ~39% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 02/13/2020. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q3 2019.Baupost Group’s 13F portfolio value increased ~3% from $8.83B to $9.06B this quarter. The total number of 13F securities decreased from 30 to 29. The portfolio is heavily concentrated with Liberty Global, Fox Corp, ViaSat, eBay Inc., and ViacomCBS together accounting for ~55% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. On the average, the fund held ~25% cash over the last decade but that allocation has gone up to ~31% as of EOY 2019. Overall, Baupost has underperformed equity indexes in recent years and returned in the high-single-digits for 2019. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:HP Inc. (HP): HP is a 2.27% of the portfolio stake established this quarter at prices between $16 and $20.75 and the stock currently trades above that range at $22.37.Note: In November, Xerox (XRX) made a $22 cash-and-stock offer for HP. That offer was raised to $24 per share ($18.40 cash and 0.149 shares of XRX for each HP held) last week.Eldorado Resorts (ERI) and McDermott International (MDRIQ): These are minutely small new positions established this quarter.Note: Eldorado Resorts is acquiring Caesars Entertainment (CZR) in a deal announced in June 2019. It is expected to close in H1 2020. MDRIQ filed for Chapter 11 bankruptcy last month. Baupost also has a position in McDermott debt.Stake Disposals:Takeda Pharma (TAK): TAK was a 1.84% of the portfolio stake established in Q1 2019 at prices between $16.70 and $21.50. The position was eliminated this quarter at prices between $16.75 and $21. The stock currently trades at $19.44.Antero Resources Corporation (AR): AR was a small 0.72% of the portfolio position as of last quarter. It was established in Q3 2014 at prices between $54.50 and $66. The stake was increased by ~185% the following quarter at prices between $38.50 and $55.50. 2015 & 2017 also saw significant buying at prices above $20 per share. The position size peaked at over 28M shares in 2018. Last quarter saw an about turn: stake reduced by ~25% at prices between $3.12 and $5.55. That was followed with the disposal this quarter at prices between $1.95 and $3. The stock is now at $1.65. Baupost realized long-term losses.Gossamer Bio (GOSS) and Paratek Pharmaceuticals (PRTK): These two minutely small stakes were disposed during the quarter.Stake Increases:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at ~15% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80 and that was followed with a ~12% stake increase next quarter. The stock currently trades just below the low end of those ranges at $19.45. This quarter also saw a ~16% stake increase. For investors attempting to follow, LBTYK is a good option to consider for further research.eBay Inc. (EBAY): EBAY is a large (top five) ~8% of the portfolio stake established in Q4 2018 at prices between $26 and $33 and increased by ~40% in Q1 2019 at prices between $28 and $38. There was a ~18% selling next quarter at prices between $35.50 and $40. That was followed with a ~30% selling last quarter at prices between $38 and $42. This quarter saw a ~20% stake increase at prices between $34.50 and $39.25. The stock currently trades at $38.14.Note 1: eBay stock spiked earlier this month following acquisition interest from Intercontinental Exchange (ICE).Note 2: Starboard Value has an activist position in eBay and is pushing management to commit to a separation of eBay Classifieds Group.ViacomCBS (VIAC) previously CBS Corporation: VIAC is a large (top five) ~8% position purchased in Q4 2018 at prices between $42 and $58.50 and increased by 235% next quarter at prices between $43.50 and $52. Last three quarters have also seen a stake doubling at prices between $35.50 and $53.50. The stock currently trades just below the low end of those ranges at ~$35. For investors attempting to follow, VIAC is a good option to consider for further research.Note: The reunification of CBS and Viacom (VIAB) announced in August closed in December.McKesson Corp. (MCK): MCK is a 2.44% portfolio stake established in Q3 2017 at prices between $146 and $168 and increased by ~170% in the following quarter at prices between $135 and $163. The stock currently trades at ~$168. The first three quarters of 2018 saw a ~60% stake increase at prices between $123 and $177. Q4 2018 saw a ~20% selling at prices between $108 and $137 while next quarter saw a two-thirds increase at prices between $110 and $136. The pattern reversed again last quarter: ~50% reduction at prices between $134 and $149. That was followed with a ~20% stake increase this quarter at prices between $130 and $153.Note: MCK had a previous round-trip. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out in Q2 2017 at prices between $135 and $168.Stake Decreases:Qorvo Inc. (QRVO): QRVO is a fairly large 3.53% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. The stock is now at $106. Last three quarters saw a ~75% selling at prices between $60 and $118.Bristol Myers Squibb (BMY): The ~3% BMY stake saw a 225% stake increase in Q2 2019 at prices between $44.50 and $49.50. The position was established in Q1 2019 at prices between $45 and $54 and the stock is now at $66.38. There was a ~23% selling last quarter at prices between $42.50 and $51. That was followed with a ~60% reduction this quarter at prices between $49 and $64.PG&E Corporation (PCG): PCG is a 2.27% stake established in Q1 2018 at prices between $38 and $45 and increased by ~43% next quarter at prices between $39 and $47. Q3 2018 saw a stake doubling at prices between $41.50 and $47. Q2 2019 saw another 58% stake increase at prices between $6 and $24. The stock currently trades at $16.20. There was a ~23% selling this quarter at prices between $3.75 and $12.50.Note: It was reported in November 2018 that Baupost had hedged this position by buying $1B worth of certain insurance claims against PG&E connected to the Nov 2017 wildfires for ~35c on the dollar. In September, under a proposed settlement, those claims were to be paid back at 59c on the dollar.Akebia Therapeutics (AKBA): The 1.37% AKBA stake came about as a result of the all-stock merger with Keryx Pharmaceuticals. Baupost had effective ownership of 65.37M shares (includes 39.6M shares of convertible notes they agreed to redeem at a conversion price of $4.17) for which they received 24.47M shares of AKBA (0.37433:1 ratio). Overall their cost-basis is around $19, much higher than the current price of $8.75. This quarter saw a ~20% selling at prices between $3.15 and $6.75.Note: Baupost controls ~17% of Akebia Therapeutics.Synchrony Financial (SYF): SYF, the November 2015 split-off from General Electric (GE) is at 1.19% of the portfolio. It was established in Q3 2016 at prices between $25 and $28.50. Q2 2017 saw a two-thirds increase at prices between $26.50 and $34.50. At the time, it was the second-largest position at ~10% of the portfolio. Q3 2018 saw an about turn: ~44% reduction at prices between $29 and $35. Last three quarters saw the stake sold down by another ~80% at prices between $31.25 and $37.75. The stock currently trades at $33.75.Nuance Communications (NUAN): NUAN is a 0.45% of the portfolio position purchased last quarter at prices between $13.15 and $15.50 and reduced by ~70% this quarter at prices between $14.25 and $18. The stock currently trades at $23.14.Cars.com (CARS): CARS is a June 2017 spinoff from Tegna (TGNA). Shares started trading at ~$25 and currently goes for less than half that at ~$11. The minutely small 0.37% stake saw a ~10% trimming during the quarter.Kept Steady:Fox Corp (FOX) (FOXA): The position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Klarman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Klarman’s stake in Fox Corp is the second-largest in the portfolio at ~13.5%. The stock currently trades at ~$37.ViaSat (VSAT): VSAT is a large (top three) position at ~11% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at ~$61. Q4 2016 saw a ~14% increase at prices between $66 and $81. He is sitting on huge gains on the position.Note: Klarman controls ~23% of VSAT.Cheniere Energy (LNG): LNG is a large 6.84% of the portfolio position. The original stake was established in Q1 2014 at prices between $41 and $55. In H2 2014, it was doubled at prices between $62 and $84. The three quarters thru Q1 2016 saw another stake doubling at prices between $24 and $71. Q4 2016 saw a reversal: 22% sold at prices between $35.50 and $43.50 and that was followed with a roughly one-third reduction in Q2 2018 at prices between $53 and $69. The stock currently trades at ~$55. Last three quarters had also seen a ~30% selling at prices between $58 and $70.Note: Baupost controls ~4% of Cheniere Energy.Tesla Notes: The 4.65% position in Tesla Notes had seen a 20% increase in Q3 2018 and was kept steady since.Theravance Biopharma (TBPH): TBPH is a 2.66% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The last major activity was a ~25% increase in Q4 2016 at prices between $24.50 and $38.50. The stock is now at ~$25.Note: Klarman controls ~19% of the business. The 13F also lists a small position in Theravance Biopharma Notes.Colony Capital (CLNY): The 2.61% stake in Colony Capital came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. They control ~10% of CLNY and their overall cost-basis is ~$12.50 per share. CLNY currently trades well below that at $4.96. For investors attempting to follow Baupost, CLNY is a good option to consider for further research.Nexstar Media Group (NXST): The 2.59% NXST position was established in Q4 2018 at prices between $71 and $88 and it is now at ~$126. There was a minor ~5% stake increase Q1 2019 and that was followed with a ~40% stake increase next quarter at prices between $98 and $118. Last quarter saw another ~40% stake increase at prices between $91 and $110.Univar Inc. (UNVR): UNVR is a 2.54% stake established in Q3 2018 at prices between $25.50 and $31 and increased by ~440% next quarter at prices between $16.25 and $31. The stock is now at $22.30. For investors attempting to follow Baupost, UNVR is a good option to consider for further research.Note: Regulatory filings since the quarter ended show them owning 11.03M shares (6.48% of the business). This is compared to 9.5M shares in the 13F report.Translate Bio (TBIO): The 1.56% TBIO stake saw a ~35% stake increase in Q2 2019 at prices between $8.75 and $13.25 and that was followed with a stake doubling last quarter at prices between $8 and $12. The stock is now just below those ranges at $7.84. For investors attempting to follow, TBIO is a good option to consider for further research.Note: TBIO had an IPO in June 2018. Its main asset is a compound to treat Cystic fibrosis (mRNA therapy) acquired from Shire plc. Klarman controls ~29% of the business.Atara Biotherapeutics (ATRA): ATRA is a 1.51% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follows: there was a ~17% stake increase in Q1 2018 at prices between $18 and $48 and that was followed with a ~10% stake increase last quarter at prices between $19 and $41. Last quarter also saw a ~20% stake increase at prices between $12 and $20. The stock currently trades at $14.26. For investors attempting to follow, ATRA is a good option to consider for further research.Note: Klarman controls ~15% of the business.AmerisourceBergen (ABC): ABC was a minutely small position established in Q3 2017. It was built to a 1.30% portfolio stake next quarter at prices between $73 and $94. The stock is now at ~$94. The two quarters thru Q3 2018 had seen a stake doubling at prices between $79 and $95 while next quarter saw a ~25% selling at prices between $71 and $94. There was a ~20% stake increase in Q1 2019 at prices between $73 and $87. Last quarter saw a ~47% selling at prices between $81 and $92. The stake is now at ~1% of the portfolio.Veritiv Corporation (VRTV): VRTV is a 0.73% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades well below the low end of those ranges at $13.Note: Klarman’s ownership interest in VRTV is ~23%.Vista Oil & Gas (VIST) and Trilogy Metals (TMQ): These two very small stakes were kept steady during the quarter. VIST had an IPO in July 2019. Shares started trading at $9.25 and currently goes for $7.60.Note 1: Regulatory filings since the quarter ended show them owning 8.33M shares of Vistal Oil & Gas (9.36% of the business). This is compared to 6.18M shares in the 13F report.Note 2: Baupost controls ~9% Trilogy Metals.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q4 2019:Q4 2018 - The Baupost partnerships returned between roughly breakeven and a decline of less than one percent for the year ended December 31.Regulatory filings thru 11/14/2019: Form 3, 13D – 9/20 – TBIO – 17.54M shares – 29.2% of business, 13G/A – 9/9 – 12.27M shares – 24.06% of business.9/13/2019 – linked from – “Public records reviewed by The Wall Street Journal indicate Baupost stands to make hundreds of millions of dollars from its investment in insurance claims tied to the wildfires that pushed PG&E into chapter 11. Under a proposed settlement unveiled Friday, those insurance claims will be paid back at roughly 59 cents on the dollar, roughly twice what Baupost paid for some of them, records show…. A PG&E spokesperson said the new deal was an “agreement in principle” and the company would announce additional details when a full written settlement is reached.” 7/25/2019 – per , Klarman has $3.4B in subrogation claims, $438M in common stock, and other investments. He has also proposed a restructuring plan.6/25/2019 – per , Klarman’s cost-basis on Allergan is $208.61."

"Tracking Seth Klarman’s Baupost Group Holdings – Q3 2019 Update"

"Seth Klarman’s 13F portfolio value decreased from $11.05B to $8.83B this quarter.Baupost Group increased CBS and Translate Bio while decreasing McKesson, Synchrony Financial, eBay, and Qorvo.The portfolio continues to be heavily concentrated with the top three positions accounting for ~33% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 11/14/2019. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q2 2019.Baupost Group’s 13F portfolio value decreased ~20% from $11.05B to $8.83B this quarter. The total number of 13F securities remained steady at 30. The portfolio is heavily concentrated with Liberty Global, Fox Corp, ViaSat, eBay Inc., and Cheniere Energy together accounting for ~52% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Nuance Communications (NUAN): NUAN is a 1.52% of the portfolio position purchased this quarter at prices between $13.15 and $15.50 and the stock currently trades at $16.53.Vista Oil & Gas (VIST) and Cars.com (CARS): These are minutely small new stakes established this quarter. The VIST position is at 0.36% of the portfolio and CARS at 0.31%. VIST had an IPO in July. Shares started trading at $9.25 and currently goes for $5.26. CARS is a June 2017 spinoff from Tegna (TGNA). Shares started trading at ~$25 and currently goes for around half that at $12.51.Stake Disposals:Allergan plc (AGN): AGN was a large 5.58% of the 13F portfolio stake established in Q1 2016 at prices between $266 and $299. There was a ~70% stake increase in Q4 2016 at prices between $189 and $243. The pattern reversed in Q1 2017: almost 30% sold at prices between $210 and $250. Q3 2017 saw a ~22% stake increase at prices between $202 and $256 and that was followed with a ~50% increase the following quarter at prices between $164 and $211. Last quarter saw a ~23% reduction at prices between $116 and $167. The disposal this quarter was at prices between $155 and $170. The stock currently trades at ~$183.Note: Allergan and Abbvie (ABBV) are merging in a cash-and-stock (0.866 shares of ABBV and $120 cash for each AGN) deal announced in June.XPO Logistics (XPO): XPO was a small 0.78% portfolio stake established last quarter at prices between $52 and $69 and disposed this quarter at prices between $54.50 and $75.50. The stock currently trades at $84.34.Sinclair Broadcasting (SBGI): The very small 0.27% SBGI stake saw a ~80% selling last quarter and was eliminated this quarter.Stake Increases:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at ~14% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase in Q1 2019 at prices between $19.80 and $25.80 and that was followed with a ~12% stake increase last quarter. The stock currently trades at $21.82. This quarter also saw a ~5% stake increase. For investors attempting to follow, LBTYK is a good option to consider for further research.CBS Corp (CBS) and Nexstar Media Group (NXST): CBS is a large 5.49% position purchased in Q4 2018 at prices between $42 and $58.50 and increased by 235% last quarter at prices between $43.50 and $52. Last quarter also saw a ~17% stake increase at prices between $46.50 and $52.50. There was another ~20% stake increase this quarter at prices between $40 and $54. The stock currently trades at $37.63. The 2.32 % NXST position was established in Q4 2018 at prices between $71 and $88 and it is now at ~$102. There was a minor ~5% stake increase Q1 2019 and that was followed with a ~40% stake increase last quarter at prices between $98 and $118. This quarter saw another ~40% stake increase at prices between $91 and $110. For investors attempting to follow, these two are good options to consider for further research.Note: The long-rumored reunification of CBS and Viacom (VIAB) was announced in August.Translate Bio (TBIO): The ~2% TBIO stake saw a ~35% stake increase last quarter at prices between $8.75 and $13.25 and that was followed with a stake doubling this quarter at prices between $8 and $12. The stock is now at $9.16. For investors attempting to follow, TBIO is a good option to consider for further research.Note: TBIO had an IPO in June 2018. Its main asset is a compound to treat Cystic fibrosis (mRNA therapy) acquired from Shire plc. Klarman controls ~29% of the business.Atara Biotherapeutics (ATRA): ATRA is a 1.33% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follow: there was a ~17% stake increase in Q1 2018 at prices between $18 and $48 and that was followed with a ~10% stake increase last quarter at prices between $19 and $41. The stock currently trades well below those ranges at $13.20. This quarter also saw a ~20% stake increase at prices between $12 and $20. For investors attempting to follow, ATRA is a good option to consider for further research.Note: Klarman controls ~20% of the business.Stake Decreases:eBay Inc. (EBAY): EBAY is a large (top five) 7.35% of the portfolio stake established in Q4 2018 at prices between $26 and $33 and increased by ~40% in Q1 2019 at prices between $28 and $38. There was a ~18% selling last quarter at prices between $35.50 and $40. That was followed with a ~30% selling this quarter at prices between $38 and $42. The stock currently trades at $34.96.Note: eBay has had a previous roundtrip in the portfolio. A ~4% portfolio stake was disposed in Q4 2015.Cheniere Energy (LNG): LNG is a top five position at 7.24% of the portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In H2 2014, it was doubled at prices between $62 and $84. The three quarters thru Q1 2016 saw another stake doubling at prices between $24 and $71. Q4 2016 saw a reversal: 22% sold at prices between $35.50 and $43.50 and that was followed with a roughly one-third reduction in Q2 2018 at prices between $53 and $69. The stock currently trades at $61.16. Last three quarters have also seen a ~30% selling at prices between $58 and $70.Note: Baupost controls ~4% of Cheniere Energy.Bristol Myers Squibb (BMY): The large 5.74% BMY stake saw a 225% stake increase last quarter at prices between $44.50 and $49.50. The position was established in Q1 2019 at prices between $45 and $54 and the stock is now at $58.51. There was a ~23% selling this quarter at prices between $42.50 and $51.Qorvo Inc. (QRVO): QRVO is a fairly large 4.77% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. The stock is now at $104. Last quarter saw a ~18% selling at prices between $60 and $78 and that was followed with a one-third selling this quarter at around the same price range.Note: Baupost controls ~4.5% of the business.McKesson Corp. (MCK): MCK is a ~2% portfolio stake established in Q3 2017 at prices between $146 and $168 and increased by ~170% in the following quarter at prices between $135 and $163. The stock currently trades at ~$145. There was a ~20% stake increase in Q1 2018 at prices between $139 and $177 and that was followed with another one-third increase in Q3 2018 at prices between $123 and $139. Q4 2018 saw a ~20% selling at prices between $108 and $137 while next quarter saw a two-thirds increase at prices between $110 and $136. There was a ~8% trimming last quarter while this quarter saw a ~50% reduction at prices between $134 and $149.Note: MCK had a previous round-trip. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out in Q2 2017 at prices between $135 and $168.Synchrony Financial (SYF): SYF, the November 2015 split-off from General Electric (GE) is at ~2% of the portfolio. It was established in Q3 2016 at prices between $25 and $28.50. Q2 2017 saw a two-thirds increase at prices between $26.50 and $34.50. Q3 2018 saw an about turn: ~44% reduction at prices between $29 and $35. Last quarter saw a one-third selling at prices between $32 and $35 and that was followed with a ~45% reduction this quarter at prices between $31.40 and $36.60. The stock currently trades at $36.73.Takeda Pharma (TAK): TAK is a 1.84% of the portfolio stake established in Q1 2019 at prices between $16.70 and $21.50 and the stock currently trades at ~$20. There was a ~12% trimming last quarter and a marginal reduction this quarter.AmerisourceBergen (ABC): ABC was a minutely small position established in Q3 2017. It was built to a 1.30% portfolio stake next quarter at prices between $73 and $94. The stock is now at ~$86.13. The two quarters thru Q3 2018 had seen a stake doubling at prices between $79 and $95 while next quarter saw a ~25% selling at prices between $71 and $94. There was a ~20% stake increase in Q1 2019 at prices between $73 and $87. This quarter saw a ~47% selling at prices between $81 and $92. The stake is now at ~1% of the portfolio.Antero Resources Corporation (AR): AR is a 0.72% of the portfolio position established in Q3 2014 at prices between $54.50 and $66. The stake was increased by ~185% the following quarter at prices between $38.50 and $55.50. Recent activity follow: the three quarters thru Q1 2018 had seen a combined ~25% stake increase at prices between $17 and $22. Q4 2018 also saw a ~8% increase. The stock current trades well below those ranges at $2.22. The position was reduced by ~25% this quarter at prices between $3.12 and $5.55.Note: Klarman controls ~6.5% of the business.Trilogy Metals (TMQ): The very small 0.23% TMQ stake saw a ~11% triming during the quarter.Note 2: Baupost controls ~9% of Trilogy Metals.Gossamer Bio (GOSS): GOSS is a minutely small 0.18% portfolio stake established in Q1 2019. Gossamer Bio had an IPO in February and shares started trading at ~$18 per share. There was a ~24% selling this quarter at prices between $16 and $22.50. The stock is currently at $21.85.Kept Steady:Fox Corp (FOX) (FOXA): The position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Klarman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Klarman’s stake in Fox Corp is the second-largest in the portfolio at ~12%. The stock currently trades at $33.45.ViaSat (VSAT): VSAT is a large (top three) position at ~12% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $71.17. Q4 2016 saw a ~14% increase at prices between $66 and $81. He is sitting on huge gains on the position.Note: Klarman controls ~23% of VSAT.Tesla Notes: The 3.44% position in Tesla Notes had seen a 20% increase in Q3 2018 and was kept steady since.Colony Capital (CLNY): The 3.39% stake in Colony Capital came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. They control ~10% of CLNY and their overall cost-basis is ~$12.50 per share. CLNY currently trades well below that at $4.85. For investors attempting to follow Baupost, CLNY is a good option to consider for further research.PG&E Corporation (PCG): PCG is a 2.77% stake established in Q1 2018 at prices between $38 and $45 and increased by ~43% next quarter at prices between $39 and $47. Q3 2018 saw a stake doubling at prices between $41.50 and $47. Last quarter saw another 58% stake increase at prices between $6 and $24. The stock currently trades at $6.70.Note: It was reported last November that Baupost had hedged this position by buying $1B worth of certain insurance claims against PG&E connected to the Nov 2017 wildfires for ~35c on the dollar. In September, under a proposed settlement, those claims were to be paid back at 59c on the dollar.Univar Inc. (UNVR): UNVR is a 2.23% stake established in Q3 2018 at prices between $25.50 and $31 and increased by ~440% next quarter at prices between $16.25 and $31. The stock is now at $23.06. For investors attempting to follow Baupost, UNVR is a good option to consider for further research.Note: Baupost controls ~7% of Univar.Theravance Biopharma (TBPH): TBPH is a ~2% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The last major activity was a ~25% increase in Q4 2016 at prices between $24.50 and $38.50. The stock is now at $17.70.Note: Klarman controls ~19% of the business. The 13F also lists a small position in Theravance Biopharma Notes.Akebia Therapeutics (AKBA): The ~1% AKBA stake came about as a result of the all-stock merger with Keryx Pharmaceuticals. Baupost had effective ownership of 65.37M shares (includes 39.6M shares of convertible notes they agreed to redeem at a conversion price of $4.17) for which they received 24.47M shares of AKBA (0.37433:1 ratio). Overall their cost-basis is around $19, much higher than the current price of $3.22.Note: Baupost controls ~21% of Akebia Therapeutics.Veritiv Corporation (VRTV): VRTV is a 0.73% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at $17.88.Note: Klarman’s ownership interest in VRTV is ~23%.Paratek Pharmaceuticals (PRTK): The minutely small 0.09% of the portfolio position in PRTK was kept steady during the quarter.Note: Baupost controls ~9% of Paratek Pharmaceuticals and.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q3 2019:Regulatory Filings thru 8/15/2019: 13G/A – 7/11 – LNG – 10.67M shares – 4.15%, 6/4 – 4G & 13D/A - OREXQ – bankruptcy related surrender and distribution of cash in lieu of notes & warrants,"

"Tracking Seth Klarman’s Baupost Group Holdings – Q2 2019 Update"

"Seth Klarman’s 13F portfolio value decreased from $11.90B to $11.05B this quarter.Baupost Group increased Liberty Global and CBS Corp while dropping Pioneer Natural Resources.The portfolio continues to be heavily concentrated with the top three positions accounting for ~33% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 08/13/2019. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q1 2019.Baupost Group’s 13F portfolio value decreased ~7% from $11.90B to $11.05B this quarter. The total number of 13F securities decreased from 33 to 30. The portfolio is heavily concentrated with Liberty Global, Fox Corp, ViaSat, eBay Inc., and Cheniere Energy together accounting for ~48% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:XPO Logistics (XPO): XPO is a small 0.78% portfolio stake established this quarter at prices between $52 and $69 and the stock currently trades at $65.04.Stake Disposals:Pioneer Natural Resources (PXD): PXD was a minutely small stake established in Q3 2017. The position was built to a 2.56% portfolio stake in Q4 2017 at prices between $142 and $174. There was a stake doubling in Q2 2018 at prices between $165 and $189 and that was followed with a ~13% increase in Q4 2018. Last quarter saw a reversal: ~55% selling at prices between $130 and $153. The elimination this quarter was at prices between $141 and $176. The stock is now at ~$123.Walt Disney (DIS): The position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Klarman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. The small 0.37% portfolio DIS stake was disposed during the quarter at prices between $112 and $142. The stock currently trades at $133.Celgene Corp (CELG): CELG was a 3.17% of the portfolio position purchased last quarter at prices between $64 and $94 and sold this quarter at prices between $92 and $99. The stock currently trades at $93.31.Note: In early January, Bristol-Myers Squibb (BMY) agreed to acquire Celgene Corp in a cash-and-stock transaction (one share of BMY and $50 cash along with a CVR that could pay $9 based on achieving regulatory milestones for each share held). It is interesting that Baupost chose to increase BMY (see below) and drop CELG even though there is an arbitrage spread available in CELG.GTY Technology (GTYH): The minutely small 0.01% stake was disposed during the quarter.Stake Increases:Liberty Global (LBTYK) (TBTYA): LBTYK is currently the largest position at ~12% of the portfolio. It was established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% next quarter at prices between $19.50 and $27.50. There was another ~27% stake increase last quarter at prices between $19.80 and $25.80 and that was followed with a ~12% stake increase this quarter. The stock currently trades at $25.73.Bristol Myers Squibb (BMY): The large 5.34% BMY stake saw a 225% stake increase during the quarter at prices between $44.50 and $49.50. The position was established last quarter at prices between $45 and $54 and the stock is now near the low end of those ranges at $45.75. For investors attempting to follow, BMY is a good option to consider for further research.CBS Corp (CBS) and Nexstar Media Group (NXST): CBS is a fairly large 4.52% position purchased in Q4 2018 at prices between $42 and $58.50 and increased by 235% last quarter at prices between $43.50 and $52. This quarter also saw a ~17% stake increase at prices between $46.50 and $52.50. The stock currently trades at $43.35. For investors attempting to follow, CBS is a good option to consider for further research. The small 1.28 % NXST position was established in Q4 2018 at prices between $71 and $88 and it is now at ~$91. There was a minor ~5% stake increase last quarter and that was followed with a ~40% stake increase this quarter at prices between $98 and $118.Note: The long-rumored reunification of CBS and Viacom (VIAB) was announced earlier this week.Atara Biotherapeutics (ATRA): ATRA is a 1.27% of the portfolio stake established in Q4 2014 at around $19 per share. The original position was almost doubled next quarter at prices between $18 and $42.90. Recent activity follow: there was a ~17% stake increase in Q1 2018 at prices between $18 and $48 and that was followed with a ~10% stake increase this quarter at prices between $19 and $41. The stock currently trades well below those ranges at $13.35. For investors attempting to follow, ATRA is a good option to consider for further research.Note: Klarman controls ~17% of the business.Translate Bio (TBIO) and Trilogy Metals (TMQ): These two small stakes (less than ~1% of the portfolio each) were increased during the quarter. The ~1% TBIO stake saw a ~35% stake increase at prices between $8.75 and $13.25 and the stock is now at $7.94. The very small 0.36% TMQ stake saw a minor ~5% increase during the quarter.Note 1: TBIO had an IPO in June 2018. Its main asset is a compound to treat Cystic fibrosis (mRNA therapy) acquired from Shire plc.Note 2: Baupost controls ~10% of Trilogy Metals.Stake Decreases:eBay Inc. (EBAY): EBAY is a large (top five) 8.63% of the portfolio stake established in Q4 2018 at prices between $26 and $33 and increased by ~40% last quarter at prices between $28 and $38. There was a ~18% selling this quarter at prices between $35.50 and $40. The stock currently trades at $39.44.Note: eBay has had a previous roundtrip in the portfolio. A ~4% portfolio stake was disposed in Q4 2015.Cheniere Energy (LNG): LNG is a top five position at 6.61% of the portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In H2 2014, it was doubled at prices between $62 and $84. The three quarters thru Q1 2016 saw another stake doubling at prices between $24 and $71. Q4 2016 saw a reversal: 22% sold at prices between $35.50 and $43.50 and that was followed with a roughly one-third reduction in Q2 2018 at prices between $53 and $69. The stock currently trades at $59.04. Last two quarters have also seen a ~25% selling at prices between $60 and $70.Note: Baupost controls ~4% of Cheniere Energy.Allergan plc (AGN): AGN is a large 5.58% of the 13F portfolio stake established in Q1 2016 at prices between $266 and $299. There was a ~70% stake increase in Q4 2016 at prices between $189 and $243. The pattern reversed in Q1 2017: almost 30% sold at prices between $210 and $250. Q3 2017 saw a ~22% stake increase at prices between $202 and $256 and that was followed with a ~50% increase the following quarter at prices between $164 and $211. This quarter saw a ~23% reduction at prices between $116 and $167. The stock currently trades at ~$156.Note: Allergan and Abbvie (ABBV) are merging in a cash-and-stock (0.866 shares of ABBV and $120 cash for each AGN) deal announced in June.Qorvo Inc. (QRVO): QRVO is a large 5.23% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. The stock is now at $70.11. Q4 2018 saw a ~3% trimming and that was followed with a marginal reduction last quarter. This quarter saw a ~18% selling at prices between $60 and $78.Note: Baupost controls ~7% of the business.McKesson Corp. (MCK): MCK is a 3.16% portfolio stake established in Q3 2017 at prices between $146 and $168 and increased by ~170% in the following quarter at prices between $135 and $163. The stock currently trades at ~$141. There was a ~20% stake increase in Q1 2018 at prices between $139 and $177 and that was followed with another one-third increase in Q3 2018 at prices between $123 and $139. Q4 2018 saw a ~20% selling at prices between $108 and $137 while last quarter saw a two-thirds increase at prices between $110 and $136. There was a ~8% trimming this quarter.Note: MCK had a previous round-trip. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out in Q2 2017 at prices between $135 and $168.Synchrony Financial (SYF): SYF, the November 2015 split-off from General Electric (GE) is at 2.91% of the portfolio. It was established in Q3 2016 at prices between $25 and $28.50. Q2 2017 saw a two-thirds increase at prices between $26.50 and $34.50. Q3 2018 saw an about turn: ~44% reduction at prices between $29 and $35. Last two quarters saw a ~12% trimming and that was followed with a one-third selling this quarter at prices between $32 and $35. The stock currently trades at $32.76.AmerisourceBergen (ABC): ABC was a minutely small position established in Q3 2017. It was built to a 1.30% portfolio stake next quarter at prices between $73 and $94. The stock is now at ~$86. The two quarters thru Q3 2018 had seen a stake doubling at prices between $79 and $95 while next quarter saw a ~25% selling at prices between $71 and $94. There was a ~20% stake increase last quarter at prices between $73 and $87 and the position is now at 1.71% of the portfolio. This quarter saw a ~8% trimming.Takeda Pharma (TAK): TAK is a 1.51% of the portfolio stake established last quarter at prices between $16.70 and $21.50 and the stock currently trades at $16.86. There was a ~12% trimming during the quarter.Sinclair Broadcasting (SBGI): The very small 0.27% SBGI stake saw a ~80% selling this quarter.Kept Steady:Fox Corp (FOX) (FOXA): The position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Klarman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Klarman’s stake in Fox Corp is the second-largest in the portfolio at ~11%. The stock currently trades at $32.81.ViaSat (VSAT): VSAT is a large (top three) position at ~10% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $76.90. Q4 2016 saw a ~14% increase at prices between $66 and $81. He is sitting on huge gains on the position.Note: Klarman controls ~23% of VSAT.PG&E Corporation (PCG): PCG is ~5% stake established in Q1 2018 at prices between $38 and $45 and increased by ~43% next quarter at prices between $39 and $47. Q3 2018 saw a stake doubling at prices between $41.50 and $47. Last quarter saw another 58% stake increase at prices between $6 and $24. The stock currently trades at $14.39.Note: It was that in November Baupost bought insurance claims worth $1B for ~$350M. The claims against PG&E, connected to the Nov 2017 wildfires, were held by CSAA Insurance Group. That stake can act as a hedge against the long position reported in the 13F filing. The stock fell precipitously in January as PG&E filed for bankruptcy. Many hedge funds stepped in to purchase shares during that period.Tesla Notes: The 2.68% position in Tesla Notes had seen a 20% increase in Q3 2018 and was kept steady since.Colony Capital (CLNY): The 2.25% stake in Colony Capital came about as a result of the three-way merger of Colony Capital (CLNY), Northstar Asset Management Group (NSAM), and Northstar Realty Finance (NRF) that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. They control ~10% of CLNY and their overall cost-basis is ~$12.50 per share. CLNY currently trades well below that at $4.43. For investors attempting to follow Baupost, CLNY is a good option to consider for further research.Univar Inc. (UNVR): UNVR is a 1.90% stake established in Q3 2018 at prices between $25.50 and $31 and increased by ~440% next quarter at prices between $16.25 and $31. The stock is now at $18.75. For investors attempting to follow Baupost, UNVR is a good option to consider for further research.Note: Baupost controls ~7% of Univar.Antero Resources Corporation (AR): AR is a 1.43% of the portfolio position established in Q3 2014 at prices between $54.50 and $66. The stake was increased by ~185% the following quarter at prices between $38.50 and $55.50. Recent activity follow: the three quarters thru Q1 2018 had seen a combined ~25% stake increase at prices between $17 and $22. Q4 2018 also saw a ~8% increase. The stock current trades well below those ranges at $3.44Note: Klarman controls ~9% of the business.Theravance Biopharma (TBPH): TBPH is a 1.38% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The last major activity was a ~25% increase in Q4 2016 at prices between $24.50 and $38.50. The stock is now at $21.27.Note: Klarman controls ~19% of the business. The 13F also lists a small position in Theravance Biopharma Notes.Akebia Therapeutics (AKBA): The ~1% AKBA stake came about as a result of the all-stock merger with Keryx Pharmaceuticals. Baupost had effective ownership of 65.37M shares (includes 39.6M shares of convertible notes they agreed to redeem at a conversion price of $4.17) for which they received 24.47M shares of AKBA (0.37433:1 ratio). Overall their cost-basis is around $19, much higher than the current price of $4.30.Note: Baupost controls ~21% of Akebia Therapeutics.Veritiv Corporation (VRTV): VRTV is a 0.63% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at $16.14.Note: Klarman’s ownership interest in VRTV is ~23%.Gossamer Bio (GOSS): GOSS is a minutely small 0.25% portfolio stake established last quarter. Gossamer Bio had an IPO in February and shares started trading at ~$18 per share. It currently trades at around the same price.Paratek Pharmaceuticals (PRTK): The minutely small 0.09% of the portfolio position in PRTK was kept steady during the quarter.Note: Baupost controls ~9% of Paratek Pharmaceuticals and.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q2 2019:Regulatory Filings thru 5/17/2019: None."

"Tracking Seth Klarman’s Baupost Group Holdings – Q1 2019 Update"

"Seth Klarman’s 13F portfolio value increased from $11.52B to $11.90B this quarter.Baupost Group increased eBay, Liberty Global, PG&E, and CBS Corp while reducing Pioneer Natural Resources and Cheniere Energy.The portfolio continues to be heavily concentrated with the top three positions accounting for ~28% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 05/15/2019. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q4 2018.Baupost Group’s 13F portfolio value increased ~3% from $11.52B to $11.90B this quarter. The total number of 13F securities decreased from 35 to 33. The portfolio is heavily concentrated with Fox Corp, eBay Inc., Liberty Global, ViaSat, and Cheniere Energy together accounting for ~45% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Walt Disney (DIS) and Fox Corp (FOX) (FOXA): These two positions came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Klarman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Klarman’s stakes in Walt Disney and Fox Corp are at 0.37% and 10.14% of the portfolio respectively.Celgene Corp (CELG) and Bristol Myers Squibb (BMY): CELG is a 3.17% of the portfolio position purchased this quarter at prices between $64 and $94 and the stock currently trades at $95.51. The 1.60% BMY stake was established at prices between $45 and $54 and the stock is now at $47.12.Note: In early January, Bristol-Myers Squibb (BMY) agreed to acquire Celgene Corp in a cash-and-stock transaction (one share of BMY and $50 cash along with a CVR that could pay $9 based on achieving regulatory milestones for each share held).Takeda Pharma (TAK) and Gossamer Bio (GOSS): TAK is a 1.83% of the portfolio stake established this quarter at prices between $16.70 and $21.50 and the stock currently trades at $17.38. GOSS is a minutely small 0.22% portfolio stake established this quarter. Gossamer Bio had an IPO in February and shares started trading at ~$18 per share. The stock is currently at $21.14.Stake Disposals:Twenty First Century Fox: This was the largest position at ~29% of the portfolio as of last quarter. In December 2017, Walt Disney Company (DIS) agreed to acquire the film & entertainment assets of Twenty First Century Fox and that transaction closed in March. What remained became Fox Corp – the assets of Fox Corp include broadcasting networks and stations, news channel, business network, and Sports – FS1 & FS2, Fox Deportes, and Big Ten Network. Baupost established this position in Q3 2015 at prices between $25.41 and $33.52 and continued buying thru Q3 2018 at prices between $24 and $50.Note: Terms of the transaction were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. DIS and FOX currently trade at ~$136 and ~$37 respectively.AMC Entertainment (AMC): AMC was a very small 0.16% of the portfolio position purchased in Q3 2017 at prices between $12.50 and $23.20 and increased by ~40% in Q1 2018 at prices between $11 and $16. The stake was sold down by ~70% over the last two quarters at prices between $12 and $21. The disposal this quarter was at prices between $12.25 and $16. The stock is now at $13.40.Cardinal Health (CAH): CAH was a small 0.57% of the portfolio position as of last quarter. It was first purchased in Q4 2016 at prices between $65 and $78 and almost doubled in Q2 2017 at prices between $71.50 and $83. There was another ~25% increase the following quarter at prices between $64 and $79 and that was followed with a stake doubling in Q4 2017 at prices between $55 and $68. There was a ~7% trimming in Q3 2018 and that was followed with a ~70% reduction last quarter at prices between $43 and $57.50. The elimination this quarter was at prices between $44 and $57. The stock currently trades at $45.23.Nexeo Solutions WTS, Shire plc, Saban Capital Acquisition Corp. (SCAC), Sentinel Energy Services (STNL), and YPF Sociedad (YPF): These very small (less than ~0.7% of the portfolio each) stakes were disposed this quarter.Note: Takeda Pharmaceuticals acquired Shire plc in a transaction that closed in January. Although the position sizes relative to the portfolio were very small, Baupost had significant ownership stakes in the following businesses: ~9% of Saban Capital Acquisition and 5.28% of Nexeo Solutions.Stake Increases:eBay Inc. (EBAY): EBAY is a large (top three) 9.14% of the portfolio stake established last quarter at prices between $26 and $33 and increased by ~40% this quarter at prices between $28 and $38. The stock currently trades at $37.27.Note: eBay has had a previous roundtrip in the portfolio. A ~4% portfolio stake was disposed in Q4 2015.Liberty Global (LBTYK) (TBTYA): LBTYK is a top-three ~9% portfolio stake established in Q3 2018 at prices between $25 and $28.50 and increased by ~120% last quarter at prices between $19.50 and $27.50. There was another ~27% stake increase this quarter at prices between $19.80 and $25.80. The stock currently trades at $25.03.Allergan plc (AGN): AGN is a large 5.87% of the 13F portfolio stake established in Q1 2016 at prices between $266 and $299. There was a ~70% stake increase in Q4 2016 at prices between $189 and $243. The pattern reversed in Q1 2017: almost 30% sold at prices between $210 and $250. Q3 2017 saw a ~22% stake increase at prices between $202 and $256 and that was followed with a ~50% increase the following quarter at prices between $164 and $211. Since then the activity has been minor. The stock currently trades well below those ranges at ~$140.PG&E Corporation (PCG): PCG is 3.66% stake established in Q1 2018 at prices between $38 and $45 and increased by ~43% next quarter at prices between $39 and $47. Q3 2018 saw a stake doubling at prices between $41.50 and $47. This quarter saw another 58% stake increase at prices between $6 and $24. The stock currently trades at $18.17.Note: It was that in November Baupost bought insurance claims worth $1B for ~$350M. The claims against PG&E, connected to the Nov 2017 wildfires, were held by CSAA Insurance Group. That stake can act as a hedge against the long position reported in the 13F filing. The stock fell precipitously in January as PG&E filed for bankruptcy. Many hedge funds stepped in to purchase shares during that period.CBS Corp (CBS) and Nexstar Media Group (NXST): CBS is a 3.41% position purchased last quarter at prices between $42 and $58.50 and increased by 235% this quarter at prices between $43.50 and $52. The stock currently trades at $48.36. The very small 0.91% NXST position was established last quarter at prices between $71 and $88 and it is now at ~$108. There was a minor ~5% stake increase this quarter.McKesson Corp. (MCK): MCK is a 2.77% portfolio stake established in Q3 2017 at prices between $146 and $168 and increased by ~170% in the following quarter at prices between $135 and $163. The stock currently trades at ~$126. There was a ~20% stake increase in Q1 2018 at prices between $139 and $177 and that was followed with another one-third increase in Q3 2018 at prices between $123 and $139. Last quarter saw a ~20% selling at prices between $108 and $137 while this quarter saw a two-thirds increase at prices between $110 and $136.Note: MCK had a previous round-trip. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out in Q2 2017 at prices between $135 and $168.Atara Biotherapeutics (ATRA): ATRA is a ~2% of the portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $24.17. There was a ~17% stake increase in Q1 2018 at prices between $18 and $48. For investors attempting to follow, ATRA is a good option to consider for further research.Note: Klarman controls ~15% of the business.AmerisourceBergen (ABC): ABC was a minutely small position established in Q3 2017. It was built to a 1.30% portfolio stake next quarter at prices between $73 and $94. The stock is now at $77.59. The two quarters thru Q3 2018 had seen a stake doubling at prices between $79 and $95 while last quarter saw a ~25% selling at prices between $71 and $94. There was a ~20% stake increase this quarter at prices between $73 and $87 and the position is now at 1.61% of the portfolio.Stake Decreases:Cheniere Energy (LNG): LNG is a top five position at 7.25% of the portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In H2 2014, it was doubled at prices between $62 and $84. The three quarters thru Q1 2016 saw another stake doubling at prices between $24 and $71. Q4 2016 saw a reversal: 22% sold at prices between $35.50 and $43.50 and that was followed with a roughly one-third reduction in Q2 2018 at prices between $53 and $69. The stock currently trades at $67.81. This quarter saw a ~11% trimming.Note: Baupost controls ~5% of Cheniere Energy.Qorvo Inc. (QRVO): QRVO is a large 6.38% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. The stock is now at $68.11. Last quarter saw a ~3% trimming and that was followed with a marginal reduction this quarter.Note: Baupost controls 9% of the business.Synchrony Financial (SYF): SYF, the November 2015 split-off from General Electric (GE) is at 3.82% of the portfolio. It was established in Q3 2016 at prices between $25 and $28.50. Q2 2017 saw a two-thirds increase at prices between $26.50 and $34.50. Q3 2018 saw an about turn: ~44% reduction at prices between $29 and $35 and that was followed with a ~11% trimming last quarter. The stock currently trades at $35.24. There was a minor trimming this quarter.Pioneer Natural Resources (PXD): PXD was a minutely small stake established in Q3 2017. The position was built up to a 2.56% portfolio stake in Q4 2017 at prices between $142 and $174. There was a stake doubling in Q2 2018 at prices between $165 and $189 and that was followed with a ~13% increase last quarter. This quarter saw a reversal: ~55% selling at prices between $130 and $153. The stock is now at ~$155. The stake is at 2.56% of the portfolio.Sinclair Broadcasting (SBGI): The very small 0.94% SBGI stake saw a ~3% trimming this quarter.Kept Steady:ViaSat (VSAT): VSAT is a large (top five) position at 7.25% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at ~$91. Q4 2016 saw a ~14% increase at prices between $66 and $81. He is sitting on huge gains on the position.Note: Klarman controls ~23% of VSAT.Tesla Notes: The 2.76% position in Tesla Notes had seen a 20% increase in Q3 2018 and was kept steady since.Colony Capital (CLNY): The 2.22% stake in Colony Capital came about as a result of the three-way merger of Colony Capital (CLNY), Northstar Asset Management Group (NSAM), and Northstar Realty Finance (NRF) that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. They control ~10% of CLNY and their overall cost-basis is ~$12.50 per share. CLNY currently trades well below that at $5.21. For investors attempting to follow Baupost, CLNY is a good option to consider for further research.Antero Resources Corporation (AR): AR is a 2.12% of the portfolio position established in Q3 2014 at prices between $54.50 and $66. The stake was increased by ~185% the following quarter at prices between $38.50 and $55.50. Recent activity follow: the three quarters thru Q1 2018 had seen a combined ~25% stake increase at prices between $17 and $22.Last quarter also saw a ~8% increase. The stock current trades well below those ranges at ~$8.Note: Klarman controls ~9% of the business.Theravance Biopharma (TBPH): TBPH is a 1.77% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The last major activity was a ~25% increase in Q4 2016 at prices between $24.50 and $38.50. The stock is now at $20.64.Note: Klarman controls ~19% of the business.Univar Inc. (UNVR): UNVR is a 1.77% stake established in Q3 2018 at prices between $25.50 and $31 and increased by ~440% last quarter at prices between $16.25 and $31. The stock is now at $22.47. For investors attempting to follow Baupost, UNVR is a good option to consider for further research.Note: Baupost controls 6.71% of Univar.Akebia Therapeutics (AKBA): The 1.68% AKBA stake came about as a result of the all-stock merger with Keryx Pharmaceuticals. Baupost had effective ownership of 65.37M shares (includes 39.6M shares of convertible notes they agreed to redeem at a conversion price of $4.17) for which they received 24.47M shares of AKBA (0.37433:1 ratio). Overall their cost-basis is around $19, much higher than the current price of $5.62.Note: Baupost controls ~21% of Akebia Therapeutics.Veritiv Corporation (VRTV): VRTV is a 0.79% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at $21.26.Note: Klarman’s ownership interest in VRTV is ~23%.GTY Technology (GTYH), Paratek Pharmaceuticals (PRTK), Translate Bio (TBIO), and Trilogy Metals (TMQ): These are minutely small stakes (less than ~0.20% of the portfolio each) kept steady this quarter.Note 1: TBIO had an IPO in June 2018. Its main asset is a compound to treat Cystic fibrosis (mRNA therapy) acquired from Shire plc.Note 2: Baupost controls ~9% of Paratek Pharmaceuticals and ~9.9% of Trilogy Metals.Note 3: The 13F also lists a small position in Theravance Biopharma Notes.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q1 2019:Regulatory Filings thru 2/14/2019: 13G/A – 2/13 – AR – 28.6M shares - ~9% of business, 13G/A – 2/13 – LNG – 14.2M shares – 5.5% of business, 13G/A – 2/13 – GTYH – 0, 13G – 2/13 - Nexeo Solutions – 5M shares – 5.28% of business – there were two – one says Rotation Capital and same share count, 13G/A – 2/13 – QRVO – 11.8M shares – 9.4% of business, 13G/A – 2/13 – SCAC – 0, 13G/A – 2/13 – TMQ – 13M shares – 9.9% of business, 13G – 2/13 – UNVR – 9.5M shares – 6.71% of business. 13G/A – 2/13 – VRTV – 3.56M shares – 22.49% of business, 13G – 1/9 – AKBA – 24.47M shares – 20.94% of business, Form 4 & 13D/A – 12/13 – KERX – 0 from ~65.37M shares.1/31/2019 – PCG stake hedging – It is that the ~$900M position is hedged by buying insurance claims (ones that CSAA insurance group held against PG&E) worth $1B for ~$350M in November connected to the Nov 2017 wildfires."

"Tracking Seth Klarman’s Baupost Group Holdings – Q4 2018 Update"

"Seth Klarman’s 13F portfolio value decreased from $13.06B to $11.52B this quarter.Baupost Group added eBay while increasing Liberty Global and Univar during the quarter.The portfolio continues to be heavily concentrated with the top three positions accounting for ~43% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 02/13/2019. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q3 2018.Baupost Group’s 13F portfolio value decreased ~12% from $13.06B to $11.52B this quarter. The total number of 13F securities remained steady at 35. The portfolio is heavily concentrated with Twenty First Century Fox, Cheniere Energy, ViaSat Inc., Liberty Global, and Qorvo together accounting for ~55% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:eBay Inc. (EBAY): EBAY is a fairly large ~5% of the portfolio stake established this quarter at prices between $26 and $33 and the stock currently trades well above that range at $36.26.Note: eBay has had a previous roundtrip in the portfolio. A ~4% portfolio stake was disposed in Q4 2015.Akebia Therapeutics (AKBA), CBS Corp (CBS), and Nexstar Media Group (NXST): The 1.17% AKBA stake came about as a result of the all-stock merger with Keryx Pharmaceuticals. Baupost had effective ownership of 65.37M shares (includes 39.6M shares of convertible notes they agreed to redeem at a conversion price of $4.17) for which they received 24.47M shares of AKBA (0.37433:1 ratio). Overall their cost-basis is around $19, much higher than the current price of $6.45. CBS is a ~1% position purchased at prices between $42 and $58.50 and it now goes for $48.43. The very small 0.65% NXST position was established at prices between $71 and $88 and it is now at $86.88.Note: Baupost controls ~21% of Akebia Therapeutics.Stake Disposals:Altaba Inc. (AABA): The small 1.47% AABA position purchased last quarter at prices between $63.75 and $77.50 was disposed this quarter at prices between $55.50 and $67. The stock currently trades at $69.07.Keryx Biopharma (KERX): KERX was a 0.67% of the portfolio position established in Q1 2014 at prices between $12 and $17. Q2 & Q3 2014 saw the position more than doubled at prices between $12.50 and $18. H1 2015 had also seen a ~40% further increase at prices between $9.50 and $14.50. Their overall cost-basis was ~$12 per share. Keryx merged with Akebia in an all-stock deal and the transaction closed last quarter, thereby eliminating this position.NovaGold Resources Inc. (NG): The very small 0.38% long-term stake in NG saw a ~13% increase in Q4 2017 at prices between $3.40 and $4.25 and another ~25% increase in Q1 2018 at prices between $3.60 and $4.70.The disposal this quarter was at prices between $3.65 and $4.30. The stock is currently at $3.64.Tribune Media (TRCO): The 1.77% TRCO position was purchased in Q2 2018 at prices between $35 and $41 and doubled last quarter at prices between $32 and $39. The disposal this quarter was at prices between $37 and $45.50.Note: In December, Nexstar agreed to acquire TRCO in a $46.50 per share cash deal.Stake Increases:Liberty Global (LBTYK) (TBTYA) and Univar Inc. (UNVR): These two positions established last quarter saw large increases this quarter. LBTYK is a top-five 6.25% portfolio stake established at prices between $25 and $28.50 and increased by ~120% this quarter at prices between $19.50 and $27.50. The stock currently trades at $23.77. UNVR is a 1.46% stake established at prices between $25.50 and $31 and increased by ~440% this quarter at prices between $16.25 and $31. The stock is now at $23.15. For investors attempting to follow Baupost, these two are good options to consider for further research.Note: Baupost controls 6.71% of Univar.Pioneer Natural Resources (PXD): PXD was a minutely small stake established in Q3 2017. The position was built up to a 3.42% portfolio stake in Q4 2017 at prices between $142 and $174. There was a stake doubling in Q2 2018 at prices between $165 and $189 and that was followed with a ~13% increase this quarter. The stock is now near the low end of those ranges at ~$146. The stake is at 5.14% of the portfolio.Antero Resources Corporation (AR): AR is a 2.33% of the portfolio position established in Q3 2014 at prices between $54.50 and $66. The stake was increased by ~185% the following quarter at prices between $38.50 and $55.50. Recent activity follow: the three quarters thru Q1 2018 had seen a combined ~25% stake increase at prices between $17 and $22.This quarter also saw a ~8% increase. The stock current trades well below those ranges at $9.07.Note: Klarman controls ~9% of the business.Nexeo Solutions WTS and Shire plc: These very small positions (less than 1% of the portfolio each) were increased during the quarter.Note: Takeda Pharmaceuticals acquired Shire plc in a transaction that closed last month. Regulatory filings since the quarter ended show them owning 5.28% of Nexeo Solutions.Stake Decreases:Twenty First Century Fox (FOX) (FOXA): FOX is currently the largest position at ~29% of the portfolio. It was established in Q3 2015 at prices between $25.41 and $33.52 and increased by ~40% in Q1 2016 at prices between $24 and $28. H2 2016 also saw a two-thirds increase at prices between $24 and $29. Last four quarters had seen a ~160% stake increase at prices between $24.30 and $50. The stock currently trades at $49.65. This quarter saw minor trimming.Note: In December 2017, Walt Disney (DIS) agreed to acquire certain assets (excludes Broadcasting network and stations, Fox News, Fox Business, FS1, FS2 and Big Ten Network) from Twenty First Century Fox in an all-stock deal (0.2745 shares of DIS per FOX share).Qorvo Inc. (QRVO): QRVO is a large 5.63% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. The stock is now at $64.90. This quarter saw a ~3% trimming.Note: Baupost controls ~9.4% of the business.Allergan plc (AGN): AGN is a large 5.52% of the 13F portfolio stake established in Q1 2016 at prices between $266 and $299. There was a ~70% stake increase in Q4 2016 at prices between $189 and $243. The pattern reversed in Q1 2017: almost 30% sold at prices between $210 and $250. Q3 2017 saw a ~22% stake increase at prices between $202 and $256 and that was followed with a ~50% increase the following quarter at prices between $164 and $211. There was a ~4% increase last quarter and a similar trimming this quarter. The stock currently trades well below those ranges at ~$140.PG&E Corporation (PCG): PCG is ~3% stake established in Q1 2018 at prices between $38 and $45 and increased by ~43% next quarter at prices between $39 and $47. Last quarter saw a stake doubling at prices between $41.50 and $47. The stock currently trades well below their purchase price ranges at $15.21. PG&E filed for bankruptcy last month.Note: It was that in November Baupost bought insurance claims worth $1B for ~$350M. The claims against PG&E, connected to the Nov 2017 wildfires, were held by CSAA Insurance Group. That stake can act as a hedge against the long position reported in the 13F filing.Synchrony Financial (SYF): SYF, the November 2015 split-off from General Electric (GE) is at ~3% of the portfolio. It was established in Q3 2016 at prices between $25 and $28.50. Q2 2017 saw a two-thirds increase at prices between $26.50 and $34.50. Last quarter saw an about turn: ~44% reduction at prices between $29 and $35 and that was followed with a ~11% trimming this quarter. The stock currently trades at $30.77.McKesson Corp. (MCK): MCK is a 1.65% portfolio stake established in Q3 2017 at prices between $146 and $168 and increased by ~170% in the following quarter at prices between $135 and $163. The stock currently trades at ~$134. There was a ~20% stake increase in Q1 2018 at prices between $139 and $177 and that was followed with another one-third increase last quarter at prices between $123 and $139. This quarter saw a ~20% selling at prices between $108 and $137.Note: MCK had a previous round-trip. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out in Q2 2017 at prices between $135 and $168.AmerisourceBergen (ABC): ABC was a minutely small position established in Q3 2017. It was built to a 1.30% portfolio stake next quarter at prices between $73 and $94. The stock is now at $86.41. Last two quarters had seen a stake doubling at prices between $79 and $95 while this quarter saw a ~25% selling at prices between $71 and $94.Cardinal Health (CAH): CAH position is now very small at 0.57% of the portfolio. It was purchased in Q4 2016 at prices between $65 and $78 and almost doubled in Q2 2017 at prices between $71.50 and $83. There was another ~25% increase the following quarter at prices between $64 and $79 and that was followed with a stake doubling in Q4 2017 at prices between $55 and $68. There was a ~7% trimming last quarter and that was followed with a ~70% reduction this quarter at prices between $43 and $57.50. The stock currently trades at $55.05.AMC Entertainment (AMC): AMC is a very small 0.16% of the portfolio position purchased in Q3 2017 at prices between $12.50 and $23.20 and increased by ~40% in Q1 2018 at prices between $11 and $16. The stake was sold down by ~70% over the last two quarters at prices between $12 and $21. The stock is now at $13.51.GTY Technology (GTYH) and Saban Capital Acquisition Corp. (SCAC): These very small (less than ~0.5% of the portfolio each) stakes were reduced this quarter. In September last year, Saban Capital agreed to acquire Panavision and Sim.Note: Baupost controlled ~9% of Saban Capital Acquisition and ~8% of GTY Technology as of last quarter. Regulatory filings since the quarter ended show them no longer holding shares in these businesses.Kept Steady:Cheniere Energy (LNG): LNG is Klarman’s second-largest 13F position at ~7.3% of the portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In H2 2014, it was doubled at prices between $62 and $84. The three quarters thru Q1 2016 saw another stake doubling at prices between $24 and $71. Q4 2016 saw a reversal: 22% sold at prices between $35.50 and $43.50 and that was followed with a roughly one-third reduction in Q2 2018 at prices between $53 and $69. The stock currently trades at $65.85.Note: Baupost controls ~5.5% of Cheniere Energy.ViaSat (VSAT): VSAT is a large (top three) position at ~7% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at ~$74.63. Q4 2016 saw a ~14% increase at prices between $66 and $81. He is sitting on huge gains on the position.Note: Klarman controls ~23% of VSAT.Tesla Notes: The 3.16% position in Tesla Notes had seen a 20% increase last quarter but was kept steady this quarter.Theravance Biopharma (TBPH): TBPH is a ~2% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The last major activity was a ~25% increase in Q4 2016 at prices between $24.50 and $38.50. The stock is now at $27.20.Note: Klarman controls ~19% of the business.Colony Capital (CLNY): The ~2% stake in Colony Capital came about as a result of the three-way merger of Colony Capital (CLNY), Northstar Asset Management Group (NSAM), and Northstar Realty Finance (NRF) that closed in January 2017. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. They control ~10% of CLNY and their overall cost-basis is ~$12.50 per share. CLNY currently trades well below that at $6.07. For investors attempting to follow Baupost, CLNY is a good option to consider for further research.Atara Biotherapeutics (ATRA): ATRA is a ~2% of the portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $39.23. There was a ~17% stake increase in Q1 2018 at prices between $18 and $48.Note: Klarman controls ~15% of the business.Veritiv Corporation (VRTV): VRTV is a 0.77% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at $35.86.Note: Klarman’s ownership interest in VRTV is ~23%.Sinclair Broadcasting (SBGI), Translate Bio (TBIO) and YPF Sociedad (YPF): These very small (less than ~0.70% of the portfolio each) positions were kept steady during the quarter.Note: TBIO had an IPO in June 2018. Its main asset is a compound to treat Cystic fibrosis (mRNA therapy) acquired from Shire plc.Paratek Pharmaceuticals (PRTK), Sentinel Energy Services (STNL), and Trilogy Metals (TMQ): These are minutely small stakes (less than ~0.20% of the portfolio each) kept steady this quarter.Note 1: Baupost controls ~9% of Paratek Pharmaceuticals and ~9.9% of Trilogy Metals.Note 2: The 13F also lists a small position in Theravance Biopharma Notes.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q4 2018:Regulatory Filings thru 11/14/2018: Form 4 10/31 – OREXQ – ~1.55M shares disposed (0 remain), 10/31 13D/A - 11.3M shares – 37.5% of business, Form 4 10/26 - ~675K shares disposed – 1.55M shares remain, 10/26 13D/A – 10.4M shares – 37.5% of business, Form 3 – 10/4 – VSAT – 13.73M shares – 13D – 10/4 – 13.73M shares (23.06% of business)."

"Tracking Seth Klarman’s Baupost Group Holdings – Q3 2018 Update"

"Seth Klarman’s 13F portfolio value increased from $11.44B to $13.01B this quarter.Baupost Group increased Twenty First Century Fox and PG&E while decreasing Synchrony Financial and AMC Entertainment.The portfolio continues to be heavily concentrated with the top three positions accounting for ~40% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 11/13/2018. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q2 2018.Baupost Group’s 13F portfolio value increased ~14% from $11.44B to $13.01B this quarter. The total number of 13F securities increased from 31 to 35. The portfolio is heavily concentrated with Twenty First Century Fox, Cheniere Energy, Allergan plc, ViaSat Inc., and PG&E together accounting for ~53% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Liberty Global (LBTYK) (TBTYA), Altaba Inc. (AABA), YPF Sociedad (YPF), Univar Inc. (UNVR), and Nexeo Solutions WTS: These are the new positions this quarter. LBTYK is a 3.43% portfolio stake established at prices between $25 and $28.50 and the stock currently trades below that range at $23.21. The small 1.47% AABA position was purchased at prices between $63.75 and $77.50 and it is now below that range at $61.21. YPF is a very small 0.71% stake established at prices between $13.15 and $17.25 and it now goes for $14.96. UNVR is a minutely small 0.42% stake and it now trades at $22.28, well below the low end of the price-range it traded during the quarter.Stake Disposals:AT&T Inc. (T): The 2.66% T stake came about as a result of the acquisition of Time Warner by AT&T. Baupost had a large merger-arbitrage stake in Time Warner established in Q4 2017. In October 2016, AT&T (T) agreed to acquire Time Warner in a cash-and-stock deal valued at $107.50 per share (half cash). That transaction closed in June and the AT&T shares so acquired were disposed this quarter.Stake Increases:Twenty First Century Fox (FOX) (FOXA): FOX is currently the largest position at ~25% of the portfolio. It was established in Q3 2015 at prices between $25.41 and $33.52 and increased by ~40% in Q1 2016 at prices between $24 and $28. H2 2016 also saw a two-thirds increase at prices between $24 and $29. Last four quarters have seen a ~160% stake increase at prices between $24.30 and $50. The stock currently trades at $47.72.Note: In December 2017, Walt Disney (DIS) agreed to acquire certain assets (excludes Broadcasting network and stations, Fox News, Fox Business, FS1, FS2 and Big Ten Network) from Twenty First Century Fox in an all-stock deal (0.2745 shares of DIS per FOX share).PG&E Corporation (PCG) and Tesla Notes: These two new positions established in Q1 2018 saw increases in the last two quarters. PCG is now a large (top five) 6.71% stake. It was established at prices between $38 and $45 and increased by ~43% last quarter at prices between $39 and $47. This quarter saw a stake doubling at prices between $41.50 and $47. The stock currently trades well below their purchase price ranges at $32.72. The 2.37% position in Tesla Notes saw a 20% increase this quarter.Note: The last three trading days saw a one-third drop in PCG PPS as wildfires caused major damage and loss of life in Northern and Southern California. Last year, PG&E shares dropped in December as they halted the dividend citing liability concerns from the October 2017 Northern California wildfires. Following that, several hedge funds (Abrams, Tepper, Loeb, Romick, etc.) added PG&E shares to their portfolios.McKesson Corp. (MCK): MCK is a ~2% portfolio stake established in Q3 2017 at prices between $146 and $168 and increased by ~170% in the following quarter at prices between $135 and $163. The stock currently trades below those ranges at ~$130. For investors attempting to follow Baupost, MCK is a good option to consider for further research. There was a ~19% stake increase in Q1 2018 at prices between $139 and $177 and that was followed with another one-third increase this quarter at prices between $123 and $139.Note: MCK had a previous round-trip. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out in Q2 2017 at prices between $135 and $168.AmerisourceBergen (ABC): ABC was a minutely small position established in Q3 2017. It was built to a 1.30% portfolio stake next quarter at prices between $73 and $94. The stock is now at $91.31. Last two quarters have seen a stake doubling at prices between $79 and $95. The position is now at ~2% of the portfolio.Tribune Media (TRCO) and Sinclair Broadcasting (SBGI): These are small (less than ~2% of the portfolio each) stakes established last quarter and increased substantially this quarter. The 1.77% TRCO position was purchased at prices between $35 and $41 and doubled this quarter at prices between $32 and $39. The stock currently trades at $38.78. SBGI is a 0.65% portfolio stake established at prices between $27 and $33.50 and it is now at $31.38. The position was increased by ~17% this quarter.Stake Decreases:Synchrony Financial (SYF): SYF, the November 2015 split-off from General Electric (GE) is at ~4% of the portfolio. It was established in Q3 2016 at prices between $25 and $28.50. Q2 2017 saw a two-thirds increase at prices between $26.50 and $34.50. This quarter saw an about turn: ~44% reduction at prices between $29 and $35. The stock currently trades at $27.65.Cardinal Health (CAH): The ~2% CAH position was purchased in Q4 2016 at prices between $65 and $78 and almost doubled in Q2 2017 at prices between $71.50 and $83. There was another ~25% increase the following quarter at prices between $64 and $79 and that was followed with a stake doubling in Q4 2017 at prices between $55 and $68. The stock currently trades near the low end of those ranges at $56.73. For investors attempting to follow Baupost, CAH is a good option to consider for further research. There was a ~7% trimming this quarter.Veritiv Corporation (VRTV): VRTV is a 1% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at $29.94. There was a ~5% stake increase in Q1 2018 while this quarter saw similar trimming.Note: Klarman’s ownership interest in VRTV is ~24%.AMC Entertainment (AMC): AMC is a very small 0.43% of the portfolio position purchased in Q3 2017 at prices between $12.50 and $23.20 and increased by ~40% in Q1 2018 at prices between $11 and $16. The stake was sold down by ~45% this quarter at prices between $15.25 and $21.35. The stock is now at $15.54.Note: Baupost has a ~5% ownership stake in the business.Kept Steady:Cheniere Energy (LNG): LNG is Klarman’s second-largest 13F position at ~7.5% of the portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In H2 2014, it was doubled at prices between $62 and $84. The three quarters thru Q1 2016 saw another stake doubling at prices between $24 and $71. Q4 2016 saw a reversal: 22% sold at prices between $35.50 and $43.50 and that was followed with a roughly one-third reduction last quarter at prices between $53 and $69. The stock currently trades at $59.60.Note: Baupost controls ~5.7% of Cheniere Energy.Allergan plc (AGN): AGN is a large (top five) 7.25% of the 13F portfolio stake established in Q1 2016 at prices between $266 and $299. Q2 2016 saw a ~16% increase at prices between $202 and $278. There was another ~70% increase in Q4 2016 at prices between $189 and $243. The pattern reversed in Q1 2017: almost 30% sold at prices between $210 and $250. The stock currently trades at ~$163. Q3 2017 saw a ~22% stake increase at prices between $202 and $256 and that was followed with a ~50% increase the following quarter at prices between $164 and $211. For investors attempting to follow Baupost, AGN is a very good option to consider for further research. Q1 2018 saw a ~6% increase and that was followed with a ~4% increase last quarter.ViaSat (VSAT): VSAT is a large (top five) position at 6.75% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at ~$70. Q4 2016 saw a ~14% increase at prices between $66 and $81. He is sitting on huge gains on the position. There were minor increases in the last two quarters.Note: Klarman controls ~23% of VSAT.Qorvo Inc. (QRVO): QRVO is a large 6.50% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. The stock is now at $63.65.Note: Baupost controls ~9% of the business.Pioneer Natural Resources (PXD): PXD was a minutely small stake established in Q3 2017. The position was built up to a 3.42% portfolio stake in Q4 2017 at prices between $142 and $174. There was a stake doubling last quarter at prices between $165 and $189. The stock is now at ~$150 and the stake is at 5.35% of the portfolio.Antero Resources Corporation (AR): AR is a 3.62% of the portfolio position established in Q3 2014 at prices between $54.50 and $66. The stake was increased by ~185% the following quarter at prices between $38.50 and $55.50. Recent activity follow: Q2 2016 saw a one-third reduction at prices between $24.50 and $30 while Q2 2017 saw a ~45% increase at prices between $19.50 and $22.50. The stock currently trades at $15.27. The three quarters thru Q1 2018 had seen a combined ~25% stake increase at prices between $17 and $22.Note: Klarman controls ~8% of the business.Theravance Biopharma (TBPH): TBPH is a 2.34% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The original stake was increased by ~5% in Q1 2015 at prices between $14.50 and $22. Q2 2016 saw another ~13% increase at prices between $17.50 and $24. The stock is now at $24.62. Q4 2016 also saw a ~25% increase at prices between $24.50 and $38.50.Note: Klarman controls ~19% of the business.Colony Capital (CLNY): The 2.33% stake in Colony Capital came about as a result of the three-way merger of Colony Capital (CLNY), Northstar Asset Management Group (NSAM), and Northstar Realty Finance (NRF) that closed in January last year. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. They control ~10% of CLNY and their overall cost-basis is ~$12.50 per share. CLNY currently trades well below that at $6.07. For investors attempting to follow Baupost, CLNY is a good option to consider for further research. There was a ~4% stake increase in Q1 2018.Atara Biotherapeutics (ATRA): ATRA is a ~2% of the portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $34.76. There was a ~17% stake increase in Q1 2018 at prices between $18 and $48.Note: Klarman controls ~15% of the business.Keryx Biopharma (KERX): KERX is a 0.67% of the portfolio position established in Q1 2014 at prices between $12 and $17. Q2 & Q3 2014 saw the position more than doubled at prices between $12.50 and $18. H1 2015 had also seen a ~40% further increase at prices between $9.50 and $14.50. The stock currently trades well below the low-end of those ranges at $2.90. Klarman’s cost-basis is at around $12.Note: Keryx is merging with Akebia Therapeutics (AKBA) in a transaction announced in June. KERX shareholders will receive 0.37433 common shares of AKBA for each share held. Baupost agreed to redeem their convertible notes at an effective conversion price of $4.17 (39.6M shares – outlay was $164.75M). Overall, the current ownership will amount to a stake of 24.48M shares (21.1% of business) in the combined business. It is based on 116M shares projected to be outstanding.NovaGold Resources Inc. (NG): The very small 0.38% long-term stake in NG saw a ~13% increase in Q4 2017 at prices between $3.40 and $4.25 and another ~25% increase in Q1 2018 at prices between $3.60 and $4.70. The stock is currently at $3.72.Trilogy Metals (TMQ): The minutely small 0.20% stake was increased by ~40% last quarter.Note: Baupost controls ~14% of Trilogy Metals.Paratek Pharmaceuticals (PRTK): PRTK is a minutely small 0.18% position that saw a ~17% increase in Q2 2017 at prices between $18.50 and $25.50. The stock is now at $6.85.Note: Baupost Group controls ~9% of Paratek Pharmaceuticals.Translate Bio (TBIO) and Shire plc (SHPG): These are minutely small (less than ~0.15% of the portfolio each) positions established last quarter and kept steady this quarter.Note: TBIO had an IPO in June. Its main asset is a compound to treat Cystic fibrosis (mRNA therapy) acquired from Shire plc.Sentinel Energy Services (STNL): STNL is a SPAC established by former executives of Schlumberger (SLB) to acquire an underperforming energy services business. The minutely small 0.13% stake was acquired in Q4 2017. Last month, Sentinel agreed to acquire a majority interest in Strike Capital, a provider of full-life-cycle pipeline infrastructure services. Following the close of the transaction, Sentinel Energy Services will be renamed Strike Inc.GTY Technology (GTYH) and Saban Capital Acquisition Corp. (SCAC): These very small (less than ~0.5% of the portfolio each) stakes were kept steady this quarter. In September Saban Capital agreed to acquire Panavision and Sim.Note 1: Baupost controls ~9% Saban Capital Acquisition and ~8% of GTY Technology.Note 2: The 13F also lists a small position in Theravance Biopharma Notes.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q3 2018:8/16/2018 – Modified a word in the Q2 2018 update below under Synchrony Financial to say “split-off” instead of “spinoff” – I reader in the Buffett update pointed this out.6/28/2018 – (AKBA) - KERX shareholders will receive 0.37433 common shares of AKBA for each share of KERX they own. Baupost agreed to convert their convertible notes at an effective conversion price of $4.17 (39.6M shares – outlay was $164.75M). The shares in the combined business will be 24.48M shares (21.1% of business) based on 116M shares projected to be outstanding.Regulatory Filings thru 8/13/2018: 13G – 7/9 – TBIO – 6.5M shares – 14.5% of business – IPO was on 6/28/2018. Main asset is Cystic-Fibrosis compound (mRNA therapy) acquired from SHPG (first trial due 2021) – competition is Vertex the behemoth, 13D/A – 6/29 – KERX – 61.4M shares – 39.35% of business – Akebia transaction & conversion related filing (see above), 13G/A – 6/8 – CLNY – 49.7M shares – 10.02% of business, 13G/A – 6/8 – PBF – 0,"

"Tracking Seth Klarman’s Baupost Group Holdings – Q2 2018 Update"

"Seth Klarman’s 13F portfolio value increased from $10.37B to $11.44B this quarter.Baupost Group increased Twenty First Century Fox while decreasing Cheniere Energy.The portfolio continues to be heavily concentrated with the top three positions accounting for ~40% of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 08/13/2018. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q1 2018.Baupost Group’s 13F portfolio value increased ~10% from $10.37B to $11.44B this quarter. The total number of 13F securities remained steady at 31. The portfolio is heavily concentrated with Twenty First Century Fox, Synchrony Financial, Cheniere Energy, ViaSat Inc., and Qorvo together accounting for ~55% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:AT&T Inc. (T): The 2.66% T stake came about as a result of the acquisition of Time Warner by AT&T. Baupost had a large merger-arbitrage stake in Time Warner established in Q4 2017. In October 2016, AT&T (T) agreed to acquire Time Warner in a cash-and-stock deal valued at $107.50 per share (half cash). That transaction closed in June.Tribune Media (TRCO) and Sinclair Broadcasting (SBGI): These are small (less than ~1% of the portfolio each) new stakes established this quarter. The ~1% TRCO position was purchased at prices between $35 and $41 and the stock currently trades just below that range at $34.62. SBGI is a 0.72% portfolio stake established at prices between $27 and $33.50 and it is now near the low end of that range at $27.90. For investors attempting to follow Baupost, these two are good options to consider for further research.Translate Bio (TBIO) and Shire plc (SHPG): These are minutely small (less than ~0.2% of the portfolio each) positions established this quarter.Note: Regulatory Fillings since the quarter ended show them owning 6.5M shares of Translate Bio (14.5% of business). That is compared to 1.9M shares in the 13F report. TBIO had an IPO in June. Its main asset is a compound to treat Cystic fibrosis (mRNA therapy) acquired from Shire plc.Stake Disposals:PBF Energy (PBF): PBF was a 2.59% of the 13F portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled the following quarter at prices between $21.50 and $31.50 and was increased by over 175% in Q1 2014 at prices between $24 and $31.50. The stake had since been doubled through periodic buying. Q3 2016 saw another ~50% increase at prices between $21 and $24. There was an about-turn in Q4 2017: ~30% reduction at prices between $26 and $36 and that was followed with a similar selling last quarter at prices between $29 and $36. The disposal this quarter was at prices between $33.50 and $51. The stock currently trades at $47.36.ChipMOS (IMOS), Forward Pharma (FWP), and Orexigen Therapeutics (OREXQ): These three minutely small (less than 0.5% of the portfolio each) stakes were disposed this quarter.Note 1: Following settlement of a lawsuit with Biogen (BIIB) that netted $1.25B, FWP shareholders received $23.13 per share as a special dividend last year.Note 2: Following Orexigen’s Chapter 11 bankruptcy in March, Baupost was involved in a $35M DIP (debtor-in-possession) loan facility related transaction. Previously, they were involved in other capital raise transactions.Stake Increases:Twenty First Century Fox (FOX) (FOXA): FOX is currently the largest position at ~23% of the portfolio. It was established in Q3 2015 at prices between $25.41 and $33.52 and increased by ~40% in Q1 2016 at prices between $24 and $28. H2 2016 also saw a two-thirds increase at prices between $24 and $29. Last two quarters had seen another ~43% increase at prices between $24.30 and $38.50. A similar increase happened this quarter at prices between $36 and $50. The stock currently trades at $45.32.Note: In December 2017, Walt Disney (DIS) agreed to acquire certain assets (excludes Broadcasting network and stations, Fox News, Fox Business, FS1, FS2 and Big Ten Network) from Twenty First Century Fox in an all-stock deal (0.2745 shares of DIS per FOX share).ViaSat (VSAT): VSAT is a large (top five) position at ~8% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $62.52. Q4 2016 saw a ~14% increase at prices between $66 and $81. He is sitting on huge gains on the position. There was a ~4% increase last quarter and a marginal further increase this quarter.Note: Klarman controls ~23% of VSAT.Allergan plc (AGN): AGN is a large 7.22% of the 13F portfolio stake established in Q1 2016 at prices between $266 and $299. Q2 2016 saw a ~16% increase at prices between $202 and $278. There was another ~70% increase in Q4 2016 at prices between $189 and $243. The pattern reversed in Q1 2017: almost 30% sold at prices between $210 and $250. The stock currently trades at $184. Q3 2017 saw a ~22% stake increase at prices between $202 and $256 and that was followed with a ~50% increase the following quarter at prices between $164 and $211. For investors attempting to follow Baupost, AGN is a very good option to consider for further research. Last quarter saw a ~6% increase and that was followed with a ~4% increase this quarter.PG&E Corporation (PCG) and Tesla Notes: These two new positions established last quarter saw increases this quarter. PCG is a 1.67% stake established last quarter at prices between $38 and $45 and increased by ~43% this quarter at prices between $39 and $47. The stock currently trades at $42.79. The 2.68% position in Tesla Notes saw a 400% increase this quarter.Note: PG&E shares dropped sharply in December as they halted the dividend citing liability concerns from the October 2017 Northern California wildfires. Following that, several hedge funds (Abrams, Tepper, Loeb, Romick, etc.) added PG&E shares to their portfolios.McKesson Corp. (MCK): MCK is a ~2% portfolio stake established in Q3 2017 at prices between $146 and $168 and increased by ~170% in the following quarter at prices between $135 and $163. The stock currently trades below those ranges at $126. For investors attempting to follow Baupost, MCK is a good option to consider for further research. There was a ~19% stake increase last quarter at prices between $139 and $177 and that was followed with a marginal increase this quarter.Note: MCK had a previous round-trip. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out in Q2 2017 at prices between $135 and $168.AmerisourceBergen (ABC): ABC was a minutely small position established in Q3 2017. It was built to a 1.30% position next quarter at prices between $73 and $94. The stock is now at $83.06. There was a ~8% trimming last quarter while this quarter saw a ~42% increase at prices between $82.50 and $95.Trilogy Metals (TMQ): The minutely small 0.20% stake was increased by ~40% this quarter.Note: Baupost controls ~14% of Trilogy Metals.Stake Decreases:Cheniere Energy (LNG): LNG is Klarman’s third-largest 13F position at ~11% of the portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In H2 2014, it was doubled at prices between $62 and $84. The three quarters thru Q1 2016 saw another stake doubling at prices between $24 and $71. Q4 2016 saw a reversal: 22% sold at prices between $35.50 and $43.50 and that was followed with a roughly one-third reduction this quarter at prices between $53 and $69. The stock currently trades at $63.54.Note: Baupost controls ~5.7% of Cheniere Energy.Kept Steady:Synchrony Financial (SYF): SYF, the November 2015 split-off from General Electric (GE) is now the second-largest position at 8.09% of the portfolio. It was established in Q3 2016 at prices between $25 and $28.50. Q2 2017 saw a two-thirds increase at prices between $26.50 and $34.50. The stock currently trades at $29.19.Qorvo Inc. (QRVO): QRVO is a large (top five) 7.71% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase in Q4 2017 at prices between $65 and $81. The stock is now at $83.11.Note: Baupost controls ~9% of the business.Pioneer Natural Resources (PXD): PXD was a minutely small stake established in Q3 2017. The position was built up to a 3.42% portfolio stake in Q4 2017 at prices between $142 and $174. There was a stake doubling last quarter at prices between $165 and $189. The stock is now at $183.Antero Resources Corporation (AR): AR is a fairly large ~5% of the portfolio position established in Q3 2014 at prices between $54.50 and $66. The stake was increased by ~185% the following quarter at prices between $38.50 and $55.50. Recent activity follow: Q2 2016 saw a one-third reduction at prices between $24.50 and $30 while Q2 2017 saw a ~45% increase at prices between $19.50 and $22.50. The stock currently trades at $17.92. Last three quarters had seen a combined ~25% stake increase at prices between $17 and $22.Note: Klarman controls ~8% of the business.Colony Capital (CLNY): The 2.71% stake in Colony Capital came about as a result of the three-way merger of Colony Capital (CLNY), Northstar Asset Management Group (NSAM), and Northstar Realty Finance (NRF) that closed in January last year. Baupost held stakes in all three of these stocks and those got converted into CLNY shares. They control ~10% of CLNY and their overall cost-basis is ~$12.50 per share. CLNY currently trades well below that at $6.12. For investors attempting to follow Baupost, CLNY is a good option to consider for further research. There was a ~4% stake increase last quarter.Cardinal Health (CAH): The ~2% CAH position was purchased in Q4 2016 at prices between $65 and $78 and almost doubled in Q2 2017 at prices between $71.50 and $83. There was another ~25% increase the following quarter at prices between $64 and $79 and that was followed with a stake doubling in Q4 2017 at prices between $55 and $68. The stock currently trades near the low end of those ranges at $49.06. For investors attempting to follow Baupost, CAH is a good option to consider for further research.Atara Biotherapeutics (ATRA): ATRA is a ~2% of the portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $37.80. There was a ~17% stake increase last quarter at prices between $18 and $48.Note: Klarman controls ~15% of the business.Theravance Biopharma (TBPH): TBPH is a 1.85% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The original stake was increased by ~5% in Q1 2015 at prices between $14.50 and $22. Q2 2016 saw another ~13% increase at prices between $17.50 and $24. The stock is now at $28.17. Q4 2016 also saw a ~25% increase at prices between $24.50 and $38.50.Note: Klarman controls ~19% of the business.Veritiv Corporation (VRTV): VRTV is a 1.33% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q4 2017 saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at $46.60. There was a ~5% stake increase last quarter.Note: Klarman’s ownership interest in VRTV is ~25%.Keryx Biopharma (KERX): KERX is a 0.85% of the portfolio position established in Q1 2014 at prices between $12 and $17. Q2 & Q3 2014 saw the position more than doubled at prices between $12.50 and $18. H1 2015 had also seen a ~40% further increase at prices between $9.50 and $14.50. The stock currently trades well below the low-end of those ranges at $3.13. Klarman’s cost-basis is at around $12.Note: Keryx is merging with Akebia Therapeutics (AKBA) in a transaction announced in June. KERX shareholders will receive 0.37433 common shares of AKBA for each share held. Baupost agreed to redeem their convertible notes at an effective conversion price of $4.17 (39.6M shares – outlay was $164.75M). Overall, the current ownership will amount to a stake of 24.48M shares (21.1% of business) in the combined business. It is based on 116M shares projected to be outstanding.AMC Entertainment (AMC): AMC is a very small 0.70% of the portfolio position purchased in Q3 2017 at prices between $12.50 and $23.20 and increased by ~40% last quarter at prices between $11 and $16. The stock is now at $17.45Note: Baupost has a ~9% ownership stake in the business.NovaGold Resources Inc. (NG): The very small 0.52% long-term stake in NG saw a ~13% increase in Q4 2017 at prices between $3.40 and $4.25 and another ~25% increase last quarter at prices between $3.60 and $4.70. The stock is currently at $4.31.Sentinel Energy Services (STNL): STNL is a SPAC established by former executives of Schlumberger (SLB) to acquire an underperforming energy services business. The minutely small 0.14% stake was acquired in Q4 2017.Paratek Pharmaceuticals (PRTK): PRTK is a minutely small 0.21% position that saw a ~17% increase in Q2 2017 at prices between $18.50 and $25.50. The stock is now at $9.65.Note: Baupost Group controls ~9% of Paratek Pharmaceuticals.GTY Technology (GTYH) and Saban Capital Acquisition Corp. (SCAC): These are very small (less than ~0.5% of the portfolio each) stakes kept steady this quarter.Note 1: Baupost controls ~9% Saban Capital Acquisition and ~8% of GTY Technology.Note 2: The 13F also lists a small position in Theravance Biopharma Notes.The spreadsheet below highlights changes to Klarman's 13F stock holdings in Q2 2018:5/31/2018 – 13G – PBF – 0 – sold out.Regulatory Filings thru 5/15/2018: Form 4 & 13D/A – 5/10/2018 – KERX – Convertible notes exchange transaction - $3.74, 33.42M shares ($125M), 10/15/2020 PLUS $10M exchanged for $4.63, 35.58M shares ($164.75M), 10/15/2021 expiry notes. 61.37M beneficial ownership (39.66% of business). Form 4 & 13/D/A – 4/26/2018 – OREXQ – 9.99M shares – 37.5% of business, $35M DIP (debtor-in-possession) loan facility related. 13G/As on 4/9/2018: CASC – 0, ATRA – 6.25M shares – 14.5% of business."

"Tracking Seth Klarman’s Baupost Group Holdings – Q1 2018 Update"

"Seth Klarman’s 13F portfolio value increased from $10.11B to $10.37B this quarter.Baupost Group doubled Pioneer Natural Resources during the quarter.The portfolio continues to be heavily concentrated with the top three positions accounting for one-third of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 05/14/2018. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q4 2017.Baupost Group’s 13F portfolio value increased ~3% from $10.11B to $10.37B this quarter. The total number of 13F securities decreased from 32 to 31. The portfolio is heavily concentrated with Twenty First Century Fox, Cheniere Energy, Synchrony Financial, ViaSat Inc., and Allergan plc together accounting for ~50% of the 13F holdings.Since inception (1982), Baupost Group’s 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:PG&E Corporation (PCG) and Tesla Notes: These are the two new positions this quarter. PCG is a small 1.33% stake established at prices between $38 and $45 and the stock currently trades for $43.23. The 13F report also lists a very small 0.50% position in Tesla Notes.Note: PG&E shares dropped sharply in December as they halted the dividend citing liability concerns from the October 2017 Northern California wildfires. Following that, several hedge funds (Abrams, Tepper, Loeb, Romick, etc.) added PG&E shares to their portfolios.Stake Disposals:Express Scripts (ESRX): ESRX was a 1.70% of the portfolio position established in Q1 2017 at prices between $64 and $73 and doubled the following quarter at prices between $59 and $67. There was a ~10% trimming last quarter and the stake was sold out this quarter at prices between $70 and $82. The stock currently trades at $73.67.Note: In March, Cigna (CI) agreed to buy Express Scripts in a cash-and-stock transaction ($48.75 in cash and 0.2434 shares of the combined business for each share held).Cascadian Therapeutics (CASC) & Sunrun Inc. (RUN): The original very small CASC stake was doubled in Q1 2017 at prices between $3.50 and $5.10. In January, Seattle Genetics (SGEN) agreed to acquire Cascadian Therapeutics for $10 per share cash. The transaction closed in March thus eliminating the position. Sunrun was a minutely small 0.17% stake disposed this quarter.Stake Increases:Twenty First Century Fox (FOX) (FOXA): FOX is currently the largest position at 13.42% of the portfolio. It was established in Q3 2015 at prices between $25.41 and $33.52 and increased by ~40% in Q1 2016 at prices between $24 and $28. H2 2016 also saw a two-thirds increase at prices between $24 and $29. Last two quarters saw another ~43% increase at prices between $24.30 and $38.50. The stock currently trades at $37.29.Note: In December 2017, Walt Disney (DIS) agreed to acquire certain assets (excludes Broadcasting network and stations, Fox News, Fox Business, FS1, FS2 and Big Ten Network) from Twenty First Century Fox in an all-stock deal (0.2745 shares of DIS per FOX share).ViaSat (VSAT): VSAT is a large (top five) position at 8.66% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $63.01. Q4 2016 saw a ~14% increase at prices between $66 and $81. He is sitting on huge gains on the position. There was a ~4% increase this quarter.Note: Klarman controls ~23% of VSAT.Allergan plc (AGN): AGN is a large (top five) 7.71% of the US long portfolio stake established in Q1 2016 at prices between $266 and $299. Q2 2016 saw a ~16% increase at prices between $202 and $278. There was another ~70% increase in Q4 2016 at prices between $189 and $243. The pattern reversed in Q1 2017: almost 30% sold at prices between $210 and $250. The stock currently trades at $154. Q3 2017 saw a ~22% stake increase at prices between $202 and $256 and that was followed with a ~50% increase last quarter at prices between $164 and $211. For investors attempting to follow Baupost, AGN is a very good option to consider for further research. This quarter saw a ~6% increase.Pioneer Natural Resources (PXD): PXD was a minutely small stake established in Q3 2017. The position was built up to a 3.42% portfolio stake last quarter at prices between $142 and $174. There was a stake doubling this quarter at prices between $165 and $189. The stock is now well above those ranges at $202.Antero Resources Corporation (AR): AR is a fairly large ~5% of the portfolio position established in Q3 2014 at prices between $54.50 and $66. The stake was increased by ~185% the following quarter at prices between $38.50 and $55.50. Recent activity follow: Q2 2016 saw a one-third reduction at prices between $24.50 and $30 while Q2 2017 saw a ~45% increase at prices between $19.50 and $22.50. The stock currently trades at $18.93. Last three quarters have seen a combined ~25% stake increase at prices between $17 and $22.Note: Klarman controls ~8% of the business.Colony Northstar (CLNS): The 2.69% stake in Colony Northstar came about as a result of the three-way merger of Colony Capital (CLNY), Northstar Asset Management Group (NSAM), and Northstar Realty Finance (NRF) that closed in January last year. Baupost held stakes in all three of these stocks and those got converted into CLNS shares. They control ~9% of CLNS and their overall cost-basis is ~$12.50 per share. CLNS currently trades well below that at $6.05. For investors attempting to follow Baupost, CLNS is a good option to consider for further research. There was a ~4% stake increase this quarter.Note: The merger terms called for conversion to CLNS in the ratio 1:1.0996:1.4663 (NSAM:CLNY:NRF).Atara Biotherapeutics (ATRA): ATRA is a 2.35% of the portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $44.30. There was a ~17% stake increase this quarter at prices between $18 and $48.Note: Klarman controls ~15% of the business.McKesson Corp. (MCK): MCK is a ~2% portfolio stake established in Q3 2017 at prices between $146 and $168 and increased by ~170% last quarter at prices between $135 and $163. The stock is currently at $151. For investors attempting to follow Baupost, MCK is a good option to consider for further research. There was a ~19% stake increase this quarter at prices between $139 and $177.Note: MCK had a previous round-trip. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out in Q2 2017 at prices between $135 and $168.Veritiv Corporation (VRTV): VRTV is a 1.45% of the 13F portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Last quarter saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at $30.25. For investors attempting to follow Baupost, VRTV is a good option to consider for further research. There was a ~5% stake increase this quarter.Note: Klarman’s ownership interest in VRTV is ~25%.NovaGold Resources Inc. (NG): The very small 0.56% long-term stake in NG saw a ~13% increase last quarter at prices between $3.40 and $4.25 and another ~25% increase this quarter at prices between $3.60 and $4.70. The stock is currently at $4.92.Stake Decreases:PBF Energy (PBF): PBF is a 2.59% of the 13F portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled the following quarter at prices between $21.50 and $31.50 and was increased by over 175% in Q1 2014 at prices between $24 and $31.50. The stake had since been doubled through periodic buying. Q3 2016 saw another ~50% increase at prices between $21 and $24. There was an about-turn last quarter: ~30% reduction at prices between $26 and $36 and that was followed with a similar selling this quarter at prices between $29 and $36. The stock currently trades at $42.02.Note: Klarman’s ownership interest in PBF is ~7%.AmerisourceBergen (ABC): ABC was a minutely small position established in Q3 2017. It was built to a 1.30% position last quarter at prices between $73 and $94 and the stock currently goes for $87.28. There was a ~8% trimming this quarter.ChipMOS (IMOS) and Forward Pharma (FWP): These two minutely small (less than 0.5% of the portfolio each) stakes saw further reductions this quarter.Note: Following settlement of a lawsuit with Biogen (BIIB) that netted $1.25B, FWP shareholders received $23.13 per share as a special dividend last year. The stock is now at $2.25.Kept Steady:Cheniere Energy (LNG): LNG is Klarman’s second-largest 13F position at ~11% of the portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In H2 2014, it was doubled at prices between $62 and $84. The three quarters thru Q1 2016 saw another stake doubling at prices between $24 and $71. Q4 2016 saw a reversal: 22% sold at prices between $35.50 and $43.50. The stock currently trades at $62.71.Note: Baupost controls ~9% of Cheniere Energy.Synchrony Financial (SYF): SYF, the November 2015 spinoff from General Electric (GE) is now the third-largest position at 9.47% of the portfolio. It was established in Q3 2016 at prices between $25 and $28.50. Q2 2017 saw a two-thirds increase at prices between $26.50 and $34.50. The stock currently trades at $33.94.Qorvo Inc. (QRVO): QRVO is a large 7.47% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase last quarter at prices between $65 and $81. The stock is now at $81.67.Note: Baupost controls ~9% of the business.Time Warner Inc. (TWX) and Sentinel Energy Services (STNL): These two positions were established last quarter. TWX is a large merger arbitrage stake: in October 2016, AT&T (T) agreed to acquire Time Warner in a cash-and-stock deal valued at $107.50 per share (half cash). Justice Department sued to block the deal last November. The stock is now at $94.38. STNL is a SPAC established by former executives of Schlumberger (SLB) to acquire an underperforming energy services business.Cardinal Health (CAH): The ~3% CAH position was purchased in Q4 2016 at prices between $65 and $78 and almost doubled in Q2 2017 at prices between $71.50 and $83. There was another ~25% increase the following quarter at prices between $64 and $79 and that was followed with a stake doubling last quarter at prices between $55 and $68. The stock currently trades near the low end of those ranges at $55.16. For investors attempting to follow Baupost, CAH is a good option to consider for further research.Theravance Biopharma (TBPH): TBPH is a ~2% of the portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The original stake was increased by ~5% in Q1 2015 at prices between $14.50 and $22. Q2 2016 saw another ~13% increase at prices between $17.50 and $24. The stock is now at $25.52. Q4 2016 also saw a ~25% increase at prices between $24.50 and $38.50.Note: Klarman controls ~19% of the business.Keryx Biopharma (KERX): KERX is a ~1% of the portfolio position established in Q1 2014 at prices between $12 and $17. Q2 & Q3 2014 saw the position more than doubled at prices between $12.50 and $18. H1 2015 had also seen a ~40% further increase at prices between $9.50 and $14.50. The stock currently trades well below the low-end of those ranges at $5.68. Klarman’s cost-basis is at around $12.Note 1: Regulatory filings show Baupost beneficially owning 61.37M shares (39.66% of business). This is compared to 25.79M shares in the 13F. The difference is due to ~$165M in 2021 convertible ($3.74) notes that they also own.Note 2: Regulatory filings also show a convertible notes exchange transaction executed in April - 33.42M shares ($125M, 10/15/2020 expiry convertible at $3.74) PLUS $10M cash exchanged for 35.58M shares ($164.75M, 10/15/2021 expiry convertible at $4.63).AMC Entertainment (AMC): AMC is a very small 0.68% of the portfolio position purchased in Q3 2017 at prices between $12.50 and $23.20 and increased by ~40% last quarter at prices between $11 and $16. The stock is now at $16.40Note: Baupost has a ~9% ownership stake in the business.Paratek Pharmaceuticals (PRTK): PRTK is a minutely small 0.30% position that saw a ~17% increase in Q2 2017 at prices between $18.50 and $25.50. The stock is now at $11.50.Note: Baupost Group controls ~9% of Paratek Pharmaceuticals.GTY Technology (GTYH), Saban Capital Acquisition Corp. (SCAC), Trilogy Metals (TMQ), and Orexigen Therapeutics (OREXQ): These are very small (less than ~0.5% of the portfolio each) stakes kept steady this quarter.Note 1: Baupost controls ~9% Saban Capital Acquisition, ~8% of GTY Technology, and ~10% of Trilogy Metals.Note 2: Regulatory Filings show Baupost owning 9.99M shares (37.5% of business) of Orexigen. This is compared to 2.22M shares in the 13F. Following Chapter 11 bankruptcy in March, they were involved in a $35M DIP (debtor-in-possession) loan facility related transaction. Previously, they were involved in other capital raise transactions.Note 3: The 13F also lists a small position in Theravance Biopharma Notes.The spreadsheet below highlights changes to Klarman's US stock holdings in Q1 2018:Regulatory Filings thru 2/14/2018: 13G and 13G/a filings on 2/13/2018 – VRTV – 3.64M shares – 23.19% of business, AMC – 5M shares – 9.4% of business, AR – 24.7M shares – 7.83% of business, CASC – 8.7M shares – 17.25% of business, TBPH – 10.18M shares – 18.52% of business, QRVO – 11M shares – 8.65% of business, LNG – 20.73M shares – 8.72% of business, CLNS – 47.9M shares – 8.78% of business, PRTK – 2.4M shares – 8.57% of business, IMOS – 29.4M shares – 3.32% of business, 13G/A - 2/9/2018 – FWP – 2.85M shares – 3.02% of business, 2/8/2018 – PBF – 10.9M shares – 9.93% of business."

"Tracking Seth Klarman’s Baupost Group Holdings – Q4 2017 Update"

"Seth Klarman’s 13F portfolio value increased from $8.02B to $10.11B this quarter.Baupost Group added Time Warner while increasing Twenty First Century Fox, Allergan plc, and Qorvo Inc.The portfolio continues to be heavily concentrated with the top three positions accounting for one-third of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 02/13/2018. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q3 2017.Baupost Group’s 13F portfolio value increased ~26% from $8.02B to $10.11B this quarter. The total number of 13F securities decreased from 37 to 32. The portfolio is heavily concentrated with Synchrony Financial, Twenty First Century Fox, Cheniere Energy, ViaSat Inc., and Time Warner together accounting for ~50% of the 13F holdings.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Time Warner Inc. (TWX) and Sentinel Energy Services (STNL): These are the two new positions this quarter. TWX is a large (top five) merger arbitrage stake: in October 2016, AT&T (T) agreed to acquire Time Warner in a cash-and-stock deal valued at $107.50 per share (half cash). Justice Department sued to block the deal last November. The stock is now at $94.31. STNL is a SPAC established by former executives of Schlumberger (SLB) to acquire an underperforming energy services business.Stake Disposals:Dell Technologies (DVMT): DVMT, the VMWare tracking stock was a ~3% portfolio position. DVMT started trading in September 2016 following the close of Dell’s deal for EMC. Baupost had a huge stake in EMC for which they received $24.05 cash and 0.111 shares of DVMT for each share held. There was a ~15% reduction in Q1 2017 at prices between $54.50 and $65 and that was followed with another ~45% selling last quarter at prices between $86 and $111. The disposal this quarter was at prices between $74.50 and $85. The stock is now at $68.30.Note: DVMT trades at a wide discount to VMW. Both stocks have been volatile in the last month following Dell’s disclosure that they are considering a reverse-merger with VMWare as a possible option.Avis Budget Group (CAR) and Silver Run Acquistion: These two very small positions were reduced by ~75% each last quarter and disposed this quarter.Centennial Resource Development (CDEV) and Simply Good Foods (SMPL) WTS: These two minutely small stakes were also disposed during the quarter.Note: Simply Good Foods WTS stake came about as a result of Conyers Park Acquisition and Atkins Nutritionals combining to form the new entity Simply Good Foods. Baupost had a small stake in the former, a “blank check” company.Stake Increases:Twenty First Century Fox (FOX) (FOXA): FOX is a large (top three) 11.16% of the portfolio stake established in Q3 2015 at prices between $25.41 and $33.52 and increased by ~40% in Q1 2016 at prices between $24 and $28. H2 2016 also saw a two-thirds increase at prices between $24 and $29. There was another ~25% stake increase this quarter at prices between $24.50 and $35. The stock currently trades at $36.19.Note: In December 2017, Walt Disney (DIS) agreed to acquire certain assets (excludes Broadcasting network and stations, Fox News, Fox Business, FS1, FS2 and Big Ten Network) from Twenty First Century Fox in an all-stock deal (0.2745 shares of DIS per FOX share).Allergan plc (AGN): AGN is a large 7.28% of the US long portfolio stake established in Q1 2016 at prices between $266 and $299. Q2 2016 saw a ~16% increase at prices between $202 and $278. There was another ~70% increase in Q4 2016 at prices between $189 and $243. The pattern reversed in Q1 2017: almost 30% sold at prices between $210 and $250. The stock currently trades at $159. Last quarter saw a ~22% stake increase at prices between $202 and $256 and that was followed with a ~50% increase this quarter at prices between $164 and $211. For investors attempting to follow Baupost, AGN is a very good option to consider for further research.Qorvo Inc. (QRVO): QRVO is a large ~7% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. There was another ~22% stake increase this quarter at prices between $65 and $81. The stock is now at $79.35.Note: Baupost controls 8.65% of the business.Antero Resources Corporation (AR): AR is a fairly large 4.64% of the US long portfolio position established in Q3 2014 at prices between $54.50 and $66. The stake was increased by ~185% the following quarter at prices between $38.50 and $55.50. Recent activity follow: Q2 2016 saw a one-third reduction at prices between $24.50 and $30 while Q2 2017 saw a ~45% increase at prices between $19.50 and $22.50. The stock currently trades well below those ranges at $17.40. Last two quarters have seen a combined ~17% stake increase.Note: Klarman controls 7.83% of the business.Pioneer Natural Resources (PXD) and AmerisourceBergen (ABC): These two were minutely small stakes established last quarter. This quarter saw the positions built up to sizable stakes. The PXD position was built up to a 3.42% portfolio stake at prices between $142 and $174. The stock is now at $172. ABC is now a 1.30% position built at prices between $73 and $94 and the stock currently goes for $98.Note: ABC stock spiked earlier this week following rumors that Walgreens Boots Alliance (WBA) has approached the company with a takeover offer. Walgreens already owns 26% of ABC.Cardinal Health (CAH): The ~3% CAH position was purchased in Q4 2016 at prices between $65 and $78 and almost doubled in Q2 2017 at prices between $71.50 and $83. There was another ~25% increase last quarter at prices between $64 and $79 and that was followed with a stake doubling this quarter at prices between $55 and $68. The stock currently trades at $65.69. For investors attempting to follow Baupost, CAH is a good option to consider for further research.McKesson Corp. (MCK): MCK is a ~2% portfolio stake established last quarter at prices between $146 and $168 and increased by ~170% this quarter at prices between $135 and $163. The stock is currently at $146. For investors attempting to follow Baupost, MCK is a good option to consider for further research.Note: MCK had a previous round-trip. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out in Q2 2017 at prices between $135 and $168.Veritiv Corporation (VRTV): VRTV is a ~1% of the US long portfolio position established in Q3 2014 at prices between $32.50 and $50.50. This quarter saw a ~20% stake increase at prices between $22.50 and $32.50. The stock currently trades at $22.80. For investors attempting to follow Baupost, VRTV is a good option to consider for further research.Note: Klarman’s ownership interest in VRTV is ~23%.AMC Entertainment (AMC): AMC is a very small 0.75% of the portfolio position purchased last quarter at prices between $12.50 and $23.20 and increased by ~40% this quarter at prices between $11 and $16. The stock is now at $13.85.Note: Baupost has a 9.4% ownership stake in the business.NovaGold Resources Inc. (NG): The very small 0.42% long-term stake in NG saw a ~13% increase this quarter at prices between $3.40 and $4.25. The stock is currently at $3.71.Stake Decreases:PBF Energy (PBF): PBF is a fairly large 3.83% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled the following quarter at prices between $21.50 and $31.50 and was increased by over 175% in Q1 2014 at prices between $24 and $31.50. The stake had since been doubled through periodic buying. Q3 2016 saw another ~50% increase at prices between $21 and $24. There was an about-turn this quarter: ~30% reduction at prices between $26 and $36. The stock currently trades at $29.82.Note: Klarman’s ownership interest in PBF is ~10%.Express Scripts (ESRX): ESRX is a 1.70% of the portfolio position established in Q1 2017 at prices between $64 and $73 and doubled the following quarter at prices between $59 and $67. The stock is now at $73.59. There was a ~10% trimming this quarter.ChipMOS (IMOS) and Forward Pharma (FWP): These two minutely small (less than 0.5% of the portfolio each) stakes saw further reductions this quarter.Note: Following settlement of a lawsuit with Biogen (BIIB) that netted $1.25B, FWP shareholders received $23.13 per share as a special dividend last year. The stock is now at $3.23. Regulatory filings since the quarter ended show Baupost owning 2.85M shares of FWP. This is compared to 4.17M shares in the 13F.Kept Steady:Synchrony Financial (SYF): SYF, the November 2015 spinoff from General Electric (GE) is now the largest position at 11.18% of the portfolio. It was established in Q3 2016 at prices between $25 and $28.50. Q2 2017 saw a two-thirds increase at prices between $26.50 and $34.50. The stock currently trades at $36.01.Cheniere Energy (LNG): LNG is Klarman’s third-largest 13F position at ~11% of the US long portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In H2 2014, it was doubled at prices between $62 and $84. The three quarters thru Q1 2016 saw another stake doubling at prices between $24 and $71. Q4 2016 saw a reversal: 22% sold at prices between $35.50 and $43.50. The stock currently trades at $57.40.Note: Baupost controls 8.72% of Cheniere Energy.ViaSat (VSAT): VSAT is a large (top five) position at 9.74% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $67.87. Q4 2016 saw a ~14% increase at prices between $66 and $81. He is sitting on huge gains on the position.Note: Klarman controls ~22% of VSAT.Colony Northstar (CLNS): The fairly large 5.4% stake in Colony Northstar came about as a result of the three-way merger of Colony Capital (CLNY), Northstar Asset Management Group (NSAM), and Northstar Realty Finance (NRF) that closed in January last year. Baupost held stakes in all three of these stocks and those got converted into CLNS shares. They control ~9% of CLNS and their overall cost-basis is ~$12.50 per share. CLNS currently trades well below that at $8.52. For investors attempting to follow Baupost, CLNS is a good option to consider for further research.Note: The merger terms called for conversion to CLNS in the ratio 1:1.0996:1.4663 (NSAM:CLNY:NRF).Theravance Biopharma (TBPH): TBPH is a 2.57% of the US long portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The original stake was increased by ~5% in Q1 2015 at prices between $14.50 and $22. Q2 2016 saw another ~13% increase at prices between $17.50 and $24. The stock is now at $28.14. Q4 2016 also saw a ~25% increase at prices between $24.50 and $38.50.Note: Klarman controls ~19% of the business.Keryx Biopharma (KERX): KERX is a 1.19% of the US long portfolio position established in Q1 2014 at prices between $12 and $17. Q2 & Q3 2014 saw the position more than doubled at prices between $12.50 and $18. H1 2015 had also seen a ~40% further increase at prices between $9.50 and $14.50. The stock currently trades well below the low-end of those ranges at $4.64. Klarman’s cost-basis is at around $12.Note: The latest regulatory 13D filing shows Baupost beneficially owning 59.2M shares (42.53% of the business). This is compared to 25.79M shares in the 13F. The difference is due to $125M in 2020 convertible ($3.74) notes that they also own.Atara Biotherapeutics (ATRA): ATRA is a ~1% of the US long portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $45.05.Note: Klarman controls ~14% of the business. The stock has doubled in the last month following optimism about its pipeline.Cascadian Therapeutics (CASC) and Paratek Pharmaceuticals (PRTK): The 0.32% stake in CASC was doubled in Q1 2017 at prices between $3.50 and $5.10. PRTK is a 0.42% position that saw a ~17% increase in Q2 2017 at prices between $18.50 and $25.50. The stock is now at $13.60.Note: Last month, Seattle Genetics (SGEN) agreed to acquire Cascadian Therapeutics for $10 per share cash.Note 2: Baupost Group controls ~9% of PRTK and ~17% of CASC.GTY Technology (GTYHU), Saban Capital Acquisition Corp. (SCAC), Sunrun Inc. (RUN), Trilogy Metals (TMQ), and Orexigen Therapeutics (OREX): These are very small (less than ~0.5% of the portfolio each) stakes kept steady this quarter.Note 1: Baupost controls ~9% SCAC and ~8% of GTYHU. They are “blank check” companies.Note 2: Baupost Group controls ~10% of TMQ.Note 3: Orexigen split 1-for-10 in July 2016. Baupost was involved in a couple of capital raise transactions. Including the implied dilutions, the beneficial ownership in Orexigen is at over one-third of the business.Note 4: The 13F also lists a small position in Theravance Biopharma Notes.The spreadsheet below highlights changes to Klarman's US stock holdings in Q4 2017:9/7/2017: FWP and 2-for-1 conversion of ADS: “…plans to return a total of EUR 917.7 million to its shareholders… The ADSs are expected to begin trading ex-dividend on September 12, 2017, at which time the American Depositary Receipt ratio will change to 1 ADS to 2 ordinary shares… ” – 917.7M Euros translated to a distribution of $23.13 per ADS share. July 18, 2017 : Special Distribution of 19.45 Euros per share. So, ordinary shares outstanding was ~47.2M shares at that point. Details from the 9/26/2017 : The ADS ratio changed to 1 ADS to 2 ordinary shares and there was a 10-for-1 stocks-split followed by 80% of the shares annulled with the special dividend distribution – the overall effect was a total of 94.4M ordinary shares outstanding with each ADS representing 2 ordinary shares. The number of shares outstanding in term of ADS is ~47.2M shares – the same as prior to the transaction.Regulatory Filings thru 11/14/2017: VRTV – 13G/A – 3.05M shares – 19.45% of business."

"Tracking Seth Klarman’s Baupost Group Holdings – Q3 2017 Update"

"Seth Klarman’s US long portfolio value decreased from $8.75B to $8.02B this quarter.Baupost Group added McKesson & AMC Entertainment while increasing Allergan and dropping Qualcomm.The portfolio continues to be heavily concentrated with the top three positions accounting for one-third of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 11/13/2017. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q2 2017.Baupost Group’s US long portfolio value decreased 8.34% from $8.75B to $8.02B this quarter. The total number of 13F securities decreased from 38 to 37. The portfolio is heavily concentrated with Cheniere Energy, Synchrony Financial, ViaSat Inc., Twenty First Century Fox, and Qorvo, together accounting for ~50% of the 13F holdings.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:McKesson Corp. (MCK): MCK is a small 0.96% portfolio stake established this quarter at prices between $146 and $168 and the stock is currently below that range at $138. For investors attempting to follow Baupost, MCK is a good option to consider for further research.Note: MCK is back in the portfolio after a quarter’s gap. It was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out last quarter at prices between $135 and $168. The stock is now at $150.AMC Entertainment (AMC): AMC is a very small 0.65% of the portfolio position purchased this quarter at prices between $12.50 and $23.20 and the stock is now at $11.65.Note: Baupost has a ~6.7% ownership stake in the business.AmerisourceBergen (ABC), Pioneer Natural Resources (PXD), and Simply Good Foods (SMPL) WTS: These are minutely small (less than 0.25% of the portfolio each) stakes established this quarter.Note: AmerisourceBergen is back in the portfolio after a quarter’s gap. Simply Good Foods WTS stake came about as a result of Conyers Park Acquisition and Atkins Nutritionals combining to form the new entity Simply Good Foods. Baupost had a small stake in the former, a “blank check” company.Stake Disposals:Qualcomm Inc. (QCOM): QCOM was a 3.29% of the portfolio position purchased in Q1 2017 at prices between $52.50 and $67 and disposed this quarter at prices between $49.50 and $57. The stock is currently at $66.49.Note: Last week Broadcom (AVGO) offered to buy Qualcomm for $70 per share ($60 cash). Yesterday, Qualcomm rejected the proposal saying it is too low.Spirit Realty Capital (SRC): The 0.76% SRC position was established last quarter at prices between $6.71 and $10.50 and sold this quarter at prices between $7.30 and $8.75. The stock currently goes for $8.62.Conyers Park Acquisition (CPAA) & Warrants, Liberty Braves (BATRA) (BATRK), Credit Acceptance Corp. (CACC), and American International Group (AIG) WTS: These are very small (less than ~0.5% of the portfolio each) stakes that were disposed this quarter.Note 1: The 13F also showed a small position in Theravance Notes last quarter. It was dropped during the quarter.Note 2: Baupost controlled ~9% of Conyers Park Acquisition. They combined with Atkins Nutritionals to form Simply Good Foods.Stake Increases:Twenty First Century Fox (FOX) (FOXA): FOX is a large (top five) 8.67% of the portfolio stake established in Q3 2015 at prices between $25.41 and $33.52 and increased by ~41% in Q1 2016 at prices between $24 and $28. Q3 2016 saw another one-third increase at prices between $24 and $29 and that was followed with a similar increase in Q4 2016 at prices between $24.50 and $28.50. The stock currently trades at $27.82. There was a marginal increase this quarter.Allergan plc (AGN): AGN is a large 7.57% of the US long portfolio stake established in Q1 2016 at prices between $266 and $299. Q2 2016 saw a ~16% increase at prices between $202 and $278. There was another ~70% increase in Q4 2016 at prices between $189 and $243. The pattern reversed in Q1 2017: almost 30% sold at prices between $210 and $250. The stock currently trades at $174. This quarter saw a ~22% stake increase at prices between $202 and $256.Antero Resources Corporation (AR): AR is a fairly large 5.93% of the US long portfolio position established in Q3 2014 at prices between $54.50 and $66. The stake was increased by ~185% the following quarter at prices between $38.50 and $55.50. Q1 2015 saw a further ~20% increase at prices between $34 and $42.50. The pattern reversed in Q2 2015: ~14% reduction at prices between $34 and $46. Q3 2015 saw a stake doubling at prices between $20 and $34.50 and that was followed with a ~20% increase the following quarter at prices between $19 and $26. Q2 2016 saw a one-third reduction at prices between $24.50 and $30. There was another about-turn last quarter: ~45% increase at prices between $19.50 and $22.50 and that was followed with a ~13% increase this quarter. The stock currently trades at $19.89.Note: Klarman controls 7.6% of the business.Theravance Biopharma (TBPH): TBPH is a ~4% of the US long portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The original stake was increased by ~5% in Q1 2015 at prices between $14.50 and $22. Q2 2016 saw another ~13% increase at prices between $17.50 and $24. The stock is now at $28.28. Q4 2016 also saw a ~25% increase at prices between $24.50 and $38.50. This quarter saw a marginal further increase.Note: Klarman controls ~19% of the business.Cardinal Health (CAH): The 2.11% CAH position was purchased in Q4 2016 at prices between $65 and $78 and almost doubled last quarter at prices between $71.50 and $83. There was another ~25% increase this quarter at prices between $64 and $79. The stock currently trades below those ranges at $58.33. For investors attempting to follow Baupost, CAH is a good option to consider for further research.Veritiv Corporation (VRTV): VRTV is a 1.24% of the US long portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q2 2015 saw a ~9% increase at prices between $35.50 and $45 and that was followed with a ~13% increase the following quarter at prices between $33 and $42.50. The stock currently trades at $23.90. There was a marginal increase this quarter.Note: Klarman’s ownership interest in VRTV is ~19.5%.Forward Pharma (FWP): FWP is a very small ~0.50% of the US long portfolio stake established in Q4 2014 at around $22. Baupost recouped their entire investment this quarter as the company issued a special dividend of $23.12 per share. The stock currently trades at $4.63.Note 1: The stock price doubled in January following settlement of a lawsuit with Biogen (BIIB) that netted $1.25B.Note 2: Klarman controls ~14% of the business.Stake Decreases:Dell Technologies (DVMT): DVMT, the VMWare tracking stock is a ~3% portfolio position. It started trading in September 2016 following the close of Dell’s deal for EMC. Baupost had a huge stake in EMC for which they received $24.05 cash and 0.111 shares of DVMT for each share held. There was a ~15% reduction in Q1 2017 at prices between $54.50 and $65 and that was followed with another ~45% selling this quarter at prices between $86 and $111.Note: DVMT currently trades at $81.81, a wide discount to VMW which is trading at $123.ChipMOS (IMOS): IMOS is a small 0.73 % of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20. The stake was increased by ~20% the following quarter at prices between $15 and $21. The last significant activity was in Q3 2015: ~14% increase at prices between $15.39 and $22. The stock currently trades at $17.70. There was a ~13% trimming this quarter at prices between $16.50 and $20.50.Avis Budget Group (CAR) and Silver Run Acquistion (SRUN): These two positions were reduced by ~75% each this quarter. Now, they are minutely small (less than 0.5% of the portfolio each) stakes.Kept Steady:Cheniere Energy (LNG): LNG is Klarman’s largest 13F position at 11.64% of the US long portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In H2 2014, it was doubled at prices between $62 and $84. Q2 2015 saw a further ~11% increase at prices between $68.50 and $80 and that was followed with another ~50% increase the following quarter at prices between $47.50 and $71. Q4 2015 & Q1 2016 also saw a combined one-third increase at prices between $24 and $54. There was a ~22% selling in Q4 2016 at prices between $35.50 and $43.50. The stock currently trades at $49.28.Note: Baupost controls ~8.7% of Cheniere Energy.Synchrony Financial (SYF): SYF, the November 2015 spinoff from General Electric (GE) is a large (top three) 11.34% stake established in Q3 2016 at prices between $25 and $28.50. Q4 2016 saw a ~18% increase at prices between $26 and $37. There was a ~15% selling in Q1 2017 at prices between $32.50 and $38. Last quarter saw a two-thirds increase at prices between $26.50 and $34.50. The stock currently trades at $32.59.ViaSat (VSAT): VSAT is Klarman’s third-largest US long position at 10.55% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $70. Q4 2016 saw a ~14% increase at prices between $66 and $81. He is sitting on huge gains on the position.Note: Klarman controls 23.5% of VSAT.Qorvo Inc. (QRVO): QRVO is a large ~8% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% last quarter at prices between $63 and $79. The stock is now at $79.08.Note: Baupost controls 7.1% of the business.Colony Northstar (CLNS): The large 7.5% stake in Colony Northstar came about as a result of the three-way merger of Colony Capital (CLNY), Northstar Asset Management Group (NSAM), and Northstar Realty Finance (NRF) that closed in January. Baupost held stakes in all three of these stocks and those got converted into CLNS shares. They control 8.7% of CLNS and their overall cost-basis is ~$12.50 per share. CLNS currently trades at $12.60. For investors attempting to follow Baupost, CLNS is a good option to consider for further research.Note: The merger terms called for conversion to CLNS in the ratio 1:1.0996:1.4663 (NSAM:CLNY:NRF).PBF Energy (PBF): PBF is a fairly large 5.41% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled the following quarter at prices between $21.50 and $31.50 and was increased by over 175% in Q1 2014 at prices between $24 and $31.50. The stake had since been doubled through periodic buying. Q3 2016 saw another ~50% increase at prices between $21 and $24. The stock currently trades at $30.77.Note: Klarman’s ownership interest in PBF is ~15%.Keryx Biopharma (KERX): KERX is a 2.28% of the US long portfolio position established in Q1 2014 at prices between $12 and $17. Q2 & Q3 2014 saw the position more than doubled at prices between $12.50 and $18. H1 2015 had also seen a ~40% further increase at prices between $9.50 and $14.50. The stock currently trades well below the low-end of those ranges at $4.90. Klarman’s cost-basis is at around $12.Note: The latest regulatory 13D filing shows Baupost beneficially owning 59.2M shares (42.53% of the business). This is compared to 25.79M shares in the 13F. The difference is due to $125M in 2020 convertible ($3.74) notes that they also own.Express Scripts (ESRX): ESRX is a ~2% of the portfolio position established in Q1 2017 at prices between $64 and $73 and doubled last quarter at prices between $59 and $67. The stock is now at $60.88.Atara Biotherapeutics (ATRA): ATRA is a 1.11% of the US long portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $13.55.Note: Klarman controls ~19% of the business.Cascadian Therapeutics (CASC) and Paratek Pharmaceuticals (PRTK): The 0.44% stake in CASC was doubled in Q1 2017 at prices between $3.50 and $5.10. The stock is currently at $3.98. PRTK is a 0.75% position that saw a ~17% increase last quarter at prices between $18.50 and $25.50. The stock is now at $21.65.Note 2: Baupost Group controls 8.6% of PRTK and ~18% of CASC.GTY Technology (GTYHU), NovaGold Resources Inc. (NG), Centennial Resource Development (CDEV), Saban Capital Acquisition Corp. (SCAC), Sunrun Inc. (RUN), Trilogy Metals (TMQ), and Orexigen Therapeutics (OREX): These are very small (less than ~0.5% of the portfolio each) stakes kept steady this quarter.Note 1: Baupost controls ~9% SCAC and ~8% of GTYHU. They are “blank check” companies.Note 2: Baupost Group controls ~10% of TMQ.Note 3: Orexigen split 1-for-10 in July 2016. Baupost was involved in a couple of capital raise transactions. Including the implied dilutions, the beneficial ownership in Orexigen is at over one-third of the business.Note 4: The 13F also lists a small position in Theravance Biopharma Notes.The spreadsheet below highlights changes to Klarman's US stock holdings in Q3 2017:Regulatory Filings thru 8/12/2017: None."

"Tracking Seth Klarman’s Baupost Group Holdings – Q2 2017 Update"

"Seth Klarman’s US long portfolio value increased from $8.49B to $8.75B this quarter.Baupost Group increased Synchrony Financial, Qorvo, & Antero while dropping Innoviva.The portfolio continues to be heavily concentrated with the top three positions accounting for almost one-third of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 08/11/2017. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q1 2017.Baupost Group’s US long portfolio value increased ~3% from $8.49B to $8.75B this quarter. The total number of 13F securities decreased from 41 to 38. The portfolio is heavily concentrated with Cheniere Energy, Synchrony Financial, ViaSat Inc., Twenty First Century Fox, and Colony Northstar, together accounting for ~48% of the 13F holdings.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Avis Budget Group (CAR) and Spirit Realty Capital (SRC): These are the two new positions this quarter. CAR is a 1.25% of the portfolio stake purchased at prices between $21.50 and $32 and the stock is now above that range at $34.79. The 0.76% SRC position was established at prices between $6.71 and $10.50 and the stock currently goes for $8.26.Stake Disposals:Liberty Ventures (LVNTA): The 0.78% Liberty Ventures position was disposed of this quarter at prices between $44.50 and $56. The stake was purchased in Q2 2016 at prices between $34.70 and $40.34. There was a ~40% selling in Q4 2016 at prices between $36.50 and $41. The stock is now at $60.58.Note: LVNTA is a tracking stock that represents economic interest in businesses of Liberty Interactive (QVCA).McKesson Corp. (MCK): MCK was a 1.75% portfolio stake established in Q4 2016 at prices between $124 and $167 and sold out this quarter at prices between $135 and $168. The stock is now at $150.Innoviva Inc. (INVA) previously Theravance: INVA was a 1.88% of the US long portfolio stake as of last quarter. It was a very long-term position that had been in the portfolio since 2008. Q2 & Q3 2016 saw a combined ~30% selling at prices between $9.91 and $13.76. Last quarter saw another ~23% selling at prices between $10.40 and $13.80. The elimination this quarter was at prices between $11.25 and $14.50. The stock currently trades at $12.47. The disposal of a long-term stake indicates a clear bearish bias.Note: In April, Innoviva narrowly won an especially ugly proxy contest with Sarissa Capital. They had sought to replace three board seats. Excessive executive compensation was at the root of the proxy fight.AmerisourceBergen (ABC) and Syngenta AG (SYT): These two very small (less than ~0.5% of the portfolio each) stakes were sold this quarter.Stake Increases:Synchrony Financial (SYF): SYF, the November 2015 spinoff from General Electric (GE) is a large (top three) ~10% stake established in Q3 2016 at prices between $25 and $28.50. Q4 2016 saw a ~18% increase at prices between $26 and $37. There was a ~15% selling last quarter at prices between $32.50 and $38. This quarter saw a two-thirds increase at prices between $26.50 and $34.50. The stock currently trades at $29.20. For investors attempting to follow Klarman, SYF is a good option to consider for further research.Qorvo Inc. (QRVO): QRVO is a fairly large ~5.8% portfolio stake established last quarter at prices between $53 and $69 and increased by ~25% this quarter at prices between $63 and $79. The stock is now at $68.90.Note: Baupost controls 7.1% of the business.Antero Resources Corporation (AR): AR is a fairly large 5.23% of the US long portfolio position established in Q3 2014 at prices between $54.50 and $66. The stake was increased by ~185% the following quarter at prices between $38.50 and $55.50. Q1 2015 saw a further ~20% increase at prices between $34 and $42.50. The pattern reversed in Q2 2015: ~14% reduction at prices between $34 and $46. Q3 2015 saw a stake doubling at prices between $20 and $34.50 and that was followed with a ~20% increase the following quarter at prices between $19 and $26. Q2 2016 saw a one-third reduction at prices between $24.50 and $30. There was another about-turn this quarter: ~45% increase at prices between $19.50 and $22.50. The stock currently trades at $18.49.Note: Klarman controls 6.7% of the business.Express Scripts (ESRX): ESRX is a 1.86% of the portfolio position established last quarter at prices between $64 and $73 and doubled this quarter at prices between $59 and $67. The stock is now at $60.82.Cardinal Health (CAH): The 1.81% CAH position was purchased in Q4 2016 at prices between $65 and $78 and almost doubled this quarter at prices between $71.50 and $83. The stock currently goes for $66.98.Forward Pharma (FWP): FWP is a 1.48% of the US long portfolio stake established in Q4 2014 at around $22. The stock currently trades at $24.40. There was a ~4% increase last quarter and that was followed with a 14% increase this quarter. For investors attempting to follow Baupost, FWP is a good option to consider for further research.Note 1: The stock price doubled in January following settlement of a lawsuit with Biogen (BIIB) that netted $1.25B.Note 2: Klarman controls ~14% of the business.Paratek Pharmaceuticals (PRTK) and Silver Run Acquisition (SRUN): These are very small (less than ~1% of the portfolio each) stakes increased this quarter. PRTK saw a ~17% increase while SRUN stake was increased by one-third.Note 2: Baupost Group controls 8.6% of PRTK.Stake Decreases:Cheniere Energy (LNG): LNG is Klarman’s largest 13F position at 11.53% of the US long portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In H2 2014, it was doubled at prices between $62 and $84. Q2 2015 saw a further ~11% increase at prices between $68.50 and $80 and that was followed with another ~50% increase the following quarter at prices between $47.50 and $71. Q4 2015 & Q1 2016 also saw a combined ~32% increase at prices between $24 and $54. There was a ~22% selling in Q4 2016 at prices between $35.50 and $43.50. The stock currently trades at $42.59. There was a ~5% trimming this quarter.Note: Baupost controls ~8.7% of Cheniere Energy.Liberty Braves (BATRA) (BATRK), Credit Acceptance Corp. (CACC), and American International Group (AIG) WTS: These are very small (less than ~0.5% of the portfolio each) stakes that saw reductions this quarter.Kept Steady:ViaSat (VSAT): VSAT is Klarman’s third-largest US long position at ~10% of the portfolio. The stake has only seen minor increases since Q3 2012. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $60.54. Q4 2016 saw a ~14% increase at prices between $66 and $81. He is sitting on huge gains on the position.Note: Klarman controls 23.5% of VSAT.Twenty First Century Fox (FOX) (FOXA): FOX is a large (top five) ~8.5% of the portfolio stake established in Q3 2015 at prices between $25.41 and $33.52 and increased by ~41% in Q1 2016 at prices between $24 and $28. Q3 2016 saw another one-third increase at prices between $24 and $29 and that was followed with a similar increase in Q4 2016 at prices between $24.50 and $28.50. The stock currently trades at $27.84.Colony Northstar (CLNS): The top-five stake in Colony Northstar came about as a result of the three-way merger of Colony Capital (CLNY), Northstar Asset Management Group (NSAM), and Northstar Realty Finance (NRF) that closed in January. Baupost held stakes in all three of these stocks and those got converted into CLNS shares. They control 8.7% of CLNS and their overall cost-basis is ~$12.50 per share. CLNS currently trades at $13.65. For investors attempting to follow Baupost, CLNS is a good option to consider for further research.Note: The merger terms called for conversion to CLNS in the ratio 1:1.0996:1.4663 (NSAM:CLNY:NRF).Allergan plc (AGN): AGN is a large 6.76% of the US long portfolio stake established in Q1 2016 at prices between $266 and $299. Q2 2016 saw a ~16% increase at prices between $202 and $278. There was another ~70% increase in Q4 2016 at prices between $189 and $243. The pattern reversed last quarter: almost 30% sold at prices between $210 and $250. The stock currently trades at $233.Theravance Biopharma (TBPH): TBPH is a 4.22% of the US long portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The original stake was increased by ~5% in Q1 2015 at prices between $14.50 and $22. Q2 2016 saw another ~13% increase at prices between $17.50 and $24. The stock is now at $24.10. Q4 2016 also saw a ~25% increase at prices between $24.50 and $38.50.Note: Klarman controls ~19% of the business.PBF Energy (PBF): PBF is a fairly large ~4% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled the following quarter at prices between $21.50 and $31.50 and was increased by over 175% in Q1 2014 at prices between $24 and $31.50. The stake had since been doubled through periodic buying. Q3 2016 saw another ~50% increase at prices between $21 and $24. The stock currently trades at $21.16.Note: Klarman’s ownership interest in PBF is ~15%.Dell Technologies (DVMT): DVMT, the VMWare tracking stock is a fairly large ~4% portfolio position. It started trading in September 2016 following the close of Dell’s deal for EMC. Baupost had a huge stake in EMC for which they received $24.05 cash and 0.111 shares of DVMT for each share held. There was a ~15% reduction last quarter at prices between $54.50 and $65.Note: DVMT currently trades at $63.04, a wide discount to VMW which is trading at $91.95.Qualcomm Inc. (QCOM): QCOM is a 3.29% of the portfolio position purchased last quarter at prices between $52.50 and $67 and the stock is currently at $52.72.Keryx Biopharma (KERX): KERX is a 2.13% of the US long portfolio position established in Q1 2014 at prices between $12 and $17. In Q2 2014, the position was increased by two-thirds at prices between $12 and $17 and the following quarter the pattern continued with a ~74% stake increase at prices between $12.50 and $18. H1 2015 had also seen a ~40% further increase at prices between $9.50 and $14.50. The stock currently trades well below the low-end of those ranges at $6.42. His cost-basis is at around $12.Note: The latest regulatory 13D filing shows Baupost beneficially owning 59.2M shares (42.53% of the business). This is compared to 25.79M shares in the 13F. The difference is due to $125M in 2020 convertible ($3.74) notes that they also own.Veritiv Corporation (VRTV): VRTV is a 1.57% of the US long portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q2 2015 saw a ~9% increase at prices between $35.50 and $45 and that was followed with a ~13% increase the following quarter at prices between $33 and $42.50. The stock currently trades at $28.80.Note: Klarman’s ownership interest in VRTV is ~19%.Atara Biotherapeutics (ATRA): ATRA is a 0.86% of the US long portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $14.75.Note: Klarman controls ~19% of the business.ChipMOS (IMOS): IMOS is a small 0.79 % of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20. The stake was increased by ~19% the following quarter at prices between $15 and $21. The last significant activity was in Q3 2015: ~14% increase at prices between $15.39 and $22. The stock currently trades at $17.99.Note: Baupost controls ~8% of IMOS.Cascadian Therapeutics (CASC): The minutely small 0.37% stake in CASC was doubled last quarter at prices between $3.50 and $5.10. The stock is currently at $3.64.Note: Baupost owns ~18% of CASC.GTY Technology (GTYHU), Conyers Park Acquisition (CPAA) & Warrants, NovaGold Resources Inc. (NG), Centennial Resource Development (CDEV), Saban Capital Acquisition Corp. (SCAC), Sunrun Inc. (RUN), Trilogy Metals (TMQ), and Orexigen Therapeutics (OREX): These are very small (less than ~0.5% of the portfolio each) stakes kept steady this quarter.Note 1: Baupost controls ~9% each of CPAA & SCAC and ~8% of GTYHU. They are “blank check” companies.Note 2: Baupost Group controls ~10% of TMQ.Note 3: Orexigen split 1-for-10 in July 2016. Baupost was involved in a couple of capital raise transactions. Including the implied dilutions, the beneficial ownership in Orexigen is at over one-third of the business.Note 4: The 13F also list small positions in Theravance Notes & Theravance Biopharma Notes. The Theravance Notes stake has seen a ~64% reduction in the last two quarters.The spreadsheet below highlights changes to Klarman's US stock holdings in Q2 2017:Regulatory Filings thru 5/14/2017: 13G/A - 5/9/2017 - INVA - 1M shares - 0.92%."

"Tracking Seth Klarman’s Baupost Group Holdings – Q1 2017 Update"

"Seth Klarman’s US long portfolio value increased from $7.67B to $8.49B this quarter.Baupost Group added Qorvo Inc. and Qualcomm while decreasing Innoviva and Allergan plc.The portfolio continues to be heavily concentrated with the top three positions accounting for almost one-third of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 05/12/2017. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q4 2016.Baupost Group’s US long portfolio value increased ~11% from $7.67B to $8.49B this quarter. The total number of 13F securities held remained steady at 41. The portfolio is heavily concentrated with Cheniere Energy, Twenty First Century Fox, ViaSat Inc., Colony Northstar, and Synchrony Financial together accounting for ~45% of the 13F holdings.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Colony Northstar (CLNS): Colony Northstar stake came about as a result of the three-way merger of Colony Capital (CLNY), Northstar Asset Management Group (NSAM), and Northstar Realty Finance (NRF). Baupost held stakes in all three of these stocks and those got converted into CLNS shares. They control 8.7% of CLNS and their overall cost-basis is at ~$12.50 per share. CLNS currently trades at $13.14. For investors attempting to follow Baupost, CLNS is a good option to consider for further research.Note: The merger terms called for conversion to CLNS in the ratio 1:1.0996:1.4663 (NSAM:CLNY:NRF). Based on this, Baupost was to have received ~44M shares of CLNS. The 13F report however shows them owning 47.9M shares - they increased their stake by ~10% during the quarter.Qorvo Inc. (QRVO): QRVO is a fairly large ~5.8% portfolio stake established this quarter at prices between $53 and $69 and the stock is now at $67.80.Note: Baupost controls ~5.7% of the business.Qualcomm Inc. (QCOM): QCOM is a ~3.5% of the portfolio position purchased this quarter at prices between $52.50 and $67 and the stock is currently at $55.32.Express Scripts (ESRX) and Silver Run Acquisition (SRUN): These are very small stakes (less than ~1% of the portfolio each) established this quarter.Stake Disposals:Colony Capital Inc. (CLNY), Northstar Asset Management Group (NSAM), and Northstar Realty Finance Corp. (NRF): These three stakes established in Q3 2016 were increased substantially last quarter. Combined, the position was fairly large at ~9% of the portfolio. The positions were eliminated as they merged in an all-stock deal that closed in January. It was structured so that NSAM was renamed Colony Northstar (CLNS).Liberty Expedia (LEXIA) and Citigroup WTS (C.WS.A): These minutely small (less than ~0..5% of the portfolio each) stakes were disposed of this quarter.Stake Increases:Forward Pharma (FWP): FWP is a small 1.41% of the US long portfolio stake established in Q4 2014 at around $22. The stock currently trades at $20.05. There was a ~4% increase this quarter. For investors attempting to follow Baupost, FWP is a good option to consider for further research.Note 1: The stock price doubled in January following settlement of a lawsuit with Biogen (BIIB) that netted $1.25B.Note 2: Klarman controls ~12% of the business.Cascadian Therapeutics (CASC): The minutely small 0.43% stake in CASC was doubled this quarter at prices between $3.50 and $5.10. The stock is currently at $4.18.Note: Baupost owns ~18% of CASC.Stake Decreases:Synchrony Financial (SYF): SYF, the November 2015 spinoff from General Electric (GE) is a large (top five) 7.1% stake established in Q3 2016 at prices between $25 and $28.50. Last quarter saw a ~18% increase at prices between $26 and $37. The stock currently trades at $26.59. There was a ~15% selling this quarter at prices between $32.50 and $38.Allergan plc (AGN): AGN is a large 6.8% of the US long portfolio stake established in Q1 2016 at prices between $266 and $299. Q2 2016 saw a ~16% increase at prices between $202 and $278. There was another ~70% increase last quarter at prices between $189 and $243. The pattern reversed this quarter: almost 30% sold at prices between $210 and $250. The stock currently trades at $231.Dell Technologies (DVMT): DVMT, the VMWare tracking stock is a fairly large 4.26% portfolio position. It started trading in September 2016 following the close of Dell’s deal for EMC. Baupost had a huge stake in EMC for which they received $24.05 cash and 0.111 shares of DVMT for each share held. There was a ~15% reduction this quarter at prices between $54.50 and $65.Note: DVMT currently trades at $64.95, a wide discount to VMW which is trading at $93.20.Innoviva Inc. (INVA) previously Theravance: INVA is a ~1.88% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2008. Q2 2016 saw a ~11% trimming at prices between $9.91 and $13.76 and that was followed with another ~15% reduction in Q3 2016 at prices between $10.53 and $13. This quarter saw another ~23% selling at prices between $10.40 and $13.80. The stock currently trades at $11.71.Note 1: Baupost almost exited the position after the quarter ended: A 13G filing earlier this month shows Baupost owning ~1M shares compared to 11.6M shares in the 13F.Note 2: Last month Innoviva narrowly won an especially ugly proxy contest with Sarissa Capital. They had sought to replace three board seats. Excessive executive compensation was at the root of the proxy fight.Liberty Braves (BATRA) (BATRK), Syngenta AG (SYT), and American International Group (AIG) WTS: These are very small (less than ~1% of the portfolio each) stakes that saw reductions this quarter.Kept Steady:Cheniere Energy (LNG): LNG is Klarman’s largest 13F position at 12.09% of the US long portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In Q3 2014, it was increased by ~87% at prices between $70 and $84 and that was followed by another 23% increase the following quarter at prices between $62 and $80. Q2 2015 saw a further ~11% increase at prices between $68.50 and $80 and that was followed with another ~50% increase the following quarter at prices between $47.50 and $71. Q4 2015 & Q1 2016 also saw a combined ~32% increase at prices between $24 and $54. Q3 2016 saw an about turn: ~7% trimming. That was followed with a ~22% selling last quarter at prices between $35.50 and $43.50. The stock currently trades at $48.68.Note: Baupost controls ~9% of Cheniere Energy.Twenty First Century Fox (FOX) (FOXA): FOX is a large (top three) ~10% of the portfolio stake established in Q3 2015 at prices between $25.41 and $33.52 and increased by ~41% in Q1 2016 at prices between $24 and $28. Q3 2016 saw another one-third increase at prices between $24 and $29 and that was followed with a similar increase last quarter at prices between $24.50 and $28.50. The stock currently trades at $27.90.ViaSat (VSAT): VSAT is Klarman’s third-largest US long position at 9.89% of the portfolio. Since Q3 2012, the stake has seen only minor increases. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $64.25. Last quarter saw a ~14% increase at prices between $66 and $81. He is sitting on huge gains on the position.Note: Klarman controls 23.5% of VSAT.PBF Energy (PBF): PBF is a fairly large ~4% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled the following quarter at prices between $21.50 and $31.50 and was increased by over 175% in Q1 2014 at prices between $24 and $31.50. The stake had since been doubled through periodic buying. Q3 2016 saw another ~50% increase at prices between $21 and $24. The stock currently trades at $22.18.Note: Klarman’s ownership interest in PBF is ~15%.Theravance Biopharma (TBPH): TBPH is a ~4% of the US long portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The original stake was increased by ~5% in Q1 2015 at prices between $14.50 and $22. Q2 2016 saw another ~13% increase at prices between $17.50 and $24. The stock is now at $38.22. Last quarter also saw a ~25% increase at prices between $24.50 and $38.50.Note: Klarman controls ~19% of the business.Antero Resources Corporation (AR): AR is a fairly large 3.90% of the US long portfolio position established in Q3 2014 at prices between $54.50 and $66. The stake was increased by ~185% the following quarter at prices between $38.50 and $55.50. Q1 2015 saw a further ~20% increase at prices between $34 and $42.50. The pattern reversed in Q2 2015: ~14% reduction at prices between $34 and $46. Q3 2015 saw a stake doubling at prices between $20 and $34.50 and that was followed with a ~20% increase the following quarter at prices between $19 and $26. Q2 2016 saw a one-third reduction at prices between $24.50 and $30. The stock currently trades at $21.17.Note: Klarman controls ~4.5% of the business.Keryx Biopharma (KERX): KERX is a 1.87% of the US long portfolio position established in Q1 2014 at prices between $12 and $17. In Q2 2014, the position was increased by two-thirds at prices between $12 and $17 and the following quarter the pattern continued with a ~74% stake increase at prices between $12.50 and $18. H1 2015 had also seen a ~40% further increase at prices between $9.50 and $14.50. The stock currently trades well below the low-end of those ranges at $6.54. His cost-basis is at around $12.Note: The latest regulatory 13D filing shows Baupost beneficially owning 59.2M shares (42.53% of the business). This is compared to 25.79M shares in the 13F. The difference is due to $125M in 2020 convertible ($3.74) notes that they also own.Veritiv Corporation (VRTV): VRTV is a 1.86% of the US long portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q2 2015 saw a ~9% increase at prices between $35.50 and $45 and that was followed with a ~13% increase the following quarter at prices between $33 and $42.50. The stock currently trades at $39.60.Note: Klarman’s ownership interest in VRTV is at ~19%.Atara Biotherapeutics (ATRA): ATRA is a 1.30% of the US long portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $15.25.Note: Klarman controls ~19% of the business.McKesson Corp. (MCK) & Cardinal Health (CAH): MCK is a 1.75% portfolio stake established last quarter at prices between $124 and $167 and the stock is now at $145. The ~1% CAH position was purchased last quarter at prices between $65 and $78 and the stock currently goes for $72.90.Liberty Ventures (LVNTA): The tracking stock represents economic interest in businesses of Liberty Interactive (QVCA). The 0.78% Liberty Ventures position was purchased in Q2 2016 at prices between $34.70 and $40.34. There was a ~40% selling last quarter at prices between $36.50 and $41. The stock is now at $52.03.ChipMOS (IMOS): IMOS is a small 0.73 % of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20. The stake was increased by ~19% the following quarter at prices between $15 and $21. The last significant activity was in Q3 2015: ~14% increase at prices between $15.39 and $22. The stock currently trades at $18.43.Note: Baupost controls ~8% of IMOS.AmerisourceBergen (ABC), Centennial Resource Development (CDEV), Credit Acceptance Corp. (CACC), Conyers Park Acquisition (CPAA) & Warrants, GTY Technology (GTYHU), NovaGold Resources Inc. (NG), Orexigen Therapeutics (OREX), Paratek Pharmaceuticals (PRTK), Trilogy Metals (TMQ), Saban Capital Acquisition Corp. (SCAC), and Sunrun Inc. (RUN): These are very small (less than ~0.5% of the portfolio each) stakes kept steady this quarter.Note 1: Baupost controls ~9% each of CPAA & SCAC and ~8% of GTYHU. They are “blank check” companies.Note 2: Baupost Group controls ~9% of PRTK, ~10% of TMQ, and ~9% of CASC.Note 3: Orexigen split 1-for-10 in July 2016. Baupost was involved in a couple of capital raise transactions. Including the implied dilutions, the beneficial ownership in Orexigen is at over one-third of the business.Note 4: The 13F also list small positions in Theravance Notes & Theravance Biopharma Notes.The spreadsheet below highlights changes to Klarman's US stock holdings in Q1 2017:Regulatory Filings thru 2/16/2017: 13G/As dated 2/14/2017: VSAT - 13.16M shares - 23.5%. AR - 14.5M shares - 4.62%. VRTV - 3M shares - 19%. TBPH - 10.14M shares - 19.21%. IMOS - 70M shares - 8.19%. CPAA - 3.7M shares - 9.22%. SCAC - 2.3M shares - 9.31%. INVA - 17.3M shares - 15.55%. PRTK - 2M shares - 9%. Liberty Media - 800K shares - 7.82%. NG - 9.5M shares - 3%. CLNY - 7M shares - 6.14%. NRF - 14.6M shares - 8%. GTYHU - 4.4M shares - 8%. NSAM - 18.7M shares - 9.9%. 1/9/2017 13G/A - LNG - 21.7M shares - 9.25%.: Under the terms of the merger agreement, NSAM will redomesticate to Maryland and elect to be treated as an REIT beginning in 2017, and NRF and Colony, through a series of transactions, will merge with and into the redomesticated NSAM, which will be renamed Colony NorthStar, Inc. NSAM shareholders will continue to own one (1) share of Colony NorthStar common stock for each share of NSAM common stock they previously owned. Colony common shareholders will receive 1.4663 shares of Colony NorthStar’s common stock for each share of Colony common stock they own, and NRF common shareholders will receive 1.0996 shares of Colony NorthStar’s common stock for each share of NRF common stock they own. Each of Colony and NRF has preferred stock outstanding and the holders of such preferred stock will receive shares of preferred stock of Colony NorthStar that are substantially similar to the preferred stock held prior to the closing of the transaction. Based on this & the pattern of trading, Klarman’s cost-basis should be around $12.5 per share. He would own ~44M shares of the combined business (~8% ownership stake)."

"Tracking Seth Klarman’s Baupost Group Holdings – Q4 2016 Update"

"Seth Klarman’s US long portfolio value increased from $7.04B to $7.67B this quarter.Baupost Group increased ViaSat, Synchrony Financial, Twenty First Century Fox, and Allergan while reducing Cheniere during the quarter.The portfolio continues to be heavily concentrated with the top three positions accounting for one-third of the 13F portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 02/14/2017. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q3 2016.Baupost Group’s US long portfolio value increased 9% from $7.04B to $7.67B this quarter. The total number of 13F securities held remained steady at 41. The portfolio is heavily concentrated with Cheniere Energy, ViaSat Inc., Synchrony Financial, Twenty First Century Fox, and Allergan plc together accounting for ~50% of the 13F holdings.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:McKesson Corp. (MCK) & Cardinal Health (CAH): MCK is a 1.83% portfolio stake established this quarter at prices between $124 and $167 and the stock is now at $150. The ~1% CAH position was purchased at prices between $65 and $78 and the stock currently goes for $80.42.Syngenta AG (SYT), GTY Technology (GTYHU), AmerisourceBergen (ABC), and Liberty Expedia (LEXIA): These are very small (less than ~1% of the portfolio each) stakes established this quarter.Note: Baupost controls ~8% of GTYHU. It is a “blank check” business formed by former CEOs of Accenture & EMC.Stake Disposals:Paypal Holdings (PYPL): The PYPL position was established in Q3 2015 as a result of the spinoff of Paypal from eBay that closed in July 2015. Klarman had 9.3M shares of eBay and received the same number of Paypal shares. He also increased the stake by ~17% immediately after the transaction. PYPL started trading at $36.71 and currently trades at $41.87. Q1 2016 saw a ~37% reduction at prices between $31 and $41.50 and that was followed with another ~20% reduction the following quarter at prices between $34 and $40.50. The pattern continued last quarter with a ~12% further selling at prices between $36 and $41. The remaining ~3% portfolio stake was sold this quarter at prices between $38 and $44.Olin Corporation (OLN): The stake in OLN was established in Q3 2015 at prices between $17 and $26. Q1 2016 saw a ~50% increase at prices between $12.50 and $18. There was an about turn last quarter: ~40% reduction at prices between $18 and $26.50. The elimination of the remaining ~2% portfolio stake this quarter happened at prices between $20 and $27. The stock is now at $30.87.Note: They had a ~3.7% ownership stake in OLN as of last quarter.VMWare Inc. (VMW): VMW was a 1.67% of the portfolio stake purchased in Q1 2016 at prices between $44 and $57. Last quarter saw a ~30% reduction at prices between $56.50 and $75.50. The elimination this quarter was at prices between $72.50 and $82.50. The stock is now at $90.76.Kindred Biosciences (KIN): KIN was a very small 0.21% of the US long portfolio position. The stake as a percentage of the business was very significant at over 15%. It was established in Q4 2013 at a cost-basis of around $11. The disposal this quarter was at prices between $4 and $5.50. The stock is now at $6.25. Baupost realized losses.KLX Inc. (KLXI), Office Depot (ODP) and Tobira Therapeutics (TBRA): These are very small (less than ~1% of the portfolio each) stakes disposed of this quarter.Note 1: Allergan plc (AGN) acquired Tobira Therapeutics in a transaction that closed on November 1st 2016. The deal was announced in September and the terms called for Tobira shareholders to receive $28.35 per share cash and a Contingent Value Right (CVR) that could pay out up to $49.84 per share. Klarman’s stake may have been an asymmetric risk-reward bet on the CVRs.Note 2: KLXI is a spinoff from B/E Aerospace (BEAV) that started trading in December 2014.Stake Increases:ViaSat (VSAT): VSAT is Klarman’s second-largest US long position at 11.36% of the portfolio. Since Q3 2012, the stake has seen only minor increases. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $67.45. This quarter saw a ~14% increase at prices between $66 and $81. He is sitting on huge gains on the position.Note: Klarman controls 23.5% of VSAT.Synchrony Financial (SYF): SYF, the November 2015 spinoff from General Electric (GE) is a large (top three) ~10% stake established last quarter at prices between $25 and $28.50. This quarter saw a ~18% increase at prices between $26 and $37. The stock currently trades at $37.28.Twenty First Century Fox (FOX) (FOXA): FOX is a large (top five) 9.58% of the portfolio stake established in Q3 2015 at prices between $25.41 and $33.52 and increased by ~41% in Q1 2016 at prices between $24 and $28. Last quarter saw another one-third increase at prices between $24 and $29 and that was followed with a similar increase this quarter at prices between $24.50 and $28.50. The stock currently trades at $30.33. For investors attempting to follow Baupost, FOX is a good option to consider for further research.Allergan plc (AGN): AGN is a large top-five 9.40% of the US long portfolio stake established in Q1 2016 at prices between $266 and $299. Q2 2016 saw a ~16% increase at prices between $202 and $278. There was another ~70% increase this quarter at prices between $189 and $243. The stock currently trades at $249. For investors attempting to follow Baupost, AGN is a good option to consider for further research.Theravance Biopharma (TBPH): TBPH is a 3.85% of the US long portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The original stake was increased by ~5% in Q1 2015 at prices between $14.50 and $22. Q2 2016 saw another ~13% increase at prices between $17.50 and $24. The stock is now at $32.97. This quarter also saw a ~25% increase at prices between $24.50 and $38.50.Note: Klarman controls ~19% of the business.Colony Capital Inc. (CLNY), Northstar Asset Management Group (NSAM), and Northstar Realty Finance Corp. (NRF): These three stakes established last quarter were increased substantially this quarter. Combined, the position is now fairly large at ~9% of the portfolio.Note 1: The three businesses merged in an all-stock deal that closed last month. It was structured so that NSAM was renamed Colony Northstar (CLNS).Note 2: Baupost controlled ~6% of CLNY, ~8% of NRF, and ~10% of NSAM before the merger transaction closed last month.Credit Acceptance Corp. (CACC), Conyers Park Acquisition (CPAA) & Warrants, and Saban Capital Acquisition Corp. (SCAC): These are very small (less than ~0.75% of the portfolio each) stakes that saw substantial increases this quarter. The positions are still very small to indicate a clear bias. CPAA and SCAC are “blank check” companies that started trading in September 2016.Note: Baupost controls ~9% each of CPAA and SCAC.Stake Decreases:Cheniere Energy (LNG): LNG is Klarman’s largest 13F position at 11.74% of the US long portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In Q3 2014, it was increased by ~87% at prices between $70 and $84 and that was followed by another 23% increase the following quarter at prices between $62 and $80. Q2 2015 saw a further ~11% increase at prices between $68.50 and $80 and that was followed with another ~50% increase the following quarter at prices between $47.50 and $71. Q4 2015 & Q1 2016 also saw a combined ~32% increase at prices between $24 and $54. Last quarter saw an about turn: ~7% trimming. That was followed with a ~22% selling this quarter at prices between $35.50 and $43.50. The stock currently trades at $47.69.Note: Baupost controls ~9% of Cheniere Energy.Liberty Ventures (LVNTA): The tracking stock represents economic interest in businesses of Liberty Interactive (QVCA). The 0.71% Liberty Ventures position was purchased in Q2 2016 at prices between $34.70 and $40.34. There was a ~40% selling this quarter at prices between $36.50 and $41. The stock is now at $43.94.ChipMOS (IMOS): IMOS is a small 1.06 % of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20. The stake was increased by ~19% the following quarter at prices between $15 and $21. The last significant activity was in Q3 2015: ~14% increase at prices between $15.39 and $22. The stock currently trades at $15.64. There was minor trimming this quarter.Note: Baupost controls ~8% of IMOS.Centennial Resource Development (CDEV) previously Silver Run Acquisition (SRAQ), Citigroup WTS (C.WS.A), and Cascadian Therapeutics (CASC): These are very small (less than ~0.5% of the portfolio each) stakes that saw further reductions this quarter.Note 1: Baupost owns ~9% of CASC.Note 2: The Citigroup warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at ~$2 (for ten warrants which can be converted to one Citigroup common stock, Yahoo Ticker C-WTA). The bulk of the original position was established at prices between $4.50 and $5.80.Kept Steady:PBF Energy (PBF): PBF is a fairly large 5.72% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled the following quarter at prices between $21.50 and $31.50 and was increased by over 175% in Q1 2014 at prices between $24 and $31.50. The stake had since been doubled through periodic buying. Last quarter saw another ~50% increase at prices between $21 and $24. The stock currently trades at $24.56.Note: Klarman’s ownership interest in PBF is ~15%.Dell Technologies (DVMT): DVMT, the VMWare tracking stock is a fairly large 4.77% portfolio position. It started trading on last September following the close of Dell’s deal for EMC. Baupost had a huge stake in EMC for which they received $24.05 cash and 0.111 shares of DVMT for each share held.Note: DVMT currently trades at $65.12, a wide discount to VMW which is trading at $90.76.Antero Resources Corporation (AR): AR is a fairly large 4.47% of the US long portfolio position established in Q3 2014 at prices between $54.50 and $66. The stake was increased by ~185% the following quarter at prices between $38.50 and $55.50. Q1 2015 saw a further ~20% increase at prices between $34 and $42.50. The pattern reversed in Q2 2015: ~14% reduction at prices between $34 and $46. Q3 2015 saw a stake doubling at prices between $20 and $34.50 and that was followed with a ~20% increase the following quarter at prices between $19 and $26. Q2 2016 saw a one-third reduction at prices between $24.50 and $30. The stock currently trades at $25.83.Note: Klarman controls ~4.5% of the business.Veritiv Corporation (VRTV): VRTV is a 2.13% of the US long portfolio position established in Q3 2014 at prices between $32.50 and $50.50. Q2 2015 saw a ~9% increase at prices between $35.50 and $45 and that was followed with a ~13% increase the following quarter at prices between $33 and $42.50. The stock currently trades at $56.Note: Klarman’s ownership interest in VRTV is at ~19%.Innoviva Inc. (INVA) previously Theravance: INVA is a ~ 2% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2008. Q2 2016 saw a ~11% trimming at prices between $9.91 and $13.76 and that was followed with another ~15% reduction last quarter at prices between $10.53 and $13. The stock currently trades at $12.05.Note: Baupost controls ~15% of the business.Keryx Biopharma (KERX): KERX is a ~2% of the US long portfolio position established in Q1 2014 at prices between $12 and $17. In Q2 2014, the position was increased by two-thirds at prices between $12 and $17 and the following quarter the pattern continued with a ~74% stake increase at prices between $12.50 and $18. H1 2015 had also seen a ~40% further increase at prices between $9.50 and $14.50. The stock currently trades well below the low-end of those ranges at $5.52. His cost-basis is at around $12.Note: The latest regulatory 13D filing shows Baupost beneficially owning 59.2M shares (42.53% of the business). This is compared to 25.79M shares in the 13F. The difference is due to $125M in 2020 convertible ($3.74) notes that they also own.Forward Pharma (FWP): FWP is a small ~1% of the US long portfolio stake established in Q4 2014 at around $22. The stock currently trades at $30.52.Note 1: The stock price doubled last month following settlement of a lawsuit with Biogen (BIIB) that netted $1.25B.Note 2: Klarman controls ~12% of the business.Atara Biotherapeutics (ATRA): ATRA is a ~1% of the US long portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $16.10.Note: Klarman controls ~19% of the business.NovaGold Resources Inc. (NG): NG is a 0.56% stake built up over several quarters in 2012 at prices between $3.5 and $12. Q4 2015 saw a ~13% reduction at prices between $3.27 and $4.47 and that was followed with a ~21% reduction in the following quarter at prices between $3.54 and $5.42. There was another ~37% selling in Q2 2016 at prices between $5.05 and $6.51. The stock currently trades at $5.97.Paratek Pharmaceuticals (PRTK): PRTK is a small 0.41% of the US long portfolio stake established as a result of a cash-infusion prior to the reverse-stock-split, merger, and name-change transaction of Paratek (privately held at the time) with Transcept Pharma (Nasdaq listed at the time) in November 2014. Q2 2015 had seen a ~11% reduction at prices between $24.33 and $32.50. Q2 2016 saw a one-third increase at prices between $12.50 and $17. The stock currently trades at $15.95.Note 1: Baupost Group controls ~9% of the business.American International Group (AIG) WTS, Liberty Braves (BATRA) (BATRK), Trilogy Metals (TMQ) previously Novacopper, Orexigen Therapeutics (OREX), and Sunrun Inc. (RUN): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Note 1: Orexigen split 1-for-10 in July 2016. Baupost was involved in a couple of capital raise transactions. Including the implied dilutions, the beneficial ownership in Orexigen is at over one-third of the business.Note 2: Klarman’s ownership stake in TMQ is ~10%.Note 3: The 13F also list small positions in Theravance Notes & Theravance Biopharma Notes.The spreadsheet below highlights changes to Klarman's US stock holdings in Q4 2016:13G/A, Form 3/4 thru 11/16/2016: IMOS 13G/A 11/9/2016 - 0 shares - 0%. KIN 13G/A 11/9/2016 - 965K shares - 4.85%. SEMI - 13G/A - 10/7/2016 - 0 shares - 0%. INVA - 13G/A - 9/9/2016 - 17.37M shares - 15.29%. PBF - 13G/A - 9/9/2016 - 15.72M shares - 16.07%.13G/A, Form 3/4 thru 8/13/2016: OREX 13D/A 7/12/2016 - 7.4M shares - 37.5%. CASC 13G 7/8/2016 - 25M shares - 18.49%. KERX - 13D/A 6/1/2016 - 59.2M shares - 42.53%."

"Tracking Seth Klarman’s Baupost Group Holdings – Q3 2016 Update"

"Seth Klarman’s US long portfolio decreased from $7.37B to $7.04B this quarter.Baupost Group added Synchrony Financial and increased PBF Energy & Twenty First Century Fox during the quarter.The portfolio continues to be heavily concentrated with the top three positions accounting for ~37% of the entire US long portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 11/14/2016. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q2 2016.Baupost Group’s US long portfolio decreased 4.49% from $7.37B to $7.04B this quarter. The total number of 13F securities held increased from 39 to 41. The portfolio is heavily concentrated with Cheniere Energy, ViaSat Inc., Synchrony Financial, Twenty First Century Fox, and Allergan plc together accounting for 50% of the 13F holdings.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Synchrony Financial (SYF): SYF, the November 2015 spinoff from General Electric (GE) is a large (top five) ~7% stake established this quarter at prices between $25.12 and $28.40. The stock currently trades well above that range at $33.34.Dell Technologies (DVMT): DVMT, the VMWare tracking stock is a fairly large 4.52% portfolio position. It started trading on September 8th following the close of Dell’s deal for EMC. Baupost had a huge stake in EMC for which they received $24.05 per share cash and 0.111 per share in VMWare (VMW) tracking stock.Note: DVMT currently trades at $50.08, a wide discount to VMW which is trading at $78.25.Colony Capital Inc. (CLNY), Northstar Asset Management Group (NSAM), and Northstar Realty Finance Corp. (NRF): These are small (less than ~2% of the portfolio each) new stakes established this quarter. Combined, the stake is at 4% of the portfolio.Note: These three businesses are merging in an all-stock deal. There is activist (Abrams Capital, MSD Capital, and Land & Buildings) pressure from NSAM holders to restructure the deal.Conyers Park Acquisition (CPAA) & Warrants, Office Depot (ODP), Saban Capital Acquisition Corp. (SCAC), and Tobira Therapeutics (TBRA): These are minutely small (less than ~0.5% of the portfolio each) stakes established this quarter. CPAA and SCAC are “blank check” companies that started trading in September.Note: Allergan plc (AGN) acquired Tobira Therapeutics in a transaction that closed on November 1st. The deal was announced in September and the terms called for Tobira shareholders to receive $28.35 per share cash and a Contingent Value Right (CVR) that could pay out up to $49.84 per share. Klarman’s stake may be an asymmetric risk-reward bet on the CVRs.Stake Disposals:Citigroup Inc. (C): C was a medium-sized ~3% portfolio stake established last quarter at prices between $38.48 and $47.33 and disposed of this quarter at prices between $40.78 and $47.90. The stock is now at $55.45.EMC Corporation (EMC): EMC was the largest 13F stake at 21.01% of the portfolio as of last quarter. It was established in Q4 2015 at prices between $24.16 and $28.35 and increased by ~77% in Q1 2016 at prices between $23.90 and $26.71. Last quarter also saw a ~10% further increase. On October 12, 2015, Dell announced a deal to acquire EMC for $24.05 per share cash and 0.111 per share in VMWare tracking stock. The transaction closed in September thus eliminating the position.Sunedison Semiconductor (SEMI): SEMI was a 0.67% of the US long portfolio position established in Q2 2014 at prices between $14.37 and $17.76 and increased by ~90% in Q1 2015 at prices between $15.19 and $27.14. The disposal this quarter was at prices between $5.17 and $11.58. Baupost realized losses.Note: SEMI was spun-off from Sunedison Inc. (SUNEQ) on May 22, 2014. Klarman had a ~20% ownership interest in the business. In August, GlobalWafers agreed to acquire SEMI for $12 per share cash.Avis Budget (CAR) and Och-Ziff Capital Management (OZM): These are very small (less than ~1% of the portfolio each) stakes purchased last quarter but eliminated this quarter.Stake Increases:PBF Energy (PBF): PBF is a ~5% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled the following quarter at prices between $21.50 and $31.50 and was increased by over 175% in Q1 2014 at prices between $24 and $31.50. The stake had since been doubled through periodic buying. This quarter saw another ~50% increase at prices between $21.04 and $24.06. The stock currently trades at $26.44.Note: Klarman’s ownership interest in PBF is ~15%.Twenty First Century Fox (FOX) (FOXA): FOX is a large (top five) 6.95% of the portfolio stake established in Q3 2015 at prices between $25.41 and $33.52 and increased by ~41% in Q1 2016 at prices between $24 and $28. This quarter saw another one-third increase at prices between $24.12 and $28.62. The stock currently trades at $27.40. For investors attempting to follow Baupost, FOX is a good option to consider for further research.American International Group (AIG) WTS: This is a very small 0.78% position that was increased by ~20% last quarter. This quarter also saw a marginal increase.Stake Decreases:Cheniere Energy (LNG): LNG is Klarman’s largest 13F position at 17.25% of the US long portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In Q3 2014, it was increased by ~87% at prices between $70 and $84 and that was followed by another 23% increase the following quarter at prices between $62 and $80. Q2 2015 saw a further ~11% increase at prices between $68.49 and $80 and that was followed with another 48% increase the following quarter at prices between $47.47 and $70.65. Q4 2015 & Q1 2016 also saw a combined ~32% increase at prices between $24 and $54. The stock currently trades at $37.80. For investors attempting to follow Baupost, LNG is a good option to consider for further research. There was a ~7% trimming this quarter.Innoviva Inc. (INVA) previously Theravance: INVA is a 2.33% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2008. Last quarter saw a ~11% trimming at prices between $9.91 and $13.76 and that was followed with another ~15% reduction this quarter at prices between $10.53 and $13.04. The stock currently trades at $11.13.Note: Baupost controls ~14% of the business.Kindred Biosciences (KIN): KIN is a very small 0.21% of the US long portfolio position. The stake as a percentage of the business is very significant at over 15%. It was established in Q4 2013 at a cost-basis of around $11. The stock is now at $4.45. This quarter saw marginal trimming.Olin Corporation (OLN): The 1.80% of the portfolio stake in OLN was established in Q3 2015 at prices between $17 and $26. Q1 2016 saw a ~50% increase at prices between $12.78 and $17.59. There was an about turn this quarter: ~42% reduction at prices between $18.27 and $26.28. The stock is now at $25.01.Note: The ownership stake in Olin Corporation is ~3.7%.Paypal Holdings (PYPL): The 2.91% PYPL position was established in Q3 2015 as a result of the spinoff of Paypal from eBay that closed in July 2015. Klarman had 9.3M shares of eBay and received the same number of Paypal shares. He also increased the stake by ~17% immediately after the transaction. PYPL started trading at $36.71 and currently trades at $38.94. Q1 2016 saw a ~37% reduction at prices between $31.20 and $41.32 and that was followed with another ~20% reduction last quarter at prices between $34.20 and $40.31. The pattern continued this quarter with a ~12% further selling at prices between $35.93 and $41.06.VMWare Inc. (VMW): VMW is a 1.67% of the portfolio stake purchased in Q1 2016 at prices between $43.84 and $57.02. This quarter saw a ~30% reduction at prices between $56.59 and $75.23. The stock is now at $78.25.Silver Run Acquisition (SRAQ) & WTS: The very small 0.91% portfolio position was increased by one-third through the purchase of warrants last quarter. This quarter saw a marginal reduction.Kept Steady:Allergan plc (AGN): AGN is a large top-five 6.55% of the US long portfolio stake established in Q1 2016 at prices between $266 and $299. Last quarter saw a ~16% increase at prices between $202 and $278. The stock currently trades below those ranges at $196. For investors attempting to follow Baupost, AGN is a good option to consider for further research.Antero Resources Corporation (AR): AR is a fairly large 5.56% of the US long portfolio position established in Q3 2014 at prices between $54.50 and $65.71. The stake was increased by ~185% the following quarter at prices between $38.60 and $55.51. Q1 2015 saw a further ~19% increase at prices between $34.02 and $42.35. The pattern reversed in Q2 2015: ~14% reduction at prices between $34 and $46. Q3 2015 saw a stake doubling at prices between $20.20 and $34.34 and that was followed with a ~19% increase the following quarter at prices between $19 and $26. Last quarter saw a one-third reduction at prices between $24.73 and $30.10. The stock currently trades at $25.23. Klarman controls ~4.7% of the business.Atara Biotherapeutics (ATRA): ATRA is a 1.63% of the US long portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $19.30.Note: Klarman controls ~19% of the business.ChipMOS (IMOS): IMOS is a small 1.06 % of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20. The stake was increased by ~19% the following quarter at prices between $15 and $21. The last significant activity was in Q3 2015: ~14% increase at prices between $15.39 and $22. The stock currently trades at $15.40. Klarman controls 13.75% of ChipMOS.Note: Per a regulatory 13G/A filing on November 9th, the position was eliminated.Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $6 (for ten warrants which can be converted to one Citigroup common stock, Yahoo Ticker C-WTA). The bulk of the 0.08% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup.Forward Pharma (FWP): FWP is a small 1.60% of the US long portfolio stake established in Q4 2014 at around $22. The stock currently trades at $19.29.Note: Klarman controls ~12% of the business.Keryx Biopharma (KERX): KERX is a 1.95% of the US long portfolio position established in Q1 2014 at prices between $12 and $17. In Q2 2014, the position was increased by two-thirds at prices between $12 and $17 and the following quarter the pattern continued with a ~74% stake increase at prices between $12.50 and $18. H1 2015 had also seen a ~40% further increase at prices between $9.50 and $14.50. The stock currently trades well below the low-end of those ranges at $6.41. His cost-basis is at around $12.Note: The latest regulatory 13D filing shows Baupost beneficially owning 59.2M shares (42.53% of the business). This is compared to 25.79M shares in the 13F. The difference is due to $125M in 2020 convertible ($3.74) notes that they also own.KLX Inc. (KLXI): KLXI is a small ~1 % of the US long portfolio position established in Q1 2015 at prices between $37 and $41.50. Q4 2015 saw a one-third increase at prices between $30 and $41. The stock currently trades near the low-end of those ranges at $38.77.Note: KLXI is a spinoff from B/E Aerospace (BEAV) and it started trading in December 2014.Liberty Ventures (LVNTA) and Liberty Braves (BATRA) (BATRK): These are tracking stocks that represent economic interests in businesses of Liberty Interactive (QVCA). The 1.24% Liberty Ventures position was purchased at prices between $34.70 and $40.34 and the stock is now at $39.20. The 0.74% Liberty Braves stake was established at prices between $14.27 and $19.95 and the stock is now at $18.95.Trilogy Metals (TMQ) previously Novacopper (NCQ): This is a minute stake at 0.08% of the US long portfolio. Q2 2015 saw a ~76% increase at prices between $0.50 and $0.66 and the stock is now at $0.52.Note: Klarman’s ownership stake in TMQ is ~10%.NovaGold Resources Inc. (NG): NG is a 0.76% stake built up over several quarters in 2012 at prices between $3.5 and $12. Q4 2015 saw a ~13% reduction at prices between $3.27 and $4.47 and that was followed with a ~21% reduction in the following quarter at prices between $3.54 and $5.42. There was another ~37% selling last quarter at prices between $5.05 and $6.51. The stock currently trades at $4.57.Paratek Pharmaceuticals (PRTK): PRTK is a small 0.38% of the US long portfolio stake established as a result of a cash-infusion prior to the reverse-stock-split, merger, and name-change transaction of Paratek (privately held at the time) with Transcept Pharma (Nasdaq listed at the time) in November 2014. Q2 2015 had seen a ~11% reduction at prices between $24.33 and $32.49. Last quarter saw a one-third increase at prices between $12.68 and $16.98. The stock currently trades at $13.10.Note: Baupost Group controls ~9% of the business.Theravance Biopharma (TBPH): TBPH is a 3.79% of the US long portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The original stake was increased by ~5% in Q1 2015 at prices between $14.70 and $21.73. Last quarter saw another ~13% increase at prices between $17.45 and $24.20. The stock is now at $35.73.Note: Klarman controls ~15.5% of the business.Veritiv Corporation (VRTV): VRTV is a 2.17% of the US long portfolio position established in Q3 2014 at prices between $32.50 and $50.22. Q2 2015 saw a ~9% increase at prices between $35.50 and $45.16 and that was followed with a ~13% increase the following quarter at prices between $33.06 and $42.60. The stock currently trades at $53.10.Note: Klarman’s ownership interest in VRTV is at ~19%.ViaSat (VSAT): VSAT is Klarman’s third-largest US long position at 12.24% of the portfolio. Since Q3 2012, the stake has seen only minor increases. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $80.79. He is sitting on huge gains on the position.Credit Acceptance Corp. (CACC), Cascadian Therapeutics (CASC), Orexigen Therapeutics (OREX), and Sunrun Inc. (RUN): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Note 1: Baupost owns 18.49% of CASC.Note 2: Orexigen split 1-for-10 in July and that accounts for the large reduction in the share count. Baupost was involved in a couple of capital raise transactions. Including the implied dilutions, the beneficial ownership in Orexigen is at over one-third of the business.Note 3: The 13F also lists a small position in Theravance Notes.The spreadsheet below highlights changes to Klarman's US stock holdings in Q3 2016:, 5/27/2016 SEC Filing shows Baupost owning 42.53% of KERX. This is compared to 34.61% reported before. 59.2M shares - no actual purchase - it is an effect of the October 2015 converts transaction. At the time, KERX did not have enough authorized shares to convert but now they do and hence the 13D. Details are in an Early Retiree article in the KERX folder under MyResearch."

"Tracking Seth Klarman’s Baupost Group Holdings – Q2 2016 Update"

"Seth Klarman’s US long portfolio increased from $6.92B to $7.37B this quarter.Baupost Group increased Allergan plc and EMC Corporation while decreasing Antero, PayPal, and Novagold during the quarter.The portfolio continues to be heavily concentrated with the top three positions accounting for ~47% of the entire US long portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 08/12/2016. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q1 2016.Baupost Group’s US long portfolio increased 6.39% from $6.92B to $7.37B this quarter. The total number of 13F securities held increased from 36 to 39. The portfolio is heavily concentrated with EMC Corporation, Cheniere Energy, ViaSat Inc., Allergan plc, and Twenty First Century Fox together accounting for around 59% of the 13F holdings.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Citigroup Inc. (C): C is a medium-sized ~3% portfolio stake established this quarter at prices between $38.48 and $47.33. The stock is now at $45.58. For investors attempting to follow Baupost, Citigroup is a good option to consider for further research.Note: Baupost also has a position in the warrants. They have unrealized losses on that stake (see below).Liberty Ventures (LVNTA) and Liberty Braves (BATRA) (BATRK): These are tracking stocks that represent economic interests in businesses of Liberty Interactive (QVCA). The 1.24% Liberty Ventures position was purchased at prices between $34.70 and $40.34 and the stock is now at $39.24. The 0.74% Liberty Braves stake was established at prices between $14.27 and $19.95 and the stock is now at $16.61.Avis Budget (CAR), Cascadian Therapeutics (CASC), Credit Acceptance Corp. (CACC), and Och-Ziff Capital Management (OZM): These are very small (less than ~1% of the portfolio each) stakes purchased this quarter.Note: Baupost owns 18.49% of CASC.Stake Disposals:Bellatrix Exploration (BXE): BXE was a very small 0.13% of the US long portfolio stake. It was established in Q4 2014 at prices between $2.99 and $6.15 and increased by ~21% the following quarter at around $2.50. Last quarter saw a ~64% stake reduction at prices between $0.80 and $1.42 and the elimination this quarter was at prices between $0.931 and $1.27. The stock currently trades at $0.754. Baupost realized losses.Biotie Therapies (BITI), Genworth Financial (GNW) and La Quinta Holdings (LQ): These are very small (less than ~1% of the portfolio each) stakes disposed of this quarter.Note: The BITI stake was disposed as a result of a merger related tender offer from Acorda Therapeutics (ACOR). Klarman’s BITI ownership before this transaction was ~17%.Stake Increases:Allergan plc (AGN): AGN is a large top-five 6.28% of the US long portfolio stake established last quarter at prices between $266 and $299. This quarter saw a ~16% increase at prices between $202 and $278. The stock currently trades at $250. For investors attempting to follow Baupost, AGN is a good option to consider for further research.EMC Corporation (EMC): EMC is the largest 13F stake at 21.01% of the portfolio. It was established in Q4 2015 at prices between $24.16 and $28.35 and increased by ~77% last quarter at prices between $23.90 and $26.71. This quarter also saw a ~10% further increase. The stock currently trades at $28.48.Note: On October 12, 2015, Dell announced a deal to acquire EMC for $24.05 per share cash and 0.111 per share in VMWare (VMW) tracking stock.Paratek Pharmaceuticals (PRTK): PRTK is a small 0.39% of the US long portfolio stake established as a result of a cash-infusion prior to the reverse-stock-split, merger, and name-change transaction of Paratek (privately held at the time) with Transcept Pharma (Nasdaq listed at the time) in November 2014. Q2 2015 had seen a ~11% reduction at prices between $24.33 and $32.49. This quarter saw a one-third increase at prices between $12.68 and $16.98. The stock currently trades near the low end of that range at $13.02.Note: Baupost Group controls ~9% of the business.Theravance Biopharma (TBPH): TBPH is a 2.26% of the US long portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The original stake was increased by ~5% in Q1 2015 at prices between $14.70 and $21.73. This quarter saw another ~13% increase at prices between $17.45 and $24.20. The stock is now at $26.96.Note: Klarman controls ~15.5% of the business.American International Group (AIG) WTS and Silver Run Acquisition (SRAQ) & WTS: These are very small stakes at 0.65% and 0.52% of the portfolio respectively. Both positions were increased this quarter. The AIG WTS position was increased by ~20% while the net SRAQ position was increased by one-third through the purchase of warrants.Stake Decreases:Antero Resources Corporation (AR): AR is a fairly large 5.12% of the US long portfolio position established in Q3 2014 at prices between $54.50 and $65.71. The stake was increased by ~185% the following quarter at prices between $38.60 and $55.51. Q1 2015 saw a further ~19% increase at prices between $34.02 and $42.35. The pattern reversed in Q2 2015: ~14% reduction at prices between $34 and $46. Q3 2015 saw a stake doubling at prices between $20.20 and $34.34 and that was followed with a ~19% increase the following quarter at prices between $19 and $26. This quarter saw a one-third reduction at prices between $24.73 and $30.10. The stock currently trades at $27.42. Klarman controls ~4.7% of the business.Innoviva Inc. (INVA) previously Theravance: INVA is a 2.52% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2008. This quarter saw a ~11% trimming at prices between $9.91 and $13.76. The stock currently trades at $12.46.Note: Baupost controls ~15.8% of the business.NovaGold Resources Inc. (NG): NG is a 0.79% stake built up over several quarters in 2012 at prices between $3.5 and $12. Q4 2015 saw a ~13% reduction at prices between $3.27 and $4.47 and that was followed with a ~21% reduction last quarter at prices between $3.54 and $5.42. There was another ~37% selling this quarter at prices between $5.05 and $6.51. The stock currently trades at $6.58.Paypal Holdings (PYPL): The 2.81% PYPL position was established in Q3 2015 as a result of the spinoff of Paypal from eBay that closed in July 2015. Klarman had 9.3M shares of eBay and received the same number of Paypal shares. He also increased the stake by ~17% after the transaction. PYPL started trading at $36.71 and currently trades at $38.51. Last quarter saw a ~37% reduction at prices between $31.20 and $41.32 and that was followed with another ~20% reduction this quarter at prices between $34.20 and $40.31.Kept Steady:Atara Biotherapeutics (ATRA): ATRA is a 1.64% of the US long portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $21.22.Note: Klarman controls ~19% of the business.Cheniere Energy (LNG): LNG is Klarman’s second-largest 13F position at 15.21% of the US long portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In Q3 2014, it was increased by ~87% at prices between $70 and $84 and that was followed by another 23% increase the following quarter at prices between $62 and $80. Q2 2015 saw a further ~11% increase at prices between $68.49 and $80 and that was followed with another 48% increase the following quarter at prices between $47.47 and $70.65. Last two quarters also saw a combined ~32% increase at prices between $24 and $54. The stock currently trades at $42.99. For investors attempting to follow Baupost, LNG is a good option to consider for further research.Note: The size of this position per the latest regulatory 13G filing does not tally with the figure in the 13F report. That report shows Baupost owning 37M shares (15% of the business) compared to 29.84M shares in the 13F.ChipMOS (IMOS): IMOS is a small 0.92% of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20. The stake was increased by ~19% the following quarter at prices between $15 and $21. The last significant activity was in Q3 2015: ~14% increase at prices between $15.39 and $22. The stock currently trades at $19.62.Note: Klarman controls 13.75% of ChipMOS.Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $0.425 (for ten warrants which can be converted to one Citigroup common stock, Yahoo Ticker C-WTA). The bulk of the 0.08% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup.Forward Pharma (FWP): FWP is a small 1.32% of the US long portfolio stake established in Q4 2014 at around $22. The stock currently trades at $21.78.Note: Klarman controls ~12% of the business.Keryx Biopharma (KERX): KERX is a 2.32% of the US long portfolio position established in Q1 2014 at prices between $12.16 and $17.04. In Q2 2014, the position was increased by two-thirds at prices between $12.11 and $17.04 and the following quarter the pattern continued with a ~74% stake increase at prices between $12.71 and $18.19. H1 2015 had also seen a ~40% further increase at prices between $9.32 and $14.68. The stock currently trades well below the low-end of those ranges at $4.29. His cost-basis is at around $12.Note: The latest regulatory 13D filing shows Baupost beneficially owning 59.2M shares (42.53% of the business). This is compared to 25.79M shares in the 13F. The difference is due to $125M in 2020 convertible ($3.74) notes that they also own.Kindred Biosciences (KIN): KIN is a very small 0.14% of the US long portfolio position. The stake as a percentage of the business is very significant at over 15%. It was established in Q4 2013 at a cost-basis of around $11. The stock is now at $3.97.KLX Inc. (KLXI): KLXI is a small ~0.84% of the US long portfolio position established in Q1 2015 at prices between $37.34 and $41.65. Q4 2015 saw a one-third increase at prices between $30 and $41. The stock currently trades near the low-end of those ranges at $34.09.Note: KLXI is a spinoff from B/E Aerospace (BEAV) and it started trading in December 2014.Novacopper (NCQ): This is a minute stake at 0.07% of the US long portfolio. Q2 2015 saw a ~76% increase at prices between $0.50 and $0.66 and the stock is now at $0.605.Note: Klarman’s ownership stake in NCQ is ~10%.Olin Corporation (OLN): The medium-sized 3.62% of the portfolio stake in OLN was established in Q3 2015 at prices between $17 and $26. Last quarter saw a ~50% increase at prices between $12.78 and $17.59 and the stock is now at $20.05Note: The ownership stake in Olin Corporation is ~6.5%.PBF Energy (PBF): PBF is a 3.43% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled the following quarter at prices between $21.44 and $31.46 and was increased by over 175% in Q1 2014 at prices between $23.79 and $31.46. The stake has since been doubled through periodic buying. The stock currently trades at $23.12.Note: Klarman’s ownership interest in PBF is ~10%.Sunedison Semiconductor (SEMI): SEMI is a 0.67% of the US long portfolio position established in Q2 2014 at prices between $14.37 and $17.76 and increased by ~90% in Q1 2015 at prices between $15.19 and $27.14. The stock currently trades well below his purchase price ranges at $7.97. SEMI was spun-off from Sunedison Inc. (SUNEQ) on May 22, 2014.Note: Klarman’s ownership interest in Sunedison Semiconductor is 19.95%.Twenty First Century Fox (FOX) (FOXA): FOX is a fairly large 5.52% of the portfolio stake established in Q3 2015 at prices between $25.41 and $33.52 and increased by ~41% last quarter at prices between $24 and $28. The stock currently trades at $26.57. For investors attempting to follow Baupost, FOX is a good option to consider for further research.Veritiv Corporation (VRTV): VRTV is a 1.55% of the US long portfolio position established in Q3 2014 at prices between $32.50 and $50.22. Q2 2015 saw a ~9% increase at prices between $35.50 and $45.16 and that was followed with a ~13% increase the following quarter at prices between $33.06 and $42.60. The stock currently trades at $48.34.Note: Klarman’s ownership interest in VRTV is at ~19%.ViaSat (VSAT): VSAT is Klarman’s third-largest US long position at 11.18% of the portfolio. Since Q3 2012, the stake has seen only minor increases. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $74.33. He is sitting on huge gains on the position.VMWare Inc. (VMW): VMW is a 1.75% of the portfolio stake purchased last quarter at prices between $43.84 and $57.02. The stock is well outside that range at $71.08.Note: Klarman’s largest 13F position is EMC Corporation which is getting bought by Dell. Their VMWare stake will increase significantly when that transaction closes as the terms call for EMC shareholders to receive 0.111 per share in VMW tracking stock.Orexigen Therapeutics (OREX) and Sunrun Inc. (RUN): These very small (less than ~0.5% of the portfolio each) stakes were kept steady this quarter.Note 1: Including the dilutions implied by capital-raise transactions they were involved in, the beneficial ownership in OREX is at over one-third of the business.Note 2: The 13F also lists a small position in Theravance Notes. A small position in Chesapeake (CHK) Notes newly listed as of last quarter is no longer present.The spreadsheet below highlights changes to Klarman's US stock holdings in Q2 2016:13G/A, Form 3/4 thru 5/13/2016: BITI 13D 4/12/2016 - 0. BXE 13G/A 4/8/2016 as of 3/31/2016 - 8.65M shares - 4.51%. OREX 13G/A 3/15/2016 - 27.27M shares - 18.1% of business.13G/A, Form 3/4 thru 2/13/2016: VRTV 13G/A 2/12/2016 - 2.89M shares - 18.04%. TBPH 13G/A 2/12/2016 - 6.42M shares - 16.97%. INVA 13G/A 2/12/2016 - 22.26M shares - 18.99%. ATRA 13G/A 2/12/2016 - 5.36M shares - 18.72%. BXE 13G/A 2/12/2016 - 23.99M shares - 12.50%. SEMI 13G/A 2/12/2016 - 8.37M shares - 19.95%. NCQ 13G/A 2/12/2016 - 10.6M shares - 10.12%. SEMI 13G/A 2/12/2016 - 8.37M shares - 19.95%. PBF 13G/A 2/12/2016 - 11.03M shares - 11.29%. PRTK 13G/A 2/12/2016 - 1.54M shares - 8.77%. IMOS 13G/A 2/12/2016 - 3.75M shares - 13.75%. OREX 13G/A 2/12/2016 - 2.27M shares - 18.13%. NG 13G/A 2/12/2016 - 18.98M shares - 5.97%. AR 13G/A 2/12/2016 - 19.17M shares - 6.92%. BITI 13D 1/20/2016 - 173M shares - 17.1% - Acorda Therapeutics acquisition of BITI also mentioned. LNG 13G/A 1/8/2016 - 37.09M shares - 15.01%. ."

"Tracking Seth Klarman’s Baupost Group Holdings – Q1 2016 Update"

"Seth Klarman’s US long portfolio increased from $5.51B to $6.92B this quarter.Baupost Group added Allergan plc and increased EMC Corporation, Cheniere Energy, and Twenty First Century Fox during the quarter.The portfolio continues to be heavily concentrated with the top three positions accounting for ~47% of the entire US long portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 05/13/2016. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund's moves during Q4 2015.Baupost Group’s US long portfolio increased 25.60% from $5.51B to $6.92B this quarter. The total number of 13F securities held increased from 35 to 36. The portfolio is heavily concentrated with EMC Corporation, Cheniere Energy, ViaSat Inc., Antero Resources, and Allergan plc together accounting for around 61% of the 13F holdings.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Allergan plc (AGN): AGN is a large top-five 6.66% of the US long portfolio stake established this quarter at prices between $266 and $299. The stock currently trades below the low end of that range at $223. For investors attempting to follow Baupost, AGN is a good option to consider for further research.VMWare Inc. (VMW): VMW is a 1.70% of the portfolio stake purchased this quarter at prices between $43.84 and $57.02. The stock is now just outside that range at $57.92.Note: Klarman’s largest 13F position is EMC Corporation which is getting bought by Dell. Their VMWare stake will increase significantly when that transaction closes as the terms call for EMC shareholders to receive 0.111 per share in VMW tracking stock.Genworth Financial (GNW), La Quinta Holdings (LQ), and Silver Run Acquisition (SRAQU): These are very small (less than ~1% of the portfolio each) stakes established this quarter.Stake Disposals:Frontier Communications (FTR) & PFD CNVTs: FTR was a small 1.57% stake established in Q2 2015 at prices between $4.80 and $7.50. It was reduced by ~19% last quarter at prices between $4.50 and $5.40 and eliminated this quarter at prices between $3.94 and $5.79. The stock is now at $5.26.Kosmos Energy (KOS): A very small 0.44% KOS position was purchased in Q2 2014 at prices between $10.05 and $11.23. Q4 2014 saw a ~52% increase at prices between $7.09 and $10.25. There was an about turn in Q2 2015 as ~17% of the stake was sold at prices between $7.91 and $9.78. That was followed with a ~23% reduction last quarter at prices between $4.73 and $7.81. The elimination this quarter was at prices between $3.50 and $6.12. The stock currently trades at $5.01.Micron Technology (MU): As of Q3 2014, MU was Klarman’s largest position at 30.82% of the US long portfolio. The stake was first established in Q2 2013 at prices between $9.10 and $14 and increased by just over 50% in Q3 2013 at prices between $12.55 and $17.60. Q4 2014 saw an about-turn as ~62% of the position was sold at prices between $27.03 and $36.49. In Q3 2015, the remaining stake was almost eliminated at prices between $14.06 and $20.12. The stock currently trades at $9.56. Klarman’s timely exit netted huge long-term gains. The minutely small remainder stake was sold this quarter.Ocwen Financial (OCN): OCN was a 0.66 % of the US long portfolio stake established in Q3 2014 at prices between $25 and $37. In Q4 2014, the position was reduced by ~15% at prices between $14.32 and $26.26. Q1 2015 saw an about turn as the stake was increased by ~30% at prices between $5.77 and $15.10. The pattern reversed in Q3 2015 - one-third reduction at prices between $6.67 and $11.76. The disposal this quarter was at prices between $2.11 and $7.36. The stock currently trades at $2.01.Note: Baupost had a ~4% ownership in the business.Sanchez Energy (SN): This very small 0.16% of the portfolio stake was sold out during the quarter.Stake Increases:Cheniere Energy (LNG): LNG is Klarman’s second-largest 13F position at 14.58% of the US long portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In Q3 2014, it was increased by ~87% at prices between $70 and $84 and that was followed by another 23% increase the following quarter at prices between $62 and $80. Q2 2015 saw a further ~11% increase at prices between $68.49 and $80 and that was followed with another 48% increase last quarter at prices between $47.47 and $70.65. Last two quarters also saw a combined ~32% increase at prices between $24 and $54. The stock currently trades at $33.99. For investors attempting to follow Baupost, LNG is a good option to consider for further research.Note 1: The size of this position per the latest regulatory 13G filing does not tally with the figure in the 13F report. That report shows Baupost owning 37M shares (15% of the business) compared to 29.84M shares in the 13F.Note 2: Klarman also has a ~10% ownership interest in Liquefied Natural Gas Ltd. (LNGLY), a similar business as Cheniere Energy (LNG).EMC Corporation (EMC): EMC is the largest 13F stake at 19.96% of the portfolio. It was established last quarter at prices between $24.16 and $28.35 and increased by ~77% this quarter at prices between $23.90 and $26.71. The stock currently trades at $27.38.Note: On October 12, 2015, Dell announced a deal to acquire EMC for $24.05 per share cash and 0.111 per share in VMWare (VMW) tracking stock.Theravance Biopharma (TBPH): TBPH is a 1.76% of the US long portfolio position established in Q2 2014 as a result of the spinoff of TBPH from Theravance (now Innoviva). The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. The original stake was increased by ~5% in Q1 2015 at prices between $14.70 and $21.73. The stock currently trades at $17.56. TBPH has dropped ~24% since the May 2014 spinoff. This quarter saw a marginal stake increase.Note: Klarman controls ~14% of the business.Twenty First Century Fox (FOX) (FOXA): FOX is a medium-sized 5.24% of the portfolio stake established in Q3 2015 at prices between $25.41 and $33.52 and increased by ~41% this quarter at prices between $24 and $28. The stock currently trades at $29.24.Veritiv Corporation (VRTV): VRTV is a 1.64% of the US long portfolio position established in Q3 2014 at prices between $32.50 and $50.22. Q2 2015 saw a ~9% increase at prices between $35.50 and $45.16 and that was followed with a ~13% increase the following quarter at prices between $33.06 and $42.60. The stock currently trades at $37.10. This quarter saw a ~6% further increase.Note: Klarman’s ownership interest in VRTV is at ~19%.American International Group (AIG) WTS, Orexigen Therapeutics (OREX), & Olin Corporation (OLN): These small stakes (less than ~2.5% of the portfolio each) were increased substantially this quarter.Note 1: Baupost has a ~15% ownership stake in OREX. Including the dilutions implied by a couple of capital-raise transactions they were involved in, the ownership stake would be at over one-third of the business.Note 2: The ownership stake in Olin Corporation is very significant at ~6.5%.Stake Decreases:Bellatrix Exploration (BXE): BXE is a very small 0.13% of the US long portfolio stake. It was established in Q4 2014 at prices between $2.99 and $6.15 and increased by ~21% the following quarter at around $2.50. This quarter saw a ~64% stake reduction at prices between $0.80 and $1.42. The stock currently trades at $1.Note: Klarman controls 4.51% of the business.NovaGold Resources Inc. (NG): NG is a 1.45% stake built up over several quarters in 2012 at prices between $3.5 and $12. Last quarter saw a ~13% reduction at prices between $3.27 and $4.47 and that was followed with a ~21% reduction this quarter at prices between $3.54 and $5.42. The stock currently trades at $6.13.Paypal Holdings (PYPL): The 3.94% PYPL position was established in Q3 2015 as a result of the spinoff of Paypal from eBay that closed in July 2015. Klarman had 9.3M shares of eBay and received the same number of Paypal shares. He also increased the stake by ~17% after the transaction. PYPL started trading at $36.71 and currently trades at $39.48. This quarter saw a ~37% reduction at prices between $31.20 and $41.32.PBF Energy (PBF): PBF is a fairly large 5.10% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled the following quarter at prices between $21.44 and $31.46 and was increased by over 175% in Q1 2014 at prices between $23.79 and $31.46. The stake has since been doubled through periodic buying. The stock currently trades at $28.33. This quarter saw a minor reduction.Note: Klarman’s ownership interest in PBF is ~10%.Kept Steady:Antero Resources Corporation (AR): AR is a large (top-five) 7.72% of the US long portfolio position established in Q3 2014 at prices between $54.50 and $65.71. The stake was increased by ~185% the following quarter at prices between $38.60 and $55.51. Q1 2015 saw a further ~19% increase at prices between $34.02 and $42.35. The pattern reversed in Q2 2015: ~14% reduction at prices between $34 and $46. Q3 2015 saw a stake doubling at prices between $20.20 and $34.34 and that was followed with a ~19% increase last quarter at prices between $19 and $26. The stock currently trades at $25.50. Klarman controls 18.72% of the business.Atara Biotherapeutics (ATRA): ATRA is a 1.47% of the US long portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades well below those ranges at $15.32.Note: Klarman controls ~19% of the business.ChipMOS (IMOS): IMOS is a small 0.94% of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20. The stake was increased by ~19% the following quarter at prices between $15 and $21. The last significant activity was in Q3 2015: ~14% increase at prices between $15.39 and $22. The stock currently trades at $17.16.Note: Klarman controls 13.75% of ChipMOS.Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $0.92 (for ten warrants which can be converted to one Citigroup common stock, Yahoo Ticker C-WTA). The bulk of the 0.15% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup that would pay off handsomely, if Citigroup common stock trades well above the strike price before expiry.Forward Pharma (FWP): FWP is a small 1.32% of the US long portfolio stake established in Q4 2014 at around $22. The stock currently trades at $18.20.Note: Klarman controls ~12% of the business.Innoviva Inc. (INVA) previously Theravance: INVA is a 3.60% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2008. The stock currently trades at $10.70.Note: Baupost controls ~19% of the business.Keryx Biopharma (KERX): KERX is a small 1.74% of the US long portfolio position established in Q1 2014 at prices between $12.16 and $17.04. In Q2 2014, the position was increased by two-thirds at prices between $12.11 and $17.04 and the following quarter the pattern continued with a ~74% stake increase at prices between $12.71 and $18.19. H1 2015 had also seen a ~40% further increase at prices between $9.32 and $14.68. The stock currently trades well below the low-end of those ranges at $5.36. His cost-basis is at around $12.Note: In October 2015, KERX had a capital raise through a convertible debt transaction with Baupost for $125M due 2020 and convertible at $3.74 per share. A Form 3 filed on 10/20/2015 indicates the beneficial ownership including this transaction at 42M shares (34.61% of the business).Kindred Biosciences (KIN): KIN is a very small 0.15% of the US long portfolio position. The stake as a percentage of the business is very significant at over 15%. It was established in Q4 2013 at a cost-basis of around $11. The stock is now at $3.66.KLX Inc. (KLXI): KLXI is a small ~0.93% of the US long portfolio position established in Q1 2015 at prices between $37.34 and $41.65. Last quarter saw a one-third increase at prices between $30 and $41. The stock currently trades near the low-end of those ranges at $31.36.Note: KLXI is a spinoff from B/E Aerospace (BEAV) and it started trading in December 2014.Novacopper (NCQ): This is a minute stake at 0.06% of the US long portfolio. Q2 2015 saw a ~76% increase at prices between $0.50 and $0.66 and the stock is now at $0.73.Note: Klarman’s ownership stake in NCQ is ~10% of the business.Paratek Pharmaceuticals (PRTK): PRTK is a small 0.34% of the US long portfolio stake established as a result of a cash-infusion prior to the reverse-stock-split, merger, and name-change transaction of Paratek (privately held at the time) with Transcept Pharma (Nasdaq listed at the time) in November 2014. The last significant activity was in Q2 2015 when there was a ~11% reduction at prices between $24.33 and $32.49. The stock currently trades at $13.02.Note: Baupost Group controls 8.77% of the business.Sunedison Semiconductor (SEMI): SEMI is a 0.78% of the US long portfolio position established in Q2 2014 at prices between $14.37 and $17.76 and increased by ~90% in Q1 2015 at prices between $15.19 and $27.14. The stock currently trades below his purchase price ranges at $4.14. SEMI was spun-off from Sunedison Inc. (SUNEQ) on May 22, 2014.Note: Klarman’s ownership interest in Sunedison Semiconductor is 19.95%.ViaSat (VSAT): VSAT is Klarman’s third-largest US long position at 12.24% of the portfolio. Since Q3 2012, the stake has seen only minor increases. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $75.39. He is sitting on huge gains on the position.Biotie Therapies (BITI) & Sunrun Inc. (RUN): These very small (less than ~0.5% of the portfolio each) stakes were kept steady this quarter.Note 1: An April regulatory 13D/A regulatory filing shows the entire BITI stake as disposed as a result of a merger related tender offer from Acorda Therapeutics (ACOR). Klarman’s ownership before this transaction was ~17%.Note 2: The 13F also lists small positions in Theravance and Chesapeake (CHK) Notes.The spreadsheet below highlights changes to Klarman's US stock holdings in Q1 2016:13G/A, Form 3/4 after 8/13/2015: AOI 13G/A 11/9/2015 0 shares. KERX Form 3 10/20/2015 42M shares (34.61% of the business) ownership including 17.2M from 2020 convertible debt. OREX 13G 10/9/2015 - 25.8M shares 17.17% of business.Note: Oct 15, 2015 - Keryx convertible debt transaction with Baupost for $125M due 2020 and convertible at $3.74 announced.Note: Sep 9, 2015 - Chanos announced a short-position in LNG this week. See"

"Tracking Seth Klarman’s Baupost Group Holdings – Q4 2015 Update"

"Seth Klarman’s US long portfolio decreased from ~$6B to ~$5.51B this quarter.Baupost Group added EMC Corporation while dropping Alcoa, eBay, and Pioneer Natural Resources.The portfolio continues to be heavily concentrated with the top three positions accounting for ~44% of the entire US long portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 02/12/2016. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q3 2015.Baupost Group’s US long portfolio decreased 8.15% from $6B to $5.51B this quarter. The total number of 13F securities held decreased from 39 to 35 as they dropped several positions. The portfolio is heavily concentrated with Cheniere Energy, EMC Corporation, ViaSat Inc., Antero Resources, and PBF Energy together accounting for around 59% of the 13F holdings.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:EMC Corporation (EMC): EMC is the second-largest 13F stake at 13.62% of the portfolio. It was established this quarter at prices between $24.16 and $28.35. The stock currently trades at $24.13.Note: On October 12, 2015, Dell announced a deal to acquire EMC in a transaction valued at $33 per share - $24.05 per share cash and $9 per share in VMWare (VMW) tracking stock. VMW share price has fallen ~40% since the announcement thus correspondingly reducing the tracking stock portion of the deal’s value.Stake Disposals:Alcoa Inc. (AA): AA was a very large (third-largest) 8.41% of the US long portfolio stake established last quarter at prices between $8.11 and $11.10. The entire position was sold this quarter at prices between $7.82 and $11.01. The stock currently trades at $7.68. The quick about-turn in a large position indicates a clear bearish bias.eBay Inc. (EBAY): EBAY was a 3.79% of the US long portfolio stake. It was established in Q2 2014 at prices between $18.95 and $21.95 and was increased by ~37% in the following quarter at prices between $19.64 and $22.24. Q4 2014 saw another ~53% increase at prices between $18.80 and $22.59. This quarter saw the elimination at prices between $24 and $30. The stock currently trades at $22.49.Note: EBAY attracted a lot of super-investor interest (Carl Icahn, Wallace Weitz, Mark Hillman, and Leon Cooperman) and activist pressure forced the company to spin-off its PayPal (PYPL) subsidiary. The prices quoted above are adjusted for that spin-off.Pioneer Natural Resources (PXD): PXD was a large (top-five) 8.38% of the US long portfolio stake established in Q1 2015 at prices between $135 and $167 and increased by ~28% the following quarter at prices between $148 and $180. This quarter saw the entire stake eliminated at prices between $116 and $149. The stock currently trades at $115.Aercap Holdings NV (AER) and Lifelock Inc. (LOCK): These two small stakes (less than ~2% of the portfolio each) were established last quarter but sold-off this quarter. Klarman had a significant ~4.7% ownership stake in LOCK.Alliance One International (AOI) & Alon USA Partners LP (ALDW): These two minutely small stakes (0.16% and 0.14% of portfolio respectively) as of last quarter were eliminated this quarter. Although the relative sizing was small, Klarman’s ownership stake in AOI was significant at ~5% of the business.Stake Increases:Antero Resources Corporation (AR): AR is a large (top-five) 7.58% of the US long portfolio position established in Q3 2014 at prices between $54.50 and $65.71. The stake was increased by ~185% the following quarter at prices between $38.60 and $55.51. Q1 2015 saw a further ~19% increase at prices between $34.02 and $42.35. The pattern reversed in Q2 2015: ~14% reduction at prices between $34 and $46. Last quarter saw a stake doubling at prices between $20.20 and $34.34 and that was followed with a ~19% increase this quarter at prices between $19 and $26. The stock currently trades at $26.02. Klarman controls 18.72% of the business.Cheniere Energy (LNG): LNG is Klarman’s largest 13F position at 17.63% of the US long portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In Q3 2014, it was increased by ~87% at prices between $70 and $84 and that was followed by another 23% increase the following quarter at prices between $62 and $80. Q2 2015 saw a further ~11% increase at prices between $68.49 and $80 and that was followed with another 48% increase last quarter at prices between $47.47 and $70.65. This quarter also saw a ~15% increase at prices between $36 and $54. The stock currently trades well below those ranges at $26.05. For investors attempting to follow Baupost, LNG is a good option to consider for further research.Note 1: The size of this position per the regulatory 13G filing does not tally with the figure in the 13F report. That report shows Baupost owning 37.09M shares (15.01% of the business) compared to 26.09M shares in the 13F.Note 2: Klarman also has a ~10% ownership interest in Liquefied Natural Gas Ltd. (LNGLY), a similar business as Cheniere Energy (LNG). It was increased significantly in October 2014.KLX Inc. (KLXI): KLXI is a small ~1.12% of the US long portfolio position established in Q1 2015 at prices between $37.34 and $41.65. This quarter saw a one-third increase at prices between $30 and $41. The stock currently trades well below those ranges at $26.99.Note: KLXI is a spinoff from B/E Aerospace (BEAV) and it started trading in December 2014.Paypal Holdings (PYPL): The large 7.29% PYPL position was established last quarter as a result of the spinoff of Paypal from eBay that closed in July. Klarman had 9.3M shares of eBay and received the same number of Paypal shares. He also increased the stake by ~17% after the transaction. PYPL started trading at $36.71 and currently trades at $34.30. This quarter also saw a marginal increase.Veritiv Corporation (VRTV): VRTV is a 1.90% of the US long portfolio position established in Q3 2014 at prices between $32.50 and $50.22. Q2 2015 saw a ~9% increase at prices between $35.50 and $45.16 and that was followed with a ~13% increase last quarter at prices between $33.06 and $42.60. The stock currently trades at $28.71. This quarter saw a minor further increase.Note: Klarman’s ownership interest in VRTV is at 18.04%.Biotie Therapies (BITI), Orexigen Therapeutics (OREX), Sanchez Energy (SN), & Sunrun Inc. (RUN): These very small (less than ~0.5% of the portfolio each) stakes saw significant buying this quarter. The relative sizing is still very small.Note: Klarman has very significant ownership stakes in the following businesses: 17.1% of BITI and ~18.13% of OREX.Stake Decreases:Frontier Communications (FTR) & PFD CNVTs: FTR is a small 1.57% stake established in Q2 2015 at prices between $4.80 and $7.50. It was reduced by ~19% this quarter at prices between $4.50 and $5.40. The stock is now at $4.24.Kosmos Energy (KOS): The very small 0.44% KOS position was purchased in Q2 2014 at prices between $10.05 and $11.23. Q4 2014 saw a ~52% increase at prices between $7.09 and $10.25. Q2 2015 saw an about-turn as ~17% of the stake was sold at prices between $7.91 and $9.78. That was followed with a ~23% reduction this quarter at prices between $4.73 and $7.81. The stock currently trades at $3.99.NovaGold Resources Inc. (NG): NG is a 1.45% stake built up over several quarters in 2012 at prices between $3.5 and $12. The most recent purchases happened in Q3 2012 and Q4 2012 when the stake was increased by roughly one-third at prices between $3.68 and $6.19. This quarter saw a ~13% reduction at prices between $3.27 and $4.47. The stock currently trades at $4.84.Kept Steady:Atara Biotherapeutics (ATRA): ATRA is a 2.57% of the US long portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $15.41. Klarman controls 18.72% of the business.Bellatrix Exploration (BXE): BXE is a very small 0.53% of the US long portfolio stake. It was established in Q4 2014 at prices between $2.99 and $6.15 and increased by ~21% the following quarter at around $2.50. The stock currently trades at $1.02. Klarman controls 12.50% of the business.ChipMOS (IMOS): IMOS is a small 1.35% of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20. The stake was increased by ~19% the following quarter at prices between $15 and $21. Last quarter saw a ~14% increase at prices between $15.39 and $22. The stock currently trades at $14.49.Note: Klarman controls 13.75% of ChipMOS.Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $1.15 (for ten warrants which can be converted to one Citigroup common stock, Yahoo Ticker C-WTA). The bulk of the 0.33% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup that would pay off handsomely, if Citigroup common stock trades well above the strike price before expiry.Forward Pharma (FWP): FWP is a small 1.85% of the US long portfolio stake established in Q4 2014 at around $22. The stock currently trades at $16.76.Note: Klarman controls 11.55% of the business.Keryx Biopharma (KERX): KERX is a small 2.36% of the US long portfolio position established in Q1 2014 at prices between $12.16 and $17.04. In Q2 2014, the position was increased by two-thirds at prices between $12.11 and $17.04 and the following quarter the pattern continued with a ~74% stake increase at prices between $12.71 and $18.19. H1 2015 had also seen a ~40% further increase at prices between $9.32 and $14.68. The stock currently trades well below the low-end of those ranges at $3.42. His cost-basis is at around $12.Note: On Oct 15, 2015 KERX had a capital raise through a convertible debt transaction with Baupost for $125M due 2020 and convertible at $3.74 per share. A Form 3 filed on 10/20/2015 indicates the beneficial ownership including this transaction at 42M shares (34.61% of the business).Kindred Biosciences (KIN): KIN is a very small 0.19% of the US long portfolio position. The stake as a percentage of the business is very significant at over 15%. It was established in Q4 2013 at a cost-basis of around $11. The stock is now at $3.49.Micron Technology (MU): As of Q3 2014, MU was Klarman’s largest position at 30.82% of the US long portfolio. The stake was first established in Q2 2013 at prices between $9.10 and $14 and increased by just over 50% in Q3 2013 at prices between $12.55 and $17.60. Q4 2014 saw an about-turn as ~62% of the position was sold at prices between $27.03 and $36.49. Last quarter, the remaining stake was almost eliminated at prices between $14.06 and $20.12. The stock currently trades at $10.02. Klarman’s timely exit netted huge long-term gains.Novacopper (NCQ): This is a minute stake at 0.05% of the US long portfolio. Q2 2015 saw a ~76% increase at prices between $0.50 and $0.66 and the stock is now at $0.28.Note: Klarman’s ownership stake is at 10.12% of the business.Ocwen Financial (OCN): OCN is a 0.66 % of the US long portfolio stake established in Q3 2014 at prices between $25 and $37. In Q4 2014, the position was reduced by ~15% at prices between $14.32 and $26.26. Q1 2015 saw an about turn as the stake was increased by ~30% at prices between $5.77 and $15.10. The pattern reversed last quarter: one-third reduction at prices between $6.67 and $11.76. The stock currently trades at $5.13.Note: Baupost’s ownership of the business is ~4%.Paratek Pharmaceuticals (PRTK): PRTK is a small 0.53% of the US long portfolio stake established as a result of a cash-infusion prior to the reverse-stock-split, merger, and name-change transaction of Paratek (privately held at the time) with Transcept Pharma (Nasdaq listed at the time) in November 2014. Q2 2015 saw a ~11% reduction at prices between $24.33 and $32.49. The stock currently trades at $13.01.Note: Baupost Group controls 8.77% of the business.PBF Energy (PBF): PBF is a large 7.36% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled in Q4 2013 at prices between $21.44 and $31.46 and was increased by over 175% in Q1 2014 at prices between $23.79 and $31.46. Since then, the stake was increased by ~45% through periodic buying. The stock currently trades at $29.13.Note: Klarman’s ownership interest in PBF is 11.29%.Sunedison Semiconductor (SEMI): SEMI is a 1.19% of the US long portfolio position established in Q2 2014 at prices between $14.37 and $17.76 and increased by ~90% in Q1 2015 at prices between $15.19 and $27.14. The stock currently trades below his purchase price ranges at $3.73. SEMI was spun-off from Sunedison Inc. (SUNE) on May 22, 2014.Note: Klarman’s ownership interest in Sunedison Semiconductor is 19.95%.Theravance Biopharma (TBPH): TBPH is a 1.91% of the US long portfolio position established in Q2 2014 as a result of the spinoff of TBPH from THRX. The spinoff terms called for THRX shareholders to receive 1 share of TBPH for every 3.5 shares of THRX held. The original stake was increased by ~5% in Q1 2015 at prices between $14.70 and $21.73. The stock currently trades at $14.86. TBPH has dropped ~35% since the May 2014 spinoff.Note: Klarman controls 16.97% of the business.Innoviva Inc. (INVA) previously Theravance: INVA is a 3.79% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2008. The stock currently trades at $11.99.Note: Baupost controls 18.99% of the business.Twenty First Century Fox (FOX) (FOXA): FOX is a medium-sized 5.24% of the portfolio stake established last quarter at prices between $25.41 and $33.52. The stock currently trades just below that range at $24.67.ViaSat (VSAT): VSAT is Klarman’s third-largest US long position at 12.76% of the portfolio. Since Q3 2012, the stake has seen only minor increases. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $62.45. He is sitting on huge gains on the position. The stock returned ~60% in 2013 but has since remained flat.Olin Corporation (OLN) & American International Group (AIG) WTS: These small stakes (less than ~2% of the portfolio each) were kept steady this quarter.Note 1: The ownership stake in Olin Corporation is very significant at ~4.2%.Note 2: The 13F also lists a very small position in Theravance Notes. It was increased by ~20% in Q1 2015 and the stake is currently at 0.65% of the 13F portfolio.The spreadsheet below highlights changes to Klarman's US stock holdings in Q4 2015:"

"Tracking Seth Klarman’s Baupost Group Holdings – Q3 2015 Update"

"Seth Klarman’s US long portfolio remained steady at ~$6B this quarter.Baupost Group added Alcoa and Twenty First Century Fox while reducing Micron Technology.The portfolio continues to be heavily concentrated with the top three positions accounting for ~39% of the entire US long portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 11/13/2015. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q2 2015.Baupost Group’s US long portfolio increased remained almost steady at $6B this quarter. The total number of 13F securities held increased from 32 to 39 as they added several small positions and large stakes in Alcoa and Twenty First Century Fox. The portfolio is heavily concentrated with Cheniere Energy, ViaSat Inc., Alcoa, Pioneer Natural Resources, and Antero Resources together accounting for around 53% of the 13F holdings.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”. The book is out-of-print and copies sell for a huge premium.New Stakes:Alcoa Inc. (AA): AA is a very large (third-largest) 8.41% of the US long portfolio stake established this quarter at prices between $8.11 and $11.10. The stock currently trades just below that range at $7.99. As a percentage of the business, the position is at ~4%.Twenty First Century Fox (FOX) (FOXA): FOX is a medium-sized 4.79% of the portfolio stake established this quarter at prices between $25.41 and $33.52. The stock currently trades at $30.02.Paypal Holdings (PYPL): The 5.64% PYPL position was established this quarter as a result of the spinoff of Paypal from eBay that closed in July. Klarman had 9.3M shares of eBay and received the same number of Paypal shares. He also increased the stake by ~17% after the transaction. PYPL started trading at $36.71 and currently trades at $34.53.Aercap Holdings NV (AER), Lifelock Inc. (LOCK), Olin Corporation (OLN), Orexigen Therapeutics (OREX), & Sunrun Inc. (RUN): These are small stakes (less than ~2% of the portfolio each) established this quarter.Note 1: The ownership stakes in the following businesses are very significant: ~4.7% of Lifelock Inc. and ~8% of Olin Corporation.Note 2: With Orexigen Therapeutics, a 13G filing on 10/9/2015 showed Klarman owning 25.8M shares (17.17% of business).Stake Disposals:None.Stake Increases:Antero Resources Corporation (AR): AR is a 5.68% of the US long portfolio position established in Q3 2014 at prices between $54.50 and $65.71. The stake was increased by ~185% the following quarter at prices between $38.60 and $55.51. Q1 2015 saw a further ~19% increase at prices between $34.02 and $42.35. Last quarter, the pattern reversed: ~14% reduction at prices between $34 and $46. This quarter saw a stake doubling at prices between $20.20 and $34.34. The stock currently trades at $22.87. Klarman controls ~5.8% of the business.Atara Biotherapeutics (ATRA): ATRA is a 2.81% of the US long portfolio stake established in Q4 2014 at around $19 per share. In Q1 2015, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $32.74. This quarter saw a ~11% increase. Klarman controls ~19% of the business.Bellatrix Exploration (BXE): BXE is a very small 0.61% of the US long portfolio stake. It was established in Q4 2014 at prices between $2.99 and $6.15 and increased by ~21% the following quarter at around $2.50. This quarter saw a ~10% increase. The stock currently trades well below those ranges at $1.79. Klarman controls ~12.5% of the business.Cheniere Energy (LNG): LNG is Klarman’s largest 13F position at 18.24% of the US long portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In Q3 2014, it was increased by ~87% at prices between $70 and $84 and that was followed by another 23% increase the following quarter at prices between $62 and $80. Last quarter saw a further ~11% increase at prices between $68.49 and $80 and that was followed with another 48% increase this quarter at prices between $47.47 and $70.65. The stock currently trades at $46.13. The large stake build-up indicates a clear bullish bias.Note: Klarman also has a ~10% ownership interest in Liquefied Natural Gas Ltd. (LNGLY), a similar business as Cheniere Energy (LNG). It was increased significantly in October 2014.ChipMOS Technologies (IMOS): IMOS is a small 1.03% of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20. The stake was increased by ~19% the following quarter at prices between $15 and $21. This quarter saw a ~14% increase at prices between $15.39 and $22. The stock currently trades at $17.32.Note: Klarman controls ~13% of ChipMOS Technologies.Pioneer Natural Resources (PXD): PXD is a large (top-five) 8.38% of the US long portfolio stake established in Q1 2015 at prices between $135 and $167 and increased by ~28% last quarter at prices between $148 and $180. This quarter saw a marginal further increase. The stock currently trades at $141. For investors attempting to follow Baupost, PXD is a good option to consider for further research.Sunedison Semiconductor (SEMI): SEMI is a 1.47% of the US long portfolio position established in Q2 2014 at prices between $14.37 and $17.76 and increased by ~90% in Q1 2015 at prices between $15.19 and $27.14. Last two quarters have seen very minor increases. The stock currently trades below his purchase price ranges at $9.51. SEMI was spun-off from Sunedison Inc. (SUNE) on May 22, 2014.Note: Klarman’s ownership interest in Sunedison Semiconductor is ~20%.Veritiv Corporation (VRTV): VRTV is a 1.73% of the US long portfolio position established in Q3 2014 at prices between $32.50 and $50.22. Last quarter saw a ~9% increase at prices between $35.50 and $45.16 and that was followed with a ~13% increase this quarter at prices between $33.06 and $42.60. The stock currently trades at $36.55Note: Klarman’s ownership interest in VRTV is at ~17.5%.Biotie Therapies (BITI) and Sanchez Energy (SN): These are very small stakes established last quarter and increased this quarter. BITI was increased by ~44% while SN stake was increased by 61%. Although the relative sizing is small, it is very significant that Baupost controls ~9.3% of BITI.Stake Decreases:Alliance One International (AOI): AOI is a minute 0.16% of the portfolio stake that was reduced by ~28% this quarter. Although the relative sizing is small, Klarman’s ownership stake in AOI is very significant at ~5% of the business.Alon USA Partners LP (ALDW): ALDW is a minutely small 0.14% of the portfolio stake. The stake was reduced by around one-third last quarter at prices between $17.86 and $22 and another ~42% this quarter at prices between $19.61 and $26. The stock currently trades at $26.15.Micron Technology (MU): As of Q3 2014, MU was Klarman’s largest position at 30.82% of the US long portfolio. The stake was first established in Q2 2013 at prices between $9.10 and $14 and increased by just over 50% in Q3 2013 at prices between $12.55 and $17.60. Q4 2014 saw an about-turn as ~62% of the position was sold at prices between $27.03 and $36.49. This quarter, the remaining stake was almost eliminated at prices between $14.06 and $20.12. The stock currently trades at $15. Klarman harvested huge long-term gains from this position.Ocwen Financial (OCN): OCN is a 0.58% of the US long portfolio stake established in Q3 2014 at prices between $25 and $37. In Q4 2014, the position was reduced by ~15% at prices between $14.32 and $26.26. Q1 2015 saw an about turn as the stake was increased by ~30% at prices between $5.77 and $15.10. The pattern reversed this quarter: one-third reduction at prices between $6.67 and $11.76. The stock currently trades at $6.29.Note: Baupost’s ownership of the business is ~4%.Kept Steady:American International Group (AIG) WTS: The AIG Warrants (Strike 45, Expiry 1/19/2021, Yahoo Ticket AIG-WT) is a very small 0.48% of the portfolio position. They currently trade at $22.90.Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $4.50 (for ten warrants which can be converted to one Citigroup common stock, Yahoo Ticker C-WTA). The bulk of the 0.79% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup that would pay off handsomely, if Citigroup common stock trades well above the strike price before expiry.eBay Inc. (EBAY): EBAY is a 3.79% of the US long portfolio stake established in Q2 2014 at prices between $18.95 and $21.95. It was increased by ~37% in Q3 2014 at prices between $19.64 and $22.24. Q4 2014 saw another ~53% increase at prices between $18.80 and $22.59. The stock currently trades at $28.19.Note: EBAY attracted a lot of super-investor interest (Carl Icahn, Wallace Weitz, Mark Hillman, and Leon Cooperman) and activist pressure forced the company to spin-off its PayPal (PYPL) subsidiary. The prices quoted above are adjusted for that spin-off.Forward Pharma (FWP): FWP is a small 2.11% of the US long portfolio stake established in Q1 2015 at around $22. The stock currently trades at $21.87.Note: Klarman controls ~12% of the business.Frontier Communications (FTR) & PFD CNVTs: This is a small 1.57% stake established last quarter.Keryx Biopharma (KERX): KERX is a small 1.41% of the US long portfolio position established in Q1 2014 at prices between $12.16 and $17.04. In Q2 2014, the position was increased by two-thirds at prices between $12.11 and $17.04 and the following quarter the pattern continued with a ~74% stake increase at prices between $12.71 and $18.19. Last two quarters had also seen a combined ~40% increase at prices between $9.32 and $14.68. The stock currently trades well below the low-end of those ranges at $5.07. His cost-basis is at around $12.Note: On Oct 15, 2015 KERX had a capital raise through a convertible debt transaction with Baupost for $125M due 2020 and convertible at $3.74 per share. A Form 3 filed on 10/20/2015 indicates the beneficial ownership including this transaction at 42M shares (34.61% of the business).Kindred Biosciences (KIN): KIN is a very small 0.26% of the US long portfolio position. The stake as a percentage of the business is very significant at over 15%. It was established in Q4 2013 at a cost-basis of around $11. The stock is now at $5.47. KIN share-price dropped around one-third in August 2014 when the company announced the failure of their canine arthritis drug in a clinical trial. Another 30% drop ensued in December 2014 after it terminated its atopic dermatitis program.KLX Inc. (KLXI): KLXI is a small ~0.89% of the US long portfolio position established in Q1 2015 at prices between $37.34 and $41.65. The stock currently trades at $31.28. KLXI is a spinoff from B/E Aerospace (BEAV) and it started trading in December 2014.Kosmos Energy (KOS): The very small 0.56% KOS position was purchased in Q2 2014 at prices between $10.05 and $11.23. Q4 2014 saw a ~52% increase at prices between $7.09 and $10.25. Last quarter there was an about-turn as ~17% of the stake was sold at prices between $7.91 and $9.78. It currently trades at $7.32.Novacopper (NCQ): This is a minute stake at 0.06% of the US long portfolio. Last quarter saw a ~76% increase at prices between $0.50 and $0.66 and the stock is now at $0.39.Note: Klarman’s ownership stake is at ~10% of the business.NovaGold Resources Inc. (NG): NG is a 1.30% stake built up over several quarters in 2012 at prices between $3.5 and $12. The most recent purchases happened in Q3 2012 and Q4 2012 when the stake was increased by roughly one-third at prices between $3.68 and $6.19. The stock currently trades near the low-end of those ranges at $3.57.Paratek Pharmaceuticals (PRTK): PRTK is a small 0.49% of the US long portfolio stake established as a result of a cash-infusion prior to the reverse-stock-split, merger, and name-change transaction of Paratek (privately held at the time) with Transcept Pharma (Nasdaq listed at the time) in November 2014. Last quarter saw a ~11% reduction at prices between $24.33 and $32.49. The stock currently trades at $15.68.Note: Baupost Group controls ~8.8% of the business.PBF Energy (PBF): PBF is a 5.19% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled in Q4 2013 at prices between $21.44 and $31.46 and was increased by over 175% in Q1 2014 at prices between $23.79 and $31.46. Since then, the stake was increased by ~45% through periodic buying. The stock currently trades at $34.01.Note: Klarman’s ownership interest in PBF is ~12%.Theravance Biopharma (TBPH): TBPH is a 1.18% of the US long portfolio position established in Q2 2014 as a result of the spinoff of TBPH from THRX. The spinoff terms called for THRX shareholders to receive 1 share of TBPH for every 3.5 shares of THRX held. The original stake was increased by ~5% in Q1 2015 at prices between $14.70 and $21.73. Last quarter also saw a marginal increase. The stock currently trades at $16.85. TBPH has dropped ~27% since the May 2014 spinoff.Note: Klarman controls ~19% of the business.Theravance Inc (THRX): THRX is a 2.37% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2008. The stock currently trades at $8.86 and is down ~37% so far this year.Note: Baupost controls around 17% of the business.ViaSat (VSAT): VSAT is Klarman’s second-largest US long position at 12.35% of the portfolio. Since Q3 2012, the stake has seen only minor increases. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $59.76. He is sitting on huge gains on the position. The stock returned ~60% in 2013 but has since remained flat.Note: The 13F also lists a very small position in Theravance Notes. It was increased by ~20% in Q1 2015 and the stake is currently at 0.53% of the 13F portfolio.The spreadsheet below highlights changes to Klarman's US stock holdings in Q3 2015:"

"Tracking Seth Klarman’s Baupost Group Holdings – Q2 2015 Update"

"Seth Klarman’s US long portfolio increased from $5.95B to $6B this quarter.Baupost Group significantly increased Pioneer Natural Resources, Cheniere Energy, PBF Energy, and Keryx Pharmaceuticals.The portfolio continues to be heavily concentrated with the top-three positions accounting for ~39% of the entire US long portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 08/13/2015. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q1 2015.Baupost Group’s US long portfolio increased marginally from $5.95B to $6B this quarter. The total number of 13F securities held increased from 28 to 32 as they added several very small positions. The portfolio is heavily concentrated with Cheniere Energy, ViaSat Inc., Pioneer Natural Resources, eBay Inc., and Micron Technology together accounting for around 54% of the 13F holdings.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”: the book is out-of-print and copies sell for a huge premium.New Stakes:Biotie Therapies (BITI), Frontier Communications (FTR) & PFD CNVTs, and Sanchez Energy (SN): These are very small stakes established this quarter. Although the relative sizing is small, it is very significant that Baupost controls ~13% of BITI.Stake Disposals:None.Stake Increases:Cheniere Energy (LNG): LNG is Klarman’s largest 13F position at 17.74% of the US long portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In Q3 2014, it was increased by ~87% at prices between $70 and $84 and that was followed by another 23% increase the following quarter at prices between $62 and $80. This quarter saw a further ~11% increase at prices between $68.49 and $80. The stock currently trades at $68.30. The large stake build-up indicates a clear bullish bias.Note: Klarman also has a ~10% ownership interest in Liquefied Natural Gas Ltd. (ASX:LNG), a similar business as Cheniere Energy (LNG). It was increased significantly in October 2014.Keryx Biopharma (KERX): KERX is a medium-sized 4.29% of the US long portfolio position established in Q1 2014 at prices between $12.16 and $17.04. In Q2 2014, the position was increased by two-thirds at prices between $12.11 and $17.04 and the following quarter the pattern continued with a ~74% stake increase at prices between $12.71 and $18.19. Last two quarters have also seen a combined ~40% increase at prices between $9.32 and $14.68. The stock currently trades well below the low-end of those ranges at $6.08. Klarman controls over 24% of the business. His cost-basis is at around $12.PBF Energy (PBF): PBF is a 5.22% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled in Q4 2013 at prices between $21.44 and $31.46 and was increased by over 175% in Q1 2014 at prices between $23.79 and $31.46. In Q3 2014, the position saw another 28% increase at prices between $23.89 and $28.41 and that was followed with a 21% increase the following quarter at prices between $22.12 and $29.80. This quarter saw a further ~27% increase at prices between $26 and $34. The stock currently trades at $35.24. Klarman’s ownership interest in PBF is at ~12%. The significant stake build-up spanning several quarters indicates a bullish bias.Pioneer Natural Resources (PXD): PXD is a large (top-three) 9.40% of the US long portfolio stake established last quarter at prices between $135 and $167 and increased by ~28% this quarter at prices between $148 and $180. The stock currently trades below that range at $127. For investors attempting to follow Baupost, PXD is a good option to consider for further research.Novacopper (NCQ): This is a minute stake at 0.07% of the US long portfolio. This quarter saw a ~76% increase at prices between $0.50 and $0.66 and the stock is now at $0.40. Although the relative sizing is small, Klarman’s ownership stake is at ~10% of the business.American International Group (AIG) WTS: The AIG Warrants (Strike 45, Expiry 1/19/2021, Yahoo Ticket AIG-WT) were marginally increased this quarter. The stake had seen a ~40% increase last quarter but is still very small at 0.58% of the US long portfolio. They currently trade at $28.20.Atara Biotherapeutics (ATRA): ATRA was a very small 1.16% of the US long portfolio stake established in Q4 2014 at around $19 per share. Last quarter, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $47.80 and the stake is now at 4.23% of the US long portfolio. This quarter saw a marginal increase. Klarman controls ~17% of the business.Sunedison Semiconductor (SEMI): SEMI is a 2.39% of the US long portfolio position established in Q2 2014 at prices between $14.37 and $17.76 and increased by ~90% last quarter at prices between $15.19 and $27.14. This quarter also saw a ~5% increase. The stock currently trades below his purchase price ranges at $12.89. SEMI was spun-off from Sunedison Inc. (SUNE) on May 22, 2014. Klarman’s ownership interest in the business is at ~20%.Theravance Biopharma (TBPH): TBPH is a 1.39% of the US long portfolio position established in Q2 2014 as a result of the spinoff of TBPH from THRX. The spinoff terms called for THRX shareholders to receive 1 share of TBPH for every 3.5 shares of THRX held. The original stake was increased by ~5% last quarter at prices between $14.70 and $21.73. This quarter also saw a marginal increase. The stock currently trades at $11.96. TBPH has dropped ~48% since the May 2014 spinoff. Klarman controls ~19% of the business.Veritiv Corporation (VRTV): VRTV is a 1.51% of the US long portfolio position established in Q3 2014 at prices between $32.50 and $50.22 and the stock currently trades at $35.25. Last two quarters saw marginal reductions while this quarter saw a ~9% increase at prices between $35.50 and $45.16. Klarman’s ownership interest in VRTV is at ~16%.Stake Decreases:Antero Resources Corporation (AR): AR is a 4.59% of the US long portfolio position established in Q3 2014 at prices between $54.50 and $65.71. The stake was increased by ~185% the following quarter at prices between $38.60 and $55.51. Last quarter saw a further ~19% increase at prices between $34.02 and $42.35. This quarter, the pattern reversed: ~14% reduction at prices between $34 and $46. The stock currently trades at $26.69. Klarman controls ~2.9% of the business.Alon USA Partners LP (ALDW): ALDW is a minutely small 0.22% of the portfolio stake. The stake was reduced by around one-third this quarter at prices between $17.86 and $22 and the stock is now at $26.Kosmos Energy (KOS): The small ~1 % KOS position was purchased in Q2 2014 at prices between $10.05 and $11.23. Q4 2014 saw a ~52% increase at prices between $7.09 and $10.25. This quarter there was an about-turn as ~17% of the stake was sold at prices between $7.91 and $9.78. It currently trades at $7.24.Paratek Pharmaceuticals (PRTK): PRTK is a small 0.66% of the US long portfolio stake established as a result of a cash-infusion prior to the reverse-stock-split, merger, and name-change transaction of Paratek (privately held at the time) with Transcept Pharma (Nasdaq listed at the time) in November 2014. This quarter saw a ~11% reduction at prices between $24.33 and $32.49. The stock currently trades at $24.27. Baupost Group controls ~8.8% of the business.Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $6.80 (for ten warrants which can be converted to one Citigroup common stock, Yahoo Ticker C-WTA). The position was increased by ~18% in Q2 2014. Q4 2014 saw an about-turn as ~16% of the position was disposed of at prices between $8.60 and $10. The bulk of the 1.26% position was established at prices between $4.50 and $5.80. This quarter saw a marginal decrease. It is a leveraged bullish bet on Citigroup that would pay off handsomely, if Citigroup common stock trades well above the strike price before expiry.Ocwen Financial (OCN): OCN is a 1.30% of the US long portfolio stake established in Q3 2014 at prices between $25 and $37. In Q4 2014, the position was reduced by ~15% at prices between $14.32 and $26.26. Last quarter saw an about turn as the stake was increased by ~30% at prices between $5.77 and $15.10. The stock currently trades at $7.47. This quarter saw a minor decrease. Baupost’s ownership of the business is at ~6%.Kept Steady:Bellatrix Exploration (BXE): BXE is a very small 0.85% of the US long portfolio stake. It was established in Q4 2014 at prices between $2.99 and $6.15 and increased by ~21% last quarter at around $2.50. The stock currently trades at $1.74. Klarman controls ~11% of the business.ChipMOS Technologies (IMOS): IMOS is a small 1.20% of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20. The original stake was increased by ~19% in Q3 2013 at prices between $15 and $21. The stock currently trades at $15.62. Although the relative sizing of the position is small, it is significant that Klarman owns ~10% of the shares outstanding.eBay Inc. (EBAY): EBAY is a large (top-five) 9.35% of the US long portfolio stake established in Q2 2014 at prices between $18.95 and $21.95. It was increased by ~37% in Q3 2014 at prices between $19.64 and $22.24. Q4 2014 saw another ~53% increase at prices between $18.80 and $22.59. The stock currently trades at $28.Note: EBAY attracted a lot of super-investor interest (Carl Icahn, Wallace Weitz, Mark Hillman, and Leon Cooperman) and activist pressure forced the company to spin-off its PayPal (PYPL) subsidiary. The prices quoted above are adjusted for that spin-off.Forward Pharma (FWP): FWP is a small 2.55% of the US long portfolio stake established last quarter at around $22. The stock currently trades at $27.60. Klarman controls ~12% of the business.Kindred Biosciences (KIN): KIN is a very small 0.34% of the US long portfolio position. The stake as a percentage of the business is very significant at over 15%. It was established in Q4 2013 at a cost-basis of around $11. Q3 2014 saw a ~9% stake increase at prices between $9.25 and $19.38 and the stock currently trades well below those ranges at $6.07. KIN share-price dropped around one-third in August 2014 when the company announced the failure of their canine arthritis drug in a clinical trial. Another 30% drop ensued in December 2014 after it terminated its atopic dermatitis program.KLX Inc. (KLXI): KLXI is a small ~1.10% of the US long portfolio position established last quarter at prices between $37.34 and $41.65. The stock currently trades at $38.86. KLXI is a spinoff from B/E Aerospace (BEAV) and it started trading in December 2014.Micron Technology (MU): As of Q3 2014, MU was Klarman’s largest position at 30.82% of the US long portfolio. The stake was first established in Q2 2013 at prices between $9.10 and $14 and increased by just over 50% in Q3 2013 at prices between $12.55 and $17.60. Q4 2014 saw an about-turn as ~62% of the position was sold at prices between $27.03 and $36.49. The stock currently trades at $17.70. Klarman is opportunistically harvesting huge long-term gains from this position.NovaGold Resources Inc. (NG): NG is a 1.24% stake built up over several quarters in 2012 at prices between $3.5 and $12. The most recent purchases happened in Q3 2012 and Q4 2012 when the stake was increased by roughly one-third at prices between $3.68 and $6.19. The stock currently trades near the low-end of those ranges at $3.49.Theravance Inc (THRX): THRX is a 5.97% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2008. Baupost controls around 17% of the business. The stock currently trades at $13.84.ViaSat (VSAT): VSAT is Klarman’s second-largest US long position at 11.59% of the portfolio. Since Q3 2012, the stake has seen only minor increases. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $59.47. He is sitting on huge gains on the position. The stock returned ~60% in 2013 but has since remained flat.Alliance One International (AOI): AOI is a minute 0.25% of the portfolio stake kept steady this quarter. Although the relative sizing is small, Klarman’s ownership stake in AOI is very significant at 7.20% of the business.Note: The 13F also lists a very small position in Theravance Notes. It was increased by ~20% last quarter and the stake is currently at 0.76% of the 13F portfolio.The spreadsheet below highlights changes to Klarman's US stock holdings in Q2 2015:Note: July 9, 2015, 13G Filing - BITI - 130.68M shares - 12.92% of business.Note: April 9, 2015, - ATRA - 4.76M shares - 19.55% of business.Note 1: On February 13, 2015, a showed Klarman owning 21.75M shares (18.54% of business) of THRX. The report looks inconsistent with what is in the latest 13F.Note 2: On February 13, 2015, a showed Klarman owning 23.71M shares (2.19% of the business) of MU. That report looks inconsistent with what is in the latest 13F.Note 3: On January 9, 2015, a showed Klarman owning 24.8M shares (~10% of the business) of LNG. That report looks inconsistent with what is in the latest 13F."

"Tracking Seth Klarman’s Baupost Group Holdings – Q1 2015 Update"

"Seth Klarman’s US long portfolio increased from $5.09B to $5.95B this quarter.Baupost Group added Pioneer Natural Resources and significantly increased Atara Biotherapeutics and Sunedison Semiconductor.The portfolio continues to be heavily concentrated with the top-three positions accounting for around 40% of the entire US long portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 05/15/2015. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q4 2014.Klarman’s US long portfolio increased ~17% from $5.09B to $5.95B this quarter. The increase was primarily due to a large 8.70% position in Pioneer Natural Resources established in the quarter. The total number of 13F securities held is at 28. The stakes are heavily concentrated with Cheniere Energy, ViaSat Inc., eBay Inc., Micron Technology, and Pioneer Natural Resources together accounting for around 56% of the entire US long portfolio.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”: the book is out-of-print and copies sell for a huge premium.New Stakes:Pioneer Natural Resources (PXD): PXD is a fairly large (top-five) 8.70% of the US long portfolio stake established this quarter at prices between $135 and $167. The stock currently trades well within that range at $155. For investors attempting to follow Baupost, PXD is a good option to consider for further research.KLX Inc. (KLXI): KLXI is a small ~1% of the US long portfolio position established this quarter at prices between $37.34 and $41.65. The stock currently trades at $44.50. KLXI is a spinoff from B/E Aerospace (BEAV) and it started trading in December 2014.Stake Disposals:Syneron Medical Ltd. (ELOS): ELOS was a 0.44% of the US long portfolio position. It had been in the portfolio since Q2 2006. Q3 2014 saw a ~25% stake reduction at prices between $9.74 and $11.03 and last quarter saw a further ~20% reduction at prices between $8.44 and $10.57. This quarter, the remaining position was disposed of at prices between $9.06 and $12.38. The stock currently trades at $11.76.Stake Increases:Antero Resources Corporation (AR): AR is a 5.55% of the US long portfolio position established in Q3 2014 at prices between $54.50 and $65.71. The stake was increased by ~185% last quarter at prices between $38.60 and $55.51. This quarter saw a further ~19% increase at prices between $34.02 and $42.35. The stock currently trades at $42.75.Atara Biotherapeutics (ATRA): ATRA was a very small 1.16% of the US long portfolio stake established last quarter at around $19 per share. This quarter, the stake was increased by ~90% at prices between $18 and $42.90. The stock currently trades at $37.30 and the stake is now at 3.24% of the US long portfolio. Klarman controls 19.54% of the business.Bellatrix Exploration (BXE): BXE is a very small 0.89% of the US long portfolio stake. It was established last quarter at prices between $2.99 and $6.15 and increased by ~21% this quarter at around $2.50. The stock currently trades at $3.64. Klarman controls ~11% of the business.Keryx Biopharma (KERX): KERX is a medium-sized 4.79% of the US long portfolio position established in Q1 2014 at prices between $12.16 and $17.04. In Q2 2014, the position was increased by two-thirds at prices between $12.11 and $17.04 and the following quarter the pattern continued with a ~74% stake increase at prices between $12.71 and $18.19. This quarter also saw a ~22% increase at prices between $10.87 and $14.68. The stock currently trades below the low-end of those ranges at $10.33. Klarman controls over 20% of the business. His cost-basis is at around $14.Ocwen Financial (OCN): OCN is a 1.09% of the US long portfolio stake established in Q3 2014 at prices between $25 and $37. Last quarter, the position was reduced by ~15% at prices between $14.32 and $26.26. This quarter saw an about turn as the stake was increased by ~30% at prices between $5.77 and $15.10. The stock currently trades at $10.03. Baupost’s ownership of the business is at around 6.25%.Sunedison Semiconductor (SEMI): SEMI is a 3.43% of the US long portfolio position established in Q2 2014 at prices between $14.37 and $17.76 and increased by ~90% this quarter at prices between $15.19 and $27.14. The stock currently trades at $22.14. SEMI was spun-off from Sunedison Inc. (SUNE) on May 22, 2014. Klarman’s ownership interest in the business is at ~19%.Theravance Biopharma (TBPH): TBPH is a 1.86% of the US long portfolio position established in Q2 2014 as a result of the spinoff of TBPH from THRX. The spinoff terms called for THRX shareholders to receive 1 share of TBPH for every 3.5 shares of THRX held. The original stake was increased by ~5% this quarter at prices between $14.70 and $21.73. The stock currently trades at $14.69. TBPH has dropped ~36% since the May 2014 spinoff. Klarman controls ~19% of the business.American International Group (AIG) WTS: The AIG Warrants (Strike 45, Expiry 1/19/2021, Yahoo Ticket AIG-WT) were increased by ~40% during the quarter. The stake is still very small at 0.46% of the US long portfolio. The warrants currently trade at $24.30.Note: The 13F also lists a very small position in Theravance Notes. It was increased by ~20% during the quarter and the stake is currently at 0.69% of the 13F portfolio.Stake Decreases:Veritiv Corporation (VRTV): VRTV is a 1.69% of the US long portfolio position established in Q3 2014 at prices between $32.50 and $50.22 and the stock currently trades at $41.12. Last two quarters have seen marginal reductions. Klarman’s ownership interest in VRTV is at ~14%.Kept Steady:Cheniere Energy (LNG): LNG is Klarman’s largest 13F position at 17.96% of the US long portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. In Q3 2014, the original stake was increased by ~87% at prices between $70 and $84.29 and that was followed by another 23% increase last quarter at prices between $61.90 and $80.03. The stock currently trades at $75.86. The large stake build-up indicates a clear bullish bias.Note: Klarman also has a ~10% ownership interest in Liquefied Natural Gas Ltd. (ASX:LNG), a similar business as Cheniere Energy (LNG). It was increased significantly in October 2014.ChipMOS Technologies (IMOS): IMOS is a small 1.36% of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20. The original stake was increased by ~19% in Q3 2013 at prices between $15 and $21. The stock currently trades at $23.48. Although the relative sizing of the position is small, it is significant that Klarman owns 9.84% of the shares outstanding.Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $7 (for ten warrants which can be converted to one Citigroup common stock, Yahoo Ticker C-WTA). The position was increased by ~18% in Q2 2014. Last quarter saw an about-turn as ~16% of the position was disposed of at prices between $8.60 and $10. The bulk of the 1.26% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup that would pay off handsomely, if Citigroup common stock trades well above the strike price before expiry.eBay Inc. (EBAY): EBAY is a large (top-three) 9.03% of the US long portfolio stake established in Q2 2014 at prices between $48.25 and $55.89. It was increased by ~37% in Q3 2014 at prices between $50 and $56.63. Last quarter saw another ~53% increase at prices between $47.88 and $57.53. The stock currently trades at $59.41. EBAY is attracting a lot of super-investor interest and activist pressure has forced the company to unveil plans to spin-off its PayPal subsidiary. Carl Icahn, Wallace Weitz, Mark Hillman, and Leon Cooperman have all made significant purchases recently.Forward Pharma (FWP): FWP is a small 2.55% of the US long portfolio stake established last quarter at around $22. The stock currently trades at $34.65. Klarman controls ~12% of the business.Kindred Biosciences (KIN): KIN is a very small 0.36% of the US long portfolio position. The stake as a percentage of the business is very significant at over 15%. It was established in Q4 2013 at a cost-basis of around $11. Q3 2014 saw a ~9% stake increase at prices between $9.25 and $19.38 and the stock currently trades well below those ranges at $7.29. KIN share-price dropped around one-third in August 2014 when the company announced the failure of their canine arthritis drug in a clinical trial. Another 30% drop ensued in December 2014 after it terminated its atopic dermatitis program.Kosmos Energy (KOS): The small ~1 % KOS position was purchased in Q2 2014 at prices between $10.05 and $11.23 and it currently trades at $9.31. Last quarter saw a ~52% increase at prices between $7.09 and $10.25.Micron Technology (MU): As of Q3 2014, MU was Klarman’s largest position at 30.82% of the US long portfolio. The stake was first established in Q2 2013 at prices between $9.10 and $14 and increased by just over 50% in Q3 2013 at prices between $12.55 and $17.60. Last quarter saw an about-turn as ~62% of the position was sold at prices between $27.03 and $36.49. The stock currently trades at $26.33. Klarman is opportunistically harvesting huge long-term gains from this position.NovaGold Resources Inc. (NG): NG is a 1.08% stake built up over several quarters in 2012 at prices between $3.5 and $12. The most recent purchases happened in Q3 2012 and Q4 2012 when the stake was increased by roughly one-third at prices between $3.68 and $6.19. The stock currently trades near the low-end of those ranges at $4.18.Paratek Pharmaceuticals (PRTK): PRTK is a small 0.91% of the US long portfolio stake established as a result of a cash-infusion prior to the reverse-stock-split, merger, and name-change transaction of Paratek (privately held at the time) with Transcept Pharma (Nasdaq listed at the time) in November 2014. The 12.04% ownership stake was disclosed in a 13G filing on December 11, 2014. The stock currently trades at $27.49.PBF Energy (PBF): PBF is a 4.94% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled in Q4 2013 at prices between $21.44 and $31.46 and was increased by over 175% in Q1 2014 at prices between $23.79 and $31.46. In Q3 2014, the position saw another 28% increase at prices between $23.89 and $28.41 and that was followed with a 21% increase last quarter at prices between $22.12 and $29.80. The stock currently trades at $27.75. Klarman’s ownership interest in PBF is at ~10%. The significant stake build-up spanning several quarters indicates a bullish bias.Theravance Inc (THRX): THRX is a 5.23% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2008. Baupost controls around 17% of the business. The stock currently trades at $16.25.ViaSat (VSAT): VSAT is Klarman’s second-largest US long position at 11.55% of the portfolio. Since Q3 2012, the stake has seen only minor increases. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $61.71. He is sitting on huge gains on the position. The stock returned ~60% in 2013 but has since remained flat.Alliance One International (AOI), Alon USA Partners LP (ALDW), & Novacopper (NCQ): These are minute stakes (less than 0.5% of the portfolio each) that were kept steady this quarter. Although the relative sizing is small, Klarman’s ownership stake in AOI and NCQ are very significant at 7.20% and 9.90% respectively.The spreadsheet below highlights changes to Klarman's US stock holdings in Q1 2015:Note 1: 12/11/2014 13G filing disclosed 12% ownership in Paratek Pharma. The stake was established as a result of a cash-infusion prior to the reverse-stock-split, merger, and name-change transaction with Transcept Pharma. See & (the doc says not for distribution in USA and some other countries for some reason) for details.Note 2: 1/12/2015 13G shows LNG stake increase to 24.8M shares (~120% increase). Also, there is a filing that shows disposal of AVEO.Note 3:2/10/2015- three 13G filings/amendments - show big stake in (11.38% - 21.84M shares) in Bellatrix Exploration, Stake increase in SEMI (19.03% - 7.90M shares), and reduction in Syneron (ELOS - 3.07% - 1.13M shares).Note 4: 2/13/2015 - summary of 7 13G filings/amendments - TBPH (18.81% - 6.06M shares), KIN (15.28% - 3.01M shares), MU (2.19% - 23.71M shares), THRX (18.54% - 21.75M shares), NCU (9.9% - 6M shares), VSAT (24.58% - 11.53M shares), VRTV (14.46% - 2.31M shares). All except MU & THRX are consistent with 13F - looks like they increased the positions - MU (19.7M in 13F vs. 23.71M in 13G) & THRX (19.82M in 13F vs 21.75M in 13G).Note 5: Matthew Finston (SA) had an article that listed Klarman’s foreign securities. I asked him where he got it from and he said Bloomberg Professional. I could probably take the prominent ones from that list for my next article."

"Tracking Seth Klarman’s Baupost Group Holdings – Q4 2014 Update"

"Seth Klarman’s US long portfolio decreased from $5.74B to $5.09B this quarter.Baupost Group significantly increased Antero Resources Corp. and eBay Inc. while reducing Micron Technology.The US long equity holdings continue to be heavily concentrated with the top-three positions accounting for around 47% of the entire US long portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 02/13/2015. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q3 2014.Klarman’s US long portfolio decreased ~11% from $5.74B to $5.09B this quarter. The decrease was primarily due to the large stake reduction in Micron Technology, which was his largest position as of last quarter. The number of holdings is at 27 but four of them are very small positions and one is a bond holding (Theravance Notes). The focus of this article is on the remaining 22 stakes. The positions are heavily concentrated with Cheniere Energy, ViaSat Inc., and Micron Technology together accounting for around 47% of the entire US long portfolio.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”: the book is out-of-print and copies sell for a huge premium.New Stakes:Atara Biotherapeutics (ATRA): ATRA is a very small 1.16% of the US long portfolio stake established this quarter at around $19 per share. The stock currently trades at $18. The position was first disclosed in a 13G filing on November 10, 2014 - Klarman controls 12.86% of the business.Bellatrix Exploration (BXE): BXE is a very small 1.29% of the US long portfolio stake established this quarter at prices between $2.99 and $6.15. The stock currently trades at $2.79. On February 10, 2015 Klarman disclosed in a 13G filing that the BXE stake was increased from 18.1M shares to 21.84M shares (11.38% of the business) at around $2.Forward Pharma (FWP): FWP is a small 2.20% of the US long portfolio stake established this quarter at around $22. The stock currently trades at $23. The position was first disclosed in a 13G filing on November 10, 2014 - Klarman controls 11.72% of the business.Paratek Pharmaceuticals (PRTK): PRTK is a very small 1.22% of the US long portfolio stake established as a result of a cash-infusion prior to the reverse-stock-split, merger, and name-change transaction of Paratek (privately held at the time) with Transcept Pharma (Nasdaq listed at the time) in November 2014. The 12.04% ownership stake was disclosed in a 13G filing on December 11, 2014. The stock currently trades at $26.95.Stake Disposals:RF Microdevices (RFMD) & TriQuint Semi (TQNT): RFMD & TQNT were small ~2 % of the US long portfolio positions each established in Q1 2014. The RFMD position was established at prices between $4.51 and $7.93 and it was increased by ~48% in Q2 2014 at prices between $7.50 and $10.13. TQNT position was established at prices between $8.07 and $13.55 and it was increased by ~55% in Q2 2014 at prices between $12.75 and $16.79. The businesses combined in a merger of equals to form a new company named Qorvo Inc. (QRVO) that started trading on January 2, 2015. The last trading day for RFMD & TQNT was December 31, 2014 and they closed at $16.59 & $27.55 respectively.Note: The merger terms called for a one-for-four reverse-stock-split in both TQNT & RFMD. TQNT & RFMD shareholders were to then receive 1.675 shares & 1 share of QRVO respectively for each share of TQNT & RFMD held.Stake Increases:Antero Resources Corporation (AR): AR is a 6.26% of the US long portfolio position established last quarter at prices between $54.50 and $65.71. The stake was increased by ~185% this quarter at prices between $38.60 and $55.51. The stock currently trades near the low end of those ranges at $40.34.Cheniere Energy (LNG): LNG is Klarman’s largest 13F position at 19.09% of the US long portfolio. The original stake was established in Q1 2014 at prices between $41 and $55. Last quarter, the stake was again increased by ~87% at prices between $70 and $84.29 and that was followed by another 23% increase this quarter at prices between $61.90 and $80.03. The stock currently trades at $74.48. The large stake build-up indicates a clear bullish bias.Note 1: On January 9, 2015, Klarman disclosed a further 120% stake increase in LNG at around $70 per share. The current stake is at 24.8M shares (~10% of the business).Note 2: Klarman also has a ~10% ownership interest in Liquefied Natural Gas Ltd. (ASX:LNG), a similar business as Cheniere Energy (LNG). It was increased significantly in October 2014.eBay Inc. (EBAY): EBAY is a large 10.27% of the US long portfolio stake established in Q2 2014 at prices between $48.25 and $55.89. It was increased by ~37% last quarter at prices between $50 and $56.63. This quarter saw another ~53% increase at prices between $47.88 and $57.53. The stock currently trades near the top end of those ranges at $56.47. EBAY is attracting a lot of super-investor interest and activist pressure has forced the company to unveil plans to spin-off its PayPal subsidiary. Carl Icahn, Wallace Weitz, Mark Hillman, and Leon Cooperman have all made significant purchases recently.Kosmos Energy (KOS): The small 1.19 % KOS position was purchased in Q2 2014 at prices between $10.05 and $11.23 and it currently trades at $9.05. This quarter saw a ~52% increase at prices between $7.09 and $10.25.PBF Energy (PBF): PBF is a 3.38% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled in Q4 2013 at prices between $21.44 and $31.46 and was increased by over 175% in Q1 2014 at prices between $23.79 and $31.46. Last quarter, the position saw another 28% increase at prices between $23.89 and $28.41 and that was followed with a 21% increase this quarter at prices between $22.12 and $29.80. The stock currently trades at $30.18. Klarman’s ownership interest in PBF is at 10.37%. The significant stake build-up spanning several quarters indicates a bullish bias.Stake Decreases:Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $7.40 (for ten warrants which can be converted to one Citigroup common stock, Yahoo Ticker C-WTA). The position was increased by ~18% in Q2 2014. This quarter saw an about-turn as ~16% of the position was disposed of at prices between $8.60 and $10. The bulk of the 1.75% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup that would pay off handsomely, if Citigroup common stock trades well above the strike price before expiry.Micron Technology (MU): MU was Klarman’s largest position at 30.82% of the US long portfolio as of last quarter. The stake was first established in Q2 2013 at prices between $9.10 and $14 and increased by just over 50% in Q3 2013 at prices between $12.55 and $17.60. This quarter saw an about-turn as ~62% of the position was sold at prices between $27.03 and $36.49. The stock currently trades at $31.85. Klarman is harvesting huge long-term gains from this position.Note 1: Baupost has increased the position since the end of the quarter. A 02/13/2015 13G filing shows a share-count of 23.71M compared to 19.71M shares in the 13F.Ocwen Financial (OCN): OCN is a 1.77% of the US long portfolio established last quarter at prices between $25 and $37. This quarter, the position was reduced by ~15% at prices between $14.32 and $26.26. The stock currently trades well below those ranges at $9.10. Baupost’s ownership of the business is at around 4.74%.Syneron Medical Ltd. (ELOS): ELOS is a 0.44% of the US long portfolio position that had been kept steady since Q3 2011. Last quarter, the stake was reduced by ~25% at prices between $9.74 and $11.03 and this quarter saw a further ~20% reduction at prices between $8.44 and $10.57. The stock currently trades at $10.16. It is a long-term position first purchased in Q2 2006.Veritiv Corporation (VRTV): VRTV is a 2.36% of the US long portfolio established last quarter at prices between $32.50 and $50.22 and the stock currently trades outside that range at $52.58. This quarter saw a marginal reduction. Klarman’s ownership interest in VRTV is at 14.46%.Kept Steady:ChipMOS Technologies (IMOS): IMOS is a small 1.50% of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20 and increased by ~19% in Q3 2013 at prices between $15 and $21. The stock currently trades at $23.95. Although the relative sizing of the position is small, it is significant that Klarman owns 9.84% of the shares outstanding.Keryx Biopharma (KERX): KERX is a medium-sized 5.09% of the US long portfolio position established in Q1 2014 at prices between $12.16 and $17.04. In Q2 2014, the position was increased by two-thirds at prices between $12.11 and $17.04 and last quarter the pattern continued with a ~74% stake increase at prices between $12.71 and $18.19. The stock currently trades at $11.63 and Klarman controls just over 11% of the business. His overall cost-basis is at around $14.Kindred Biosciences (KIN): KIN is a very small 0.44% of the US long portfolio position established in Q4 2013 at a cost-basis of around $11. The stake as a percentage of the business is very high at over 20%: 3M shares out of the ~15M shares outstanding. The original position was disclosed in a 13G filing on 01/09/2014 and that immediately aroused speculative interest that resulted in a huge price-spike. Last quarter saw a ~9% stake increase at prices between $9.25 and $19.38 and the stock currently trades well below that range at $6.79. KIN share-price dropped around one-third on August 20, 2014 when the company announced the failure of their canine arthritis drug in a clinical trial.NovaGold Resources Inc. (NG): NG is a 1.26% stake built up over several quarters in 2012 at prices between $3.5 and $12. The most recent purchases happened in Q3 2012 and Q4 2012 when the stake was increased by roughly one-third at prices between $3.68 and $6.19. The stock currently trades near the low-end of those ranges at $3.96.Sunedison Semiconductor (SEMI): SEMI is a 1.51% of the US long portfolio position established in Q2 2014 at prices between $14.37 and $17.76. The stock currently trades at $22.21. SEMI was spun-off from Sunedison Inc. (SUNE) on May 22, 2014.Theravance Biopharma (TBPH): TBPH is a 1.78% of the US long portfolio position established in Q2 2014 as a result of the spinoff of TBPH from THRX. The spinoff terms called for THRX shareholders to receive 1 share of TBPH for every 3.5 shares of THRX held. TBPH has dropped ~20% since the May 2014 spinoff. It currently trades at $18.51Theravance Inc (THRX): THRX is a 5.51% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2008. Baupost controls around 17.2% of the business. The most recent buying happened in Q4 2013 when the stake was increased by ~9% at prices between $33.74 and $41.53. The stock currently trades at around $14.85, having dropped over 50% since the split-up of TBPH from THRX.Note 1: Baupost has increased the position since the end of the quarter. A 02/13/2015 13G filing shows THRX stake at 21.75M shares compared to 19.82M shares in the 13F.Note 2: THRX split into two businesses last quarter - a royalty focused segment that retained the name and a research focused bio-pharma segment Theravance Biopharma (TBPH). As a result, THRX shareholders received one share of TBPH for every 3.5 shares of THRX held. The implied performance of Klarman’s most recent share purchase quoted above is negatively skewed because of this.ViaSat (VSAT): VSAT is currently Klarman’s third-largest US long position accounting for 11.07% of the portfolio. Since Q3 2012, the position has seen only minor stake increases. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $62.71. He is sitting on huge gains on the position. The stock returned ~60% in 2013 but has since remained flat.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio are Alliance One International (AOI), Alon USA Partners LP (ALDW), American International Group (AIG) warrants, and Novacopper (NCQ). Klarman controls 7.20% of AOI & 9.90% of NCQ.The spreadsheet below highlights changes to Klarman's US stock holdings in Q4 2014:"

"Tracking Seth Klarman’s Baupost Group Holdings – Q3 2014 Update"

"Seth Klarman’s US long portfolio decreased from $6.14B to $5.74B this quarter.Baupost Group significantly increased Cheniere Energy, eBay Inc., Keryx Biopharma, and PBF Energy.The US long equity holdings continue to be heavily concentrated with the top-three positions accounting for 58% of the entire US long portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 11/14/2014. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q2 2014.Klarman’s US long portfolio decreased ~7% from $6.14B to $5.74B this quarter. The decrease was primarily due to the large stake disposal of Idenix, which got acquired by Merck for a huge premium. The number of holdings is at 27 but five of them are very small positions that together account for just 1.10% of the 13F portfolio. The stakes are heavily concentrated with Micron Technology, Cheniere Energy, and ViaSat Inc. together accounting for around 58% of the entire US long portfolio.On November 10, 2014 Klarman filed regulatory forms that showed two new stakes: a) a 13G that disclosed a 12.86% ownership interest (~2.5M shares) in Atara Biothereapeutics (ATRA), and b) a 13G that disclosed a 11.72% ownership interest (~5.4M shares) in Forward Pharma (FWP). ATRA and FWP stakes are currently valued at ~$58M and ~$120M respectively.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”: the book is out-of-print and copies sell for a huge premium.New Stakes:Antero Resources Corporation (AR), Ocwen Financial (OCN), & Veritiv Corporation (VRTV): These are medium-sized positions acquired this quarter. AR is a 2.64% of the US long portfolio established this quarter at prices between $54.50 and $65.71 and the stock currently trades at $52.51. OCN is a 3.19% of the US long portfolio established this quarter at prices between $25 and $37 and the stock currently trades well below that range at $20.60. VRTV is a 2.06% of the US long portfolio established this quarter at prices between $32.50 and $50.22 and the stock currently trades at $46.15. Klarman’s ownership interest in AR, OCN, & VRTV are at ~1%, ~5.6%, and ~14.75% respectively.Stake Disposals:Idenix Pharmaceuticals (IDIX): IDIX posted a stunning 300% return last quarter as a result of the acquisition of IDIX by Merck (MRK) at $24.50 per share cash. The transaction closed in early August. Klarman’s position was built-up over several quarters starting in Q2 2011. It was a very volatile stock and the price fluctuated between $3.50 and $15 during the period of the stake acquisition. The bulk of the shares were purchased at prices between $2.93 and $5.93 since Q2 2012. Q4 2013 saw a ~25% stake increase at prices between $3.56 and $4.85 and that was followed up with a huge 16.42M stake increase in Q1 2014 at $6.50 per share on 02/04/2014.Stake Increases:Cheniere Energy (LNG): LNG is a large 15.61% of the US long portfolio position established in Q1 2014 at prices between $41 and $55. The position was increased by around 5.8% last quarter at prices between $54.28 and $71.70. This quarter, the stake was again increased by ~87% at prices between $70 and $84.29. The stock currently trades at $71.86. The large stake build-up indicates a clear bullish bias.Note: Klarman also has a ~10% ownership interest in Liquefied Natural Gas Ltd. (ASX:LNG), a similar business as Cheniere Energy (LNG). It was increased significantly in October.eBay Inc. (EBAY): EBAY is a medium-sized 3.62% of the US long portfolio stake established last quarter at prices between $48.25 and $55.89. It was increased by ~37% this quarter at prices between $50 and $56.63. The stock currently trades at $54.36. EBAY is attracting a lot of super-investor interest and activist pressure has forced the company to unveil plans to spin-off its PayPal subsidiary. Carl Icahn, Wallace Weitz, Mark Hillman, and Leon Cooperman have all made significant purchases recently.Keryx Biopharma (KERX): KERX is a medium-sized 4.38% of the US long portfolio position established in Q1 2014 at prices between $12.16 and $17.04. Last quarter, the position was increased by two-thirds at prices between $12.11 and $17.04 and this quarter the pattern continued with a ~74% stake increase at prices between $12.71 and $18.19. The stock currently trades at $15.21 and Klarman controls just over 11% of the business. His overall cost-basis is at around $14.Kindred Biosciences (KIN): KIN is a very small 0.49% of the US long portfolio position established in Q4 2013 at a cost-basis of around $11. The stake as a percentage of the business is very high at over 20%: 3M shares out of the ~15M shares outstanding. The original position was disclosed in a 13G filing on 01/09/2014 and that immediately aroused speculative interest that resulted in a huge price-spike. This quarter saw a ~9% stake increase at prices between $9.25 and $19.38 and the stock currently trades at $8.74. KIN share-price dropped by around one-third on August 20, 2014 when the company announced the failure of their canine arthritis drug in a clinical trial.PBF Energy (PBF): PBF is a 3.38% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled in Q4 2013 at prices between $21.44 and $31.46 and was increased by over 175% in Q1 2014 at prices between $23.79 and $31.46. This quarter, the position saw another 28% increase at prices between $23.89 and $28.41. The stock currently trades at $27.09. On November 10, 2014, Baupost disclosed through a 13G that his ownership interest in PBF has reached 10.37% (8.7M shares). The significant stake build-up spanning several quarters indicates a bullish bias.Stake Decreases:Boyd Gaming (BYD): BYD is a very small 0.17% stake. The original position was purchased at prices between $10.41 and $13.27 last quarter but was reduced by two-thirds this quarter at prices between $9.46 and $12.47. The stock currently trades at $12.06.Theravance Inc (THRX): THRX is a 5.90% of the US long portfolio position. It is a very long-term position that has been in the portfolio since 2008. Baupost controls around 17.2% of the business. The most recent buying happened in Q4 2013 when the stake was increased by ~9% at prices between $33.74 and $41.53. Last two quarters have seen minor selling. The stock currently trades at around $13.23, having dropped over 50% since the split-up of TBPH from THRX.NOTE: THRX split-up into two businesses in the quarter - a royalty focused segment that retained the name and a research focused bio-pharma segment Theravance Biopharma (TBPH). As a result, THRX shareholders received one share of TBPH for every 3.5 shares of THRX held. The implied performance of Klarman’s most recent share purchase quoted above is negatively skewed because of this.Syneron Medical Ltd. (ELOS): ELOS is a 0.52% of the US long portfolio position that had been kept steady since Q3 2011. This quarter, the stake was reduced by ~25% at prices between $9.74 and $11.03 and the stock currently trades at $10.29. It is a long-term position first purchased in Q2 2006.Kept Steady:ChipMOS Technologies (IMOS): IMOS is a small 1.29% of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20 and increased by ~19% in Q3 2013 at prices between $15 and $21. The stock currently trades at $21.89. Although the relative sizing of the position is small, it is significant that Klarman owns 9.84% of the shares outstanding.Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $9 (for ten warrants which can be converted to one Citigroup common stock, Yahoo Ticker C-WTA). The position was increased by ~18% last quarter. The bulk of the 1.22% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup that would pay off handsomely, if Citigroup common stock trades well above the strike price before expiry.Kosmos Energy (KOS): The small 0.82% KOS position was purchased last quarter at prices between $10.05 and $11.23 and it currently trades at $9.66.Micron Technology (MU): MU is Klarman’s largest position at 30.82% of the US long portfolio. The stake was first established in Q2 2013 at prices between $9.10 and $14 and increased by just over 50% in Q3 2013 at prices between $12.55 and $17.60. The stock currently trades outside those ranges at around $32.62. Q4 2013 saw a ~20% stake reduction at prices between $16.55 and $23.14. Klarman is sitting on large gains on this position.NovaGold Resources Inc. (NG): NG is a 1.14% stake built up over several quarters in 2012 at prices between $3.5 and $12. The most recent purchases happened in Q3 2012 and Q4 2012 when the stake was increased by roughly one-third at prices between $3.68 and $6.19. The stock currently trades below the low-end of those ranges at $2.88.RF Microdevices (RFMD) & TriQuint Semi (TQNT): RFMD & TQNT are small ~2 % of the US long portfolio positions each established in Q1 2014. The RFMD position was established at prices between $4.51 and $7.93 and it was increased by ~48% last quarter at prices between $7.50 and $10.13. TQNT position was established at prices between $8.07 and $13.55 and it was increased by ~55% last quarter at prices between $12.75 and $16.79. RFMD currently trades at $13.57 and TQNT at $22.60. RFMD & TQNT has announced a merger of equals to form a new company named QorvoTM.ViaSat (VSAT): VSAT is currently Klarman’s third-largest US long position accounting for 11.07% of the portfolio. Since Q3 2012, the position has seen only minor stake increases. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. The stock currently trades at $67.61. He is sitting on huge gains on the position. The stock was up ~60% in 2013 and is up another ~8% so far this year.Theravance Biopharma (TBPH): TBPH is a 2.43% of the US long portfolio position established last quarter as a result of the spinoff of TBPH from THRX. The spinoff terms called for THRX shareholders to receive 1 share of TBPH for every 3.5 shares of THRX held. TBPH has dropped ~24% since the May spinoff.Sunedison Semiconductor (SEMI): SEMI is a 1.40% of the US long portfolio position established last quarter at prices between $14.37 and $17.76. The stock currently trades at $17.43. SEMI was spun-off from Sunedison Inc. (SUNE) on May 22, 2014.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio are Alliance One International (AOI), Alon USA Partners LP (ALDW), American International Group (AIG) warrants, Aveo Pharmaceuticals (AVEO), and Novacopper (NCQ). With AOI, it should be noted that Klarman controls 7.24% of the business.The spreadsheet below highlights changes to Klarman's US stock holdings in Q3 2014:Note 1: RFMD and TQNT announced a merger in Feb 2014. Incorporate that info into the next round of this series.Note 2: KERX stake increased on September 30, 2014 to 18.3M shares (19.93%) from 10.5M shares. The stock traded at around $13.5 at the time. His overall cost-basis is around there as well.Note 3: Klarman also has a ~10% position in LNG (ASX), a similar business as Cheniere Energy (LNG). It was increased significantly in October."

"Tracking Seth Klarman’s Baupost Group Holdings – Q2 2014 Update"

"Seth Klarman’s US long portfolio increased a whopping ~48% from $4.14B to $6.14B this quarter as Idenix Pharmaceuticals and Micron Technology posted outsized returns.Baupost Group added eBay Inc. this quarter while dropping BP plc.The US long equity holdings continue to be heavily concentrated with the top-three positions accounting for 58% of the entire US long portfolio.This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 08/14/2014. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q1 2014.Klarman’s US long portfolio increased ~48% from $4.14B to $6.14B this quarter. The increase was primarily due to the stunning performance of a couple of his positions: Idenix Pharmaceuticals and Micron Technology. Idenix got acquired for a huge premium while the very large position in Micron Technology returned ~40% for the quarter. The number of holdings is at 24 but five of them are very small positions that together account for just 0.90% of the 13F portfolio. The stakes are heavily concentrated with Micron Technology, Idenix Pharmaceuticals, and Theravance Inc. together accounting for just over 58% of the entire US long portfolio.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”: the book is out-of-print and copies sell for a huge premium.New Stakes:eBay Inc. (EBAY): EBAY is a medium-sized 3.62% of the US long portfolio stake established this quarter at prices between $48.25 and $55.89. The stock currently trades at $52.93. EBAY is attracting a lot of super-investor interest - Carl Icahn, Wallace Weitz, Mark Hillman, and Leon Cooperman have all made significant purchases recently.Theravance Biopharma (TBPH): TBPH is a 3.15% of the US long portfolio position established this quarter as a result of the spinoff of TBPH from THRX. The spinoff terms called for THRX shareholders to receive 1 share of TBPH for every 3.5 shares of THRX held. TBPH has returned just over 20% since the May spinoff.Sunedison Semiconductor (SEMI): SEMI is a 1.14% of the US long portfolio position established this quarter at prices between $14.37 and $17.76. The stock currently trades at $16.61. SEMI was spun-off from Sunedison Inc. (SUNE) on May 22, 2014.Kosmos Energy (KOS) & Boyd Gaming (BYD): KOS & BYD are very small (less than 1% of the US long portfolio each) positions established this quarter. KOS was purchased at prices between $10.05 and $11.23 and it currently trades below that range at $9.49. BYD was purchased at prices between $10.41 and $13.27 and it currently trades near the low end of that range at $10.38.Stake Disposals:BP PLC (BP): BP was Klarman’s second largest 13F position and represented 19.30% of the US long portfolio as of Q2 2013: a huge stake build-up happened from 2012 onwards at prices between $36 and $49. Q3 2013 saw an about-turn as Klarman reduced the position drastically to a 5.85% allocation at prices between $40.50 and $43.50. The position was marginally increased in Q4 2013 but the selling resumed last quarter: a ~45% stake reduction at prices between $46 and $51. This quarter, the remaining position was eliminated at prices between $47.45 and $53.07. The stock currently trades at $47.41. The activity indicates a clear bearish bias.Stake Increases:Cheniere Energy (LNG): LNG is a large 6.99% of the US long portfolio position established last quarter at prices between $41 and $55. The position was increased by around 5.8% this quarter at prices between $54.28 and $71.70. The stock currently trades at $72.88. The large stake build-up indicates a clear bullish bias.Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $7.50 (for ten warrants which can be converted to one Citigroup common stock, Yahoo Ticker C-WTA). The position was increased by ~18% this quarter. The bulk of the 1.22% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup that would pay off handsomely, if Citigroup common stock trades well above the strike price before expiry.Keryx Biopharma (KERX): KERX is a medium-sized 2.64% of the US long portfolio position established last quarter at prices between $12.16 and $17.04. This quarter, the position was increased by two-thirds at prices between $12.11 and $17.04. The stock currently trades at $16.74 and Klarman controls just over 11% of the business.PBF Energy (PBF): PBF is a 3.38% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled in Q4 2013 at prices between $21.44 and $31.46 and was increased by over 175% last quarter at prices between $23.79 and $31.46. This quarter, the position was marginally increased. The stock currently trades at $25.91. The significant stake build-up spanning several quarters indicates a bullish bias.RF Microdevices (RFMD) & TriQuint Semi (TQNT): RFMD & TQNT are small ~1.5% of the US long portfolio position each established last quarter. The RFMD position was established at prices between $4.51 and $7.93 and it was increased by ~48% this quarter at prices between $7.50 and $10.13. TQNT position was established at prices between $8.07 and $13.55 and it was increased by ~55% this quarter at prices between $12.75 and $16.79. RFMD currently trades at $11.41 and TQNT at $18.61.ViaSat (VSAT): VSAT is currently Klarman’s fourth-largest US long position accounting for 10.89% of the portfolio. Since Q3 2012, the position has seen only minor stake increases. This quarter also saw a marginal increase. Klarman first purchased VSAT in 2008 at much lower prices and so his overall cost-basis is in the high-teens. The stock currently trades at $53.06. He is sitting on huge gains on the position. The stock was up ~60% in 2013, but has dropped ~16% so far this year.Stake Decreases:Theravance Inc (THRX): THRX is a large 9.89% of the US long portfolio position. It is a very long-term position that has been in the portfolio since 2008. Baupost controls around 18% of the business. The most recent buying happened in Q4 2013 when the stake was increased by ~9% at prices between $33.74 and $41.53. This quarter saw very minor selling. The stock currently trades at around $22.70.NOTE: THRX split-up into two businesses this quarter - a royalty focused segment that retained the name and a research focused bio-pharma segment Theravance Biopharma (TBPH). As a result, THRX shareholders received one share of TBPH for every 3.5 shares of THRX held. The implied performance of Klarman’s most recent share purchase quoted above is negatively skewed because of this.Kept Steady:Idenix Pharmaceuticals (IDIX): IDIX posted a stunning 300% return this quarter as a result of the acquisition of IDIX by Merck (MRK) at $24.50 per share cash. Klarman’s position was built-up over several quarters starting in Q2 2011. It was a very volatile stock and the price fluctuated between $3.5 and $15 during the period of the stake acquisition. The bulk of the shares were purchased at prices between $2.93 and $5.93 since Q2 2012. Q4 2013 saw a ~25% stake increase at prices between $3.56 and $4.85 and that was followed up with a huge 16.42M stake increase last quarter at $6.50 per share on 02/04/2014. The pattern of trades is as though Klarman had anticipated the acquisition.ChipMOS Technologies (IMOS): IMOS is a small 1.29% of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20 and increased by ~19% in Q3 2013 at prices between $15 and $21. The stock currently trades at around $24.03. Although the relative sizing of the position is small, it is significant that Klarman owns 9.84% of the shares outstanding.Kindred Biosciences (KIN): KIN is a very small 0.84% of the US long portfolio position established in Q4 2013 at an average cost-basis of around $11. The stake as a percentage of the business is very high at over 17%: 2.8M shares out of the ~15M shares outstanding. The position was disclosed in a 13G filing on 01/09/2014 and that immediately aroused speculative interest that resulted in a huge price-spike. The stock currently trades at $15.12.Micron Technology (MU): MU is Klarman’s largest position at 27.72% of the US long portfolio. The stake was first established in Q2 2013 at prices between $9.10 and $14 and increased by just over 50% in Q3 2013 at prices between $12.55 and $17.60. The stock currently trades outside those ranges at around $31.04. Q4 2013 saw a ~20% stake reduction at prices between $16.55 and $23.14. Klarman is sitting on large gains on this position.NovaGold Resources Inc (NG): NG is a 1.49% stake built up over several quarters in 2012 at prices between $3.5 and $12. The most recent purchases happened in Q3 2012 and Q4 2012 when the stake was increased by roughly one-third at prices between $3.68 and $6.19. The stock currently trades near the low-end of those ranges at $3.78.Syneron Medical Ltd. (ELOS): ELOS is a 0.67% of the US long portfolio position that has been kept steady since Q3 2011. It is a long-term position first purchased in Q2 2006.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio are Alliance One International (AOI), Alon USA Partners LP (ALDW), American International Group (AIG) warrants, Aveo Pharmaceuticals (AVEO), and Novacopper (NCQ). With AOI, it should be noted that Klarman controls 7.24% of the business.The spreadsheet below highlights changes to Klarman's US stock holdings in Q2 2014:"

"Tracking Seth Klarman’s Baupost Group Holdings – Q1 2014 Update"

"This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 05/14/2014. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q4 2013.Klarman’s US long portfolio increased ~17% from $3.53B to $4.14B this quarter. The very large position in Micron Technology established in Q2 2013 and increased by ~50% in the following quarter was kept steady - its allocation is still at a whopping 29.54% of the US long portfolio. The number of holdings is at 20 but five of them are very small positions that account for less than 0.5% of the US long portfolio each. The stakes are heavily concentrated with Micron Technology, Theravance Inc., and Viasat Inc. together accounting for almost two-thirds of the entire US long portfolio.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”: the book is out-of-print and copies sell for a huge premium.New Stakes:Cheniere Energy (LNG): LNG is a large 7.57% of the US long portfolio position established this quarter at prices between $41 and $55. The stock currently trades at $59. The large stake establishment indicates a clear bullish bias.Keryx Biopharma (KERX): KERX is a medium-sized 2.60% of the US long portfolio position established this quarter at prices between $12.16 and $17.04. The stock currently trades at $12.84. A regulatory 13G filing on 05/09/2014 has disclosed that the position has been increased by around 50% to 9.15M shares (10.07% of the business).RF Microdevices (RFMD) & TriQuint Semi (TQNT): RFMD & TQNT are small ~1.25% of the US long portfolio position each established this quarter. The RFMD position was established at prices between $4.51 and $7.93 and the stock currently trades at $8.74. TQNT position was established at prices between $8.07 and $13.55 and the stock currently trades at $14.52.Stake Disposals:Fidelity National Financial (FNF): FNF was a small 1.82% of the US long portfolio position established last quarter at prices between $25.76 and $32.94. It was disposed of this quarter at prices between $29.78 and $33.22. The stock currently trades at $34.45.Rovi Corporation (ROVI): ROVI was a 1.21% of the US long portfolio stake that was reduced by 65% last quarter at prices between $16.47 and $19.80. It was eliminated this quarter at prices between $19.69 and $25.20. The selling first started in Q2 2013 when the position was reduced by ~25% at prices between $20 and $26.50. The original position was established in Q3 2012 at prices between $10.01 and $19.14. The stake was almost doubled in Q1 2013 at prices between $15.43 and $21.43. The stock currently trades at around $23.09. The activity indicates a bearish bias.Stake Increases:Idenix Pharmaceuticals (IDIX): IDIX is a large 7.32% of the US long portfolio stake that was built-up over several quarters starting in Q2 2011. It is a very volatile stock and the price fluctuated between $3.5 and $15 during the period of the stake acquisition. The bulk of the position was purchased at prices between $2.93 and $5.93 since Q2 2012. Last quarter saw a ~25% stake increase at prices between $3.56 and $4.85. The activity this quarter consisted of a huge 16.42M stake increase at $6.50 per share on 02/04/2014 - Klarman now controls over one-third of the business. The significant stake increase over several quarters indicates a clear bullish bias.PBF Energy (PBF): PBF is a 3.38% of the US long portfolio position first purchased in Q3 2013 at prices between $21 and $26. It was more than doubled last quarter at prices between $21.44 and $31.46 and was increased by over 175% this quarter at prices between $23.79 and $31.46. The stock currently trades at $29.68. The significant stake build-up spanning several quarters indicates a bullish bias.Theravance Inc (THRX): THRX is a large 15.49% of the US long portfolio position that was increased by 12% in Q3 2013 at prices between $35.80 and $42.64. The stake was increased by over 20% in Q2 2013 as well at prices between $22.50 and $42. Last quarter saw a further ~9% stake increase at prices between $33.74 and $41.53. This quarter saw minor additional buying. The stock currently trades at around $28.86. THRX is a very long-term position that has been in the portfolio since 2008. Baupost controls around 18.22% of the businessTHRX is expected to split-up into two businesses in Q2 2014 - a royalty focused segment that will retain the name and a research focused biopharma segment that will trade under a new ticker TBPH.Viasat (VSAT): VSAT is currently Klarman’s second-largest US long position accounting for 19.02% of the portfolio. Since Q3 2012, the position has seen only minor stake increases. This quarter also saw a marginal increase. Klarman first purchased VSAT in 2008 at much lower prices and so his overall cost-basis is in the high-teens. The stock currently trades well above those ranges at around $59.37. He is sitting on huge gains on the position. The stock was up ~60% in 2013, but Klarman is continuing to hold on.Stake Decreases:BP PLC (BP): BP was Klarman’s second largest 13F position and represented 19.30% of the US long portfolio as of Q2 2013: the huge stake build-up from 2012 onwards happened at prices between $36 and $49. Q3 2013 saw an about-turn as Klarman reduced the position drastically to a 5.85% allocation at prices between $40.50 and $43.50. The stock currently trades at $50.43. The position was marginally increased last quarter but the selling resumed this quarter: a ~45% stake reduction at prices between $46 and $51. The position now stands at 3.68% of the US long portfolio. The activity indicates a clear bearish bias.Kindred Biosciences (KIN): KIN is a very small 1.24% of the US long portfolio position established last quarter at an average cost-basis of around $11. The stake as a percentage of the business is very high at over 17%: 2.8M shares out of the ~15M shares outstanding. The position was disclosed in a 13G filing on 01/09/2014 and that immediately aroused speculative interest that resulted in a huge price-spike. The stock currently trades at over $15.29. This quarter saw a marginal stake reduction.Kept Steady:ChipMOS Technologies (IMOS): IMOS is a small 1.75% of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20 and increased by ~19% in Q3 2013 at prices between $15 and $21. The stock currently trades at around $22.55. Although the relative sizing of the position is small, it is significant that Klarman owns 9.84% of the shares outstanding.Alliance One International (AOI): AOI is a very small position (0.45% of the US long portfolio - 7.24% of the shares outstanding) that was reduced by ~17% in Q3 2013 and kept steady since. As the position size is very small, the activity does not indicate a clear bias.Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $6.50 (for ten warrants which can be converted to one Citigroup common stock, Yahoo Ticker C-WTA). The position was increased by ~10% last quarter. The bulk of the 1.62% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup that would pay off handsomely, if Citigroup common stock trades well above the strike price before expiry.Micron Technology (MU): MU is a huge 29.54% of the US long portfolio position established in Q2 2013 at prices between $9.10 and $14 and increased by just over 50% in Q3 2013 at prices between $12.55 and $17.60. The stock currently trades outside those ranges at around $26.86. Last quarter saw a ~20% stake reduction at prices between $16.55 and $23.14. Klarman is sitting on large short-term gains on the position.Novagold Resources Inc (NG): NG is a 1.89% stake built up over several quarters in 2012 at prices between $3.5 and $12. The most recent purchases happened in Q3 2012 and Q4 2012 when the stake was increased by roughly one-third at prices between $3.68 and $6.19. The stock currently trades at around $3.18.Syneron Medical Ltd. (ELOS): ELOS is a 1.20% of the US long portfolio position that has been kept steady since Q3 2011. It is a long-term position that has been in the portfolio since Q2 2006.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio are Alon USA Partners LP (ALDW), American International Group (AIG) warrants, Aveo Pharmaceuticals (AVEO), and Novacopper (NCQ). The spreadsheet below highlights changes to Klarman's US stock holdings in Q1 2014:"

"Tracking Seth Klarman’s Baupost Group Holdings – Q4 2013 Update"

"This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 02/13/2014. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q3 2013.Klarman’s US long portfolio increased marginally from ~$3.50B to ~$3.53B this quarter. The very large position in Micron Technology established in Q2 2013 and increased by ~50% last quarter was reduced this quarter - but, it still has a whopping 31.83% allocation. The number of holdings in the US long portfolio remained steady at 19: small positions in Central Pac Financial Corporation, Ituran Location and Control, and Oracle Corporation were replaced with Alon USA Partners LP, Fidelity National Financial, and Kindred Biosciences. Although there are 19 positions, the portfolio is heavily concentrated: Micron Technology, Theravance Inc., and Viasat Inc. together account for over 70% of the US long portfolio.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. Seth Klarman’s distinct investment style is elaborated in his 1991 book “”: the book is out-of-print and copies sell for a huge premium.New Stakes:Kindred Biosciences (KIN): KIN is a very small 0.92% of the US long portfolio position established this quarter at an average cost-basis of around $11. The stake as a percentage of the business is very high at 17.93%: 2.9M shares out of the ~15M shares outstanding. The position was disclosed in a 13G filing on 01/09/2014 and that immediately aroused speculative interest that resulted in a huge price-spike. The stock currently trades at over $19.Fidelity National Financial (FNF): FNF is a small 1.82% of the US long portfolio position established this quarter at prices between $25.76 and $32.94. The stock currently trades at $32.28.Alon USA Partners LP (ALDW): ALDW is a minute 0.16% of the US long portfolio position established this quarter at prices between $10.57 and $17.51. The stock currently trades at $14.76. As the position size is too small, the stake establishment does not indicate a clear bias.Stake Disposals:Oracle Corporation (ORCL): ORCL was a 2.26% of the US long portfolio stake established in Q2 2012 when the price-per-share varied between $25.61 and $29.70. It was trimmed by around 15% in Q3 2012 at prices between $28.82 and $33.10 and by just over 22% in Q4 2012 at prices between $29.58 and $34. The position was reduced by another two-thirds in Q1 2013 at prices between $31.25 and $36.34 and kept steady in Q2 2013. The pattern continued last quarter with a stake reduction of another 30% at prices between $30 and $34. The position was eliminated this quarter at prices between $32.19 and $38.26. The stock currently trades at around $38.42. The activity signifies a clear bearish bias.Central Pac Financial Corp. (CPF) & Ituran Location and Control (ITRN): CPF and ITRN were very small positions. They were eliminated this quarter. As the position sizes were very small, the activity does not represent a clear bias.Stake Increases:BP PLC (BP): BP was Klarman’s second largest 13F position and represented 19.30% of the US long portfolio as of Q2 2013: the huge stake build-up from 2012 onwards happened at prices between $36 and $49. Last quarter saw an about-turn as Klarman reduced the position drastically to a 5.85% allocation at prices between $40.50 and $43.50. The stock currently trades at $48.45. The stake was marginally increased this quarter but the large stake disposal last quarter indicates a bearish bias.Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $6.20 (for ten warrants which can be converted to one Citigroup common stock). The position was increased by ~10% this quarter. The bulk of the 1.92% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup that would pay off handsomely, if Citigroup common stock trades well above the strike price before expiry.Idenix Pharmaceuticals (IDIX): IDIX is a 6.25% of the US long portfolio stake that was built-up over several quarters starting in Q2 2011. It is a very volatile stock and the price fluctuated between $3.5 and $15 during the period of the stake acquisition. The bulk of the position was purchased at prices between $2.93 and $5.93 since Q2 2012. This quarter saw a ~25% stake increase at prices between $3.56 and $4.85.Seth Klarman disclosed in a regulatory 13D filing on 02/04/2014 that he has further increased the stake to 53.33M shares (35.38% of the shares outstanding - 16.42M additional shares purchased at $6.50 per share).The significant stake increase over several quarters indicates a clear bullish bias.PBF Energy (PBF): PBF is a small 1.76% of the US long portfolio position first purchased last quarter at prices between $21 and $26. It was more than doubled this quarter at prices between $21.44 and $31.46. The stock currently trades near the middle of that range at $25.26. The stake build-up indicates a mild bullish bias.Theravance Inc (THRX): THRX is a large 20.35% of the US long portfolio position that was increased by 12% last quarter at prices between $35.80 and $42.64. The stake was increased by over 20% in Q2 2013 as well at prices between $22.50 and $42. This quarter saw a further ~9% stake increase at prices between $33.74 and $41.53. It currently trades at around $38.47. THRX is a very long-term position that has been in the portfolio since 2008. The stock was up around 60% in 2013 - the price spiked in May following a $1B royalty deal with Elan PLC. Baupost controls around 18.22% of the businessViasat (VSAT): VSAT is currently Klarman’s third-largest US long position accounting for 19.76% of the portfolio. Since Q3 2012, the position has seen only very minor stake increases. This quarter also saw a marginal increase. Klarman first purchased VSAT in 2008 at much lower prices and so his overall cost-basis is in the high-teens. The stock currently trades well above those ranges at around $57.26. He is sitting on huge gains on the position. The stock was up ~60% in 2013, but Klarman is continuing to hold on.Stake Decreases:Micron Technology (MU): MU is a huge 31.83% of the US long portfolio position established in Q2 2013 at prices between $9.10 and $14 and increased by just over 50% last quarter at prices between $12.55 and $17.60. The stock currently trades outside those ranges at around $24.91. This quarter saw a ~20% stake reduction at prices between $16.55 and $23.14. Klarman is sitting on large short-term gains on the position and he is opportunistically cashing out.On 02/13/2014, Baupost disclosed in a regulatory 13G filing that they have since increased the position by ~10% to 61.66M shares (5.83% of the shares outstanding).Rovi Corporation (ROVI): ROVI is a 1.21% of the US long portfolio stake that was reduced by 65% this quarter at prices between $16.47 and $19.80. The original position was established in Q3 2012 at prices between $10.01 and $19.14. The stake was almost doubled in Q1 2013 at prices between $15.43 and $21.43. In Q2 2013, the position was reduced by ~25% at prices between $20 and $26.50 but was kept steady last quarter. The stock currently trades at around $23.45. The activity indicates a bearish bias.Enzon Pharmaceuticals Inc. (ENZN): ENZN is a minute 0.14% of the US long portfolio position that was reduced by ~44% this quarter. Although the position size relative to the size of the portfolio is very small, Klarman still owns 9.84% of the outstanding shares.The rest of the portfolio remained steady during the quarter:ChipMOS Technologies (IMOS): IMOS is a small 1.79% of the US long portfolio position established in Q2 2013 at prices between $12.30 and $20 and increased by ~19% last quarter at prices between $15 and $21. The stock currently trades at around $20.51. Although the relative sizing of the position is small, it is significant that Klarman owns 9.84% of the shares outstanding.Alliance One International (AOI): AOI is a very small position (0.55% of the US long portfolio - 7.24% of the shares outstanding) that was reduced by ~17% last quarter and kept steady this quarter. As the position size is very small, the activity does not indicate a clear bias.American International Group (AIG) & WTS: AIG was a large 11.55% position build-up from Q4 2012 at prices between $30.68 and $40. Q2 2013 saw a turnaround, as the position was trimmed by 15% at prices between $37.50 and $46. Last quarter, the position was almost eliminated at prices between $44 and $51. The remaining 0.38% stake was kept steady this quarter. The stock currently trades at around $50.Novagold Resources Inc (NG): NG is a 1.25% stake built up over several quarters in 2012 at prices between $3.5 and $12. The most recent purchases happened in Q3 2012 and Q4 2012 when the stake was increased by roughly one-third at prices between $3.68 and $6.19. The stock currently trades at around $3.27. Klarman is sitting tight in the face of a large price-drop on this position.Aveo Pharmaceuticals Inc. (AVEO), Novacopper Inc. (NCQ), and Syneron Medical Ltd. (ELOS): These are small positions, each accounting for less than 1% of the US long portfolio. They were kept steady this quarter and so do not indicate a clear bias.The spreadsheet below highlights changes to Klarman's US stock holdings in Q4 2013:"

"Tracking Seth Klarman’s Baupost Group Holdings – Q3 2013 Update"

"This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 11/13/2013. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q2 2013.Klarman’s US long portfolio decreased from ~$4B to ~$3.5B this quarter. The very large position in Micron Technology established last quarter was increased by another 50% to a whopping 27.80% US long portfolio allocation as of this quarter. The number of holdings in the US long portfolio reduced from 21 to 19 this quarter: minute positions in Kinross Gold, Pretium Resources, and Yamana Gold were eliminated and a very small position in PBF Energy was established this quarter.Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). Despite reducing the allocation by ~15% this quarter, the current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash.New Stakes:PBF Energy (PBF): PBF is a very small 0.53% of the US long portfolio position established this quarter at prices between $21 and $26. The stock currently trades outside that range at $27.75. The position size is too small to indicate a clear bias.Stake Disposals:Yamana Gold (AUY), Kinross Gold (KGC), & Pretium Resources (PVG): These are very small positions in the gold-mining sector established last quarter and disposed of this quarter. Combined, they accounted for only about 1% of the US long portfolio. The quick about-turn indicates a mild bearish bias.Stake Increases:Micron Technology (MU): MU is a huge 27.80% of the US long portfolio position established last quarter at prices between $9.10 and $14 and increased by just over 50% this quarter at prices between $12.55 and $17.60. The stock currently trades outside those ranges at around $19. The aggressive stake build-up indicates a clear bullish bias. He is sitting on large short-term gains on the position as the stock vaulted close to 80% in the last six months. Klarman owns just over 6% of the shares outstanding.Theravance Inc (THRX): THRX is a large 18.81% of the US long portfolio position that was increased by 12% this quarter at prices between $35.80 and $42.64. The stake was increased by over 20% last quarter as well at prices between $22.50 and $42. It currently trades at around $35. THRX is a very long-term position that has been in the portfolio since 2008. The stock is up around 60% YTD - the price spiked in May following a $1B royalty deal with Elan PLC. Baupost controls around 19% of the businessIdenix Pharmaceuticals (IDIX): IDIX is a 3.83% of the US long portfolio stake that was built-up over several quarters starting in Q2 2011. It is a very volatile stock and the price fluctuated between $3.5 and $15 during the period of the stake acquisition. The last four quarters saw the position increased by ~150% at prices between $2.93 and $5.93. This quarter, the position was increased by 11%. The stock currently trades at $4.62. On 11/1/2013, Klarman disclosed in a regulatory 13D filing that his stake was increased to 36.91M shares - 27.55% of the shares outstanding - the most recent purchases happened at prices between $3.56 and $4.85. The significant stake increase over several quarters indicates a clear bullish bias. For investors attempting to follow Klarman, IDIX is a good option to consider.ChipMOS Technologies (IMOS): IMOS is a small 1.47% of the US long portfolio position established last quarter at prices between $12.30 and $20 and increased by ~19% this quarter at prices between $15 and $21. The stock currently trades at around $16.91. The activity indicates a mild bullish bias - although the relative sizing of the position is small, it is significant that Klarman owns ~14% of the shares outstanding.Stake Decreases:BP PLC (BP): BP was Klarman’s second largest 13F position and represented 19.30% of the US long portfolio as of last quarter: the huge stake build-up over the last year happened at prices between $36 and $49. This quarter saw an about-turn as Klarman reduced the position drastically to a 5.85% allocation at prices between $40.50 and $43.50. The stock currently trades outside that range at $46.45. The large stake disposal indicates a bearish bias.Oracle Corporation (ORCL): ORCL is a 1.97% of the US long portfolio stake established in Q2 2012 when the price-per-share varied between $25.61 and $29.70. It was trimmed by around 15% in Q3 2012 at prices between $28.82 and $33.10 and by just over 22% in Q4 2012 at prices between $29.58 and $34. The position was reduced by another two-thirds in Q1 2013 at prices between $31.25 and $36.34 and kept steady last quarter. The pattern continued this quarter with a stake reduction of another 30% at prices between $30 and $34. The stock currently trades at around $35. The activity signifies a clear bearish bias.Alliance One International (AOI): AOI is a very small position (0.46% of the US long portfolio) that was reduced by ~17% this quarter. As the position size is very small and the stake reduction was minor, the activity does not indicate a clear bias.Central Pac Financial Corp. (CPF): CPF is a very small 0.34% of the US long portfolio position that was reduced by ~50% this quarter. The stake reduction indicates a mild bearish bias.American International Group (AIG) & WTS: AIG was a large 11.55% position build-up from Q4 2012 at prices between $30.68 and $40. Last quarter saw a turnaround, as the position was trimmed by 15% at prices between $37.50 and $46. This quarter, the position was almost eliminated at prices between $44 and $51. The stock currently trades at around $48.58. The large stake reduction indicates a clear bearish bias.Ituran Location and Control (ITRN): ITRN is a minute 0.22% of the US long portfolio position that was reduced by ~54% this quarter. As the position size is very small, the activity does not represent a clear bias.The rest of the portfolio remained steady during the quarter:Viasat (VSAT): VSAT is currently Klarman’s third-largest US long position accounting for 17.41% of the portfolio. His most recent purchases were minor stake increases that happened in Q3 2012 and Q4 2012 at prices between $34 and $41. Klarman first purchased VSAT in 2008 at much lower prices and so his overall cost-basis is in the high-teens. The stock currently trades well above those ranges at around $62. He is sitting on huge gains on the position. The stock has returned ~60% this year, but Klarman is continuing to hold on.Rovi Corporation (ROVI): ROVI is a 2.94% of the US long portfolio stake established in Q3 2012 at prices between $10.01 and $19.14. The position was almost doubled in Q1 2013 at prices between $15.43 and $21.43. Last quarter, the position was reduced by ~25% at prices between $20 and $26.50 but was kept steady this quarter. The stock currently trades at around $16.93.Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $6.20 (for ten warrants which can be converted to one Citigroup common stock). The bulk of the 1.75% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup that would pay off handsomely, if Citigroup common stock trades well above the strike price before expiry.Novagold Resources Inc (NG): NG is a 1.25% stake built up over several quarters last year at prices between $3.5 and $12. The most recent purchases happened in Q3 2012 and Q4 2012 when the stake was increased by roughly one-third at prices between $3.68 and $6.19. The stock currently trades well below that range at around $2.30. Klarman is sitting tight in the face of a large price-drop on this position.Enzon Pharmaceuticals Inc. (ENZN), Aveo Pharmaceuticals Inc. (AVEO), Novacopper Inc. (NCQ), and Syneron Medical Ltd. (ELOS): These are small positions, each accounting for less than 1% of the US long portfolio. They were kept steady this quarter and so do not indicate a clear bias.The spreadsheet below highlights changes to Klarman's US stock holdings in Q3 2013:"

"Tracking Seth Klarman’s Baupost Group Holdings – Q2 2013 Update"

"This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 08/14/2013. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q1 2013.Klarman’s US long portfolio increased from ~$3.1B to ~$4B this quarter. A very large ~15% position in Micron Technology (MU) was established this quarter and the ~10% position in Theravance (THRX) was increased to a ~16% position. Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. The number of holdings in the US long portfolio remained at 21 this quarter.New Stakes:Micron Technology (MU): MU is huge 14.79% of the US long portfolio position established this quarter at prices between $9.10 and $14. The stock currently trades outside that range at $14.90. The stake establishment indicates a clear bullish bias. But, investors attempting to follow Klarman will have to wait for a better entry point.ChipMOS Technologies (IMOS): IMOS is a small 1.33% of the US long portfolio position established this quarter at prices between $12.30 and $20. The stock currently trades at around $17. The minor stake establishment indicates a mild bullish bias.Yamana Gold (AUY), Kinross Gold (KGC), & Pretium Resources (PVG): These are very small positions in the gold-mining sector established this quarter. Combined, they account for about 1% of the US long portfolio. The minor stake establishment does not indicate a clear bias. However, this allocation is a significant shift as his earlier allocations in the area were focused on the junior gold mining space.Stake Disposals:Directv (DTV): DTV was a minute 0.38% position established last quarter at prices between $47 and $57. The position was disposed of this quarter at prices between $54 and $65. The quick turnaround of a very small position does not indicate a clear bias.Elan PLC (ELN): ELN is a 3.46% position established last quarter at prices between $10 and $12 and disposed of this quarter at prices between $11.50 and $14.15. This was an opportunistic buy for Klarman as it was known that the company might get sold. On July 29, 2013 Perrigo Company (PRGO) agreed to acquire ELN at ~$16.50 per share.News Corp Class B (NWS): News Corporation was Klarman’s largest 13F position as of Q4 2012, with the Class A (NWSA) and Class B (NWS) shares together accounting for almost 17% of the portfolio. In Q1 2013, the position was reduced substantially and was eliminated this quarter. NWS is a long-term holding and Klarman’s cost-basis was very low. During a , Klarman indicated that the breakup value of News Corp in a distressed environment is over $20 per share and in a normal environment should be between $20 and $30. The stock was trading in the $5 range when he made those comments in March 2009. Klarman harvested the gains as the stock traded past his valuation range. On June 28, 2013 News Corp split into two: the publishing division that retained the News Corp name and the movie and TV division which was named Twenty-First Century Fox (FOX) (FOXA).Microsoft Corporation (MSFT) CALLs: MSFT calls were a 1.72% of the US long portfolio established in Q4 2012 and disposed of this quarter. MSFT traded between $26.60 and $31.50 in Q4 2012 and between $28.50 and $36.50 in Q2 2013. The stake disposal indicates a mild bearish bias.Stake Increases:BP PLC (BP): BP is Klarman’s second largest 13F position and represents 19.30% of the US long portfolio. The position was increased by around 60% last quarter at prices between $40 and $45 and marginally this quarter at prices between $40 and $44. The huge stake build-up over the last year has been at prices between $36 and $49. The stock currently trades within that range at $41.50. The large position size indicates a clear bullish bias. For investors attempting to follow Klarman, BP is a very good option to consider.Idenix Pharmaceuticals (IDIX): IDIX is a 2.40% of the US long portfolio stake that was built-up over several quarters starting in Q2 2011. It is a very volatile stock and the price fluctuated between $3.5 and $15 during the period of the stake acquisition. The last two quarters saw a stake doubling at prices between $3.20 and $5.40. This quarter, the position was increased marginally at prices between $3.33 and $5.40. The stock currently trades at $4.34. The significant stake increase over several quarters in the face of falling prices indicates a clear bullish bias. For investors attempting to follow Klarman, IDIX is a good option to consider.Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $8 (for ten warrants which can be converted to one Citigroup common stock). The bulk of the 1.84% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup that would pay off handsomely, if Citigroup common stock trades well above the strike price before expiry.Theravance Inc (THRX): THRX is a large 15.84% of the US long portfolio position that was increased by over 20% this quarter at prices between $22.50 and $42. It currently trades at around $37. It is a very long-term position that has been in the portfolio since 2008. The stock is up around 75% YTD - the price spiked in May following a $1B royalty deal with Elan PLC.Stake Decreases:American International Group (AIG): AIG is a large 11.55% position established in Q4 2012 at prices between $30.68 and $37.21. The position size was increased by close to 80% last quarter at prices between $35 and $40. This quarter saw a turnaround, as the position was trimmed by 15% at prices between $37.50 and $46. The stock currently trades at around $48.Rovi Corporation (ROVI): ROVI is a 3.50% of the US long portfolio stake established in Q3 2012 at prices between $10.01 and $19.14. The position was almost doubled last quarter at prices between $15.43 and $21.43. This quarter, the position was reduced by ~25% at prices between $20 and $26.50. The stock currently trades below that range at around $18.80. The stake reduction indicates a bearish bias.Aveo Pharmaceuticals Inc. (AVEO) and Central Pac Financial Corp. (CPF): AVEO and CPF are small positions, each accounting for less than 1% of the US long portfolio. They were both reduced substantially this quarter. The stake reduction indicates a mild bearish bias.Alliance One International (AOI): AOI is a very small position (0.72% of the US long portfolio) that was reduced marginally this quarter. As the position size is very small and the stake reduction was minor, the activity does not indicate a clear bias.The rest of the portfolio remained steady during the quarter:Viasat (VSAT): VSAT is currently Klarman’s largest US long position accounting for 19.54% of the portfolio. The position was increased marginally in Q3 2012 at prices between $33.85 and $40.85 and again in Q4 2012 at prices between $35 and $41. Since then, the position has been kept steady. The stock currently trades at over $68. Klarman first purchased VSAT in 2008 at much lower price-points but has consistently built the stake over the last five years. He is sitting on huge gains on the position. The stock has returned ~80% this year, but Klarman is continuing to hold on.Oracle Corporation (ORCL): ORCL is a 1.82% of the US long portfolio stake established in Q2 2012 when the price-per-share varied between $25.61 and $29.70. It was trimmed by around 15% in Q3 2012 at prices between $28.82 and $33.10 and by just over 22% in Q4 2012 at prices between $29.58 and $34. The position was reduced by another two-thirds last quarter at prices between $31.25 and $36.34 and kept steady this quarter. The stock currently trades at around $33.50. The activity signifies a clear bearish bias.Enzon Pharmaceuticals Inc. (ENZN) & Ituran Location and Control (ITRN): ENZN and ITRN are very small positions accounting for 0.38% and 0.44% of the US long portfolio respectively. They were both kept steady this quarter. As the position sizes are very small, the stakes do not represent a clear bias.Novagold Resources Inc (NG): NG is a 1.14% stake built up over several quarters last year at prices between $3.5 and $12. The position was increased by one-third in Q3 2012 at prices between $3.68 and $6.19 and marginally in Q4 2012 at prices between $4.19 and $5.60. The stock currently trades well below that range at around $2.90. Klarman is sitting tight in the face of a large price-drop on this position.Novacopper Inc. (NCQ), and Syneron Medical Ltd. (ELOS): These are minute positions, each accounting for less than 1% of the US long portfolio. They were kept steady this quarter and so do not indicate a clear bias.The spreadsheet below highlights changes to Klarman's US stock holdings in Q2 2013:"

"Tracking Seth Klarman’s Baupost Group Holdings – Q1 2013 Update"

"This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 05/14/2013. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q4 2012.Klarman’s US long portfolio remained steady in the quarter at ~$3.1B. Large positions in News Corporation and Oracle were reduced substantially during the quarter and those were offset by large increases in portfolio allocation to American International Group and BP PLC. Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. The number of holdings in the US long portfolio remained at 21 this quarter.New Stakes:Citigroup WTS (C.WS.A): The warrants have a strike price of $106.10 and expire on 01/04/2019. They currently trade at $5.70 (for ten warrants which can be converted to one Citigroup common stock). The relatively small 1.53% position was established at prices between $4.50 and $5.80. It is a leveraged bullish bet on Citigroup that would pay off handsomely, if Citigroup common stock trades well above the strike price before expiry.Directv (DTV): DTV is a minute 0.38% position established this quarter at prices between $47 and $57. As the position size is very small, the stake establishment does not indicate a clear bias. The stock currently trades well above that range at around $64.Elan PLC (ELN): ELN is a 3.46% position established this quarter at prices between $10 and $12. The stock currently trades at $11.45. The stake establishment indicates a mild bullish bias.Stake Disposals:Allied Nevada Gold (ANV): ANV was 2.59% of the US long portfolio position that was reduced by over 43% last quarter and eliminated this quarter. The position was increased by around 25% in Q2 2012 but was kept steady in Q3 2012. The original stake was established in Q1 2011 at prices between $24 and $35. The stake increase in Q2 2012 happened at prices between $23.82 and $32.78 and the large stake reduction last quarter was at prices between $29 and $41. The stake elimination this quarter happened at prices between $30 and $16.50. The timing of the sale was perfect as the stock currently trades well below that range at $8.86. The stake elimination indicates a clear bearish bias.Genworth Financial (GNW): GNW was a 3.4% of the US long portfolio stake established in Q2 2012 at prices between $4.89 and $8.38. The position was eliminated this quarter at prices between $7.50 and $10.50. The stock currently trades at $11. This is the second round-trip in GNW for Klarman as a similar trading pattern happened in the Q4 2011 to Q1 2012 timeframe as well.Stake Increases:American International Group (AIG): AIG is a large 15.11% position established last quarter at prices between $30.68 and $37.21. The position size was increased by close to 80% this quarter at prices between $35 and $40. The stock currently trades well outside that range at around $46. The substantial stake increase indicates a clear bullish bias.BP PLC (BP): BP is Klarman’s largest 13F position and represents 23.33% of the US long portfolio. The stake was reduced marginally last quarter after a significant 16% stake reduction in Q3 2012. The position was increased by around 60% this quarter at prices between $40 and $45. The pattern of Klarman’s trades over the last year is random but the net effect is a huge long position at prices between $36 and $49. The stock currently trades within that range at $43. The large position size indicates a clear bullish bias. For investors attempting to follow Klarman, BP is a very good option to consider.Idenix Pharmaceuticals (IDIX): IDIX is a 2.97% of the US long portfolio stake that was built-up over several quarters starting in Q2 2011. It is a very volatile stock and the price fluctuated between $3.5 and $15 during the period of the stake acquisition. In Q3 2012, the position was increased by 20% when the share price varied between $4.36 and $11.02. Last quarter, it was increased by another 60% at prices between $3.52 and $5.30. This quarter, the position was again increased by another 30% at prices between $3.5 and $5.4. The stock currently trades at $3.65. The significant stake increase over several quarters in the face of falling prices indicates a clear bullish bias. For investors attempting to follow Klarman, IDIX is a good option to consider.Rovi Corporation (ROVI): ROVI is a 5.62% of the US long portfolio stake established in Q3 2012 at prices between $10.01 and $19.14. The position was almost doubled this quarter at prices between $15.43 and $21.43 after keeping it steady last quarter. The stock currently trades above that range at around $24. The stake build-up indicates a bullish bias.Stake Decreases:News Corp (NWSA) and News Corp Class B (NWS): News Corporation was Klarman’s largest 13F position as of Q4 2012, with the Class A (NWSA) and Class B (NWS) shares together accounting for almost 17% of the portfolio. The position was trimmed marginally last quarter at prices between $23.57 and $26.24 after reducing it by 12% in Q3 2012 at prices between $21.73 and $25.22. This quarter, the position was reduced substantially - the Class A shares were eliminated at prices between $25.50 and $30.69 and 70% of the Class B shares were also sold. NWS is a long-term holding and Klarman’s cost-basis is very low. During a , Klarman indicated that the breakup value of News Corp in a distressed environment is over $20 per share and in a normal environment should be between $20 and $30. The stock was trading in the $5 range when he made those comments in March 2009. It currently trades at over $33 per share. Klarman is harvesting the large gains on this position.Oracle Corporation (ORCL): ORCL is a 3.52% of the US long portfolio stake established in Q2 2012 when the price-per-share varied between $25.61 and $29.70. It was trimmed by around 15% in Q3 2012 at prices between $28.82 and $33.10 and by just over 22% last quarter at prices between $29.58 and $34. The position was reduced by another two-thirds this quarter at prices between $31.25 and $36.34. The stock currently trades near the mid-point of that range at $33.67 per share. The substantial stake reduction over the last three quarters signifies a clear bearish bias.Enzon Pharmaceuticals Inc. (ENZN): ENZN is a very small 0.94% of the US long portfolio position that was reduced marginally this quarter after a 13% reduction last quarter. It is a long-term holding and the minor stake reduction does not indicate a clear bias.Alliance One International (AOI) and Ituran Location and Control (ITRN): These are very small positions (~1% of the US long portfolio or less) that were reduced substantially this quarter. As the position sizes are very small, they do not indicate a clear bias.The rest of the portfolio remained steady during the quarter:Viasat (VSAT): VSAT accounts for 17.14% of the portfolio. The position was increased marginally in Q3 2012 at prices between $33.85 and $40.85 and again last quarter at prices between $35 and $41. The stock currently trades well outside that range at over $59. Klarman first purchased VSAT in 2008 at much lower price-points but has consistently built the stake over the last five years. He is sitting on huge gains on the position.Theravance Inc (THRX): THRX is a large 10.30% of the US long portfolio position that was kept steady this quarter after reducing by around 7% in Q3 2012 at prices between $23.81 and $31.69. It is a very long-term position that has been in the portfolio since 2008. The stock has already doubled year-to-date and currently trades at $41.87. The stock experienced a price-spike earlier this month after announcing a $1B royalty deal with Elan PLC. Interestingly, Klarman initiated a position in Elan PLC this quarter as well (see above).Novagold Resources Inc (NG): NG is a 2.95% stake built up over several quarters last year at prices between $3.5 and $12. The stake was increased by one-third in Q3 2012 at prices between $3.68 and $6.19 and marginally last quarter at prices between $4.19 and $5.60. The stock currently trades well below that range at around $2.40. Klarman is sitting tight in the face of a large price-drop on this position.Aveo Pharmaceuticals Inc. (AVEO), Central Pac Financial Corp. (CPF), Microsoft Corporation (MSFT) CALLs, Novacopper Inc. (NCQ), and Syneron Medical Ltd. (ELOS): These are small positions, each accounting for less than 2% of the US long portfolio. They were kept steady this quarter and so do not indicate a clear bias.The spreadsheet below highlights changes to Klarman's US stock holdings in Q1 2013:"

"Tracking Seth Klarman’s Baupost Group Holdings – Q4 2012 Update"

"This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 02/13/2013. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q3 2012.Klarman’s US long portfolio decreased by around 7% during the quarter from around $3.3B to $3.1B. A large 7.5% position in Hewlett Packard (HPQ) was eliminated in the quarter and several other positions were trimmed substantially, thus accounting for the decrease in portfolio size. Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range but it was reduced by a combined 20% in the last two quarters. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash. The number of holdings in the US long portfolio was reduced by one to 21 this quarter.New Stakes:American International Group (AIG): AIG is a large 7.45% position established this quarter at prices between $30.68 and $37.21. The stock currently trades just outside that range at around $38.50. The substantial new stake indicates a clear bullish bias.Stake Disposals:Hewlett Packard Co. (HPQ): HPQ was Klarman’s third-largest position behind News Corporation and BP Plc. in Q2 2012 at over 14% of the US long portfolio. But, after a stake increase of over 55% in Q1 2012, the position was reduced by close to 50% last quarter and was eliminated this quarter. The stake was first established in Q4 2011 at a price-range between $22 and $37. The large stake increase in Q2 2012 happened at prices between $19.36 and $25.25. The stake reduction last quarter was at prices between $16.71 and $20.36 and the stake elimination this quarter was at prices between $11.71 and $17.21. The stock currently trades at around $17. The pattern of trades indicates that Klarman realized capital losses on HPQ, a somewhat unusual occurrence. The stake elimination indicates a bearish bias.Sycamore Networks (SCMR): SCMR was a very small position that was established in the first two quarters of 2011 and was eliminated this quarter. The company announced it was winding down its operations in October 2012. Although the position was purchased at much higher prices, hefty special dividends along the way brought down Klarman’s cost-basis.Stake Increases:Novacopper Inc. (NCQ): NCQ is a minute 0.27% stake that was acquired in Q2 2012 as a result of the spin-off of NCQ from Novagold Resources (NG). The position was increased last quarter by 50% at prices between $1.70 and $2.84 and by 10% this quarter at prices between $1.79 and $2.90. The stock currently trades at around $2. NCQ is a micro-cap with a $105M market capitalization. Klarman generally does not invest in such companies but the stake increase indicates a mild bullish bias.Novagold Resources Inc (NG): NG is a 2.95% stake built up over the last five quarters at prices between $3.5 and $12. The stake was increased by one-third last quarter at prices between $3.68 and $6.19 and marginally this quarter at prices between $4.19 and $5.60. The stock currently trades at $4.32, near the low-end reached during the quarter. Klarman’s consistent stake increase against falling prices indicates a strong bullish bias.Viasat (VSAT): VSAT accounts for 12.9% of the portfolio. The position was increased marginally last quarter at prices between $33.85 and $40.85 and again this quarter at prices between $35 and $41. The stock currently trades outside that range at over $47. Klarman first purchased VSAT in 2008 at much lower price-points but has consistently built the stake over the last five years. The large position size and the stake increase represent a clear bullish bias.Idenix Pharmaceuticals (IDIX): IDIX is a ~3.03% of the US long portfolio stake that was built-up over several quarters starting in Q2 2011. It is a very volatile stock and the price fluctuated between $4.3 and $15 during the period of the stake acquisition. Last quarter, the position was increased by 20% when the share price varied between $4.36 and $11.02. It was increased by a whopping 60% this quarter at prices between $3.52 and $5.30. The stock currently trades at $4.71. The significant stake increase over several quarters indicates a clear bullish bias.Stake Decreases:BP PLC (BP): BP is Klarman’s second-largest 13F position and represents 13.72% of the US long portfolio. The stake was reduced marginally this quarter after a significant 16% stake reduction last quarter. The pattern of Klarman’s trades over the last year is perplexing: The position was first established in Q2 2011 when the price-per-share varied between $42 and $46 and was decreased by ~22% in Q1 2012 at prices between $42 and $48. The last three quarters saw a stake increase of 40% in Q2 2012 followed by stake reductions totaling 20% in the last two quarters. The stock traded between $36.46 and $45.34 in Q2 2012 and between $39.63 and $43.86 during the last two quarters. Currently, it trades at $42.45. Despite the back-and-forth trades in the last few quarters, the large position size indicates a bullish bias.News Corporation (NWS): News Corporation is Klarman’s largest 13F position with the Class A (NWSA) and Class B (NWS) shares together accounting for almost 17% of the portfolio. The position was trimmed marginally this quarter at prices between $23.57 and $26.24 after reducing it by 12% last quarter at prices between $21.73 and $25.22. NWS is a long-term holding and Klarman’s cost-basis is very low compared to the current market price-range. The minor stake reduction does not signify a clear bias.Oracle Corporation (ORCL): ORCL is a 10.5% of the US long portfolio stake established in Q2 2012 when the price-per-share varied between $25.61 and $29.70. It was trimmed by around 15% last quarter at prices between $28.82 and $33.10 and by just over 22% this quarter at prices between $29.58 and $34. The stock currently trades at around $35 per share. The substantial stake reduction over a couple of quarters signifies a bearish bias.Allied Nevada Gold (ANV): ANV is 2.59% of the US long portfolio position that was reduced by over 43% this quarter. The position was increased by around 25% in Q2 2012 but was kept steady last quarter. The original stake was established in Q1 2011 at prices between $24 and $35. The stake increase in Q2 2012 happened at prices between $23.82 and $32.78 and the large stake reduction this quarter was at prices between $29 and $41. The timing of the sale was perfect as the stock currently trades well below that range at $23.11. The large stake reduction indicates a bearish bias.Aveo Pharmaceuticals Inc. (AVEO), and Enzon Pharmaceuticals Inc. (ENZN): These are positions in the small-cap pharmaceuticals space, each accounting for around 1% of the US long portfolio. AVEO was reduced marginally and ENZN was reduced by around 13% this quarter. Despite the stake reduction, the long-term nature of these positions indicates a mild bullish bias.The rest of the portfolio remained steady during the quarter:Rovi Corporation (ROVI): ROVI is a small 1.92% of the US long portfolio stake established last quarter at prices between $10.01 and $19.14. The stake was kept steady this quarter and the stock currently trades at $17.25, within the price-range Klarman could have bought it at. The small stake does not indicate a clear bias.Theravance Inc (THRX): THRX is a large 9.09% of the US long portfolio position that was kept steady this quarter after reducing by around 7% last quarter at prices between $23.81 and $31.69. It is a very long-term position that has been in the portfolio since 2008. The stock currently trades at $22.13.Genworth Financial (GNW): GNW is a relatively small 3.4% of the US long portfolio stake established in Q2 2012 at prices between $4.89 and $8.38. A similar sized stake was earlier established in Q4 2011 at prices between $4.80 and $10.68 only to dispose it off the next quarter at prices between $6.55 and $9.54. The stock currently trades at $9.14.Syneron Medical Ltd. (ELOS), Alliance One International (AOI), Central Pac Financial Corp. (CPF), and Ituran Location and Control (ITRN): These are very small positions (~1% of the US long portfolio or less) that were kept steady this quarter. As the position sizes are very small, they do not indicate a clear bias.Microsoft Corporation (MSFT) and CALLs: MSFT was a large 5.6% stake that was reduced by a whopping 80% last quarter at prices between $28.63 and $31.46. The position was replaced with a 1.61% position in MSFT call options this quarter. The original stake was purchased in Q2 2011 at prices between $23.70 and $26.71. It was trimmed by just over 40% in Q1 2012 at prices between $26.76 and $32.85 but was kept steady in Q2 2012. The 13Fs do not show the strike prices or expiry dates and so Klarman’s bias on MSFT is unclear.The spreadsheet below highlights changes to Klarman's US stock holdings in Q4 2012:"

"Tracking Seth Klarman’s Baupost Group Holdings – Q3 2012 Update"

"This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. It is based on Klarman’s regulatory filed on 11/13/2012. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q2 2012.Klarman’s US long portfolio decreased by around 13.56% during the quarter from around $3.8B to $3.3B. Some large positions were trimmed substantially this quarter, thus accounting for the decrease in portfolio size. Since inception (1982), Baupost Group’s US long portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). The current allocation is at the high-end of that range and so signifies a bias towards US equities. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash.The number of holdings in the US long portfolio was held steady at 22 this quarter. Baupost eliminated a small ~1% position in Hess Corporation (HES) but initiated a new position in Rovi Corporation (ROVI) thus keeping the number of positions steady.New Stakes:Rovi Corporation (ROVI): ROVI is a small ~2% of the US long portfolio stake established this quarter at prices between $10.01 and $19.14. The stock currently trades at $14.89, near the mid-point of the price-range Klarman could have bought it at. The small stake does not indicate a clear bias.Stake Disposals:Hess Corporation (HES): HES was a small ~1% of the US long portfolio stake established last quarter when the price-per-share varied between $39.95 and $59.55. The stock was disposed-off this quarter at prices between $42.30 and $56.06. The quick about-turn this quarter indicates a mild bearish bias.Stake Increases:Novacopper Inc. (NCQ): NCQ is a minute ~0.30% stake that was acquired last quarter as a result of the spin-off of NCQ from Novagold Resources (NG). The position was increased this quarter by 50% at prices between $1.70 and $2.84. The stock currently trades at near the mid-point of that range at around $2.20. NCQ is a micro-cap with a $110M market capitalization. Klarman generally does not invest in such companies but the stake increase, although minor, indicates a mild bullish bias.Novagold Resources Inc (NG): NG is a ~3.5% stake built up over the last four quarters at prices between $3.5 and $12. The stake was increased by one-third this quarter at prices between $3.68 and $6.19. The stock currently trades at $4.29, about 15% above the lows reached during the quarter. NG had a setback recently when Barrick Gold (ABX), the joint-venture partner for its Donlin Gold project indicated it would not make a decision to construct at this time. It may have been stating the obvious as the permitting process for the mine is expected to take another four years. Never-the-less, the stock price corrected significantly after that news hit the wires. Klarman’s significant stake increase against falling prices indicates a strong bullish bias.Viasat (VSAT): VSAT accounts for over 12% of the portfolio. The position was increased marginally this quarter at prices between $33.85 and $40.85. The stock is currently trading near the low-end of that range at $35.82. Klarman first purchased VSAT in 2008 at much lower price-points but has consistently built the stake over the last four years. The large position size and the stake increase represent a clear bullish bias.Idenix Pharmaceuticals (IDIX): IDIX is a ~1.65% of the US long portfolio stake that was built-up over the last several quarters. It is a very volatile stock and the price fluctuated between $4.3 and $15 during the period of the stake acquisition. This quarter, the position was increased by 20% when the share price varied between $4.36 and $11.02. The stock currently trades at around $4.99, about 15% above the low-point of his most recent purchase. The significant stake increase over several quarters indicates a clear bullish bias.Stake Decreases:BP PLC (BP): BP is Klarman’s second-largest 13F position and represents over 14% of the US long portfolio. However, the stake was decreased by just over 16% this quarter. The pattern of Klarman’s trades over the last year is perplexing: The position was first established in Q2 2011 when the price-per-share varied between $42 and $46 and was decreased by ~22% in Q1 2012 at prices between $42 and $48. The last two quarters saw a stake increase of 40% followed by a stake reduction of over 16%. The stock traded between $36.46 and $45.34 last quarter and between $39.63 and $43.86 this quarter. Currently, it trades at $40.54. Despite the back-and-forth trades in the last few quarters and the stake reduction this quarter, the large position size indicates a clear bullish bias.Hewlett Packard Co. (HPQ): HPQ was Klarman’s third-largest position behind News Corporation and BP Plc. last quarter at over 14% of the US long portfolio. But, after a stake increase of over 55% last quarter, the position was reduced by close to 50% this quarter. The stake was first established in Q4 2011 at a price-range between $22 and $37. The large stake increase last quarter happened at prices between $19.36 and $25.25. The stake reduction this quarter was at prices between $16.71 and $20.36. The stock currently trades well below that range at around $13.50. The large stake reduction indicates a bearish bias.Microsoft Corporation (MSFT): MSFT was a large 5.6% stake that was reduced by a whopping 80% this quarter at prices between $28.63 and $31.46. The original stake was purchased in Q2 2011 at prices between $23.70 and $26.71. It was trimmed by just over 40% in Q1 2012 at prices between $26.76 and $32.85 but was kept steady in Q2 2012. The large stake reduction this quarter indicates a clear bearish bias.News Corporation (NWS): News Corporation is Klarman’s largest 13F position with the Class A (NWSA) and Class B (NWS) shares together accounting for almost 17% of the portfolio. The position was trimmed by around 12% this quarter at prices between $21.73 and $25.22. NWS is a long-term holding and Klarman’s cost-basis is very low compared to the current market price-range. The minor stake reduction does not signify a clear bias.Oracle Corporation (ORCL): ORCL is an almost 13% of the US long portfolio stake established last quarter when the price-per-share varied between $25.61 and $29.70. It was trimmed by around 15% this quarter at prices between $28.82 and $33.10. The stock currently trades at around $30 per share. The stake reduction signifies a mild bearish bias.Theravance Inc (THRX): THRX is a large over 10% of the US long portfolio position that was trimmed by around 7% this quarter at prices between $23.81 and $31.69. It is a long-term position and the stake reduction indicates a mild bearish bias. The stock currently trades at around $20.50.The rest of the portfolio remained steady during the quarter:Allied Nevada Gold (ANV): ANV is an almost 6% of the US long portfolio position that was kept steady this quarter. The position was increased by around 25% last quarter. The original stake was established in Q1 2011 at prices between $24 and $35 and has since been periodically increased. The stake increase last quarter happened at prices between $23.82 and $32.78. The stock currently trades at around $34.23, outside the price-range Klarman traded at in the quarter. Klarman is bullish on gold and also has a position in Novagold Resources (NG), another small-cap gold stock.Genworth Financial (GNW): GNW is a relatively small ~2.4% of the US long portfolio stake established last quarter at prices between $4.89 and $8.38. A similar sized stake was earlier established in Q4 2011 at prices between $4.80 and $10.68 only to dispose it off the next quarter at prices between $6.55 and $9.54. The current stake was purchased at prices between $4.89 and $8.38 and the stock currently trades at $5.40. GNW is trading at a very large discount to tangible book value and appears to be a classic value pick.Syneron Medical Ltd. (ELOS), Aveo Pharmaceuticals Inc. (AVEO), and Enzon Pharmaceuticals Inc. (ENZN): These are positions in the small-cap pharmaceuticals space, each accounting for less than 2% of the US long portfolio. The long-term nature of these positions indicates a bullish bias.Alliance One International (AOI), Central Pac Financial Corp. (CPF), Ituran Location and Control (ITRN), and Sycamore Networks (SCMR): These are very small positions (<1% of the US long portfolio) that were kept steady this quarter. As the position sizes are very small, they do not indicate a clear bias.The spreadsheet below highlights changes to Klarman's US stock holdings in Q3 2012:"

"Tracking Seth Klarman’s Baupost Group Holdings – Q2 2012 Update"

"This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. Klarman’s US long portfolio increased by around 30% during the quarter from $2.96B to $3.8B. The increase is primarily due to building significant new stakes and increasing a number of his previous holdings. Baupost Group’s US long portfolio has only accounted for between 2.4% to 15% of the Assets Under Management (AUM) since inception (1982). The current allocation is above that range and signifies a clear shift in bias towards US equities. The rest of the AUM is diversified among cash, debt, real estate, and hedges. The fund continues to hold well over a quarter of the AUM in cash.The number of holdings in the US long portfolio has increased from 20 to 22. Baupost eliminated two very small positions this quarter (Alere Inc. and Multimedia Games Holding Company Inc.) but added four new positions: Genworth Financial, Hess Corporation, Novacopper Inc. and Oracle Corporation.New Stakes:Oracle Corporation (ORCL): ORCL is an over 12% of the US long portfolio stake established this quarter when the price-per-share varied between $25.61 and $29.70. It is Klarman’s fourth largest holding in the US long portfolio, behind News Corp, BP PLC and Hewlett Packard. Investors attempting to follow Klarman will have to wait for a better entry point on ORCL as it is trading at over $31 per share, well outside the range Klarman could have bought it at.Genworth Financial (GNW): GNW is a relatively small 2.2% of the US long portfolio stake established this quarter. A similarly sized stake was earlier established in Q4 2011 at prices between $4.80 and $10.68 only to dispose it off last quarter at prices between $6.55 and $9.54. The current stake was purchased at prices between $4.89 and $8.38 and the stock currently trades just below that range at around $4.80. GNW is trading at a very large discount to tangible book value and appears to be a classic value pick.Hess Corporation (HES): HES is a small ~1% of the US long portfolio stake established this quarter when the price-per-share varied between $39.95 and $59.55. The stock currently trades at around $49 right at the mid-point of the price range Klarman could have bought it at. The small stake does not indicate a clear bias.Novacopper Inc. (NCQ): NCQ is a minute ~0.15% stake that was acquired this quarter as a result of the spin-off of NCQ from Novagold Resources Inc (NG). NCQ is a micro-cap with a capitalization of just around $80M. Klarman generally does not invest in such companies and it will be interesting to see what he does with this position going forward.Stake Disposals:Multimedia Games Holding Co. Inc. (MGAM) and Alere Inc. (ALR): These were very small stakes that were significantly reduced in previous quarters and were sold-off completely this quarter. The stake disposals indicate a bearish bias.Stake Increases:BP PLC (BP): BP is Klarman’s second largest 13F position and represents over 14% of the US long portfolio. The stake was increased by over 40% this quarter indicating a strong bullish bias. The position was first established in Q2 2011 when the price-per-share varied between $42 and $46 and was decreased by ~22% last quarter at prices between $42 and $48. The about-turn this quarter is very significant. The purchases this quarter happened at prices between $36.46 and $45.34. The stock currently trades at around $42.Hewlett Packard Co. (HPQ): HPQ is sized very similar to BP at around 14% of the US long portfolio. The stake was increased by over 55% this quarter indicating a very strong bullish bias. The stake was first established in Q4 2011 at a price-range between $22 and $37 and was trimmed marginally last quarter. The stake increase this quarter happened when the price-per-share varied between $19.36 and $25.25. The stock currently trades at the low end of that range at $19.62. For investors attempting to clone Klarman’s positions, HPQ is a very good position to consider.Idenix Pharmaceuticals (IDIX): IDIX is a ~2.7% of the US long portfolio stake that was built-up over the last several quarters. It is a very volatile stock and the price fluctuated between $4.5 and $15 during the period of the stake acquisition. During Q2 2012, the position was increased by over 20% when the share price varied between $7.39 and $10.82. The stock currently trades at around $8.10, near the low end of his most recent purchase. The significant stake increase over several quarters indicates a clear bullish bias.Allied Nevada Gold (ANV): ANV is a ~3.7% of the US long portfolio position that was increased by around 25% this quarter. The position was first established in Q1 2011 at prices between $24 and $35 and has since been periodically increased. The stake increase this quarter happened at prices between $23.82 and $32.78. The stock currently trades at around $27.20. Klarman is bullish on gold and also has a position in Novagold Resources (NG), another small-cap gold stock.Stake Decreases:None.The rest of the portfolio remained steady during the quarter:Novagold Resources Inc (NG): NG is a 2.5% stake built up over the last three quarters at prices between $6 and $12. NG currently trades at $4.29, well below the price-range Klarman could have bought it at, even after accounting for the spin-off of Novacopper. NG had a setback recently when Barrick Gold (ABX), the joint-venture partner for its Donlin Gold project indicated it would not make a decision to construct at this time. It may have been stating the obvious as the permitting process for the mine is expected to take another four years. Never-the-less, the stock price corrected significantly after that news hit the wires. NG is a good stock to consider for investors on the lookout for a position that is leveraged to higher gold prices.Theravance Inc (THRX), Microsoft Corporation (MSFT), News Corporation (NWS), and Viasat (VSAT): These four are large positions that account for between 5 and 15% of the US long portfolio each. News Corporation is Klarman’s largest 13F position with the Class A and B shares combined accounting for around 15% of the portfolio. VSAT accounts for over 10% of the portfolio while THRX stands at around 8.5%. The large position sizes and the fact that they were kept steady this quarter indicates a bullish bias. The stocks are trading well above Klarman’s cost-basis on them and so investors attempting to follow his trades will have to wait for better entry points.Syneron Medical Ltd. (ELOS), Aveo Pharmaceuticals Inc. (AVEO), and Enzon Pharmaceuticals Inc. (ENZN): These are positions in the small-cap pharmaceuticals space, each accounting for less than 2% of the US long portfolio. The long-term nature of these positions indicates a bullish bias.Alliance One International (AOI), Central Pac Financial Corp. (CPF), Ituran Location and Control (ITRN), and Sycamore Networks (SCMR): These are very small positions (<1% of the US long portfolio) that were kept steady this quarter. As the position sizes are very small, they do not indicate a clear bias.The spreadsheet below highlights changes to Klarman's US stock holdings in Q2 2012:Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q1 2012.05/13/2012"

"Tracking Seth Klarman’s Baupost Group Holdings – Q1 2012 Update"

"This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's U.S. stock portfolio on a quarterly basis. Baupost Group is diversified globally and holds less widely held asset classes such as liquidations, bankruptcies, and distressed debt. The fund also has a reputation of holding large amounts of cash at any given time. The US long portfolio which had $3.34B of assets in Q4 2011, has dipped to just below $3B as of Q1 2012. The ~10% downward change in allocation is still in the high-end of the 2.4% to 15% allocation range for US long holdings in his portfolio since inception (1982). As such, the current allocation signifies a mild bullish bias.The number of holdings in the US long portfolio has reduced to 20 from 23 – it sold off three positions but did not add any new stakes. The significant events during the last three months include:On March 28, 2012, New York State Supreme Court Justice Barbara Kapnick dismissed a case filed in February 2011 by Baupost Group against Bank of New York Mellon Corporation, the trustee for certain mortgage-backed bonds held by the group. Walnut Place, a legal entity for Baupost Group alleged that Countrywide (a Bank of America unit) breached representations and warranties set forth in two Pooling and Servicing Agreements (PSAs). At issue is the alleged failure of BNY Mellon to force Bank of America to repurchase the loans. The judge cited that a “no-action clause” in the PSAs barred Walnut Place’s suit and that the action was premature as the trustee (BNY) asked for additional time to investigate the matter. Baupost owns $1.4B in face value of the bonds at issue.The mega-quarry project application filed by Highland Companies (controlled by Baupost Group) continued to face local opposition. An application for a 2316 acre limestone mega-quarry at a depth of 200 ft. below the water level was filed on March 3, 2011, but local farmers (North Dufferin Agricultural and Community Taskforce and Citizens’ Alliance for a Sustainable Environment) forced the Ontario government to order a full environmental assessment of the project. The latest development is a letter dated May 7, 2012 from the Chairman of NDACT alleging that the review process of the Aggregate Resources Act (ARA) largely excluded locals and should therefore make amendments so as “to conduct more thorough ARA review hearings” and to have hearings at select rural communities including Dufferin County. If Highland Companies succeed in building the mine, Baupost Group will control the second largest such mine in North America with limestone deposits worth upwards of $6B at current prices. Highland Companies acquired the entire acreage between 2006 and 2010 for around $50M.Vivendi, the large French media group disclosed in the 2011 annual report that Baupost Group owned 25.5 million shares as of February 29, 2012. The ~2% ownership stake makes it one of his largest holdings. For investors attempting to follow Klarman, Vivendi is a good option as the price-per-share has continued to plummet since the beginning of the year.New Stakes:None.Stake Disposals:Genworth Financial (GNW): GNW, a 2% of the US stock portfolio position established in Q4 2011 when the price-per-share varied between $4.80 and $10.68, was disposed this quarter when the price-per-share varied between $6.55 and $9.54. The stock currently trades at $5.85. Genworth, though a very volatile stock, can be considered a value pick as its book value is ~ $32 per share. Genworth was expected to raise liquidity through the IPO of its Australian unit early this year. But, on April 18, 2012, a press release indicated that the offering was postponed to early 2013 citing “elevated” losses.PDL Biopharma Inc (PDLI): PDLI, a 1.7% stake, was eliminated this quarter when the price-per-share varied between $6.02 and $6.58. The bulk (70%) of the PDLI stake was built in Q4 2011 when the price-per-share varied between $5.5 and $6.5. The stock currently trades at $6.50. An investment in PDLI essentially boils down to assessing the impact of Queen et al patent expiration in December 2014. The royalty revenue stream will stop around 2015, and there is also ongoing patent related litigation (primarily Roche). Management has plans to continue as a going-entity past 2015 through an acquisition.Targacept Inc (TRGT): TRGT, a ~1% stake established in Q4 2011 when the price-per-share varied between $5 and $19.25, was eliminated this quarter when the price-per-share varied between $5 and $7.50. The price-per-share of TRGT dropped more than 50% in November 2011 after the failure of TC-5214 in a late-stage clinical trial. The investment can be termed a classic “cigar-butt” pick – buying low-quality companies at very cheap prices. The gamble did not pay off as the stock price continued to tumble on further bad news in the last two months: top-line results from the remaining TC-5214 studies did not meet the primary endpoint and AstraZeneca PLC promptly dissolved its collaboration and license agreement for TC-5214.Stake Increases:Novagold Resources Inc (NG): NG, a small 1% of the US stock portfolio position established in Q3 2011 when the price-per-share varied between $6.45 and $11.22, has since been built up to a more significant 2.5% stake over the last two quarters when the price-per-share varied between $6.19 and $11.49. On a related note, Klarman had taken a relatively large 5% of the US stock portfolio position in Allied Nevada Gold (ANV) in Q1 2011 when the price-per-share varied between $24 and $35. The stock currently trades at $26.29. Combined, these two positions account for a very significant ~6% of the US long portfolio. NG currently trades at $5.41, well below the price-range Klarman could have bought it at. As such, for investors attempting to follow Klarman, NG is a good choice.Theravance Inc (THRX): THRX, a large ~10% of the US long portfolio position, was increased marginally this quarter. Klarman is bullish on this stock which has rebounded by over 10% in the last month. GlaxoSmithKline (GSK) recently increased its stake in THRX from 18.3% to 26.8%. GSK has a collaboration agreement with THRX whereby the companies plan to replace GSK’s best-selling-drug Advair with treatments for asthma and chronic obstructive pulmonary disease (COPD) under the Relovair program.Idenix Pharmaceuticals (IDIX): IDIX stake was increased from 1.4% to 2.6% of the US long portfolio. The position was built up over the last year with large additions in the last two quarters. The stock was very volatile during the period with the price-per-share varying between $4.5 and $15. The significant stake increase this quarter represents a clear bullish bias. During Q1 2012, the price-per-share varied between $7 and $15. Currently, the stock trades at around $8.5, near the low-end of the price-range Klarman could have bought it at. For investors attempting to follow Klarman, IDIX is a good option.Stake Decreases:Hewlett Packard Company (HPQ): HPQ, a very large 14% of the US long portfolio position established in Q4 2011 when the price-per-share varied between $22 and $37, was decreased marginally during the quarter. The stock currently trades at ~$23. Despite the stake reduction, the large position-size indicates a bullish bias.BP PLC (BP): BP, a very large 14% stake established in Q2 2011 when the price-per-share varied between $42 and $46, was decreased by ~22% this quarter. During this quarter, the price-per-share varied between $42 and $48. The stock currently trades at around $39. Despite the significant stake reduction, the position size is still very large and does not indicate a clear bearish bias.Microsoft Corporation (MSFT): MSFT, a large 7.5% stake, was reduced by over 40% this quarter. The price-per-share increased by ~23% during the quarter from a low of $26 to a high of $32. The very large stake reduction indicates a mild bearish bias.Alere Inc (ALR) & Multimedia Games Holdings (MGAM): ALR, a 1.5% stake, was almost completely sold-off this quarter. MGAM, a 0.7% stake, was reduced by 80% this quarter. The current stakes are insignificant and the stake disposals indicate a bearish bias.The rest of the portfolio remained steady during the quarter. The spreadsheet below highlights changes to Klarman's US stock holdings in Q1 2012:Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund's moves during Q4 2011.02/12/2012"

"Tracking Seth Klarman’s Baupost Group Portfolio – Q4 2011 Update - EDITED"

"This series of articles are an ongoing analysis of the changes made to Baupost Group’s stock portfolio on a quarterly basis. The spreadsheet below highlights changes to Baupost Group’s stock holdings in the last quarter (Q4 2011):The Baupost Group, headed by Seth Klarman has around $29.4B in Assets Under Management (AUM). Typically, the fund is diversified among different asset classes and special situations such as liquidations, bankruptcies, and distressed debt. As of Q3 2011, the allocation of the portfolio stood at just 12.5% (~$3B). As of EOY 2011, the allocation of the portfolio is at ~11.36% ($3.34B). This slight downward shift in allocation is not that significant. In the last decade, his allocation has varied between a low of 2.4% and a high of 15%. The existing allocation signifies a relatively bullish stance toward US equities.New Stakes:Targacept Inc (TRGT): TRGT is a small position (1% of the stock portfolio) initiated this quarter when the price-per-share varied between $5 and $19.25. The stock currently trades at ~$6. The stock crashed 75% during the quarter following Phase 3 trail results for TC-5214, a collaborative effort with AstraZeneca for adjunct treatment in patients with depressive disorder – the first two study results out of four Phase 3 studies were announced during the quarter and both came out negative – the studies did not meet primary endpoint of change on the Montgomery-Asberg Depression Rating Scale (MADRS). Given his penchant for finding value, it is probable Klarman initiated the position after the crash. The stock is currently trading ~20% higher than the lows reached in the quarter. Klarman has three other positions in biopharmaceuticals in the small-cap space. The fact that Klarman holds four different positions in this arena when he has only 20 positions in the entire US stock market is significant, and indicates that he considers that space as a good hunting ground to unveil values.Stake Disposals:Beitburn Energy Partners LP (BBEP): BBEP is a long-term position that was in the portfolio since 2007. The position size peaked at around 8.5M shares in 2009 which was ~13% of the US stock portfolio allocation at the time and since then the position was slowly trimmed to 2.5M shares which was a mere ~1.5% last quarter before elimination this quarter. The price-per-share varied between $16.18 and $19.10 during the quarter. The bulk of the shares were acquired in Q3 2008 when the price-per-share varied between $14.10 and $20.92 - Klarman must have realized only modest annual returns during his ownership of the stock.Stake Increases:News Corp Class A and Class B Shares (NWSA and NWS): News Corporation, a long-term holding first purchased in 2005, is a large position that was incrementally increased this quarter by around 1.6% to 25.7M shares. The position size fluctuated till Q1 2008 when it was doubled to over 12M shares when the price-per-share varied between $18.39 and $20.30. The stake was increased substantially to around 21M shares in Q3 2008 when the price-per-share varied between $11.03 and $14.76. Although the position size varied only modestly in the last few quarters, a significant shift is from the Class A shares to the Class B shares, despite Class B shares trading at a slight premium. The difference between the share classes is that the Class B shares have voting rights. The shift indicates Klarman’s belief that the voting shares will have more demand in the future – any entity looking for a controlling stake would definitely want Class B shares. Rupert Murdoch, the founder and CEO and his family has a large ~38% stake in the Class B shares.Allied Nevada Gold (ANV) and Novagold Resources Inc (NG): NG, first purchased in Q3 2011 when the price-per-share varied between $6.45 and $11.22 is ~2% of the stock portfolio position. The stock currently trades at $8.48. ANV, first purchased in Q1 2011 when the price-per-share varied between $24 and $35 is a ~4% of the stock portfolio position. The stock currently trades at $34.07. The positions were increased by 50% and 15% respectively this quarter. Klarman certainly has a bullish bias towards gold and is in the process of building a position through stakes in these two companies. He is known to hold gold as a hedge against devaluation of global currencies due to uncontrolled government spending. The stocks currently trade in the mid-point of the range Klarman could have purchased them. For investors attempting to follow Klarman, these two stocks are good candidates for further research.Aveo Pharmaceuticals (AVEO) and Idenix Pharmaceuticals (IDIX): AVEO, almost 3% of the stock portfolio position, was increased modestly this quarter. IDIX, close to 1.5% of the stock portfolio position, was more than doubled this quarter. IDIX price-per-share varied between $4.55 and $8.22 this quarter and the stock currently trades at $10.92. Klarman is bullish on IDIX but as it is trading well above the range Klarman could have bought the stake at, investors attempting to follow him should wait for a better entry point.Stake Decreases:BP PLC (BP): BP, initiated in Q2 2011 when the price-per-share varied between $42 and $46 is a very large 15% of the stock portfolio position that was decreased by ~12% this quarter. At its current value of $46.35 BP is still trading at a significant discount to valuations among oil majors – the oil spill of May 2010 resulted in the price-per-share dropping from around $60 to $27 and the stock has been on a slowly recovering mode since then. For investors attempting to shadow Klarman, BP is a good option.Hewlett Packard Company (HPQ): HPQ, initiated in Q3 2011 when the price-per-share varied between $22 and $37, is a very large ~15% of the stock portfolio position. The stock currently trades at ~$28.70. The position size was trimmed by ~10% this quarter. The stock was decimated due to PC segment underperformance and a major management shakeup with CEO Leo Apothekar replaced by Meg Whitman. For investors attempting to tag along with Klarman, HPQ is still very much a value play trading around the mid-point of the range of prices Klarman could have paid for the stock.PDL Biopharma Inc (PDLI): PDLI is a 1.5% US stock portfolio position that was slashed by more than half during the quarter. PDLI price-per-share varied between $5.35 and $6.40 this quarter and the stock currently trades at $6.39. PDLI trades are a rare about-turn for Klarman as the stake was roughly doubled in Q3 2011 only to be reduced by half during Q4 2011.Alere Inc (ALR): Alere (ALR) is a 1.5% US stock portfolio position that was trimmed by a third during the quarter. ALR price-per-share varied between $18.51 and $26.43 during the quarter. It currently trades at $25.76. The stake was initiated in Q3 2010 when the price-per-share varied between $26.68 and $31.17 and doubled in Q4 2010 when the price-per-share varied between $28.84 and $38.40. Klarman has since turned bearish on the stock.The fund’s positions in Alliance One International (ALR ~1.5%), Central Pac Financial Corp (CPF <1%), Enzon Pharmaceuticals (ENZN ~2%), Genworth Financial (GNW ~2%), Ituran Location and Control (ITRN <1%), Microsoft (MSFT ~10%), Multimedia Games Holding Co Inc (MGAM <1%), Sycamore Networks (SCMR <0.3%), Syneron Medical Ltd (ELOS ~1.5%), Theravance (THRX ~10%), and Viasat (VSAT ~15%) have remained unchanged during the quarter. The portfolio had a couple of home runs during the quarter: Multimedia Games Holding Co Inc (MGAM) almost doubled although the position was very small and Viasat (VSAT) vaulted 30%. The only ones that decreased in value were ENZN that dropped about 5% and SCMR that dropped a very small percentage. The rest of the positions had modest positive returns.Please visit our for an idea on how his holdings have progressed over the years and highlighting the fund’s moves during Q3 2011.11/17/2011"

"Tracking Seth Klarman’s Baupost Group Portfolio – Q3 2011 Update"

"This series of articles will be ongoing updates that analyze changes to Baupost’s US stock portfolio from quarter to quarter. Please check-out our Tracking Seth Klarman’ Baupost Group Holdings article for an idea on how his holdings have progressed over the years.Below is a spreadsheet that highlights changes to Baupost’s US stock holdings in the last quarter:Baupost Group has around $24B in Assets Under Management (AUM). Typically, the fund is diversified among different asset classes and special situations such as liquidations, bankruptcies, and distressed debt. As of the Q2 2011, the US allocation of his portfolio stood at just 10% ($2.4B). As of Q3 2011, the US portfolio is at just over $3B, making the US Allocation at around 12.5%. That is a significant shift in allocation in one quarter and indicates that Seth Klarman is finding good values in the US stock market. This is especially true as his US allocation has varied between a low of just 2.4% and a high of 15% in the last ten years – the 15% allocation in 2008 was the only time the US allocation was better than the current allocation.New Stakes:Hewlett Packard Company (HPQ): HPQ is a very large (15% of the US stock portfolio) position initiated this quarter when the price-per-share varied between $37 and $22. The stock currently trades at ~$28. This is a classic value pick as the stock was decimated this year (32% drop) due to PC segment underperformance. There was a major management shakeup as well with CEO Leo Apothekar replaced by Meg Whitman. Despite these concerns, HPQ can be considered a value play as its other businesses (printers, software, and services) are considered stable.Genworth Financial (GNW): GNW is a 2% of the US stock portfolio position initiated this quarter when the price-per-share varied between $4.80 and $10.68. The stock currently trades at $6.60 and is very volatile. It has exposure to US mortgages and during the financial crisis the stock traded as low as $1.45. Despite this, the stock can be considered of value as the book value is at around $33 per share and it has been increasing at a 10% clip year-over-year. Liquidity is also not a concern as it has plenty of cash ($3.6B) and their Australian Mortgage Insurance business is doing an IPO which should net another $600M. This is against a long-term debt of $4.7B.Novagold Resources Inc (NG): NG is a small 1% of the US stock portfolio positon initiated this quarter when the price-per-share varied between $6.45 and $11.22. The stock currently trades at $8.81. Klarman previously took a relatively larger 5% of the US stock portfolio position in Allied Nevada Gold (ANV) in the first quarter of 2011 when the price-per-share varied between $24 and $35. The stock currently trades at $37.38. Klarman holds gold stocks as a hedge against uncontrolled government spending devaluing currencies.Stake Disposals:Audiovox Corporation (VOXX): VOXX was a very small position (<0.5% of the US stock portfolio) initiated in 2007 when the price-per-share varied between $10 and $16. The stake was increased significantly (2% of the US stock portfolio) in 2008 when the price-per-share varied between $4 and $11. The share count peaked at ~2 million in 2008 and the stake was slowly trimmed since then.Capitalsource Inc. (CSE): CSE was a large position that was initiated in 2008 when the price-per-share varied between $4 and $17. The stake peaked last year when it stood at around 6.5% of the US stock portfolio. Since then, the position was trimmed slowly and eliminated this quarter. The price-per-share varied between $5 and $7 during the quarter.Stake Increases:BP PLC (BP): BP is a very large stake that was increased by ~150% this quarter. The stake was initiated in the Q2 2011 when the price-per-share varied between $42 and $46. During this quarter, the price-per-share varied between $36 and $47. The stock currently trades at $43.70. BP is trading at a significant discount to valuations among the other oil majors – the oil spill of May 2010 resulted in the price-per-share dropping from around $60 to $27 and the stock has been slowly recovering since then. For investors attempting to follow Klarman, BP is a good option as it is trading within the price-range Klarman could have acquired his stake.News Corp (NWSA), Theravance Inc (THRX) and Viasat Inc (VSAT): NWSA, THRX, and VSAT are large positions that were increased incrementally this quarter. NWSA and THRX were increased by around 10% while VSAT was increased by around 5%. Klarman is definitely bullish on these stocks but they have recovered well from the lows of September. As such, investors attempting to follow Klarman should wait for a better entry price on these positions.Aveo Pharmaceuticals (AVEO) and PDL Biopharma Inc (PDLI): AVEO and PDLI are large positions (~$177M - 5.5% combined stake in the US portfolio) that were increased significantly this quarter. The AVEO stake was increased by around 10% while the PDLI stake was increased by a whopping 70%. PDLI price-per-share varied between $5.5 and $6.5 this quarter and the stock currently trades at $6.11. AVEO price-per-share varied between $15 and $20 this quarter and the stock currently trades at $16.24. Klarman is bullish on these stocks and they are trading within the price-range Klarman could have bought this quarter. As such, for investors attempting to follow Klarman, these are good options,Idenix Pharmaceuticals (IDIX) and Sycamore Networds (SCMR): IDIX and SCMR are small positions that were increased significantly this quarter. Combined, they only represent 0.6% of Baupost’s US stock portfolio. As such, the stakes do not represent a bullish bias.Allied Nevada Gold (ANV), Multimedia Games Holdings (MGAM) and Syneron Medical Limited (ELOS): These were positions that were increased by insignificant amounts this quarter. As such, the stake increases do not represent a strong bullish bias.09/2011"

"Tracking Seth Klarman’s Baupost Group Holdings"

"Seth Klarman is the president of Baupost Group, a Boston hedge fund that he founded in 1983. Assets under management have grown from $27 Million to well over $22 Billion in the last 28 years. Performance was also outstanding with the average annual return clocking in at 19% during the life of the funds. Baupost Group’s investment philosophy is value investing with an emphasis on risk management and focus on absolute returns. His book “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor” released in 1991 is a good source that describes the philosophy in detail. The book is out of print and is very hard-to-find with the result that a fresh copy goes in the $1000 range. Another source that describes how the fund operates is his letters to investors, some of which are published with permission on the Internet. His 1995 letter to shareholders has the following quote that succinctly portrays his investment style:“The Baupost Fund is managed with the intention of earning good absolute returns regardless of how any particular financial market performs. This philosophy is implemented with a bottom-up value investment strategy whereby we hold only those securities that are significantly undervalued, and hold cash when we cannot find alternatives. ”Seth Klarman was not that well known in the early years possibly because Baupost Group underperformed the S&P 500 index in the 1990s when many other hedge funds were posting jaw-dropping returns. The underperformance was not a huge surprise as he has stressed his focus on absolute returns. The continuation of the quote above makes this point clear:“Further, we prefer investments, when we can find them at attractive prices, that involve a catalyst for the realization of underlying value. This serves to reduce the volatility of our results and de-emphasizes market movements as the source of our investment returns. Positions with catalysts tend to lag a rapidly rising stock market (like this past year's) and outperform a lackluster or declining one (like we used to have every few years!).”The value of that focus became evident in the last ten years when his funds vastly outperformed the market – in a flat or down market Baupost’s focus on absolute returns pays dividends!Since the early 1990s, Seth Klarman became increasingly bearish on the US stock market. The asset allocation in the US stock market averaged in the mid-20s during that period. The following allocation listed in his 1997 letter gives an indication of how diversified his investments are at any given time:The low allocation to US Equities and the large cash allocation in the huge bull market of the period are understandable, given his focus on value investing and absolute returns. Below is a look at his allocation to US equities in the last seven years:Amazingly, through the 10-year period when the US market remained flat, his allocation to US equities actually dropped into the mid-teens range and has remained there even through corrections. Basically, he continues to find better opportunities outside the US stock market. Also, he considers US equities, in general, as being overvalued and speculative. The thinking is evident from the following quote from a June 2010 interview – “The market has gone up so much that, based on valuation, it is overvalued again to a meaningful degree where the expected returns logically from here can be as low as the low single digits or zero for the next several years” – S&P 500 was at 1064 at the time. For investors attempting to follow Seth Klarman’s philosophy or picks, there are several challenges:Seth Klarman rarely gives interviews and so outside of his book and the contribution (preface) to the 2008 reissue of Benjamin Graham and David Dodd’s classic book “Security Analysis”, there is very little information out there.As his allocation to US equities is comparatively small, any analysis of his history of holdings that can be derived from the mandatory 13F filings do not give a complete picture.Seth Klarman invests in many special situations that need deep knowledge in the areas concerned to invest successfully. Specifically, he invests in such areas as thrift conversions, financially distressed and bankrupt securities, other types of liquidations, etc. To follow such strategies, an individual investor needs to study those areas and that can quickly become a full-time job making it impractical for individual investors to implement. His homeruns in 2008 included such investments as CIT bonds which he first bought when they were priced at 65 cents to 75 cents on the dollar. Most investors will find it hard to follow that trade, let alone holding them and buying more when it eventually fell to the low 40s.Although his allocation to US equities is limited, studying the individual holdings over the years can be worthwhile for investors attempting to follow his philosophy/trades. Below is a look at his US holdings over the last three years:News Corporation (NWSA) is a top long-term holding that has been in the portfolio since 2004. The stake accounted for almost 50% of his US holdings initially. It still accounts for about 15% of the US portfolio currently. Seth Klarman is bullish on the stock even though it has not moved in the last six years.Viasat Incorporated (VSAT) is a top holding that was initiated in 2008 with a modest stake of 3% of the US portfolio. It now accounts for about 18% of the portfolio. The stake was increased by more than four-times during the market lows of 2009 and then doubled again in 2010. Seth Klarman has become increasingly bullish in the last three years and is sitting on significant gains.In the 2nd quarter of 2011, Seth Klarman added two new large-cap issues: Microsoft (MSFT) and BP Plc (BP). This is significant in that the stakes are large and it is rare for him to buy into large-cap stocks. News Corporation (NWSA) was the only large-cap in his portfolio previously. Microsoft has increased by around 10% from the lows of the period when Seth Klarman bought the stock while BP Plc (BP) stock price has remained flat. These are good choices for investors attempting to follow his trades.Seth Klarman continues to have several small and mid-caps in the portfolio. Significant mid-cap positions include Alere Inc (ALR), Allied Nevada Gold (ANV), Capitalsource Inc (CSE), and Theravance (THRX). Significant small-cap positions include Aveo Pharmaceuticals Inc (AVEO), Enzon Pharmaceuticals (ENZN), PDLI Biopharma Inc (PDLI), and Syneron Medical Ltd (ELOS). Those are very good hunting grounds for value investors looking for ideas."

"Tracking Lone Pine Capital Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Lone Pine Capital’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/14/2023. Please visit our article for an idea on their investment philosophy and our for the fund’s moves during Q1 2023.This quarter, Lone Pine’s 13F portfolio value increased from $10.80B to $10.91B. The number of holdings remained steady at 29. The top three positions are at ~19% while the top five are ~30% of the 13F assets: Microsoft, Taiwan Semi, Amazon, Bath & Body Works, and RH Inc.Note: Stephen Mandel stepped down from managing investments at Lone Pine Capital in January 2019 in a previously announced (September 2017) move. He is currently a managing director at the firm. Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Live Nation (LYV) and Nvidia Corp (NVDA): LYV is a 3.32% of the portfolio position purchased this quarter at prices between $x and $x and the stock currently trades at $x. The 2.49% NVDA stake was purchased at prices between $x and $x and it is now at $x.Stake Disposals:Advanced Micro Devices (AMD): AMD was a 2.57% of the portfolio stake established during Q4 2022 at prices between ~$56 and ~$78 and the stock currently trades at ~$x. There was a ~28% selling last quarter at prices between ~$62 and ~$100. The disposal this quarter was at prices between $x and $x.Valaris Limited (VAL): The 1.15% VAL stake was established in the last two quarters at prices between ~$49 and ~$79 and it is now at $x. The elimination this quarter was at prices between $x and $x.Stake Decreases:Microsoft Corporation (MSFT): MSFT is now a large (top three) position at 7.81% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. The stake has wavered. Recent activity follows. The two quarters through Q3 2022 saw a ~43% reduction at prices between ~$233 and ~$315. The next quarter saw a ~23% stake increase while last quarter there was a similar reduction. The stock is now at ~$x. There was a minor ~7% trimming this quarter.Taiwan Semi (TSM): TSM is a large (top three) ~6% of the portfolio position purchased in Q1 2022 at prices between ~$99 and ~$141 and the stock currently trades at ~$x. The three quarters through Q4 2022 saw a ~30% stake increase at prices between ~$60 and ~$105. The last two quarters saw a ~$x% selling at prices between ~$x and ~$x.Amazon.com (AMZN): AMZN is currently at 5.85% of the portfolio. It was established in Q4 2017 at prices between ~$48 and ~$60. The position has wavered. Recent activity follows. The position was reduced by ~30% in Q1 2022 at prices between ~$136 and ~$170. That was followed with a ~25% selling during Q3 2022 at prices between ~$106 and ~$145. The next quarter saw a ~45% stake increase at prices between ~$82 and ~$121 while the last two quarters saw a $x% reduction at prices between ~$x and ~$x. The stock is now at ~$x.Bath & Body Works (BBWI) previously L Brands: BBWI is currently at 5.62% of the portfolio. It was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $x. There was a ~$x% selling in the last five quarters.Note: Lone Pine Capital has a ~9% ownership stake in Bath & Body Works. Their implied cost-basis is understated in the prices above as ~$14 per share in value came back to them with the Victoria’s Secret spinoff transaction (one share of VSCO for every three shares held) last July.Workday Inc. (WDAY): WDAY is currently at 5.34% of the portfolio. It was established in 2021 at prices between ~$221 and ~$301 and it is now at ~$x. The last six quarters saw a ~$x% reduction at prices between ~$x and ~$x.TransDigm Group (TDG): The 4.78% TDG position was purchased during Q3 2022 at prices between ~$525 and ~$677 and it is now at ~$x. There was a ~17% trimming this quarter.Dick’s Sporting Goods (DKS): The ~4% DKS stake was purchased during H1 2022 at prices between ~$71 and ~$118 and the stock currently trades at ~$x. There was a ~30% reduction this quarter at prices between $x and $x.Note: They have a ~5.3% ownership stake in the business.Salesforce.com (CRM): CRM is a 3.28% of the portfolio stake established during the last two quarters at prices between ~$128 and ~$200. The stock currently trades at ~$x. This quarter saw a ~17% trimming.Visa (V): The 2.70% of the portfolio V position was established during Q4 2021 at prices between ~$190 and ~$234 and it is now at ~$x. The stake was reduced by ~55% during H1 2022 at prices between ~$189 and ~$235. That was followed with a ~30% selling last quarter at prices between ~$207 and ~$231. There was a ~16% trimming this quarter.Stake Increases:Booking Holdings (BKNG): The 5.21% BKNG position was purchased in Q2 2022 at prices between ~$1749 and ~$2375 and it is now at ~$x. The last two quarters saw a ~20% trimming while this quarter saw a minor ~3% increase.Mastercard (MA): MA is a 4.24% of the portfolio position purchased during Q4 2021 at prices between ~$306 and ~$370 and the stock currently trades at ~$x. The position was reduced by ~70% during H1 2022 at prices between ~$309 and ~$397. That was followed with a one-third reduction in the last two quarters at prices between ~$283 and ~$382. There was a ~12% increase this quarter.PTC Inc. (PTC): PTC is a ~4% of the portfolio position purchased during Q3 2022 at prices between ~$100 and ~$126 and the stock currently trades at ~$x.LPL Financial Holdings (LPLA),: LPL is a ~4% of the portfolio stake established during Q2 2022 at prices between ~$168 and ~$219 and the stock currently trades at ~$x. The last four quarters have seen only minor adjustments.Floor & Décor Holdings (FND): The 3.58% FND stake was purchased during the last three quarters at prices between ~$x and ~$x and it is now at ~$x.HDFC Bank (HDB): HDB is a 2.61% of the portfolio position purchased during H2 2022 at prices between ~$55 and ~$71 and it now goes for ~$x. There was a ~35% increase this quarter at prices between $x and $x.Kept Steady:RH Inc. (RH): The 5.36% of the portfolio RH stake was purchased in Q2 2021 at prices between ~$588 and ~$720. Next quarter saw a ~25% stake increase at prices between ~$652 and ~$739. Q4 2021 saw a similar increase at prices between ~$527 and ~$690. H1 2022 also saw a ~12% further increase. The stock is now at ~$x.Note: Lone Pine Capital has a ~7.4% ownership interest in RH Inc.UnitedHealth Group (UNH): The 3.93% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The position has wavered. Recent activity follows. H2 2022 saw a one-third stake increase at prices between ~$500 and ~$555 while the last quarter saw a ~16% selling. The stock is now at ~$477.KKR & Company (KKR) and Bill Holdings (BILL): KKR is a 3.37% of the portfolio position purchased last quarter at prices between $46.70 and $59.10 and the stock currently trades at $x. The 1.95% BILL stake was established last quarter at prices between ~$68 and ~$129 and it now goes for ~$x.ASML Holding NV (ASML): ASML is a 2.91% of the portfolio position established during the last two quarters at prices between ~$379 and ~$697 and it currently trades at ~$x.ICICI Bank (IBN): The 2.55% of the portfolio IBN stake was established during Q3 2022 at prices between ~$18 and ~$23 and it is now at $x.AvidXchange Holdings (AVDX), Cheniere Energy (LNG), EPAM Systems (EPAM), Marqeta Inc. (MQ), Moderna (MRNA), and Sweetgreen Inc. (SG): These small (less than ~2% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/13/2023 to 5/25/2023: None."

"Tracking Lone Pine Capital Portfolio – Q1 2023 Update"

"Lone Pine Capital’s 13F portfolio value increased from $10.48B to $10.80B this quarter.They added KKR and increased Salesforce.com, ASML, Floor & Décor Holdings, and EPAM Systems.The top three positions are Workday, Microsoft, and Taiwan Semi. They add up to ~22% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Lone Pine Capital’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/15/2023. Please visit our article for an idea on their investment philosophy and our for the fund’s moves during Q4 2022.This quarter, Lone Pine’s 13F portfolio value increased from $10.48B to $10.80B. The number of holdings decreased from 30 to 29. The top three positions are at ~22% while the top five are ~35% of the 13F assets: Workday, Microsoft, Taiwan Semi, Bath & Body Works, and Amazon.Note: Stephen Mandel stepped down from managing investments at Lone Pine Capital in January 2019 in a previously announced (September 2017) move. He is currently a managing director at the firm. Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:KKR & Company (KKR) and Bill Holdings (BILL): KKR is a 3.19% of the portfolio position purchased this quarter at prices between $46.70 and $59.10 and the stock currently trades at $53.59. The 1.37% BILL stake was established at prices between ~$68 and ~$129 and it now goes for ~$108.Stake Disposals:Thermo Fisher Scientific (TMO): TMO was a ~3% of the portfolio position established during H1 2022 at prices between ~$500 and ~$645 and the stock currently trades at ~$524. There was a one-third selling last quarter at prices between ~$485 and ~$571. The disposal this quarter was at prices between ~$535 and ~$605.First Citizens Bancshares (FCNCA): The 1.27% FCNA stake was primarily built last quarter at prices between ~$730 and ~$874. The elimination this quarter was at prices between ~$509 and ~$973. The stock currently trades at ~$1208.Equifax (EFX): The minutely small 0.01% stake in EFX was disposed during the quarter.Stake Decreases:Workday Inc. (WDAY): WDAY is currently the largest 13F position at 8.16% of the portfolio. It was established in 2021 at prices between ~$221 and ~$301 and it is now at ~$222. The last five quarters saw a ~25% reduction at prices between ~$133 and ~$255.Microsoft Corporation (MSFT): MSFT is now a large (top three) position at 7.15% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The five quarters through Q4 2019 had seen a ~63% selling at prices between $98 and $159 while next quarter saw a ~17% stake increase at prices between ~$135 and ~$189. Q1 2021 saw a ~25% stake increase at prices between ~$212 and ~$245 while in the next two quarters there was a ~40% selling at prices between ~$242 and ~$305. That was followed with a ~43% reduction in the two quarters through Q3 2022 at prices between ~$233 and ~$315. The last quarter saw a ~23% stake increase while this quarter there was a similar reduction. The stock is now at ~$335.Taiwan Semi (TSM): TSM is a large (top three) ~7% of the portfolio position purchased in Q1 2022 at prices between ~$99 and ~$141 and the stock currently trades at ~$102. The last three quarters saw a ~30% stake increase at prices between ~$60 and ~$105. This quarter saw a ~20% selling at prices between ~$74 and ~$98.Bath & Body Works (BBWI) previously L Brands: BBWI is currently at 6.63% of the portfolio. It was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $37.21. There was a ~20% selling in the last four quarters.Note: Lone Pine Capital has a ~9% ownership stake in Bath & Body Works. Their implied cost-basis is understated in the prices above as ~$14 per share in value came back to them with the Victoria’s Secret spinoff transaction (one share of VSCO for every three shares held) last July.Amazon.com (AMZN): AMZN is currently at 6.32% of the portfolio. It was established in Q4 2017 at prices between ~$48 and ~$60. The position has wavered. Recent activity follows. The three quarters through Q4 2020 saw a ~55% reduction at prices between ~$95 and ~$172 while in the next quarter there was a ~90% stake increase at prices between ~$148 and ~$169. Q3 2021 saw a ~25% selling at prices between ~$159 and ~$187 while in the next quarter there was a ~70% stake increase at prices between ~$160 and ~$185. The position was reduced by ~30% in Q1 2022 at prices between ~$136 and ~$170. That was followed with a ~25% selling during Q3 2022 at prices between ~$106 and ~$145. The last quarter saw a ~45% stake increase at prices between ~$82 and ~$121 while this quarter saw a one-third reduction at prices between ~$83 and ~$113. The stock is now at ~$129.Dick’s Sporting Goods (DKS): The ~6% DKS stake was purchased during H1 2022 at prices between ~$71 and ~$118 and the stock currently trades at ~$135. There was a ~9% trimming this quarter.Note: They have a ~7.6% ownership stake in the business.Booking Holdings (BKNG): The ~5% BKNG position was purchased in Q2 2022 at prices between ~$1749 and ~$2375 and it is now at ~$2624. The last two quarters saw a ~20% trimming.TransDigm Group (TDG): The 4.77% TDG position was purchased during Q3 2022 at prices between ~$525 and ~$677 and it is now at ~$850. The last two quarters saw only minor adjustments.UnitedHealth Group (UNH): The 3.90% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The position has wavered. Recent activity follows. There was a ~20% reduction in Q4 2020 at prices between ~$304 and ~$357. That was followed with a ~25% selling in Q4 2021 at prices between ~$387 and ~$506. Next two quarters saw a roughly two-thirds reduction at prices between ~$452 and ~$546. The stock is now at ~$477. There was a one-third stake increase in the last two quarters at prices between ~$500 and ~$555 while this quarter saw a ~16% selling.Mastercard (MA) and Visa (V): These fairly large stakes were established in Q4 2021. MA is a 3.53% of the portfolio position purchased at prices between ~$306 and ~$370 and the stock currently trades at ~$380. The position was reduced by ~70% during H1 2022 at prices between ~$309 and ~$397. That was followed with a one-third reduction in the last two quarters at prices between ~$283 and ~$382. The 3.10% of the portfolio V position was established at prices between ~$190 and ~$234 and it is now at ~$230. The stake was reduced by ~55% during H1 2022 at prices between ~$189 and ~$235. That was followed with a ~30% selling this quarter at prices between ~$207 and ~$231.LPL Financial Holdings (LPLA),: LPL is a 3.48% of the portfolio stake established during Q2 2022 at prices between ~$168 and ~$219 and the stock currently trades at ~$208. The last three quarters have seen only minor adjustments.Advanced Micro Devices (AMD): AMD is a 2.57% of the portfolio stake established last quarter at prices between ~$56 and ~$78 and the stock currently trades at ~$110. There was a ~28% selling this quarter at prices between ~$62 and ~$100.Marqeta Inc. (MQ): The minutely small 0.21% stake in MQ was further reduced this quarter.Stake Increases:ASML Holding NV (ASML), Floor & Décor Holdings (FND), and Salesforce.com (CRM): These three stakes were built in the last two quarters. ASML is a 2.91% of the portfolio position established at prices between ~$379 and ~$697 and it currently trades at ~$698. The 2.75% FND stake was purchased at prices between ~$65 and ~$101 and it is now at ~$98. CRM is a 3.76% of the portfolio stake established at prices between ~$128 and ~$200. The stock currently trades at ~$210.EPAM Systems (EPAM): The 2.67% EPAM position was purchased in Q2 2022 at prices between ~$265 and ~$348 and it is now at ~$214. The position was sold down by ~50% last quarter at prices between ~$301 and ~$389. There was a ~60% stake increase this quarter at prices between ~$275 and ~$379.ICICI Bank (IBN): The 2.41% of the portfolio IBN stake was established during Q3 2022 at prices between ~$18 and ~$23 and it is now at $22.82. There was a minor ~3% increase this quarter.Moderna (MRNA): The 2.32% MRNA position was purchased last quarter at prices between ~$118 and ~$210 and it now goes for ~$119. There was a ~13% stake increase this quarter.HDFC Bank (HDB): HDB is a 1.85% of the portfolio position purchased during the last two quarters at prices between ~$55 and ~$71 and it now goes for ~$69. There was a minor ~3% increase this quarter.Valaris Limited (VAL): The 1.15% VAL stake was established in the last two quarters at prices between ~$49 and ~$79 and it is now at $56.56.Kept Steady:RH Inc. (RH): The ~4% of the portfolio RH stake was purchased in Q2 2021 at prices between ~$588 and ~$720. Next quarter saw a ~25% stake increase at prices between ~$652 and ~$739. Q4 2021 saw a similar increase at prices between ~$527 and ~$690. H1 2022 also saw a ~12% further increase. The stock is now at ~$291.Note: Lone Pine Capital has a ~7.4% ownership interest in RH Inc.PTC Inc. (PTC): PTC is a 3.18% of the portfolio position purchased during Q3 2022 at prices between ~$100 and ~$126 and the stock currently trades at ~$141.AvidXchange Holdings (AVDX), Cheniere Energy (LNG), and Sweetgreen Inc. (SG): These are very small (less than ~0.5% of the portfolio each) positions kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/24/2022 to 3/13/2023: 13G/As – 2/14 – DKS – 5.02M shares – 8.4% of business, BBWI – 20.63M shares – 9% of business, CFLT – zero, FTCH – zero, MQ – 16.61M shares – 3.4% of business, RH – 1.77M shares – 7.4% of business, VSCO – zero, VTEX – zero, GROV - zero."

"Tracking Lone Pine Capital Portfolio – Q4 2022 Update"

"Lone Pine Capital’s 13F portfolio value decreased marginally from $10.61B to $10.48B this quarter.They added Advanced Micro Devices and Moderna while dropping Autodesk, PayPal Holdings, Meta Platforms, and EQT Corp. They also increased Microsoft and Amazon while decreasing Thermo Fisher Scientific and EPAM Systems.The top three positions are Bath & Body Works, Microsoft, and Amazon. They add up to ~24% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Lone Pine Capital’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 2/14/2023. Please visit our article for an idea on their investment philosophy and our for the fund’s moves during Q3 2022.This quarter, Lone Pine’s 13F portfolio value decreased marginally from $10.61B to $10.48B. The number of holdings decreased from 31 to 30. The top three positions are at ~24% while the top five are ~39% of the 13F assets: Bath & Body Works, Microsoft, Amazon, Workday, and Taiwan Semi.Note: Stephen Mandel stepped down from managing investments at Lone Pine Capital in January 2019 in a previously announced (September 2017) move. He is currently a managing director at the firm. Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Advanced Micro Devices (AMD) and Moderna (MRNA): AMD is a 2.42% of the portfolio stake established this quarter at prices between ~$56 and ~$78 and the stock currently trades well above that range at $96.60. The 2.32% MRNA position was purchased at prices between ~$118 and ~$210 and it now goes for ~$152.ASML Holding NV (ASML) and Floor & Décor Holdings (FND): ASML is a 1.23% of the portfolio position established this quarter at prices between ~$379 and ~$628 and it currently trades at ~$631. The 1.21% FND stake was purchased at prices between ~$65 and ~$82 and it is now at $90.58.Salesforce.com (CRM), Valaris Limited (VAL), and Equifax (EFX): These are very small (less than ~0.70% of the portfolio each) stakes established this quarter.Stake Disposals:PayPal Holdings (PYPL): PYPL was a 6.73% of the portfolio stake established during the last two quarters at prices between ~$69 and ~$122. The disposal this quarter was at prices between ~$68 and ~$94. It currently trades at $74.35.Autodesk Inc. (ADSK): ADSK was a ~4% of the portfolio stake established last quarter at prices between ~$171 and ~$234. It was sold this quarter at prices between ~$182 and ~$232. The stock currently trades at ~$201.EQT Corporation (EQT): The 2.28% EQT position was purchased in Q2 2022 at prices between ~$33 and ~$50. The elimination this quarter was at prices between ~$32 and ~$45. It now goes for $30.12.Meta Platforms (META): The 3.73% of the portfolio META stake was established in Q1 2022 at prices between ~$187 and ~$339. There was a ~37% increase next quarter at prices between ~$156 and ~$234. Last quarter saw a ~52% reduction at prices between ~$134 and ~$183. The stake was sold this quarter at prices between ~$89 and ~$140. The stock is now at ~$205.Block Inc. (SQ) previously Square: The SQ stake was established in Q3 2020 at prices between ~$113 and ~$165. The position was almost sold out in Q4 2021 at prices between ~$158 and ~$265. The stake was rebuilt next quarter at prices between ~$89 and ~$164 but again sold down in Q2 2022 at prices between ~$58 and ~$145. The remainder stake was sold this quarter. The stock is now at ~$75.Note: Square had a previous round-trip. It was a ~2% position built from Q2 2019 at prices between $57 and $82 and sold in Q2 2020 at prices between ~$44 and ~$105.Chesapeake Energy (CHK), Grove Collaborative (GROV), and Proshares VIX Sh Trm Fut (FIXY) Puts: These three minutely small (less than ~0.05% of the portfolio each) stakes were disposed during the quarter.Stake Decreases:Workday Inc. (WDAY): WDAY is currently a large top-five position at 7.46% of the portfolio. It was established in 2021 at prices between ~$221 and ~$301 and it is now well below that range at ~$192. The last four quarters saw a ~20% reduction at prices between ~$133 and ~$254.Mastercard (MA) and Visa (V): These fairly large stakes were established in Q4 2021. MA is a 4.47% of the portfolio position purchased at prices between ~$306 and ~$370 and the stock currently trades at ~$348. The position was reduced by ~70% during H1 2022 at prices between ~$309 and ~$397. This quarter also saw a ~13% trimming. The 4.13% of the portfolio V position was established at prices between ~$190 and ~$234 and it is now at ~$217. The stake was reduced by ~55% during H1 2022 at prices between ~$189 and ~$235. This quarter saw a minor ~4% trimming.Booking Holdings (BKNG): The 4.24% BKNG position was purchased in Q2 2022 at prices between ~$1749 and ~$2375 and it is now at ~$2440. This quarter saw a ~13% trimming.EPAM Systems (EPAM): The 4.24% EPAM position was purchased in Q2 2022 at prices between ~$265 and ~$348 and it is now at ~$280. The position was sold down by ~50% this quarter at prices between ~$301 and ~$389.Thermo Fisher Scientific (TMO): TMO is a ~3% of the portfolio position established during H1 2022 at prices between ~$500 and ~$645 and the stock currently trades at ~$557. There was a one-third selling this quarter at prices between ~$485 and ~$571.Cheniere Energy (LNG): The minutely small 0.01% stake in LNG was further reduced this quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is now a large (top three) position at ~8% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The five quarters thru Q4 2019 had seen a ~63% selling at prices between $98 and $159 while next quarter saw a ~17% stake increase at prices between ~$135 and ~$189. Q1 2021 saw a ~25% stake increase at prices between ~$212 and ~$245 while in the next two quarters there was a ~40% selling at prices between ~$242 and ~$305. That was followed with a ~43% reduction in the last two quarters at prices between ~$233 and ~$315. This quarter saw a ~23% stake increase at prices between ~$214 and ~$257. The stock is now at ~$276.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Amazon.com (AMZN): AMZN is currently the third largest 13F stake at 7.73% of the portfolio. It was established in Q4 2017 at prices between ~$48 and ~$60. The position has wavered. Recent activity follows. The three quarters through Q4 2020 saw a ~55% reduction at prices between ~$95 and ~$172 while in the next quarter there was a ~90% stake increase at prices between ~$148 and ~$169. Q3 2021 saw a ~25% selling at prices between ~$159 and ~$187 while in the next quarter there was a ~70% stake increase at prices between ~$160 and ~$185. The position was reduced by ~30% in Q1 2022 at prices between ~$136 and ~$170. That was followed with a ~25% selling last quarter at prices between ~$106 and ~$145. This quarter saw a ~45% stake increase at prices between ~$82 and ~$121. The stock is now at ~$100.Taiwan Semi (TSM): TSM is a large (top five) 7.39% of the portfolio position purchased in Q1 2022 at prices between ~$99 and ~$141 and the stock currently trades well below that range at ~$89.30. The last three quarters have seen a ~30% stake increase at prices between ~$60 and ~$105.UnitedHealth Group (UNH): The 5.38% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The position has wavered. Recent activity follows. There was a ~20% reduction in Q4 2020 at prices between ~$304 and ~$357. That was followed with a ~25% selling in Q4 2021 at prices between ~$387 and ~$506. Next two quarters saw a roughly two-thirds reduction at prices between ~$452 and ~$546. The stock is now at ~$472. There was a one-third stake increase in the last two quarters at prices between ~$500 and ~$555.TransDigm Group (TDG): The 4.66% TDG position was purchased last quarter at prices between ~$525 and ~$677 and it is now at ~$712. There was a minor ~5% stake increase this quarter.LPL Financial Holdings (LPLA),: LPL is a ~4% of the portfolio stake established during Q2 2022 at prices between ~$168 and ~$219 and the stock currently trades at ~$203. There was a ~14% trimming last quarter. This quarter saw a marginal increase.PTC Inc. (PTC) and HDFC Bank (HDB): PTC is a ~3% of the portfolio position purchased last quarter at prices between ~$100 and ~$126 and the stock currently trades at ~$119. There was a minor ~6% stake increase this quarter. HDB is a 1.90% of the portfolio position purchased during the last two quarters at prices between ~$55 and ~$71 and it now goes for ~$64.First Citizens Bancshares (FCNCA): The 1.27% FCNA stake was primarily built this quarter at prices between ~$730 and ~$874. The stock currently trades well below that range at ~$548.Kept Steady:Bath & Body Works (BBWI) previously L Brands: BBWI is currently the largest 13F position at 8.30% of the portfolio. It was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $35.25. There was a ~15% selling in the last three quarters.Note: Lone Pine Capital has a ~9% ownership stake in Bath & Body Works. Their implied cost-basis is understated in the prices above as ~$14 per share in value came back to them with the Victoria’s Secret spinoff transaction (one share of VSCO for every three shares held) last July.Dick’s Sporting Goods (DKS): The 5.76% DKS stake was purchased during H1 2022 at prices between ~$71 and ~$118 and the stock currently trades at ~$147.Note: They have a ~8.4% ownership stake in the business.RH Inc. (RH): The 4.52% of the portfolio RH stake was purchased in Q2 2021 at prices between ~$588 and ~$720. Next quarter saw a ~25% stake increase at prices between ~$652 and ~$739. Q4 2021 saw a similar increase at prices between ~$527 and ~$690. H1 2022 also saw a ~12% further increase. The stock is now well below their purchase price ranges at ~$248.Note: Lone Pine Capital has a ~7.4% ownership interest in RH Inc.ICICI Bank (IBN): The 2.44% of the portfolio IBN stake was established last quarter at prices between ~$18 and ~$23 and it is now at $20.15.AvidXchange Holdings (AVDX), Marqeta Inc. (MQ), and Sweetgreen Inc. (SG): These are small (less than ~1% of the portfolio each) positions kept steady this quarter.Note: they have a 3.4% ownership stake in Marqeta.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 9/2/2022 to 11/24/2022: None."

"Tracking Lone Pine Capital Portfolio – Q3 2022 Update"

"Lone Pine Capital’s 13F portfolio value remained almost steady at $10.61B this quarter.They increased PayPal and added Autodesk and TransDigm Group while dropping Alphabet, Atlassian, and ServiceNow.The top three positions are Workday, Amazon, and PayPal. They add up to ~21% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Lone Pine Capital’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 11/14/2022. Please visit our article for an idea on their investment philosophy and our for the fund’s moves during Q2 2022.This quarter, Lone Pine’s 13F portfolio value remained almost steady at $10.61B. The number of holdings increased from 30 to 31. The top three positions are at ~21% while the top five are ~34% of the 13F assets: Workday, Amazon, PayPal, Bath & Body Works, and Microsoft.Note: Stephen Mandel stepped down from managing investments at Lone Pine Capital in January 2019 in a previously announced (September 2017) move. He is currently a managing director at the firm. Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Autodesk Inc. (ADSK) and TransDigm Group (TDG): ADSK is a ~4% of the portfolio stake established this quarter at prices between ~$171 and ~$234 and the stock currently trades at ~$197. The 3.65% TDG position was purchased at prices between ~$525 and ~$677 and it is now at ~$615.PTC Inc. (PTC), ICICI Bank (IBN), and HDFC Bank (HDB): PTC is a 2.48% of the portfolio position purchased this quarter at prices between ~$100 and ~$126 and the stock currently trades at ~$122. The 2.31% of the portfolio IBN stake was established at prices between ~$18 and ~$23 and it is now at $22.85. HDB is a small ~1% of the portfolio position purchased at prices between ~$56 and ~$68 and it now goes for ~$68.Cheniere Energy (LNG) and Chesapeake Energy (CHK): These are minutely small (less than ~0.02% of the portfolio each) stakes established this quarter.Stake Disposals:ServiceNow Inc. (NOW): NOW was a 5.79% stake established in Q2 2017 at prices between $84.50 and $118. The position has since wavered. Recent activity follows. Q2 2020 saw a one-third increase at prices between $250 and $403. Q4 2020 saw similar selling at prices between ~$476 and ~$565. There was a stake doubling in H1 2021 at prices between ~$454 and ~$595. Next two quarters had seen a ~20% selling at prices between ~$545 and ~$702. That was followed with a ~35% reduction last quarter at prices between ~$412 and ~$598. The disposal this quarter was at prices between ~$370 and ~$516. The stock is now at ~$396.Alphabet Inc. (GOOG): GOOG was a 3.53% of the portfolio stake established last quarter at prices between ~$106 and ~$144. It was sold this quarter at prices between ~$96 and ~$123. The stock is now at ~$94.Atlassian Corp plc (TEAM): TEAM was a 2.86% of the portfolio position established in Q1 2022 at prices between ~$239 and ~$350. This quarter saw the stake sold at prices between ~$185 and ~$289. The stock is now at ~$136.Shopify Inc. (SHOP): SHOP stake was built in Q2 2019 at prices between ~$20 and ~$33. There was a one-third increase in Q4 2019 at prices between ~$29 and ~$41. Q1 2022 saw a ~25% reduction at prices between ~$51 and ~$136. Last quarter saw the stake almost sold out at prices between ~$30 and $73. The stock currently trades at $38.64. The remainder stake was sold this quarter.Fair Isaac Corp (FICO) and VTEX Inc. (VTEX): These two minutely small (less than ~0.15% of the portfolio each) positions were disposed during the quarter.Stake Decreases:Amazon.com (AMZN): AMZN is currently the second largest 13F stake at ~7% of the portfolio. It was established in Q4 2017 at prices between ~$48 and ~$60. The position has wavered. Recent activity follows. The three quarters through Q4 2020 saw a ~55% reduction at prices between ~$95 and ~$172 while next quarter there was a ~90% stake increase at prices between ~$148 and ~$169. Q3 2021 saw a ~25% selling at prices between ~$159 and ~$187 while next quarter there was a ~70% stake increase at prices between ~$160 and ~$185. The position was reduced by ~30% in Q1 2022 at prices between ~$136 and ~$170. That was followed with a ~25% selling this quarter at prices between ~$106 and ~$145. The stock is now at ~$90.Bath & Body Works (BBWI) previously L Brands: The large (top five) 6.34% BBWI stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $42.15. There was a ~15% selling in the last three quarters.Note: Lone Pine Capital has a ~9% ownership stake in Bath & Body Works. Their implied cost-basis is understated in the prices above as ~$14 per share in value came back to them with the Victoria’s Secret spinoff transaction (one share of VSCO for every three shares held) in July.Microsoft Corporation (MSFT): MSFT is now at 6.22% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The five quarters thru Q4 2019 had seen a ~63% selling at prices between $98 and $159 while next quarter saw a ~17% stake increase at prices between ~$135 and ~$189. Q1 2021 saw a ~25% stake increase at prices between ~$212 and ~$245 while in the next two quarters there was a ~40% selling at prices between ~$242 and ~$305. That was followed with a ~43% reduction in the last two quarters at prices between ~$233 and ~$315. The stock is now at ~$247.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.LPL Financial Holdings (LPLA), EPAM Systems (EPAM), EQT Corporation (EQT): LPL is a ~4% of the portfolio stake established last quarter at prices between ~$168 and ~$219 and the stock currently trades at ~$222. There was a ~14% trimming this quarter. The 4.24% EPAM position was purchased last quarter at prices between ~$265 and ~$348 and it is now at ~$346. There was a minor ~2% trimming this quarter. The 2.28% EQT position was purchased last quarter at prices between ~$33 and ~$50 and it now goes for $35.69. There was a ~7% trimming this quarter.Thermo Fisher Scientific (TMO): TMO is a 4.23% of the portfolio position established in the last two quarters at prices between ~$500 and ~$645 and the stock currently trades at ~$568. There was a ~5% trimming this quarter.Meta Platforms (META): The 3.73% of the portfolio META stake was established in Q1 2022 at prices between ~$187 and ~$339 and it is now below that range at ~$115. There was a ~37% increase last quarter at prices between ~$156 and ~$234. This quarter saw a ~52% reduction at prices between ~$134 and ~$183.First Citizens Bancshares (FCNCA) and Grove Collaborative (GROV): These two very small (less than ~0.20% of the portfolio each) stakes were reduced during the quarter.Stake Increases:Booking Holdings (BKNG) and PayPal Holdings (PYPL): The 3.93% BKNG position was purchased last quarter at prices between ~$1749 and ~$2375 and it is now at ~$2011. There was a ~7% stake increase this quarter. PYPL is a 6.73% of the portfolio stake established during the last two quarters at prices between ~$69 and ~$122 and it currently trades at ~$74.Taiwan Semi (TSM): TSM is a fairly large 6.21% of the portfolio position purchased in Q1 2022 at prices between ~$99 and ~$141 and the stock currently trades well below that range at ~$81. Last two quarters have seen a ~20% stake increase.UnitedHealth Group (UNH): The 4.47% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The position has wavered. Recent activity follows. There was a ~20% reduction in Q4 2020 at prices between ~$304 and ~$357. That was followed with a ~25% selling in Q4 2021 at prices between ~$387 and ~$506. Last two quarters saw a roughly two-thirds reduction at prices between ~$452 and ~$546. The stock is now at ~$548. There was a ~17% stake increase this quarter.Kept Steady:Workday Inc. (WDAY): WDAY is currently the top position at 7.20% of the portfolio. It was established last year at prices between ~$221 and ~$301 and it is now well below that range at ~$169. Last two quarters saw a ~15% trimming.Dick’s Sporting Goods (DKS): The 4.94% DKS stake was purchased in Q1 2022 at prices between ~$98 and ~$118 and the stock currently trades at ~$122. Last quarter saw a ~34% increase at prices between ~$71 and ~$108.Mastercard (MA) and Visa (V): These fairly large stakes were established in Q4 2021. MA is a 4.59% of the portfolio position purchased at prices between ~$306 and ~$370 and the stock currently trades at ~$351. The position was reduced by ~70% over the last two quarters at prices between ~$309 and ~$397. The 3.62% of the portfolio V position was established at prices between ~$190 and ~$234 and it is now at ~$209. The stake was reduced by ~55% over the last two quarters at prices between ~$189 and ~$235.RH Inc. (RH): The 4.11% of the portfolio RH stake was purchased in Q2 2021 at prices between ~$588 and ~$720. Next quarter saw a ~25% stake increase at prices between ~$652 and ~$739. Q4 2021 saw a similar increase at prices between ~$527 and ~$690. Last two quarters also saw a ~12% further increase. The stock is now well below their purchase price ranges at ~$266.Note: Lone Pine Capital has a ~7.8% ownership interest in RH Inc.Block Inc. (SQ) previously Square: The SQ stake was established in Q3 2020 at prices between ~$113 and ~$165. The position was almost sold out in Q4 2021 at prices between ~$158 and ~$265. The stake was rebuilt next quarter at prices between ~$89 and ~$164 but again sold down last quarter at prices between ~$58 and ~$145. The stock is now at $63.37.Note: Square had a previous round-trip. It was a ~2% position built from Q2 2019 at prices between $57 and $82 and sold in Q2 2020 at prices between ~$44 and ~$105.AvidXchange Holdings (AVDX), Marqeta Inc. (MQ), Proshares VIX Sh Trm Fut (FIXY) Puts, and Sweetgreen Inc. (SG): These are small (less than ~1.25% of the portfolio each) positions kept steady this quarter.Note: Lone Pine has ~7% ownership stake each in VTEX and Marqeta.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 5/28/2022 to 9/2/2022: 13G – 6/27 – GROV – 10.5M shares – 9.99% of business."

"Tracking Lone Pine Capital Portfolio – Q2 2022 Update"

"Lone Pine Capital’s 13F portfolio value decreased from $16.80B to $10.61B. The number of positions remained steady at 30.They added LPL Financial, Booking Holdings, Alphabet, EPAM Systems, PayPal, and EQT Corp while reducing Block Inc. & Shopify. They also dropped Match Group, Snap, and DoorDash.The top three positions are Amazon, Microsoft, and Meta Platforms. They add up to ~25% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Lone Pine Capital’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/15/2022. Please visit our article for an idea on their investment philosophy and our for the fund’s moves during Q1 2022.This quarter, Lone Pine’s 13F portfolio value decreased ~37% from $16.80B to $10.61B. The number of holdings remained steady at 30. The top three positions are at ~25% while the top five are ~39% of the 13F assets: Amazon, Microsoft, Meta Platforms, Taiwan Semi, and Workday.Note: Stephen Mandel stepped down from managing investments at Lone Pine Capital in January 2019 in a previously announced (September 2017) move. He is currently a managing director at the firm. Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:LPL Financial Holdings (LPLA), Booking Holdings (BKNG), Alphabet Inc. (GOOG), EPAM Systems (EPAM), PayPal Holdings (PYPL), EQT Corporation (EQT): LPL is a ~4% of the portfolio stake established this quarter at prices between ~$168 and ~$219 and the stock currently trades at ~$233. The 3.91% BKNG position was purchased at prices between ~$1749 and ~$2375 and it is now at ~$1957. GOOG is a 3.53% of the portfolio stake established at prices between ~$106 and ~$144 and the stock is now just below that range at ~$104. The 2.86% EPAM position was purchased at prices between ~$265 and ~$348 and it is now at ~$413. PYPL is a 2.82% of the portfolio stake established at prices between ~$70 and ~$122 and it currently trades at $96.40. The ~2% EQT position was purchased at prices between ~$33 and ~$50 and it now goes for $48.09.Fair Isaac Corp (FICO) and Grove Collaborative (GROV): These two very small (less than ~0.20% of the portfolio each) stakes were established this quarter.Note: Including Class B shares, they have a ~10% ownership interest in Grove Collaborative.Stake Disposals:Match Group (MTCH): The ~4% MTCH stake saw a ~70% stake increase in Q3 2020 at prices between ~$90 and ~$121. There was a one-third selling next quarter at prices between ~$110 and ~$156 while Q1 2021 saw a ~17% stake increase at prices between ~$131 and ~$172. That was followed with another ~25% stake increase next quarter at prices between ~$137 and ~$164. There was a ~30% selling last quarter at prices between ~$85 and ~$134. The disposal this quarter was at prices between ~$69 and ~$113. The stock currently trades at $57.86.Snap Inc. (SNAP): SNAP was a ~4% of the portfolio stake established in Q4 2020 at prices between ~$26.50 and ~$53.50 and the stock currently trades at $11.90. Q1 2021 saw a ~25% stake increase at prices between ~$49 and ~$71. That was followed with a ~50% stake increase in Q4 2021 at prices between ~$44 and ~$77. Last quarter saw a similar reduction at prices between ~$24.50 and ~$46.60. The elimination this quarter was at prices between ~$12 and ~$39.DoorDash (DASH): The ~3% DASH stake was built over the three quarters through Q2 2021 at prices between ~$113 and ~$215. Q4 2021 saw a ~11% stake increase while last quarter there was a ~45% selling at prices between ~$76 and ~$145. The disposal this quarter was at prices between ~$58 and ~$127. The stock currently trades at $64.41.Datadog Inc. (DDOG): DDOG was a 2.67% of the portfolio position established in Q2 2020 at prices between ~$34.50 and ~$90 and it currently goes for $95.36. There was a ~30% selling in Q4 2021 at prices between ~$137 and ~$197. The position was sold this quarter at prices between ~$82 and ~$157.Victoria’s Secret (VSCO): L Brands spun off Victoria Secret & Company and renamed the remaining entity as Bath & Body Works. Terms called for L Brands shareholders to receive one share of VSCO for every three shares of L Brands held. VSCO shares started trading last July. Lone Pine Capital’s stake came from this transaction. Shares started trading at ~$42 and currently goes for $33.30. The disposal this quarter was at prices between ~$28 and ~$56.Note: Lone Pine had a ~8.5% ownership interest in Victoria’s Secret as of Q1 2022.Farfetch Ltd. (FTCH): FTCH was a 1.55% of the portfolio stake built last year at prices between ~$26 and ~$73. Last quarter saw a ~30% selling at prices between ~$11 and ~$34. The remaining position was sold this quarter at prices between ~$7 and ~$17. The stock is now at $11.31.Note: Lone Pine Capital had a ~5.5% ownership stake in Farfetch as of Q1 2022.Bill.com Holdings (BILL) and HubSpot Inc. (HUBS): These two small (less than ~2% of the portfolio each) stakes were sold this quarter.Stake Decreases:Amazon.com (AMZN): AMZN is currently the largest 13F stake at ~9% of the portfolio. It was established in Q4 2017 at prices between ~$48 and ~$60. The position has wavered. Recent activity follows. The three quarters through Q4 2020 saw a ~55% reduction at prices between ~$95 and ~$172 while next quarter there was a ~90% stake increase at prices between ~$148 and ~$169. Q3 2021 saw a ~25% selling at prices between ~$159 and ~$187 while next quarter there was a ~70% stake increase at prices between ~$160 and ~$185. The position was reduced by ~30% last quarter at prices between ~$136 and ~$170. The stock is now at ~$126. This quarter also saw minor trimming.Microsoft Corporation (MSFT): MSFT is currently the second largest position at 8.43% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The five quarters thru Q4 2019 had seen a ~63% selling at prices between $98 and $159 while next quarter saw a ~17% stake increase at prices between ~$135 and ~$189. Q1 2021 saw a ~25% stake increase at prices between ~$212 and ~$245 while in the next two quarters there was a ~40% selling at prices between ~$242 and ~$305. That was followed with a ~30% reduction this quarter at prices between ~$242 and ~$315. The stock is now at ~$245.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Workday Inc. (WDAY): The top-five 6.60% WDAY stake was established last year at prices between ~$221 and ~$301 and it is now well below that range at ~$154. Last two quarters saw a ~15% trimming.ServiceNow Inc. (NOW): NOW is a 5.79% stake established in Q2 2017 at prices between $84.50 and $118. The position has since wavered. Recent activity follows. Q2 2020 saw a one-third increase at prices between $250 and $403. Q4 2020 saw similar selling at prices between ~$476 and ~$565. There was a stake doubling in H1 2021 at prices between ~$454 and ~$595. Next two quarters had seen a ~20% selling at prices between ~$545 and ~$702. That was followed with a ~35% reduction this quarter at prices between ~$412 and ~$598. The stock is now at ~$435.Mastercard (MA) and Visa (V): These fairly large stakes were established in Q4 2021. MA is a 4.59% of the portfolio position purchased at prices between ~$306 and ~$370 and the stock currently trades at ~$317. The position was reduced by ~70% over the last two quarters at prices between ~$309 and ~$397. The ~4% of the portfolio V position was established at prices between ~$190 and ~$234 and it is now at ~$195. The stake was reduced by ~55% over the last two quarters at prices between ~$189 and ~$235.UnitedHealth Group (UNH): The 3.87% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The position has wavered. Recent activity follows. There was a ~20% reduction in Q4 2020 at prices between ~$304 and ~$357. That was followed with a ~25% selling in Q4 2021 at prices between ~$387 and ~$506. Last two quarters saw a roughly two-thirds reduction at prices between ~$452 and ~$546. The stock is now at ~$523.Block Inc. (SQ) previously Square: The SQ stake was established in Q3 2020 at prices between ~$113 and ~$165. The position was almost sold out in Q4 2021 at prices between ~$158 and ~$265. The stake was rebuilt last quarter at prices between ~$89 and ~$164 but again sold down this quarter at prices between ~$58 and ~$145. The stock is now at $69.18.Note: Square had a previous round-trip. It was a ~2% position built from Q2 2019 at prices between $57 and $82 and sold in Q2 2020 at prices between ~$44 and ~$105.Shopify Inc. (SHOP): SHOP stake was built in Q2 2019 at prices between ~$20 and ~$33. There was a one-third increase in Q4 2019 at prices between ~$29 and ~$41. There was a ~25% reduction last quarter at prices between ~$51 and ~$136. This quarter saw the stake almost sold out at prices between ~$30 and $73. The stock currently trades at $33.85.Note: The prices quoted above are adjusted for the 10-for-1 stock split in June.Proshares VIX Sh Trm Fut (FIXY) Puts: The minutely small 0.02% of the portfolio stake in FIXY Puts was almost sold out this quarter.Stake Increases:Taiwan Semi (TSM), Meta Platforms (META), Atlassian Corp plc (TEAM), and Dick’s Sporting Goods (DKS): These positions established last quarter were increased this quarter. TSM is a fairly large (top five) ~7% of the portfolio position purchased at prices between ~$99 and ~$141 and the stock currently trades well below that range at ~$78. This quarter saw a ~12% increase. The large (top three) 7.61% of the portfolio META stake at prices between ~$187 and ~$339 and it is now below that range at ~$150. There was a ~37% increase this quarter at prices between ~$156 and ~$234. TEAM is a 2.86% of the portfolio position established at prices between ~$239 and ~$350 and the stock is now at ~$253. This quarter saw a ~16% increase. The 3.56% DKS stake was purchased at prices between ~$98 and ~$118 and the stock currently trades at ~$114. This quarter saw a ~34% increase at prices between ~$71 and ~$108.Thermo Fisher Scientific (TMO): TMO is a 4.77% of the portfolio position established in the last two quarters at prices between ~$500 and ~$645 and the stock currently trades at ~$552.RH Inc. (RH): The 3.55% of the portfolio RH stake was purchased in Q2 2021 at prices between ~$588 and ~$720. Next quarter saw a ~25% stake increase at prices between ~$652 and ~$739. Q4 2021 saw a similar increase at prices between ~$527 and ~$690. Last two quarters also saw a ~12% further increase. The stock is now at $259.Note: Lone Pine Capital has a ~7.8% ownership interest in RH Inc.Kept Steady:Bath & Body Works (BBWI) previously L Brands: The large 5.64% BBWI stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $37.38. There was a ~15% trimming in the last two quarters.Note: Lone Pine Capital has a ~9% ownership stake in Bath & Body Works. Their implied cost-basis is understated in the prices above as ~$14 per share in value came back to them with the Victoria’s Secret spinoff transaction (one share of VSCO for every three shares held) in July.AvidXchange Holdings (AVDX), First Citizens Bancshares (FCNCA), Marqeta Inc. (MQ), Sweetgreen Inc. (SG), and VTEX Inc. (VTEX): These are small (less than ~1.30% of the portfolio each) positions kept steady this quarter.Note: Lone Pine has ~7% ownership stake each in VTEX and Marqeta.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 2/28/2022 to 5/28/2022: None."

"Tracking Lone Pine Capital Portfolio – Q1 2022 Update"

"Lone Pine Capital’s 13F portfolio value decreased from $24.41B to $16.80B. The number of positions increased from 29 to 30.They added Taiwan Semi and Meta Platforms while dropping Adobe Systems, KE Holdings, and Snowflake.The top three positions are Microsoft, Amazon, and Workday. They add up to ~25% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Lone Pine Capital’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/16/2022. Please visit our article for an idea on their investment philosophy and our for the fund’s moves during Q4 2021.This quarter, Lone Pine’s 13F portfolio value decreased ~31% from $24.41B to $16.80B. The number of holdings increased from 29 to 30. The top three positions are at ~25% while the top five are ~38% of the 13F assets: Microsoft, Amazon, Workday, ServiceNow, and Bath & Body Works.Note: Stephen Mandel stepped down from managing investments at Lone Pine Capital in January 2019 in a previously announced (September 2017) move. He is currently a managing director at the firm. Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Taiwan Semi (TSM), Meta Platforms (FB), Atlassian Corp plc (TEAM), and Dick’s Sporting Goods (DKS): These are the new positions this quarter. TSM is a fairly large 4.90% of the portfolio position at prices between ~$99 and ~$141 and the stock currently trades below that range at $93.77. The 4.85% of the portfolio FB stake at prices between ~$187 and ~$339 and it is now at ~$195. TEAM is a 2.45% of the portfolio position established at prices between ~$239 and ~$350 and the stock is now well below that range at ~$185. The 2.22% DKS stake was purchased at prices between ~$98 and ~$118 and the stock currently trades well below that range at $84.70.Bill.com Holdings (BILL), Thermo Fisher Scientific (TMO), Hubspot Inc. (HUBS), First Citizens Bancshares (FCNCA), and Proshares VIX Sh Trm Fut (FIXY) Puts: These are small (less than ~2% of the portfolio each) stakes purchased during the quarter.Stake Disposals:KE Holdings (BEKE): The 2.55% BEKE stake was purchased in Q2 2021 at prices between ~$44.50 and ~$61. There was a ~130% stake increase next quarter at prices between $15.60 and $47. The elimination this quarter was at prices between ~$9 and ~$23. It is now at $11.49.Adobe Systems (ADBE): ADBE was a 2.54% of the portfolio first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. Q4 2020 saw a ~20% stake increase at prices between ~$445 and ~$514. That was followed with a ~30% stake increase next quarter at prices between ~$421 and ~$502. Last four quarters saw the position sold at prices between ~$416 and ~$688. The stock currently trades at ~$428.Snowflake (SNOW): SNOW was a 2.29% of the portfolio stake purchased last quarter at prices between ~$295 and ~$402. The stake was sold this quarter at prices between ~$167 and ~$332. The stock currently trades at ~$130.Amplitude Inc. (AMPL), Confluent Inc. (CFLT), Freshworks (FRSH), NetEase Inc. (NTES), and PVH Corporation (PVH): These small (less than ~2% of the portfolio each) positions were dropped this quarter.Stake Decreases:Amazon.com (AMZN): AMZN is currently the second-largest 13F stake at 8.65% of the portfolio. It was established in Q4 2017 at prices between $957 and $1196. The position has wavered. Recent activity follows. The three quarters through Q4 2020 saw a ~55% reduction at prices between ~$1907 and ~$3444 while next quarter there was a ~90% stake increase at prices between ~$2956 and ~$3380. Q3 2021 saw a ~25% selling at prices between ~$3188 and ~$3731 while next quarter there was a ~70% stake increase at prices between ~$3190 and ~$3696. The position was reduced by ~30% this quarter at prices between ~$2720 and ~$3408. The stock is now at ~$2303.Workday Inc. (WDAY): The top-three 7.30% WDAY stake was established over the last four quarters at prices between ~$221 and ~$301 and it is now at ~$159. This quarter saw a ~12% trimming.ServiceNow Inc. (NOW): NOW is a 6.56% stake established in Q2 2017 at prices between $84.50 and $118. The position has since wavered. Recent activity follows. Q2 2020 saw a one-third increase at prices between $250 and $403. Q4 2020 saw similar selling at prices between ~$476 and ~$565. There was a stake doubling in H1 2021 at prices between ~$454 and ~$595. Last two quarters had seen a ~20% selling at prices between ~$545 and ~$702. The stock is now at ~$476. There was marginal trimming this quarter.Bath & Body Works (BBWI) previously L Brands: The large (top five) 6.32% BBWI stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $42.45. There was a ~15% trimming in the last two quarters.Note: Lone Pine Capital has a ~9% ownership stake in Bath & Body Works. Their implied cost-basis is understated in the prices above as ~$14 per share in value came back to them with the Victoria’s Secret spinoff transaction (one share of VSCO for every three shares held) in July.Mastercard (MA) and Visa (V): These are fairly large new stakes established last quarter. MA is a 5.15% of the portfolio position purchased at prices between ~$306 and ~$370 and the stock currently trades at ~$358. The position was reduced by ~50% this quarter at prices between ~$313 and ~$397. The 4.54% of the portfolio V position was established at prices between ~$190 and ~$234 and it is now at ~$213. The stake was reduced by ~30% this quarter at prices between ~$191 and ~$235.Shopify Inc. (SHOP): SHOP is now at 4.16% of the portfolio. It was built in Q2 2019 at prices between $195 and $328. There was a one-third increase in Q4 2019 at prices between $286 and $409. The stock currently trades at ~$369. There was a ~25% reduction this quarter at prices between ~$513 and ~$1363.Match Group (MTCH): The ~4% MTCH stake saw a ~70% stake increase in Q3 2020 at prices between ~$90 and ~$121. There was a one-third selling next quarter at prices between ~$110 and ~$156 while Q1 2021 saw a ~17% stake increase at prices between ~$131 and ~$172. That was followed with another ~25% stake increase next quarter at prices between ~$137 and ~$164. There was a ~30% selling this quarter at prices between ~$85 and ~$134. The stock currently trades at $79.84.Snap Inc. (SNAP): SNAP is a ~4% of the portfolio stake established in Q4 2020 at prices between ~$26.50 and ~$53.50 and the stock currently trades at $15.58. Q1 2021 saw a ~25% stake increase at prices between ~$49 and ~$71. That was followed with a ~50% stake increase last quarter at prices between ~$44 and ~$77. This quarter saw a similar reduction at prices between ~$24.50 and ~$46.60.DoorDash (DASH): The ~3% DASH stake was built over the three quarters through Q2 2021 at prices between ~$113 and ~$215. Last quarter saw a ~11% stake increase while this quarter there was a ~45% selling at prices between ~$76 and ~$145. The stock currently trades at $78.09.Datadog Inc. (DDOG): DDOG is a 2.67% of the portfolio position established in Q2 2020 at prices between ~$34.50 and ~$90 and it currently goes for ~$98. There was a ~30% selling last quarter at prices between ~$137 and ~$197. This quarter also saw a ~9% trimming.UnitedHealth Group (UNH): The 2.63% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The position has wavered. Recent activity follows. There was a one-third selling in Q2 2020 at prices between ~$229 and ~$312 while next quarter saw a similar increase at prices between ~$291 and ~$324. There was a ~20% reduction in Q4 2020 at prices between ~$304 and ~$357. That was followed with a ~25% selling last quarter at prices between ~$387 and ~$506. This quarter saw another ~60% selling at prices between ~$456 and ~$521. The stock is now at ~$507.Victoria’s Secret (VSCO): L Brands spun off Victoria Secret & Company and renamed the remaining entity as Bath & Body Works. Terms called for L Brands shareholders to receive one share of VSCO for every three shares of L Brands held. VSCO shares started trading in July. Lone Pine Capital’s 2.26% portfolio stake came from this transaction. Shares started trading at ~$42 and currently goes for $42.67. There was a ~15% trimming over the last two quarters.Note: Lone Pine owns ~8.5% of Victoria’s Secret.Farfetch Ltd. (FTCH): FTCH is a 1.55% of the portfolio stake built over the last four quarters at prices between ~$26 and ~$73 and it is now well below that range at $9.73. This quarter saw a ~30% selling at prices between ~$11 and ~$34.Note: Lone Pine Capital has a ~5.5% ownership stake in Farfetch.Marqeta Inc. (MQ): The small ~1% stake in MQ saw a minor ~5% trimming this quarter.Note: Lone Pine owns ~7% of Marqeta.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the largest position at ~9% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The five quarters thru Q4 2019 had seen a ~63% selling at prices between $98 and $159 while next quarter saw a ~17% stake increase at prices between ~$135 and ~$189. Q1 2021 saw a ~25% stake increase at prices between ~$212 and ~$245 while in the next two quarters there was a ~40% selling at prices between ~$242 and ~$305. The stock is now at ~$273. This quarter saw a minor ~7% stake increase.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.RH Inc. (RH): The 3.32% of the portfolio RH stake was purchased in Q2 2021 at prices between ~$588 and ~$720. Next quarter saw a ~25% stake increase at prices between ~$652 and ~$739. Last quarter saw a similar increase at prices between ~$527 and ~$690. This quarter also saw a ~7% stake increase. The stock is now at $291.Note: Lone Pine Capital has a ~7.5% ownership interest in RH Inc.Block Inc. (SQ) previously Square: The SQ stake was established in Q3 2020 at prices between ~$113 and ~$165. Q4 2020 saw a ~20% selling at prices between ~$155 and ~$242. That was followed with a ~25% reduction next quarter at prices between ~$202 and ~$277. There was a ~80% stake increase in Q2 2021 at prices between ~$197 and ~$273. The position was almost sold out last quarter at prices between ~$158 and ~$265. The stake was rebuilt this quarter at prices between ~$89 and ~$164. The stock is now at $90.52.Note: Square had a previous round-trip. It was a ~2% position built from Q2 2019 at prices between $57 and $82 and sold in Q2 2020 at prices between ~$44 and ~$105.Kept Steady:AvidXchange Holdings (AVDX), Sweetgreen Inc. (SG), and VTEX Inc. (VTEX): These are very small (less than ~0.90% of the portfolio each) positions kept steady this quarter.Note: Lone Pine has a 7.1% ownership stake in VTEX.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/28/2021 to 2/28/2022: 13GA’s – 2/14 – VTEX – 5.27M shares – 7.1% of business, VSCO – ~8.2M shares – 9.3% of business, RH – 1.6M shares – 7.5% of business, MQ – 17.48M shares – 7.5% of business, FTCH – 24.44M shares – 7.4% of business, CFLT – 4.4M shares – 6.3% of business, BBWI – Bath & Body Works – 24.3M shares – 9.4% of business, COUP – zero, STNE – zero. 13G – 2/4 – DKS – Dick’s sporting goods – 3.36M shares – 5.3% of business."

"Tracking Lone Pine Capital Portfolio – Q4 2021 Update"

"Lone Pine Capital’s 13F portfolio value decreased from $29.68B to $24.41B. The number of positions decreased from 39 to 29.They increased Amazon, RH, NetEase, Confluent, and Marqeta while reducing Block and dropping Moderna and Meta Platforms.The top three positions are Amazon, Shopify, and Mastercard. They add up to ~23% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Lone Pine Capital’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 2/14/2022. Please visit our article for an idea on their investment philosophy and our for the fund’s moves during Q3 2021.This quarter, Lone Pine’s 13F portfolio value decreased ~18% from $29.68B to $24.41B. The number of holdings decreased from 39 to 29. The top three positions are at ~23% while the top five are ~37% of the 13F assets: Amazon, Shopify, Mastercard, Bath & Body Works, and Workday.Note 1: Regulatory filings from earlier this month show them owning 3.36M shares (~5.3% of business) Dick’s Sporting Goods (DKS).Note 2: Stephen Mandel stepped down from managing investments at Lone Pine Capital in January 2019 in a previously announced (September 2017) move. He is currently a managing director at the firm. Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Mastercard (MA), Visa (V), and Snowflake (SNOW): These are fairly large new stakes established this quarter. MA is a top-three 7.10% of the portfolio position purchased at prices between ~$306 and ~$370 and the stock currently trades at ~$325. The 4.29% of the portfolio V position was established at prices between ~$190 and ~$234 and it is now at ~$198. SNOW is a 2.29% of the portfolio stake purchased at prices between ~$295 and ~$402 and it now trades well below that range at ~$198.Note: Mastercard is back in the portfolio after a quarter’s gap. It was established in Q4 2018 at prices between $175 and $224. Recent activity follows. There was a ~20% selling in Q3 2020 at prices between ~$290 and ~$366. Q4 2020 saw a ~55% stake increase at prices between ~$289 and ~$357 while in the next two quarters there was a ~38% reduction at prices between ~$315 and ~$396. The elimination last quarter was at prices between ~$337 and ~$393.Sweetgreen Inc. (SG) and AvidXchange Holdings (AVDX): These are very small (less than ~0.60% of the portfolio each) new positions established during the quarter.Stake Disposals:Bilibili Inc. (BILI): BILI was a 1.92% of the portfolio position established last quarter at prices between ~$64 and ~$121. The position was disposed this quarter at prices between ~$43 and ~$89. The stock currently trades at $21.68.Carvana Inc. (CVNA): The ~2% portfolio stake was purchased in Q4 2020 at prices between ~$185 and ~$292. There was a ~11% trimming in Q2 2021. The elimination this quarter was at prices between ~$204 and ~$303. The stock is now at ~$114.Twitter Inc. (TWTR): TWTR was a 4.38% of the portfolio position established in Q2 2021 at prices between ~$50 and ~$73. There was a ~117% stake increase last quarter at prices between ~$58 and ~$72. The elimination this quarter was at prices between ~$42 and ~$67. The stock currently trades at $34.12.StoneCo Ltd. (STNE): STNE was a 1.77% of the portfolio position established in Q3 2020 at prices between ~$38 and ~$54. There was a ~23% selling next quarter at prices between ~$52.50 and ~$85.50. Last two quarters saw a ~130% stake increase at prices between ~$35 and ~$70. The position was sold this quarter at prices between ~$15 and ~$39.50. The stock is now at ~$9.51.Moderna Inc. (MRNA): MRNA was a fairly large 4.30% of the portfolio position established in Q2 2021 at prices between ~$130 and ~$235. There was a ~17% reduction last quarter at prices between ~$222 and ~$485. The disposal this quarter was at prices between ~$226 and ~$385. The stock currently trades at ~$140.Meta Platforms (FB) previously Facebook: The 3.52% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follows: There was a ~50% stake increase in Q2 2020 at prices between $154 and $242 while Q4 2020 saw a ~40% selling at prices between ~$258 and ~$295. There was a ~60% stake increase next quarter at prices between ~$246 and ~$299. Last two quarters had seen a ~45% reduction at prices between ~$295 and ~$382. The stake was sold this quarter at prices between ~$307 and ~$343. The stock is now at ~$195.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed in 2013 and early 2014 at much higher prices realizing huge gains.Coupa Software (COUP): The 3.37% COUP position was purchased in 2019 at prices between $90 and $158. Q3 2020 saw the stake doubled at prices between ~$243 and ~$344. Q2 2021 also saw a ~12% stake increase. The position was sold this quarter at prices between ~$152 and ~$257. The stock is now at ~$110.Dexcom Inc. (DXCM): The 2.66% DXCM stake was primarily built in Q4 2020 at prices between ~$312 and ~$418. There was a ~40% reduction over the last two quarters at prices between ~$324 and ~$573. The elimination this quarter was at prices between ~$520 and ~$651. The stock currently trades at ~$406.ICICI Bank (IBN): IBN was a 2.53% of the portfolio position purchased in Q1 2021 at prices between ~$14.30 and ~$18.10 and the stock currently trades at $17.66. The stake was sold this quarter at prices between ~$18.30 and ~$21.90.Ascendis Pharma A/S (ASND), Fate Therapeutics (FATE), FIGS Inc. (FIGS), Forma Therapeutics (FMTX), Transdigm Group (TDG), and Zymeworks (ZYME): These very small (less than ~2% of the portfolio each) stakes were disposed this quarter.Stake Decreases:Shopify Inc. (SHOP): SHOP is now the second-largest 13F stake at 7.84% of the portfolio. It was built in Q2 2019 at prices between $195 and $328. There was a one-third increase in Q4 2019 at prices between $286 and $409. The stock currently trades at ~$553. Last two years have seen minor trimming.ServiceNow Inc. (NOW): NOW is a 5.33% stake established in Q2 2017 at prices between $84.50 and $118. The position has since wavered. Recent activity follows. Q2 2020 saw a one-third increase at prices between $250 and $403. Q4 2020 saw similar selling at prices between ~$476 and ~$565. There was a stake doubling in H1 2021 at prices between ~$454 and ~$595. The stock is now at ~$534. Last two quarters have seen a ~20% selling at prices between ~$545 and ~$702.UnitedHealth Group (UNH): The 4.72% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The position has wavered. Recent activity follows. There was a one-third selling in Q2 2020 at prices between ~$229 and ~$312 while next quarter saw a similar increase at prices between ~$291 and ~$324. There was a ~20% reduction in Q4 2020 at prices between ~$304 and ~$357. That was followed with a ~25% selling this quarter at prices between ~$387 and ~$506. The stock is now at ~$491.Adobe Systems (ADBE): ADBE is now at 2.54% of the portfolio. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follows: Q4 2020 saw a ~20% stake increase at prices between ~$445 and ~$514. That was followed with a ~30% stake increase next quarter at prices between ~$421 and ~$502. Last three quarters saw a ~60% selling at prices between ~$472 and ~$688. The stock currently trades at ~$439.Datadog Inc. (DDOG): DDOG is a 2.39% of the portfolio position established in Q2 2020 at prices between ~$34.50 and ~$90 and it currently goes for ~$140. There was a ~30% selling this quarter at prices between ~$137 and ~$197.Block Inc. (SQ) previously Square: The SQ stake was established in Q3 2020 at prices between ~$113 and ~$165. Q4 2020 saw a ~20% selling at prices between ~$155 and ~$242. That was followed with a ~25% reduction next quarter at prices between ~$202 and ~$277. There was a ~80% stake increase in Q2 2021 at prices between ~$197 and ~$273. The position was almost sold out this quarter at prices between ~$158 and ~$265. The stock is now at ~$109.Note: Square had a previous round-trip. It was a ~2% position built from Q2 2019 at prices between $57 and $82 and sold in Q2 2020 at prices between ~$44 and ~$105.Victoria’s Secret (VSCO): L Brands spun off Victoria Secret & Company and renamed the remaining entity as Bath & Body Works. Terms called for L Brands shareholders to receive one share of VSCO for every three shares of L Brands held. VSCO shares started trading in July. Lone Pine Capital’s 1.86% portfolio stake came from this transaction. Shares started trading at ~$42 and currently goes for $47.26. There was a minor ~5% trimming this quarter.Note: Lone Pine owns 9.3% of Victoria’s Secret.PVH Corporation (PVH): The small 1.34% stake in PVH saw a ~7% trimming this quarter.Stake Increases:Amazon.com (AMZN): AMZN is currently the largest 13F stake at 8.43% of the portfolio. It was established in Q4 2017 at prices between $957 and $1196. The position has wavered. Recent activity follows. The three quarters through Q4 2020 saw a ~55% reduction at prices between ~$1907 and ~$3444 while next quarter there was a ~90% stake increase at prices between ~$2956 and ~$3380. Last quarter saw a ~25% selling at prices between ~$3188 and ~$3731 while this quarter there was a ~70% stake increase at prices between ~$3190 and ~$3696. The stock is now at ~$2936.Workday Inc. (WDAY): The top-five 6.51% WDAY stake was established over the last four quarters at prices between ~$221 and ~$301 and it is now at ~$228.Snap Inc. (SNAP): SNAP is a large 6.45% of the portfolio stake established in Q4 2020 at prices between ~$26.50 and ~$53.50 and the stock currently trades at $31.74. Q1 2021 saw a ~25% stake increase at prices between ~$49 and ~$71. That was followed with a ~50% stake increase this quarter at prices between ~$44 and ~$77.DoorDash (DASH): The ~5% DASH stake was built over the three quarters through Q2 2021 at prices between ~$113 and ~$215. The stock currently trades well below the low end of that range at $89.65. This quarter also saw a ~11% stake increase.Match Group (MTCH): The 4.81% MTCH stake saw a ~70% stake increase in Q3 2020 at prices between ~$90 and ~$121. There was a one-third selling next quarter at prices between ~$110 and ~$156 while Q1 2021 saw a ~17% stake increase at prices between ~$131 and ~$172. That was followed with another ~25% stake increase next quarter at prices between ~$137 and ~$164. The stock currently trades at $94.91. This quarter also saw a ~14% stake increase.KE Holdings (BEKE) and RH Inc. (RH): The 2.55% BEKE stake was purchased in Q2 2021 at prices between ~$44.50 and ~$61 and it is now well below the low end of that range at ~$11. There was a ~130% stake increase last quarter at prices between $15.60 and $47. This quarter saw a minor ~3% increase. The 3.52% of the portfolio RH stake was purchased at prices between ~$588 and ~$720 and the stock is now below the low end of that range at ~$341. Last quarter saw a ~25% stake increase at prices between ~$652 and ~$739. This quarter saw a similar increase at prices between ~$527 and ~$690.Note: Lone Pine Capital has a ~7.5% ownership interest in RH Inc.Farfetch Ltd. (FTCH): FTCH is a 3.35% of the portfolio stake built over the last four quarters at prices between ~$26 and ~$73 and it is now at $12.68. There was a minor ~7% stake increase this quarter.Note: Lone Pine Capital has a ~7.4% ownership stake in Farfetch.Amplitude Inc. (AMPL), Confluent Inc. (CFLT), Marqeta Inc. (MQ), and NetEase Inc. (NTES): These small (less than ~2% of the portfolio each) positions were increased during the quarter.Note: Lone Pine owns 7.5% of Marqeta and 6.3% of Confluent. Lone Pine also owns 14.86M Class B shares of Marqeta that are not in the 13F report.Kept Steady:Bath & Body Works (BBWI) previously L Brands: The large (top five) ~7% BBWI stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $48.08. There was a ~7% trimming last quarter.Note: Lone Pine Capital has a 9.4% ownership stake in Bath & Body Works. Their implied cost-basis is understated in the prices above as ~$14 per share in value came back to them with the Victoria’s Secret spinoff transaction (one share of VSCO for every three shares held) in July.Microsoft Corporation (MSFT): MSFT is a 6.47% of the portfolio position. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The five quarters thru Q4 2019 had seen a ~63% selling at prices between $98 and $159 while next quarter saw a ~17% stake increase at prices between ~$135 and ~$189. Q1 2021 saw a ~25% stake increase at prices between ~$212 and ~$245 while in the last two quarters there was a ~40% selling at prices between ~$242 and ~$305. The stock is now at ~$286.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Freshworks (FRSH) and VTEX Inc. (VTEX): These very small (less than ~0.25% of the portfolio each) positions were kept steady this quarter.Note: Lone Pine has a 7.1% ownership stake in VTEX.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 9/22/2021 to 11/28/2021: None."

"Tracking Lone Pine Capital Portfolio – Q3 2021 Update"

"Lone Pine Capital’s 13F portfolio value decreased from $31.03B to $29.68B. The number of positions increased from 36 to 39.They increased Twitter, Workday, and KE Holdings while dropping Global Payments and MasterCard.The top three positions are Shopify, Snap, and Doordash. They add up to ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Lone Pine Capital’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 11/15/2021. Please visit our article for an idea on their investment philosophy and our for the fund’s moves during Q1 2021.This quarter, Lone Pine’s 13F portfolio value decreased ~4% from $31.03B to $29.68B. The number of holdings increased from 36 to 39. The top three positions are at ~17% while the top five are ~27% of the 13F assets: Shopify, Snap Inc., Doordash, Bath & Body Works, and ServiceNow.Note: Stephen Mandel stepped down from managing investments at Lone Pine Capital in January 2019 in a previously announced (September 2017) move. He is currently a managing director at the firm. Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Bilibili Inc. (BILI) and Victoria’s Secret (VSCO): BILI is a 1.92% of the portfolio position established this quarter at prices between ~$64 and ~$121 and the stock currently trades below the low end of that range at $59.45. L Brands spun off Victoria Secret & Company and renamed the remaining entity as Bath & Body Works. Terms called for L Brands shareholders to receive one share of VSCO for every three shares of L Brands held. VSCO shares started trading in July. Lone Pine Capital’s 1.92% portfolio stake came from this transaction. Shares started trading at ~$42 and currently goes for $51.81.Amplitude Inc. (AMPL), Freshworks (FRSH), Marqeta Inc. (MQ), Netease Inc. (NTES), and VTEX Inc. (VTEX): These are very small (less than ~0.5% of the portfolio each) positions established this quarter.Note: Lone Pine also owns 14.86M Class B shares of Marqeta that are not in the 13F report.Stake Disposals:Global Payments (GPN): The 3.28% GPN position was established in Q3 2019 at prices between $154 and $175. Q1 2020 saw a ~53% stake increase at prices between $116 and $209. That was followed with a one-third increase in Q3 2020 at prices between ~$161 and ~$185. Q1 2021 saw a roughly one-third reduction at prices between ~$177 and ~$216 while last quarter there was a similar increase at prices between ~$188 and ~$219. The disposal this quarter was at prices between ~$157 and ~$195. The stock is now at ~$127.MasterCard (MA): The ~2% MA position was established in Q4 2018 at prices between $175 and $224. Recent activity follows. There was a ~20% selling in Q3 2020 at prices between ~$290 and ~$366. Q4 2020 saw a ~55% stake increase at prices between ~$289 and ~$357 while in the last two quarters there was a ~38% reduction at prices between ~$315 and ~$396. The elimination this quarter was at prices between ~$337 and ~$393. The stock currently trades at ~$345.SentinelOne (S): The minutely small 0.02% stake in SentinelOne was sold during the quarter.Stake Decreases:Shopify Inc. (SHOP): SHOP is now the largest 13F stake at 6.53% of the portfolio. It was built in Q2 2019 at prices between $195 and $328. The stock has returned over 4x and currently trades at ~$1495. There was a one-third increase in Q4 2019 at prices between $286 and $409. Last six quarters had seen only minor adjustments. This quarter saw a ~12% trimming.Snap Inc. (SNAP): SNAP is a large (top three) 5.64% of the portfolio stake established in Q4 2020 at prices between ~$26.50 and ~$53.50 and the stock currently trades at $52.36. Q1 2021 saw a ~25% stake increase at prices between ~$49 and ~$71. Last two quarters have seen minor trimming.Bath & Body Works (BBWI) previously L Brands: The large (top five) ~5% BBWI stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at ~$75. There was a ~7% trimming this quarter.Note: Lone Pine Capital has a ~9% ownership stake in Bath & Body Works. Their implied cost-basis is understated in the prices above as ~$14 per share in value came back to them with the Victoria’s Secret spinoff transaction (one share of VSCO for every three shares held) in July.ServiceNow Inc. (NOW): NOW is a 4.60% stake established in Q2 2017 at prices between $84.50 and $118. The position has since wavered. Recent activity follows. Q2 2020 saw a one-third increase at prices between $250 and $403. Q4 2020 saw similar selling at prices between ~$476 and ~$565. There was a stake doubling over the last two quarters at prices between ~$454 and ~$595. The stock is now at ~$642. This quarter saw a ~11% trimming.Microsoft Corporation (MSFT): MSFT is a 4.46% of the portfolio position. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The five quarters thru Q4 2019 had seen a ~63% selling at prices between $98 and $159 while next quarter saw a ~17% stake increase at prices between ~$135 and ~$189. Q1 2021 saw a ~25% stake increase at prices between ~$212 and ~$245 while in the last two quarters there was a ~40% selling at prices between ~$242 and ~$305. The stock is now at ~$333.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Square Inc. (SQ): SQ is a 4.35% position established in Q3 2020 at prices between ~$113 and ~$165. Q4 2020 saw a ~20% selling at prices between ~$155 and ~$242. That was followed with a ~25% reduction next quarter at prices between ~$202 and ~$277. There was a ~80% stake increase last quarter at prices between ~$197 and ~$273. This quarter saw a minor ~6% trimming. The stock is now at ~$187Note: Square had a previous round-trip. It was a ~2% position built from Q2 2019 at prices between $57 and $82 and sold in Q2 2020 at prices between ~$44 and ~$105.Moderna Inc. (MRNA): MRNA is a fairly large 4.30% of the portfolio position established last quarter at prices between ~$130 and ~$235 and the stock currently trades well above that range at ~$272. There was a ~17% reduction this quarter at prices between ~$222 and ~$485.Amazon.com (AMZN): AMZN is a 4% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. The position has wavered. Recent activity follows. The three quarters through Q4 2020 saw a ~55% reduction at prices between ~$1907 and ~$3444 while next quarter there was a ~90% stake increase at prices between ~$2956 and ~$3380. This quarter saw a ~25% selling at prices between ~$3188 and ~$3731. The stock is now at ~$3483.Adobe Systems (ADBE): ADBE is a fairly large position at 3.79% of the portfolio. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follows: Q4 2020 saw a ~20% stake increase at prices between ~$445 and ~$514. That was followed with a ~30% stake increase next quarter at prices between ~$421 and ~$502. Last two quarters saw a ~25% selling at prices between ~$474 and ~$667. The stock currently trades at ~$633.Meta Platforms (FB) previously Facebook: The 3.52% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follows: There was a ~50% stake increase in Q2 2020 at prices between $154 and $242 while Q4 2020 saw a ~40% selling at prices between ~$258 and ~$295. There was a ~60% stake increase next quarter at prices between ~$246 and ~$299. Last two quarters have seen a ~45% reduction at prices between ~$295 and ~$382. The stock is now at ~$330.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed in 2013 and early 2014 at much higher prices realizing huge gains.Coupa Software (COUP): The 3.37% COUP position was purchased in 2019 at prices between $90 and $158. Q3 2020 saw the stake doubled at prices between ~$243 and ~$344. Last quarter also saw a ~12% stake increase. There was a minor ~2% trimming this quarter. The stock is now at ~$163.Note: Lone Pine controls ~6.5% of the business.Dexcom Inc. (DXCM): The 2.66% DXCM stake was primarily built in Q4 2020 at prices between ~$312 and ~$418. There was a ~40% reduction over the last two quarters at prices between ~$324 and ~$573. The stock currently trades at ~$560.ICICI Bank (IBN): IBN is a 2.53% of the portfolio position purchased in Q1 2021 at prices between ~$14.30 and ~$18.10 and the stock currently trades at ~$20.Datadog Inc. (DDOG): DDOG is a 2.21% of the portfolio position established in Q2 2020 at prices between ~$34.50 and ~$90 and it currently goes for ~$175. Last few quarters have seen minor selling.FIGS Inc. (FIGS): FIGS is a minutely small 0.31% of the portfolio position established last quarter but reduced substantially this quarter.Stake Increases:KE Holdings (BEKE), RH Inc. (RH), and Twitter Inc. (TWTR): The 1.86% BEKE stake was purchased last quarter at prices between ~$44.50 and ~$61 and it is now well below the low end of that range at $22.45. There was a ~130% stake increase this quarter at prices between $15.60 and $47. The 2.90% of the portfolio RH stake was purchased at prices between ~$588 and ~$720 and the stock is now near the low end of that range at ~$609. This quarter saw a ~25% stake increase at prices between ~$652 and ~$739. TWTR is a 4.38% of the portfolio position established last quarter at prices between ~$50 and ~$73 and it is now below that range at $46.46. There was a ~117% stake increase this quarter at prices between ~$58 and ~$72.Workday Inc. (WDAY): The 4.19% WDAY stake was established over the last three quarters at prices between ~$220 and ~$281 and it is now at ~$279.Match Group (MTCH): The 4.11% MTCH stake saw a ~70% stake increase in Q3 2020 at prices between ~$90 and ~$121. There was a one-third selling next quarter at prices between ~$110 and ~$156 while Q1 2021 saw a ~17% stake increase at prices between ~$131 and ~$172. That was followed with another ~25% stake increase last quarter at prices between ~$137 and ~$164. The stock currently trades at ~$132. This quarter saw a marginal increase.Farfetch Ltd. (FTCH): FTCH is a 2.90% of the portfolio stake built over the last four quarters at prices between ~$26 and ~$73 and it is now at ~$35.StoneCo Ltd. (STNE): STNE is a 1.77% of the portfolio position established in Q3 2020 at prices between ~$38 and ~$54. There was a ~23% selling next quarter at prices between ~$52.50 and ~$85.50. Last two quarters saw a ~130% stake increase at prices between ~$35 and ~$70. The stock is now well below their purchase price ranges at $17.57.Note: They control ~5.7% of the business.Confluent Inc. (CFLT), Fate Therapeutics (FATE), PVH Corporation (PVH), and Transdigm Group (TDG): These small (less than ~1.75% of the portfolio each) positions were increased during the quarter.Kept Steady:DoorDash (DASH): The 4.20% DASH stake was built over the last three quarters at prices between ~$113 and ~$215. The stock currently trades at ~$165.UnitedHealth Group (UNH): The 3.96% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The position has wavered. Recent activity follows. There was a one-third selling in Q2 2020 at prices between ~$229 and ~$312 while next quarter saw a similar increase at prices between ~$291 and ~$324. There was a ~20% reduction in Q4 2020 at prices between ~$304 and ~$357. The stock is now at ~$473. Last two quarters had seen minor trimming.Carvana Inc. (CVNA): The ~2% portfolio stake was purchased in Q4 2020 at prices between ~$185 and ~$292 and it is now at ~$268. There was a ~11% trimming last quarter.Note: They have a ~3% ownership stake in Carvana.Ascendis Pharma A/S (ASND), Forma Therapeutics (FMTX) and Zymeworks (ZYME): These very small (less than ~0.6% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 6/14/2021 thru 9/22/2021: 13G – 9/9 – STNE – 15.09M shares – 5.7% of business. 13G – 8/2 – VTEX – 5.27M shares – 7.1% of business. 13G – 7/26 – RH – 1.09M shares – 5.1% of business. 13G – 7/8 – Confluent – CFLT – 3.63M shares – 9.99% of business. 13G – 6/15 – Marqeta – MQ – 19.18M shares – 9.99% of business."

"Tracking Lone Pine Capital Portfolio – Q2 2021 Update"

"Lone Pine Capital’s 13F portfolio value increased from $27.53B to $31.66B. The number of positions decreased from 38 to 36.They added Moderna, RH, & Twitter and increased Square & ServiceNow. Also, they dropped Mercadolibre, Netflix, Atlassian, Bilibili, and Snowflake.The top three positions are Shopify, L Brands, and Facebook. They add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Lone Pine Capital’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/16/2021. Please visit our article for an idea on their investment philosophy and our for the fund’s moves during Q1 2021.This quarter, Lone Pine’s 13F portfolio value increased ~15% from $27.53B to $31.66B. The number of holdings decreased from 38 to 36. The top three positions are at ~19% while the top five are ~29% of the 13F assets: Shopify, L Brands, Facebook, Amazon.com, and Snap Inc.Note: Stephen Mandel stepped down from managing investments at Lone Pine Capital in January 2019 in a previously announced (September 2017) move. He is currently a managing director at the firm. Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Moderna Inc. (MRNA), RH Inc. (RH), Twitter Inc. (TWTR), and KE Holdings (BEKE): MRNA is a fairly large ~3% of the portfolio position established this quarter at prices between ~$130 and ~$235 and the stock currently trades well above that range at ~$441. The 2.19% of the portfolio RH stake was purchased at prices between ~$588 and ~$720 and the stock is now at ~$685. TWTR is a 2.15% of the portfolio position established at prices between ~$50 and ~$73 and it is now at $64.25. The ~2% BEKE stake was purchased at prices between ~$44.50 and ~$61 and it is now well below the low end of that range at $17.60.Marqeta Inc. (MQ), Transdigm Group (TDG), PVH Corporation (PVH), FIGS Inc. (FIGS), Confluent Inc. (CFLT), and SentinelOne (S): These are small (less than ~1.55% of the portfolio each) new positions established during the quarter.Stake Disposals:Mercadolibre (MELI): MELI was a 3.82% of the portfolio position built over the last three quarters at prices between ~$955 and ~$1984. The entire stake was sold this quarter at prices between ~$1297 and ~$1623. The stock is now at ~$1880.Netflix (NFLX): NFLX was a 3.46% of the portfolio position purchased in Q3 2019 at prices between $255 and $382. Q2 2020 saw a one-third selling at prices between $362 and $468 while next quarter there was a similar increase at prices between ~$467 and ~$557. Last quarter saw a ~25% reduction at prices between ~$493 and ~$586. The elimination this quarter was at prices between ~$485 and ~$555. The stock currently trades at ~$591Atlassian Corp plc (TEAM): The 2.28% TEAM stake was purchased in Q3 2020 at prices between ~$161 and ~$196. Last quarter saw a ~13% trimming and that was followed with the disposal this quarter at prices between ~$212 and ~$268. The stock is now at ~$406.Note: Atlassian has had a previous round-trip. The 1.54% Atlassian stake was built in H2 2019 at prices between $108 and $147 and sold in Q2 2020 at prices between ~$129 and ~$188.Bilibili Inc. (BILI): The 1.63% BILI position was established in Q4 2020 at prices between ~$42 and ~$94. There was a ~30% selling last quarter at prices between ~$86 and ~$156. The elimination this quarter was at prices between ~$88 and ~$127. The stock currently trades at $73.78.Snowflake Inc. (SNOW): The ~1% SNOW stake was primarily built last quarter at prices between ~$209 and ~$314. The position was sold this quarter at prices between ~$188 and ~$251. The stock is now at ~$315.Argenx SE (ARGNF), Bill.com Holdings (BILL), Blueprint Medicines (BPMC), Insulet Corp (PODD), Mongodb (MDB), Nuance Communications (NUAN), and Qualtrics International (XM): These small (less than ~1.5% of the portfolio each) stakes were disposed this quarter.Stake Decreases:Shopify Inc. (SHOP): SHOP is now the largest 13F stake at 7.53% of the portfolio. It was built in Q2 2019 at prices between $195 and $328. The stock has returned over 4x and currently trades at ~$1466. There was a one-third increase in Q4 2019 at prices between $286 and $409. Last six quarters have seen only minor adjustments.Facebook Inc. (FB): The large (top three) 5.47% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follows: There was a ~50% stake increase in Q2 2020 at prices between $154 and $242 while Q4 2020 saw a ~40% selling at prices between ~$258 and ~$295. There was a ~60% stake increase last quarter at prices between ~$246 and ~$299. The stock is now at ~$343. This quarter saw a ~12% trimming.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed in 2013 and early 2014 at much higher prices realizing huge gains.Snap Inc. (SNAP): SNAP is a 4.94% of the portfolio stake established in Q4 2020 at prices between ~$26.50 and ~$53.50 and the stock currently trades well above that range at $78.60. Last quarter saw a ~25% stake increase at prices between ~$49 and ~$71. There was a ~5% trimming this quarter.Microsoft Corporation (MSFT): MSFT is a 4.51% of the portfolio position. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The five quarters thru Q4 2019 had seen a ~63% selling at prices between $98 and $159 while next quarter saw a ~17% stake increase at prices between ~$135 and ~$189. Last quarter saw a ~25% stake increase at prices between ~$212 and ~$245 while this quarter there was a one-third selling at prices between ~$239 and ~$271. The stock is now at ~$299.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Adobe Systems (ADBE): ADBE is a fairly large position at 4.47% of the portfolio. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follows: Q4 2020 saw a ~20% stake increase at prices between ~$445 and ~$514. That was followed with a ~30% stake increase last quarter at prices between ~$421 and ~$502. The stock currently trades at ~$626. There was a ~8% trimming this quarter.UnitedHealth Group (UNH): The 3.80% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The position has wavered. Recent activity follows. There was a one-third selling in Q2 2020 at prices between ~$229 and ~$312 while next quarter saw a similar increase at prices between ~$291 and ~$324. There was a ~20% reduction in Q4 2020 at prices between ~$304 and ~$357. The stock is now at ~$409. Last two quarters have seen minor trimming.Dexcom Inc. (DXCM): The 2.52% DXCM stake was primarily built in Q4 2020 at prices between ~$312 and ~$418. There was a ~20% reduction this quarter at prices between ~$324 and ~$432. The stock currently trades at ~$570.MasterCard (MA): The ~2% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$343. Recent activity follows. There was a ~20% selling in Q3 2020 at prices between ~$290 and ~$366. Next quarter saw a ~55% stake increase at prices between ~$289 and ~$357 while in the last two quarters there was a ~38% reduction at prices between ~$315 and ~$396.Carvana Inc. (CVNA): The ~2% portfolio stake was purchased in Q4 2020 at prices between ~$185 and ~$292 and it is now at ~$321. There was a ~11% trimming this quarter.Note: They have a ~3% ownership stake in Carvana.Datadog Inc. (DDOG): DDOG is a ~2% of the portfolio position established in Q2 2020 at prices between ~$34.50 and ~$90 and it currently goes for ~$149. Last few quarters have seen minor selling.Stake Increases:Amazon.com (AMZN): AMZN is a top-five 5.27% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. The position has wavered. Recent activity follows. The three quarters through Q4 2020 saw a ~55% reduction at prices between ~$1907 and ~$3444 while last quarter there was a ~90% stake increase at prices between ~$2956 and ~$3380. The stock is now at ~$3380. This quarter saw a marginal increase.Square Inc. (SQ): SQ is a 4.40% position established in Q3 2020 at prices between ~$113 and ~$165 and it is now at ~$261. Q4 2020 saw a ~20% selling at prices between ~$155 and ~$242. That was followed with a ~25% reduction last quarter at prices between ~$202 and ~$277. There was a ~80% stake increase this quarter at prices between ~$197 and ~$273.Note: Square had a previous round-trip. It was a ~2% position built from Q2 2019 at prices between $57 and $82 and sold in Q2 2020 at prices between ~$44 and ~$105.ServiceNow Inc. (NOW): NOW is a 4.28% stake established in Q2 2017 at prices between $84.50 and $118. The position has since wavered. Recent activity follows. Q2 2020 saw a one-third increase at prices between $250 and $403. Q4 2020 saw similar selling at prices between ~$476 and ~$565. There was a stake doubling over the last two quarters at prices between ~$454 and ~$595. The stock is now at ~$663.DoorDash (DASH): The 4.20% DASH stake was built over the last three quarters at prices between ~$113 and ~$215. The stock currently trades at ~$218.Match Group (MTCH): The 3.94% MTCH stake saw a ~70% stake increase in Q3 2020 at prices between ~$90 and ~$121. There was a one-third selling next quarter at prices between ~$110 and ~$156 while last quarter saw a ~17% stake increase at prices between ~$131 and ~$172. That was followed with another ~25% stake increase this quarter at prices between ~$137 and ~$164. The stock currently trades at ~$154.Coupa Software (COUP): The 3.87% COUP position was purchased last year at prices between $90 and $158 and it is now at ~$244. Q3 2020 saw the stake doubled at prices between ~$243 and ~$344. This quarter also saw a ~12% stake increase.Note: Lone Pine controls ~6.5% of the business.Global Payments (GPN): The 3.28% GPN position was established in Q3 2019 at prices between $154 and $175 and it is now at ~$161. Q1 2020 saw a ~53% stake increase at prices between $116 and $209. That was followed with a one-third increase in Q3 2020 at prices between ~$161 and ~$185. Last quarter saw a roughly one-third reduction at prices between ~$177 and ~$216 while this quarter there was a similar increase at prices between ~$188 and ~$219.Farfetch Ltd. (FTCH): FTCH is a ~3% of the portfolio stake built over the last three quarters at prices between ~$25 and ~$73 and it is now at $40.16.Workday Inc. (WDAY): The 2.58% WDAY stake was established over the last two quarters at prices between ~$220 and ~$281 and it is now at ~$271.StoneCo Ltd. (STNE): STNE is a 1.87% of the portfolio position established in Q3 2020 at prices between ~$38 and ~$54 and the stock is now at $40.24. There was a ~23% selling next quarter at prices between ~$52.50 and ~$85.50. This quarter saw a ~35% stake increase at prices between ~$56 and ~$70.Note: Regulatory filings since the quarter ended show them owning 15.09M shares (~5.7% of the business) of StoneCo. This is compared to 8.85M shares in the 13F report.Kept Steady:Bath & Body Works (BBWI) previously L Brands: The ~6% BBWI stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $66.42.Note: Lone Pine Capital has a ~9.4% ownership stake in Bath & Body Works. L Brands spun off Victoria Secret & Company (VSCO) and renamed the remaining entity as Bath & Body Works. Terms called for L Brands shareholders to receive one share of VSCO for every three shares of L Brands held. VSCO shares started trading in July.ICICI Bank (IBN): IBN is a 2.33% of the portfolio position purchased last quarter at prices between ~$14.30 and ~$18.10 and the stock currently trades at $19.22.Ascendis Pharma A/S (ASND), Fate Therapeutics (FATE), Forma Therapeutics (FMTX) and Zymeworks (ZYME): These very small (less than ~0.6% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q1 2021 and Q2 2021.Regulatory filings from 3/8/2021 thru 6/14/2021: 13G – 4/30 – FTCH – 16.07M shares – 5.1% of business."

"Tracking Lone Pine Capital Portfolio – Q1 2021 Update"

"Lone Pine Capital’s 13F portfolio value increased marginally from $27.51B to $27.53B. The number of positions decreased from 41 to 38.They increased Facebook, Microsoft, and DoorDash while dropping DocuSign, Autodesk, and Humana.The top three positions are Shopify, Microsoft, and Facebook. They add up to ~20% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Lone Pine Capital’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/18/2021. Please visit our article for an idea on their investment philosophy and our for the fund’s moves during Q4 2020.This quarter, Lone Pine’s 13F portfolio value increased marginally from $27.51B to $27.53B. The number of holdings decreased from 41 to 38. The top three positions are at ~20% while the top five are ~31% of the 13F assets: Shopify, Microsoft Corp, Facebook, L Brands, and Amazon.com.Note: Stephen Mandel stepped down from managing investments at Lone Pine Capital in January 2019 in a previously announced (September 2017) move. He is currently a managing director at the firm. Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:ICICI Bank (IBN) and Workday Inc. (WDAY): IBN is a 2.51% of the portfolio position purchased this quarter at prices between ~$14.30 and ~$18.10 and the stock currently trades at $17.55. The ~2% WDAY stake was established at prices between ~$220 and ~$281 and it is now at ~$232.Insulet Corp (PODD) and Qualtrics International (XM): These are minutely small (less than ~0.4% of the portfolio each) new positions established this quarter.Stake Disposals:DocuSign Inc. (DOCU): The 3.28% DOCU stake was purchased in Q3 2020 at prices between ~$173 and ~$269. It was disposed this quarter at prices between ~$193 and ~$265. The stock currently trades at ~$257.Autodesk Inc. (ADSK): ADSK was a 2.46% portfolio stake purchased in Q4 2018 at prices between $118 and $156. Q4 2019 saw a ~27% reduction at prices between $140 and $185 while next quarter there was a similar increase at prices between $136 and $211. There was a ~50% selling in Q2 2020 at prices between $137 and $242 while next quarter saw a similar increase at prices between ~$221 and ~$261. Last quarter saw a ~25% selling at prices between ~$226 and ~$305. The elimination this quarter was at prices between ~$253 and ~$320. It currently trades at ~$281.Humana Inc. (HUM): The 2.25% HUM position was established in Q3 2019 at prices between $254 and $305. Q1 2020 saw a ~47% stake increase at prices between $214 and $380. There was a roughly one-third reduction last quarter at prices between ~$388 and ~$452. The disposal this quarter was at prices between ~$375 and ~$448. It is now at ~$415.Amicus Therapeutics (FOLD), Fidelity National Information Services (FIS), Howmet Aerospace (HWM), and XP Inc. (XP): These small (less than ~1.5% of the portfolio each) stakes were disposed during the quarter.Stake Decreases:Shopify Inc. (SHOP): SHOP is now the largest 13F stake at 6.88% of the portfolio. It was built in Q2 2019 at prices between $195 and $328. The stock has returned over 4x and currently trades at ~$1307. There was a one-third increase in Q4 2019 at prices between $286 and $409. Last five quarters have seen only minor adjustments.UnitedHealth Group (UNH): The 4.25% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The position has wavered. Recent activity follows. There was a one-third selling in Q2 2020 at prices between ~$229 and ~$312 while next quarter saw a similar increase at prices between ~$291 and ~$324. There was a ~20% reduction last quarter at prices between ~$304 and ~$357. The stock is now at ~$399. This quarter saw marginal trimming.Coupa Software (COUP): The 3.84% COUP position was purchased last year at prices between $90 and $158 and it is now at ~$239. Q3 2020 saw the stake doubled at prices between ~$243 and ~$344. Last two quarters have seen minor trimming.Note: Lone Pine controls ~6% of the business.Netflix (NFLX): NFLX is a 3.46% of the portfolio position purchased in Q3 2019 at prices between $255 and $382 and the stock currently trades at ~$500. Q2 2020 saw a one-third selling at prices between $362 and $468 while next quarter there was a similar increase at prices between ~$467 and ~$557. This quarter saw a ~25% reduction at prices between ~$493 and ~$586.Global Payments (GPN): The 3.11% GPN position was established in Q3 2019 at prices between $154 and $175 and it is now at ~$192. Q1 2020 saw a ~53% stake increase at prices between $116 and $209. That was followed with a one-third increase in Q3 2020 at prices between ~$161 and ~$185. This quarter saw a roughly one-third reduction at prices between ~$177 and ~$216.MasterCard (MA): The 2.63% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$367. Recent activity follows. There was a ~20% selling in Q3 2020 at prices between ~$290 and ~$366. Last quarter saw a ~55% stake increase at prices between ~$289 and ~$357 while this quarter there was a ~25% reduction at prices between ~$315 and ~$384.Square Inc. (SQ): SQ is a 2.59% position established in Q3 2020 at prices between ~$113 and ~$165 and it is now at ~$231. Last quarter saw a ~20% selling at prices between ~$155 and ~$242. That was followed with a ~25% reduction this quarter at prices between ~$202 and ~$277.Note: Square had a previous round-trip. It was a ~2% position built from Q2 2019 at prices between $57 and $82 and sold in Q2 2020 at prices between ~$44 and ~$105.Carvana Inc. (CVNA) and Bilibili Inc. (BILI): The 2.30% portfolio stake was purchased last quarter at prices between ~$185 and ~$292 and it is now at ~$279. There was minor trimming this quarter. The 1.63% BILI position was established last quarter at prices between ~$42 and ~$94 and the stock currently trade above that range at ~$116. There was a ~30% selling this quarter at prices between ~$86 and ~$156.Note: They have a ~3.4% ownership stake in Carvana.Atlassian Corp plc (TEAM): The 2.28% TEAM stake was purchased in Q3 2020 at prices between ~$161 and ~$196 and the stock currently trades at ~$251. There was a ~4% increase last quarter while this quarter saw a ~13% trimming.Note: Atlassian has had a previous round-trip. The 1.54% Atlassian stake was built in H2 2019 at prices between $108 and $147 and sold in Q2 2020 at prices between ~$129 and ~$188.Datadog Inc. (DDOG): DDOG is a ~2% of the portfolio position established in Q2 2020 at prices between ~$34.50 and ~$90 and it currently goes for ~$97. Last three quarters have seen only minor adjustments.Mongodb (MDB): The 1.15% of the portfolio MDB stake established last quarter was reduced to a minutely small 0.13% of the portfolio position this quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is a large (top three) 6.70% of the portfolio position. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The five quarters thru Q4 2019 had seen a ~63% selling at prices between $98 and $159 while next quarter saw a ~17% stake increase at prices between ~$135 and ~$189. This quarter saw a ~25% stake increase at prices between ~$212 and ~$245. The stock is now at ~$260.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Facebook Inc. (FB): The large (top three) ~6% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follows: There was a ~50% stake increase in Q2 2020 at prices between $154 and $242 while last quarter saw a ~40% selling at prices between ~$258 and ~$295. There was a ~60% stake increase this quarter at prices between ~$246 and ~$299. The stock is now at ~$337.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed in 2013 and early 2014 at much higher prices realizing huge gains.Amazon.com (AMZN): AMZN is a top-five 5.41% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. The position has wavered. Recent activity follows. Last three quarters saw a ~55% reduction at prices between ~$1907 and ~$3444 while this quarter there was a ~90% stake increase at prices between ~$2956 and ~$3380. The stock is now at ~$3384.Snap Inc. (SNAP): SNAP is a 4.56% of the portfolio stake established last quarter at prices between ~$26.50 and ~$53.50 and the stock currently trades well above that range at $63.57. This quarter saw a ~25% stake increase at prices between ~$49 and ~$71.Adobe Systems (ADBE): ADBE is a fairly large position at 4.53% of the portfolio. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follows: last quarter saw a ~20% stake increase at prices between ~$445 and ~$514. That was followed with a ~30% stake increase this quarter at prices between ~$421 and ~$502. The stock currently trades at ~$557.Mercadolibre (MELI): MELI is a 3.82% of the portfolio position built over the last three quarters at prices between ~$955 and ~$1984. The stock is now at ~$1433.DoorDash (DASH): The 3.20% DASH stake was built over the last two quarters at prices between ~$125 and ~$215. The stock currently trades at ~$159.Dexcom Inc. (DXCM): The ~3% DXCM stake was primarily built last quarter at prices between ~$312 and ~$418. The stock currently trades at ~$409. There was a ~5% increase this quarter.Match Group (MTCH): The 3.10% MTCH stake saw a ~70% stake increase in Q3 2020 at prices between ~$90 and ~$121. There was a one-third selling last quarter at prices between ~$110 and ~$156 while this quarter saw a ~17% stake increase at prices between ~$131 and ~$172. The stock currently trades at ~$144.ServiceNow Inc. (NOW): NOW is a 2.69% stake established in Q2 2017 at prices between $84.50 and $118. The position has since wavered. Recent activity follows. Q2 2020 saw a one-third increase at prices between $250 and $403. Last quarter saw similar selling at prices between ~$476 and ~$565. There was a ~22% stake increase this quarter at prices between ~$464 and ~$595. The stock is now at ~$509.Farfetch Ltd. (FTCH): FTCH is a 2.63% of the portfolio stake built over the last two quarters at prices between ~$26 and ~$73 and it is now at ~$51.Note: Regulatory filings since the quarter ended show them owning 16.07M shares (5.1% of the business). This is compared to 13.68M shares in the 13F report.StoneCo Ltd. (STNE): STNE is a 1.45% of the portfolio position established in Q3 2020 at prices between ~$38 and ~$54 and the stock is now at ~$64. There was a ~23% selling last quarter at prices between ~$52.50 and ~$85.50. This quarter saw a minor increase.Snowflake Inc. (SNOW): The ~1% SNOW stake was primarily built this quarter at prices between ~$209 and ~$314. The stock is now at ~$244.Argenx SE (ARGNF), Ascendis Pharma A/S (ASND), Bill.com Holdings (BILL), and Fate Therapeutics (FATE): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Kept Steady:L Brands (LB): The 5.90% LB stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $65.74.Note: Lone Pine Capital has a ~9.4% ownership stake in L Brands.Blueprint Medicines (BPMC), Forma Therapeutics (FMTX), Nuance Communications (NUAN), and Zymeworks (ZYME): These small (less than ~1.5% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/7/2021: 13G/A’s 2/16 – UA – zero, CHWY – zero, LB – 26.3M shares (9.4% of business), MTCH – 5.27M shares – 1.9% of business, COUP – 4.22M shares – 5.8% of business, CVNA – 2.45M shares – 3.4% of business."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q4 2020 Update"

"Stephen Mandel’s 13F portfolio value increased ~19% from $23.20B to $27.51B. The number of positions increased from 32 to 41.Lone Pine Capital increased Mercadolibre and Dexcom while dropping PayPal and Capital One Financial.The top three positions are Shopify, Coupa Software, and Microsoft. They add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 2/16/2021. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q3 2020.This quarter, Mandel’s 13F portfolio value increased ~19% from $23.20B to $27.51B. The number of holdings increased from 32 to 41. The top three positions are at ~18% while the top five are ~28% of the 13F assets: Shopify, Coupa Software, Microsoft Corp, Global Payments, and Netflix.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Note: Stephen Mandel stepped down from managing investments in January 2019 in a previously announced (September 2017) move. He is still a managing director at the firm.New Stakes:Snap Inc. (SNAP): SNAP is a 3.55% of the portfolio stake established this quarter at prices between ~$26.50 and ~$53.50 and the stock currently trades above that range at $62.23.Carvana Inc. (CVNA), Bilibili Inc. (BILI), and Farfetch Ltd. (FTCH): These are small new stakes purchased this quarter. CVNA is back in the portfolio after a quarter’s gap. The ~2% portfolio stake was purchased at prices between ~$185 and ~$292 and it is now at ~$284. The 1.87% BILI position was established at prices between ~$42 and ~$94 and the stock currently trade above that range at ~$113. FTCH is a 1.87% of the portfolio stake purchased at prices between ~$26 and ~$65 and it is now at $59.25.Note: They have a ~3.4% ownership stake in Carvana.Fidelity National Information Services (FIS), Doordash (DASH), Mongodb (MDB), and Blueprint Medicines (BPMC): These are very small (less than ~1.5% of the portfolio each) positions established this quarter.Argenx SE (ARGNF), Amicus Therapeutics (FOLD), Ascendis Pharma A/S (ASND), Fate Therapeutics (FATE), Zymeworks (ZYME), Forma Therapeutics (FMTX), and XP Inc. (XP): These are minutely small (less than ~0.6% of the portfolio each) stakes established during the quarter.Stake Disposals:PayPal Holdings (PYPL): PYPL was a large 5.10% of the portfolio stake purchased in Q4 2019 at prices between $96.50 and $110. Q1 2020 saw a ~55% stake increase at prices between $85 and $124. That was followed with a ~40% increase next quarter at prices between ~$91 and ~$177. Last quarter saw a ~20% selling at prices between ~$170 and ~$211. The elimination this quarter was at prices between ~$180 and ~$244. The stock currently trades at ~$249Capital One Financial (COF): The 3.18% COF stake was purchased in Q2 2020 at prices between $42.25 and $80. The position was disposed this quarter at prices between ~$72 and ~$99. The stock is now at ~$129TransDigm Group (TDG): The 1.54% TDG position was purchased in Q4 2017 at prices between $256 and $285. Q2 2018 saw a ~25% increase at prices between $301 and $346. There was a ~20% selling in Q3 2019 at prices between $461 and $551. That was followed with a ~40% reduction in Q1 2020 at prices between $246 and $656. There was a ~125% stake increase in Q2 2020 at prices between $270 and $495 while last quarter there was a 55% selling at prices between ~$411 and ~$519. The elimination this quarter was at prices between ~$458 and ~$619. The stock currently trades at ~$607Booking Holdings (BKNG): BKNG was a large 4.80% of the portfolio position purchased last quarter at prices between $1231 and $1841. It was reduced to a minutely small 0.43% stake last quarter at prices between ~$1638 and ~$1949. The remainder stake was disposed this quarter. The stock currently trades at ~$2397.Insulet Corp (PODD) and KE Holdings (BEKE): These very small (less than ~1.25% of the portfolio each) stakes established last quarter were disposed this quarter.Stake Decreases:Coupa Software (COUP): The large (top three) 5.20% COUP position was purchased last year at prices between $90 and $158 and it is now at ~$272. Last quarter saw the stake doubled at prices between ~$243 and ~$344. This quarter saw minor trimming.Note: Lone Pine controls ~6% of the business.Microsoft Corporation (MSFT): MSFT is a large (top three) 5.10% of the portfolio position. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The five quarters thru Q4 2019 had seen a ~63% selling at prices between $98 and $159 while next quarter saw a ~17% stake increase at prices between ~$135 and ~$189. The stock is now at ~$238. Last three quarters have seen only minor adjustments.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Global Payments (GPN): The top-five ~5% GPN position was established in Q3 2019 at prices between $154 and $175 and it is now at ~$215. Q1 2020 saw a ~53% stake increase at prices between $116 and $209. That was followed with a one-third increase last quarter at prices between ~$161 and ~$185. This quarter saw marginal trimming.UnitedHealth Group (UNH): The ~4% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The position has wavered. Recent activity follows. There was a one-third selling in Q2 2020 at prices between ~$229 and ~$312 while last quarter saw a similar increase at prices between ~$291 and ~$324. There was a ~20% reduction this quarter at prices between ~$304 and ~$357. The stock is now at ~$355.Facebook Inc. (FB): The 3.55% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follows: There was a ~50% stake increase in Q2 2020 at prices between $154 and $242 while this quarter saw a ~40% selling at prices between ~$258 and ~$295. The stock is now at ~$279.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed in 2013 and early 2014 at much higher prices realizing huge gains.DocuSign Inc. (DOCU) and Square Inc. (SQ): These are medium-sized new positions established last quarter. The 3.28% DOCU stake was purchased at prices between ~$173 and ~$269 and the stock currently trades at ~$211. This quarter saw minor trimming. SQ is a 3.32% position established at prices between ~$113 and ~$165 and it is now at ~$243. This quarter saw a ~20% selling at prices between ~$155 and ~$242.Note: Square had a previous round-trip. It was a ~2% position built from Q2 2019 at prices between $57 and $82 and sold in Q2 2020 at prices between ~$44 and ~$105.Amazon.com (AMZN): AMZN is a ~3% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. The position has wavered. Recent activity follows. Last three quarters saw a ~55% reduction at prices between ~$1907 and ~$3444. The stock is now at ~$3092.Match Group (MTCH): The 2.89% MTCH stake saw a ~70% stake increase last quarter at prices between ~$90 and ~$121. There was a one-third selling this quarter at prices between ~$110 and ~$156. The stock currently trades at ~$154.Autodesk Inc. (ADSK): ADSK is a 2.46% portfolio stake purchased in Q4 2018 at prices between $118 and $156 and it currently trades at ~$275. Q4 2019 saw a ~27% reduction at prices between $140 and $185 while next quarter there was a similar increase at prices between $136 and $211. There was a ~50% selling in Q2 2020 at prices between $137 and $242 while last quarter saw a similar increase at prices between ~$221 and ~$261. This quarter saw a ~25% selling at prices between ~$226 and ~$305.ServiceNow Inc. (NOW): NOW is a 2.42% stake established in Q2 2017 at prices between $84.50 and $118. The position has since wavered. Recent activity follows. Q2 2020 saw a one-third increase at prices between $250 and $403. This quarter saw a similar selling at prices between ~$476 and ~$565. The stock is now at ~$499.Humana Inc. (HUM): The 2.25% HUM position was established in Q3 2019 at prices between $254 and $305 and it is now at ~$403. Q1 2020 saw a ~47% stake increase at prices between $214 and $380. There was a roughly one-third reduction this quarter at prices between ~$388 and ~$452.StoneCo Ltd. (STNE): STNE is a 1.94% of the portfolio position established last quarter at prices between ~$38 and ~$54 and the stock is now at $69.53. There was a ~23% selling this quarter at prices between ~$52.50 and ~$85.50.Howmet Aerospace (HWM) and Snowflake Inc. (SNOW): These very small (less than ~1% of the portfolio each) positions were reduced during the quarter.Stake Increases:Shopify Inc. (SHOP): SHOP is now the largest 13F stake at 7.39% of the portfolio. It was built in Q2 2019 at prices between $195 and $328 and the stock currently trades at ~$1143. There was a one-third increase in Q4 2019 at prices between $286 and $409. Last four quarters have seen only minor adjustments.Netflix (NFLX): NFLX is a 4.82% of the portfolio position purchased in Q3 2019 at prices between $255 and $382 and the stock currently trades at ~$524. Q2 2020 saw a one-third selling at prices between $362 and $468 while last quarter there was a similar increase at prices between ~$467 and ~$557. This quarter also saw a ~9% stake increase.Adobe Systems (ADBE): ADBE is a fairly large position at 3.67% of the portfolio. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follows: last two years had seen a two-thirds selling at prices between ~$210 and ~$534. There was an about turn this quarter: ~20% stake increase at prices between ~$445 and ~$514. The stock currently trades at ~$451.Mercadolibre (MELI): MELI is a 3.64% of the portfolio position built over the last two quarters at prices between ~$955 and ~$1732. The stock is now at ~$1551.MasterCard (MA): The 3.53% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$382. There was a ~40% selling in Q2 2019 at prices between $236 and $267. Q4 2019 saw the position increased by ~50% at prices between $261 and $301. There was a ~20% selling last quarter at prices between ~$290 and ~$366. This quarter saw a ~55% stake increase at prices between ~$289 and ~$357.Dexcom Inc. (DXCM): The ~3% DXCM stake was primarily built this quarter at prices between ~$312 and ~$418. The stock currently trades at $355.Atlassian Corp plc (TEAM): The 2.91% TEAM stake was purchased last quarter at prices between ~$161 and ~$196 and the stock currently trades at ~$236. There was a ~4% increase this quarter.Note: Atlassian has had a previous round-trip. The 1.54% Atlassian stake was built in H2 2019 at prices between $108 and $147 and sold in Q2 2020 at prices between ~$129 and ~$188.Datadog Inc. (DDOG): DDOG is a 2.54% of the portfolio position established in Q2 2020 at prices between ~$34.50 and ~$90 and it currently goes for $86.37. Last two quarters have seen only minor adjustments.Nuance Communications (NUAN) and Bill.com Holdings (BILL): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Kept Steady:L Brands (LB): The 3.55% LB stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $60.27.Note: Lone Pine Capital has a ~9.4% ownership stake in L Brands.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q4 2020:Regulatory filings thru 12/7/2020: None."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q3 2020 Update"

"Stephen Mandel’s 13F portfolio value increased ~17% from $19.79B to $23.20B. The number of positions increased from 29 to 32.Lone Pine Capital added DocuSign & Square while reducing Booking Holdings and dropping Salesforce.com. They also increased Coupa Software.The top three positions are Shopify, Facebook, and Microsoft. They add up to ~20% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 11/16/2020. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q2 2020.This quarter, Mandel’s 13F portfolio value increased ~17% from $19.79B to $23.20B. The number of holdings increased from 29 to 32. The top three positions are at ~20% while the top five are ~31% of the 13F assets: Shopify, Facebook, Microsoft Corp, UnitedHealth, and Coupa Software.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Note: Stephen Mandel stepped down from managing investments in January 2019 in a previously announced (September 2017) move. He is still a managing director at the firm.New Stakes:DocuSign Inc. (DOCU), Square Inc. (SQ), Atlassian Corp plc (TEAM), and StoneCo Ltd. (STNE): These are medium-sized new positions established this quarter. The 3.84% DOCU stake was purchased at prices between ~$173 and ~$269 and the stock currently trades at $235. SQ is a 3.76% position established at prices between ~$113 and ~$165 and it is now at ~$213. The 2.58% TEAM stake was purchased at prices between ~$161 and ~$196 and the stock currently trades at ~$230. STNE is a 1.89% of the portfolio position established at prices between ~$38 and ~$54 and the stock is now at $74.26.Note: Square and Atlassian are back in the portfolio after a quarter’s gap. Square was a ~2% position built from Q2 2019 at prices between $57 and $82 and sold last quarter at prices between ~$44 and ~$105. The 1.54% Atlassian stake was built in H2 2019 at prices between $108 and $147 and sold last quarter at prices between ~$129 and ~$188.Nuance Communications (NUAN), Mercadolibre (MELI), Bill.com Holdings (BILL), Snowflake Inc. (SNOW), Insulet Corp (PODD), and KE Holdings (BEKE): These are very small (less than ~1.25% of the portfolio each) new stakes established this quarter.Stake Disposals:Salesforce.com (CRM), and Zoom Video (ZM): These were medium-sized new positions established last quarter. The 2.88% CRM stake was purchased at prices between ~$134 and ~$192 and disposed this quarter at prices between ~$186 and ~$281. It is now at ~$228. ZM is a 2.16% of the portfolio position established at prices between ~$114 and ~$260 and eliminated this quarter at prices between ~$230 and ~$500. It currently trades at ~$412.Barclays VIX Short Term ETN (VXX) Puts, Ceridian HCM Holding (CDAY), and Visa Inc. (V): The VXX Puts were purchased in Q1 2020 as the underlying traded between $13 and $70 and it is now at $16.59. The disposal this quarter happened as the underlying traded between $24 and $35. CDAY was a 2.31% of the portfolio position built in H1 2020 at prices between ~$39 and ~$84. The elimination this quarter was at prices between ~$69 and ~$85. The stock currently trades at ~$99. The 2.35% Visa position was established in Q1 2020 at prices between ~$136 and ~$213. Last quarter saw a ~30% selling and the remaining stake was disposed this quarter at prices between ~$189 and ~$217. The stock is now at ~$213.Carvana Company (CVNA) and Discover Financial (DFS): These are small (less than ~0.5% of the portfolio each) positions that were decreased during the quarter.Stake Decreases:PayPal Holdings (PYPL): PYPL is a large 5.10% of the portfolio stake purchased in Q4 2019 at prices between $96.50 and $110 and the stock currently trades at ~$217. Q1 2020 saw a ~55% stake increase at prices between $85 and $124. That was followed with a ~40% increase last quarter at prices between ~$91 and ~$177. This quarter saw a ~20% selling at prices between ~$170 and ~$211.Amazon.com (AMZN): AMZN is a 4.58% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. The next three quarters saw a ~70% selling at prices between $1189 and $1751. Q4 2018 saw the position doubled at prices between $1344 and $2004. H1 2019 had seen a ~37% selling at prices between $1500 and $1922 while next quarter there was a one-third increase at prices between $1725 and $2021. Q4 2019 saw a ~17% selling at prices while last quarter there was a similar increase. Last two quarters have seen a ~42% reduction at prices between ~$1907 and ~$3531. The stock is now at ~$3177.Humana Inc. (HUM): The 3.88% HUM position was established in Q3 2019 at prices between $254 and $305 and it is now at ~$409. Q1 2020 saw a ~47% stake increase at prices between $214 and $380. That was followed with a ~12% further increase last quarter. This quarter saw similar trimming.ServiceNow Inc. (NOW): NOW is a 3.70% stake established in Q2 2017 at prices between $84.50 and $118. Q4 2017 saw a ~22% reduction at prices between $113 and $131. There was another one-third reduction next quarter at prices between $132 and $175. The position had since wavered. H1 2019 had seen a ~50% selling at prices between $169 and $289. There was a ~30% stake increase next quarter at prices between $250 and $302. Last quarter saw a similar increase at prices between $250 and $403. The stock is now at ~$542. There was marginal trimming this quarter.Adobe Systems (ADBE): ADBE is a fairly large position at 3.57% of the portfolio. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follows: Q3 2018 saw a ~20% increase at prices between $242 and $275. Last two years have seen a two-thirds selling at prices between ~$210 and ~$534. The stock currently trades at ~$495.Datadog Inc. (DDOG): DDOG is a 2.88% of the portfolio position established last quarter at prices between ~$34.50 and ~$90 and it currently goes for ~$100. There was a minor ~4% trimming this quarter.MasterCard (MA): The 2.57% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$341. There was a ~40% selling in Q2 2019 at prices between $236 and $267. Q4 2019 saw the position increased by ~50% at prices between $261 and $301. There was a ~20% selling this quarter at prices between ~$290 and ~$366.TransDigm Group (TDG): The 1.54% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at ~$602. Q2 2018 saw a ~25% increase at prices between $301 and $346. There was a ~20% selling in Q3 2019 at prices between $461 and $551. That was followed with a ~40% reduction in Q1 2020 at prices between $246 and $656. There was a ~125% stake increase last quarter at prices between $270 and $495 while this quarter there was a 55% selling at prices between ~$411 and ~$519.Booking Holdings (BKNG): BKNG was a large 4.80% of the portfolio position purchased last quarter at prices between $1231 and $1841. It was reduced to a minutely small 0.43% stake this quarter at prices between ~$1638 and ~$1949. The stock currently trades at ~$2087.Stake Increases:Shopify Inc. (SHOP): SHOP is now the largest 13F stake at 7.59% of the portfolio. It was built in Q2 2019 at prices between $195 and $328 and the stock currently trades at ~$1102. There was a one-third increase in Q4 2019 at prices between $286 and $409. Last three quarters have seen only minor adjustments.Facebook Inc. (FB): The top three 6.60% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follows: There was a ~50% stake increase last quarter at prices between $154 and $242. This quarter also saw a ~11% increase. The stock is now at ~$283.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed in 2013 and early 2014 at much higher prices realizing huge gains.Microsoft Corporation (MSFT): MSFT is a large (top three) 5.84% of the portfolio position. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The stock is now at ~$216. The five quarters thru Q4 2019 had seen a ~63% selling at prices between $98 and $159 while next quarter saw a ~17% stake increase at prices between ~$135 and ~$189. Last two quarters have seen only minor adjustments.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.UnitedHealth Group (UNH): The large 5.30% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. There was a ~27% reduction in Q3 2018 at prices between $247 and $270 while next quarter there was ~19% increase at prices between $233 and $286. Q3 2019 saw another ~20% stake increase at prices between $215 and $267. There was a one-third selling last quarter at prices between ~$229 and ~$312 while this quarter saw a similar increase at prices between ~$291 and ~$324. The stock is now at ~$348.Coupa Software (COUP): The ~5% COUP position was purchased last year at prices between $90 and $158 and it is now at ~$315. This quarter saw the stake doubled at prices between ~$243 and ~$344.Note: Lone Pine controls ~6% of the business.Global Payments (GPN): The 4.89% GPN position was established in Q3 2019 at prices between $154 and $175 and it is now at ~$199. Q1 2020 saw a ~53% stake increase at prices between $116 and $209. That was followed with a one-third increase this quarter at prices between ~$161 and ~$185.Netflix (NFLX): NFLX is a 4.85% of the portfolio position purchased in Q3 2019 at prices between $255 and $382 and the stock currently trades at ~$513. Last quarter saw a one-third selling at prices between $362 and $468 while this quarter there was a similar increase at prices between ~$467 and ~$557.Match Group (MTCH): The 3.74% MTCH stake saw a ~70% stake increase this quarter at prices between ~$90 and ~$121. The stock currently trades at ~$145.Autodesk Inc. (ADSK): ADSK is a 2.91% portfolio stake purchased in Q4 2018 at prices between $118 and $156 and it currently trades at ~$284. Q4 2019 saw a ~27% reduction at prices between $140 and $185 while next quarter there was a similar increase at prices between $136 and $211. There was a ~50% selling last quarter at prices between $137 and $242 while this quarter saw a similar increase at prices between ~$221 and ~$261.Dexcom Inc. (DXCM): The very small 0.82% DXCM stake was increased during the quarter.Kept Steady:L Brands (LB): The 3.60% LB stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at ~$41.Note: Lone Pine Capital has a ~10% ownership stake in L Brands.Capital One Financial (COF): The 3.18% COF stake was purchased last quarter at prices between $42.25 and $80 and it is now at $92.64.Howmet Aerospace (HWM): The very small 0.57% HWM position established last quarter was kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q3 2020:Regulatory filings thru 8/28/2020: 13G – 7/31 – COUP – 3.78M shares – 5.6% of business."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q2 2020 Update"

"Stephen Mandel’s 13F portfolio value increased ~18% from $16.85B to $19.79B. The number of positions decreased from 38 to 29.Lone Pine Capital added Booking Holdings and increased PayPal & Facebook while dropping Alibaba Group Holdings.The top three positions are Shopify, PayPal, and Microsoft. They add up to ~21% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 08/14/2020. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q1 2020.This quarter, Mandel’s 13F portfolio value increased ~18% from $16.85B to $19.79B. The number of holdings decreased from 38 to 29. The top three positions are at ~21% while the top five are at one-third of the 13F assets: Shopify, PayPal, Microsoft Corp, Amazon.com, and Facebook.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Note: Stephen Mandel stepped down from managing investments in January 2019 in a previously announced (September 2017) move. He is still a managing director at the firm.New Stakes:Booking Holdings (BKNG): BKNG is a large 4.80% of the portfolio position purchased this quarter at prices between $1231 and $1841 and the stock currently trades at $1918.Capital One Financial (COF), Datadog Inc. (DDOG), Salesforce.com (CRM), and Zoom Video (ZM): These are medium-sized new positions established this quarter. The 3.25% COF stake was purchased at prices between $42.25 and $80 and it is now at ~$74. DDOG is a 3% of the portfolio position established at prices between ~$34.50 and ~$90 and it currently goes for ~$79. The 2.88% CRM stake was purchased at prices between ~$134 and ~$192 and it is now well above that range at ~$255. ZM is a 2.16% of the portfolio position established at prices between ~$114 and ~$260 and it currently trades well above that range at ~$370.Note: Salesforce.com is back in the portfolio after a quarter’s gap.Dexcom Inc. (DXCM), Howmet Aerospace (HWM), and Discover Financial (DFS): These are very small (less than ~0.75% of the portfolio each) stakes established this quarter.Note: Dexcom is back in the portfolio after a quarter’s gap.Stake Disposals:Alibaba Group Holdings (BABA): BABA was the largest position at 7.31% of the portfolio as of last quarter. It was established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. The entire stake was disposed this quarter at prices between $187 and $229. The stock is now at $281.Canadian Pacific Railway (CP): The ~3% CP stake was established in Q2 2018 at prices between $173 and $195 and increased by ~35% next quarter at prices between $178 and $216. The four quarters thru Q3 2019 had seen a combined ~55% selling at prices between $165 and $242. There was a ~23% stake increase last quarter at prices between $181 and $274. This quarter saw the stake disposed at prices between $209 and $266. The stock currently trades at ~$290.Equifax (EFX): EFX was a 2.25% of the portfolio stake purchased in Q3 2019 at prices between ~$135 and ~$147. The position was eliminated this quarter at prices between ~$107 and ~$180. It is now at ~$166.Square Inc. (SQ): SQ was a ~2% position built in Q2 2019 at prices between $61 and $77. There was a ~140% stake increase in Q4 2019 at prices between $56.75 and $82. Last quarter saw a ~25% reduction at prices between $38 and $86. That was followed with the disposal this quarter at prices between ~$44 and ~$105. The stock is now at ~$146.Atlassian Corp plc (TEAM): The 1.54% TEAM stake was built in H2 2019 at prices between $108 and $147 and it is currently at ~$176. Last quarter saw a ~50% selling at prices between ~$120 and ~$155 and the remaining stake was sold this quarter at prices between ~$129 and ~$188.Chewy Inc. (CHWY): CHWY had an IPO in June 2019. Lone Pine Capital participated in funding rounds prior to the IPO. The position saw a ~55% stake increase in Q3 2019 at prices between $23 and $34.50. The stock is now at ~$61. Last quarter saw the position reduced by ~75% to a minutely small 0.29% portfolio stake at prices between $22.70 and $38. The remainder stake was disposed this quarter.Sea Limited ADR (SE): SE was a 1.31% portfolio position as of Q4 2019. The original stake saw a ~85% stake increase in Q1 2019 at prices between $10.75 and $24.75. Last quarter saw the position almost sold out at prices between $38 and $53. The remainder stake was sold this quarter. The stock is now at ~$144.Anaplan Inc. (PLAN), Arconic Inc., Cadence Design System (CDNS), Hilton Worldwide (HLT), Hubspot Inc. (HUBS), IAC Interactive (IAC), Live Nation Entertainment (LYV), Luckin Coffee (LK), Medallia Inc. (MDLA), and Under Armour (UA): These small (less than ~2% of the portfolio each) stakes were eliminated during the quarter.Note: Lone Pine had a ~6% stake in Under Armour.Stake Decreases:Amazon.com (AMZN): AMZN is a large (top five) 6.38% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. The next three quarters saw a ~70% selling at prices between $1189 and $1751. Q4 2018 saw the position doubled at prices between $1344 and $2004. H1 2019 had seen a ~37% selling at prices between $1500 and $1922 while next quarter there was a one-third increase at prices between $1725 and $2021. Q4 2019 saw a ~17% selling at prices while last quarter there was a similar increase. There was a ~22% reduction this quarter at prices between ~$1907 and ~$2764. The stock is now at ~$3295.UnitedHealth Group (UNH): The large 4.51% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. There was a ~27% reduction in Q3 2018 at prices between $247 and $270 while next quarter there was ~19% increase at prices between $233 and $286. Q3 2019 saw another ~20% stake increase at prices between $215 and $267. There was a one-third selling this quarter at prices between ~$229 and ~$312. The stock is now at ~$312.Global Payments (GPN): The 4.10% GPN position was established at prices between $154 and $175 and it is now at ~$173. Last quarter saw a ~53% stake increase at prices between $116 and $209. There was marginal trimming this quarter.Adobe Systems (ADBE): ADBE is a fairly large position at ~4% of the portfolio. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follows: Q3 2018 saw a ~20% increase at prices between $242 and $275. The stock currently trades at ~$492. Last seven quarters have seen a two-thirds selling at prices between ~$209 and ~$380.Netflix (NFLX): NFLX is a 3.69% of the portfolio position purchased in Q3 2019 at prices between $255 and $382 and the stock currently trades at ~$516. There was a one-third reduction this quarter at prices between $362 and $468.MasterCard (MA): The 3.29% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$335. There was a ~40% selling in Q2 2019 at prices between $236 and $267. Q4 2019 saw the position increased by ~50% at prices between $261 and $301. Last two quarters have seen minor trimming.Autodesk Inc. (ADSK): ADSK is a 2.53% portfolio stake purchased in Q4 2018 at prices between $118 and $156 and it currently trades above that at ~$234. Q4 2019 saw a ~27% reduction at prices between $140 and $185 while last quarter there was a similar increase at prices between $136 and $211. There was a ~50% selling this quarter at prices between $137 and $242.Carvana Company (CVNA), Match Group (MTCH), and Visa Inc. (V): These are small (less than ~2.5% of the portfolio each) positions that were decreased during the quarter.Stake Increases:Shopify Inc. (SHOP): SHOP is now the largest 13F stake at ~8% of the portfolio. It was built in Q2 2019 at prices between $195 and $328 and the stock currently trades at ~$973. There was a one-third increase in Q4 2019 at prices between $286 and $409. Last two quarters have seen only minor adjustments.PayPal Holdings (PYPL): PYPL is a top three 6.49% of the portfolio stake purchased in Q4 2019 at prices between $96.50 and $110 and the stock currently trades at ~$192. Last quarter saw a ~55% stake increase at prices between $85 and $124. That was followed with a ~40% increase this quarter at prices between ~$91 and ~$177.Microsoft Corporation (MSFT): MSFT is a large (top three) 6.41% of the portfolio position. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The stock is now at ~$214. The five quarters thru Q4 2019 had seen a ~63% selling at prices between $98 and $159 while last quarter saw a ~17% stake increase at prices between ~$135 and ~$189. This quarter also saw a ~5% further increase.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Facebook Inc. (FB): The ~6% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follows: H2 2018 had seen a stake doubling at prices between $124 and $218. Q1 to Q3 2019 had seen a ~70% selling at prices between $132 and $205 while next quarter there was a similar increase at prices between $175 and $208. There was another ~50% stake increase this quarter at prices between $154 and $242. The stock is now at ~$283.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed in 2013 and early 2014 at much higher prices realizing huge gains.Humana Inc. (HUM): The ~4% HUM position was established in Q3 2019 at prices between $254 and $305 and it is now at ~$413. Last quarter saw a ~47% stake increase at prices between $214 and $380. That was followed with a ~12% further increase this quarter.Transdigm Group (TDG): The 3.91% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at ~$503. Q2 2018 saw a ~25% increase at prices between $301 and $346. There was a ~20% selling in Q3 2019 at prices between $461 and $551. That was followed with a ~40% reduction last quarter at prices between $246 and $656. There was a ~125% stake increase this quarter at prices between $270 and $495.ServiceNow Inc. (NOW): NOW is a 3.66% stake established in Q2 2017 at prices between $84.50 and $118. Q4 2017 saw a ~22% reduction at prices between $113 and $131. There was another one-third reduction next quarter at prices between $132 and $175. The position had since wavered. H1 2019 had seen a ~50% selling at prices between $169 and $289. There was a ~30% stake increase next quarter at prices between $250 and $302. This quarter saw a similar increase at prices between $250 and $403. The stock is now at ~$450.Barclays VIX Short Term ETN (VXX) Puts and Ceridian HCM Holding (CDAY): The VXX Puts were purchased as the underlying traded between $13 and $70 and it is now at ~$29. Arconic is a ~2% of the portfolio position established at prices between $12 and $34. This quarter saw a minor increase. The 2.31% CDAY position was built over the last two quarters at prices between ~$39 and ~$84. The stock is now at $72.66.Kept Steady:Coupa Software (COUP): The ~3% COUP position was purchased last year at prices between $90 and $158 and it is now at ~$286.L Brands (LB): The ~2% LB stake was purchased last quarter at prices between ~$9 and ~$25 and it is now at $30.14.Note: Lone Pine Capital has a ~10% ownership stake in L Brands.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q2 2020:Regulatory filings thru 5/25/2020: 4/3 – 13G/A – LK – 0. 13G – 3/13 – CVNA – 3.8M shares – 7.5% of business. 13G – 2/18 – LB – 14.7M shares – 5.3% of business."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q1 2020 Update"

"Stephen Mandel’s 13F portfolio value decreased ~11% from $18.86B to $16.85B. The number of positions increased from 37 to 38.Lone Pine Capital added Visa and increased Global Payments & Humana while dropping Salesforce.com & Union Pacific.The top three positions are Alibaba Group Holdings, UnitedHealth Group, and Amazon.com. They add up to ~21% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 05/15/2020. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q4 2019.This quarter, Mandel’s 13F portfolio value decreased ~11% from $18.86B to $16.85B. The number of holdings increased from 37 to 38. The top three positions are at ~21% while the top five are at 32% of the 13F assets: Alibaba Group Holdings, UnitedHealth Group, Amazon.com, Microsoft Corp, and Netflix.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Note: Stephen Mandel stepped down from managing investments in January 2019 in a previously announced (September 2017) move. He is still a managing director at the firm.New Stakes:Visa Inc. (V): V is a 3.18% of the portfolio position purchased this quarter at prices between $136 and $213 and the stock currently trades at ~$196.Barclays VIX Short Term ETN (VXX) Puts, Arconic Inc., and L Brands (LB): The VXX Puts were purchased as the underlying traded between $13 and $70 and it is now at $32.49. Arconic is a ~2% of the portfolio position established at prices between $12 and $34. The 1.80% LB stake was purchased at prices between ~$9 and ~$25 and it is now at $16.80.Note 1: Lone Pine Capital has a ~10% ownership stake in L Brands.Note 2: The spinoff of Arconic (ARNC) and name change to Howmet Aerospace (HWM) was completed in early April. Shareholders received 1 share of Arconic for every 4 shares held.Hilton Worldwide (HLT), Ceridian HCM Holding (CDAY), Live Nation Entertainment (LYV), Cadence Design System (CDNS), and Anaplan Inc. (PLAN): These small (less than ~1% of the portfolio each) new stakes were established during the quarter.Stake Disposals:Domino’s Pizza (DPZ): DPZ was a 2.70% of the portfolio position purchased in Q2 2019 at prices between $245 and $287 and increased by ~75% next quarter at prices between $222 and $282. Last quarter saw a ~20% selling at prices between $242 and $297. That was followed with the disposal this quarter at prices between $271 and $373. The stock is now at ~$385.Iqvia Holdings (IQV) previously Quintiles IMS: The 2.52% IQV stake was purchased in Q1 2017 at prices between $75 and $82.50 and increased by ~70% the following quarter at prices between $78 and $91. There was a ~17% selling in Q3 2018 at prices between $100 and $130. Last three quarters had seen another ~60% selling at prices between $132 and $162. The elimination this quarter was at prices between $84 and $166. The stock is now at ~$152.Salesforce.com (CRM): The 3.57% CRM position was increased by ~200% in Q1 2019 at prices between $130 and $167. That was followed with a ~50% stake increase next quarter at prices between $145 and $166. Last quarter saw a ~20% selling at prices between $142 and $165. This quarter saw the remaining position sold at prices between $124 and $193. The stock currently trades at ~$174.Union Pacific (UNP): The 3.64% UNP stake was purchased in Q1 2019 at prices between $133 and $171 and increased by ~50% next quarter at prices between $164 and $179. Q3 2019 saw a ~50% selling at prices between $156 and $180 while last quarter saw a similar increase at around the same price range. The position was sold this quarter at prices between $114 and $187. It is now at ~$171.Note: UNP has seen a previous roundtrip. A 2.70% of the portfolio position was purchased in Q3 2018 at prices between $138 and $165 and eliminated next quarter at prices between $128 and $165.Mercadolibre Inc. (MELI): The MELI position was purchased in Q3 2017 at prices between $233 and $292. The stake had wavered. Recent activity follows: Q1 2019 saw a ~50% stake increase at prices between $293 and $518. That was followed with a ~30% selling next quarter at prices between $482 and $641. Last two quarters had seen a stake doubling at prices between $483 and $690 while this quarter saw the position eliminated at prices between ~$450 and ~$745. The stock is now at ~$860.Herbalife (HLF): The small ~1% stake in HLF saw a ~85% stake increase last quarter at prices between $35.50 and $48.50. This quarter saw the position disposed at prices between $23.34 and $47.44. The stock is currently at $43.34.Uber Technologies (UBER): UBER had an IPO in June 2019. Lone Pine Capital participated in funding rounds prior to the IPO. The ~0.50% position saw a marginal increase last quarter. This quarter saw the stake sold at prices between ~$15 and ~$41. The stock currently trades at $35.81.Altria Group (MO), CSX Corp (CSX), XP Inc. (XP), DexCom Inc. (DXCM), and Illumina Inc. (ILMN): These small (less than ~1% of the portfolio each) positions were sold this quarter.Stake Decreases:Netflix (NFLX) and Equifax (EFX): These two medium-sized positions were established in Q3 2019. NFLX is a large (top five) 5.37% of the portfolio position purchased at prices between $255 and $382 and the stock currently trades at $427. Last quarter saw a ~6% stake increase while this quarter there was a ~3% trimming. EFX is a 2.25% of the portfolio stake purchased at prices between $135 and $147 and it currently goes for ~$167. Last quarter saw a ~12% stake increase while this quarter there was a ~8% trimming.Shopify Inc. (SHOP): The 4.13% SHOP stake was built in Q2 2019 at prices between $195 and $328 and the stock currently trades at $780. There was a one-third increase last quarter at prices between $286 and $409. This quarter saw a ~8% trimming.MasterCard (MA): The 3.31% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$304. There was a ~40% selling in Q2 2019 at prices between $236 and $267. Last quarter saw the position increased by ~50% at prices between $261 and $301. This quarter saw a ~3% trimming.Adobe Systems (ADBE): ADBE is a fairly large position at ~5% of the portfolio. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follows: Q3 2018 saw a ~20% increase at prices between $242 and $275. The stock currently trades at ~$390. Last six quarters have seen a ~50% selling at prices between ~$210 and ~$380.ServiceNow Inc. (NOW): NOW is a 2.33% stake established in Q2 2017 at prices between $84.50 and $118. Q4 2017 saw a ~22% reduction at prices between $113 and $131. There was another one-third reduction next quarter at prices between $132 and $175. The position had since wavered. H1 2019 had seen a ~50% selling at prices between $169 and $289. There was a ~30% stake increase next quarter at prices between $250 and $302 while last quarter saw a ~9% trimming. This quarter also saw a ~11% trimming. The stock is now at ~$393.Square Inc. (SQ): SQ is a ~2% position built in Q2 2019 at prices between $61 and $77. There was a ~140% stake increase last quarter at prices between $56.75 and $82. This quarter saw a ~25% reduction at prices between $38 and $86. It is currently at ~$88.Coupa Software (COUP) and Atlassian Corp plc (TEAM): These two positions had seen significant buying over the last few quarters. The 1.81% COUP position was purchased over the last three quarters at prices between $90 and $158 and it is now at ~$230. This quarter saw a ~9% trimming. The 1.54% TEAM stake was built over the last two quarters at prices between $108 and $147 and it is currently at ~$184. This quarter saw a ~50% selling at prices between ~$120 and ~$155.Transdigm Group (TDG): The 1.47% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at ~$432. Q2 2018 saw a ~25% increase at prices between $301 and $346. There was a ~20% selling in Q3 2019 at prices between $461 and $551. That was followed with a ~40% reduction this quarter at prices between $246 and $656.Chewy Inc. (CHWY): CHWY had an IPO in June 2019. Lone Pine Capital participated in funding rounds prior to the IPO. The position saw a ~55% stake increase in Q3 2019 at prices between $23 and $34.50. The stock is now at $49.42. This quarter saw the position reduced by ~75% to a minutely small 0.29% portfolio stake at prices between $22.70 and $38.Sea Limited ADR (SE): SE was a 1.31% portfolio position as of last quarter. The original stake saw a ~85% stake increase in Q1 2019 at prices between $10.75 and $24.75. This quarter saw the position almost sold out at prices between $38 and $53. The stock is now at ~$87.Stake Increases:Alibaba Group Holdings (BABA): BABA is currently the largest position at 7.31% of the portfolio. It was established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. Recent activity follows: Q3 2019 saw a ~25% stake increase at prices between $154 and $183. The stock is currently at ~$214. There was a ~14% trimming last quarter while this quarter saw a minor increase.UnitedHealth Group (UNH): The large (top three) 6.83% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The stock is now at ~$306. There was a ~27% reduction in Q3 2018 at prices between $247 and $270 while next quarter there was ~19% increase at prices between $233 and $286. Q3 2019 saw another ~20% stake increase at prices between $215 and $267. This quarter also saw a ~9% further increase.Amazon.com (AMZN): AMZN is a large (top three) 6.74% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. The next three quarters saw a ~70% selling at prices between $1189 and $1751. Q4 2018 saw the position doubled at prices between $1344 and $2004. The stock is now at ~$2472. H1 2019 had seen a ~37% selling at prices between $1500 and $1922 while next quarter there was a one-third increase at prices between $1725 and $2021. Last quarter saw a ~17% selling at prices while this quarter there was a similar increase.Microsoft Corporation (MSFT): MSFT is a 5.54% of the portfolio position. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The stock is now at ~$185. Last five quarters had seen a ~63% selling at prices between $98 and $159 while this quarter saw a ~17% stake increase at prices between ~$135 and ~$189.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Global Payments (GPN) and Humana Inc. (HUM): These two medium-sized positions were established in Q3 2019. The 4.24% GPN position was established at prices between $154 and $175 and it is now at $181. This quarter saw a ~53% stake increase at prices between $116 and $209. The ~4% HUM position was established at prices between $254 and $305 and it is now at ~$405. This quarter saw a ~47% stake increase at prices between $214 and $380.Autodesk Inc. (ADSK): ADSK is a 3.73% portfolio stake purchased in Q4 2018 at prices between $118 and $156 and it currently trades above that at ~$219. There was a ~10% trimming in Q1 2019 while next quarter saw a ~15% stake increase. Last quarter saw a ~27% reduction at prices between $140 and $185 while this quarter there was a similar increase at prices between $136 and $211.Facebook Inc. (FB): The 3.50% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follows: H2 2018 had seen a stake doubling at prices between $124 and $218. Q1 to Q3 2019 had seen a ~70% selling at prices between $132 and $205 while last quarter there was a similar increase at prices between $175 and $208. The stock is now at ~$233. This quarter also saw a minor ~3% increase.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed in 2013 and early 2014 at much higher prices realizing huge gains.PayPal Holdings (PYPL): PYPL is a ~3% of the portfolio stake purchased last quarter at prices between $96.50 and $110 and the stock currently trades at ~$158. This quarter saw a ~55% stake increase at prices between $85 and $124.Canadian Pacific Railway (CP): The ~3% CP stake was established in Q2 2018 at prices between $173 and $195 and increased by ~35% next quarter at prices between $178 and $216. The four quarters thru Q3 2019 had seen a combined ~55% selling at prices between $165 and $242. It currently trades at ~$253. There was a ~23% stake increase this quarter at prices between $181 and $274.Carvana Company (CVNA), Hubspot Inc. (HUBS), IAC Interactive (IACI), Luckin Coffee (LK), Match Group (MTCH), Medallia Inc. (MDLA), and Under Armour (UA): These are small (less than ~2% of the portfolio each) positions that were increased during the quarter.Note 1: Regulatory filings since the quarter ended show them no longer owning shares of Luckin Coffee. This is compared to a ~24% ownership stake as of Q1 2020. The shares dropped sharply following a fraud finding in early April.Note 2: Lone Pine has a ~9% stake in Carvana and a ~6% stake in Under Armour.Kept Steady:None.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q1 2020:Regulatory filings thru 2/21/2020: 13G – 2/18 - LB – 14.69M shares – 5.3% of business, MTCH – 5.80M shares – 8.2% of business. 13G/As – 2/14 – CHWY - 5.07M shares – 8.4% of business, DPZ – 1.73M shares – 4.2% of business, WWE – 0, WYNN – 0, TIF – 0, TRU – 0, 13G/A – 1/13, 11/29 – LK – 10.35M shares – 10.6% of business, 6.07M shares – 14.5% of business, 13G – 1/13 – UA – 12.73M shares – 6.7% of business,Note: Regarding Match Group, there should be more clarification: a) There are 3M shares reported in the 13F while regulatory filings from last month indicate the stake has increased to 5.8M shares, and b) 5.8M shares is ~8% of the traded shares. The float was ~71M shares as of 12/16/2019. Match is a subsidiary of IAC Interactive and including their holdings there are ~283M shares. So, net ownership interest in the company is only around 2%. I will add a Note in the next round."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q4 2019 Update"

"Stephen Mandel’s 13F portfolio value increased ~11% from $17B to $18.86B. The number of positions increased from 37 to 41.Lone Pine Capital increased Shopify, MasterCard, and Facebook while dropping Activision Blizzard, S&P Global, and Booking Holdings.The top three positions are Alibaba Group Holdings, UnitedHealth Group, and Amazon.com. They add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 02/14/2020. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q3 2019.This quarter, Mandel’s 13F portfolio value increased ~11% from $17B to $18.86B. The number of holdings increased from 37 to 41. The top three positions are at ~19% while the top five are at 28% of the 13F assets: Alibaba Group Holdings, UnitedHealth Group, Amazon.com, Adobe Systems, and Netflix.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Note: Stephen Mandel stepped down from managing investments in January 2019 in a previously announced (September 2017) move. He is still a managing director at the firm.New Stakes:PayPal Holdings (PYPL): PYPL is a 1.93% of the portfolio stake purchased this quarter at prices between $96.50 and $110 and the stock currently trades at ~$113.Match Group (MTCH), Luckin Coffee (LK), DexCom Inc. (DXCM), Under Armour (UA), Altria Group (MO), and Illumina Inc. (ILMN): These are small (less than ~1% of the portfolio each) new positions established this quarter.Note: Lone Pine has a ~8% ownership stake in Match Group, ~11% stake in Lucking Coffee, and ~7% stake in Under Armour.IAC Interactive (IACI), CSX Corp (CSX), Carvana Company (CVNA), XP Inc. (XP), and Hubspot Inc. (HUBS): These are minutely small positions established this quarter.Stake Disposals:Booking Holdings (BKNG): BKNG was a 2.44% of the portfolio stake purchased in Q4 2018 at prices between $1617 and $1998. There was a one-third selling last quarter at prices between $1787 and $2077. The disposal this quarter was at prices between $1838 and $2073. The stock currently trades at $1729Note: Booking Holdings has seen a previous roundtrip. It was a large 5.69% portfolio position established in Q3 2017 at prices between $1790 and $2049 and increased by roughly one-third the following quarter at prices between $1646 and $1942. The position was disposed in Q3 2018 at prices between $1825 and $2087.D R Horton Inc. (DHI): DHI was a 1% of the portfolio position purchased in Q1 2019 at prices between $35 and $42.50. Next quarter saw a ~90% stake increase at prices between $41.50 and $46.75. There was a ~75% selling last quarter at prices between $43.50 and $53. The remaining stake was eliminated this quarter at prices between $51 and $56. The stock currently trades at $54.83.S&P Global Inc. (SPGI): SPGI was a medium-sized 2.49% of the portfolio position established in Q1 2019 at prices between $164 and $210. Next quarter saw a ~38% reduction at prices between $209 and $232. There was a ~11% selling last quarter and that was followed with the disposal this quarter at prices between $236 and $275. The stock currently trades at $289.Tiffany & Co (TIF): A ~3.5% TIF position was established in Q4 2018 at prices between $74 and $128. Last two quarters had seen minor trimming. Last November, LVMH (LVMUY) agreed to acquire TIF for $135 per share cash. The stock is currently at ~$134.Note: Lone Pine Capital had a 5.5% ownership stake in Tiffany & Company.Activision Blizzard (ATVI): ATVI was a 3.50% of the portfolio stake established in Q2 2019 at prices between $42 and $49.50 and the stock currently trades at $60.59. Last quarter saw a ~9% stake increase while this quarter saw the position disposed at prices between $52 and $59.50.Note: ATVI had a recent round-trip: a fairly large 4.94% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and built over the next three quarters at prices between $35.50 and $50. The entire stake was disposed in Q1 2019 at prices between $40 and $51.World Wrestling Entertainment (WWE): A 1.24% WWE stake was built in Q2 2019 at prices between $71 and $99 and it is now at $46.36. Last quarter had seen a ~10% stake increase while this quarter saw the position eliminated at prices between $53 and $70.Smartsheet (SMAR) and Twilio Inc. (TWLO): These minutely small positions established last quarter were disposed this quarter.Stake Decreases:Alibaba Group Holdings (BABA): BABA is currently the largest position at ~7% of the portfolio. It was established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. Recent activity follows: Q3 2018 saw a ~50% stake increase at prices between $156 and $198 while next quarter there was a ~36% selling at prices between $131 and $164. Last quarter saw a ~25% stake increase at prices between $154 and $183. The stock is currently at $211. There was a ~14% trimming this quarter.UnitedHealth Group (UNH): The large (top three) 6.61% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The stock is now at ~$273. There was a ~27% reduction in Q3 2018 at prices between $247 and $270 while next quarter there was ~19% increase at prices between $233 and $286. Last quarter saw another ~20% stake increase at prices between $215 and $267. There was marginal trimming this quarter.Amazon.com (AMZN): AMZN is a large (top three) ~5% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. The next three quarters saw a ~70% selling at prices between $1189 and $1751. Q4 2018 saw the position doubled at prices between $1344 and $2004. The stock is now at ~$1954. H1 2019 had seen a ~37% selling at prices between $1500 and $1922 while last quarter there was a one-third increase at prices between $1725 and $2021. This quarter saw a ~17% selling at prices between $1705 and $1870.Adobe Systems (ADBE): ADBE is a fairly large (top five) position at ~5% of the portfolio. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follows: Q3 2018 saw a ~20% increase at prices between $242 and $275. The stock currently trades at ~$360. Last five quarters have seen a ~50% selling at prices between $209 and $331.Microsoft Corporation (MSFT): MSFT is a 4.24% of the portfolio position. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The stock is now at ~$173. Last five quarters have seen a ~63% selling at prices between $98 and $159. Lone Pine is harvesting gains.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Transdigm Group (TDG): The 3.72% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at ~$569. Q2 2018 saw a ~25% increase at prices between $301 and $346. There was a ~20% selling last quarter at prices between $461 and $551. This quarter saw minor trimming.Salesforce.com (CRM): The 3.57% CRM position was increased by ~200% in Q1 2019 at prices between $130 and $167. That was followed with a ~50% stake increase next quarter at prices between $145 and $166. The stock currently trades at ~$177. This quarter saw a ~20% selling at prices between $142 and $165.Autodesk Inc. (ADSK): ADSK is a 3.20% portfolio stake purchased in Q4 2018 at prices between $118 and $156 and it currently trades above that at ~$191. There was a ~10% trimming in Q1 2019 while next quarter saw a ~15% stake increase. There was a ~27% reduction this quarter at prices between $140 and $185.Global Payments (GPN) and Humana Inc. (HUM): These two are medium-sized positions established last quarter. The 3.42% GPN position was established at prices between $154 and $175 and it is now at $192. This quarter saw a ~11% trimming. The 2.86% HUM position was established at prices between $254 and $305 and it is now at ~$345. There was a ~7% trimming this quarter.Domino’s Pizza (DPZ): DPZ is a 2.70% of the portfolio position purchased in Q2 2019 at prices between $245 and $287 and increased by ~75% last quarter at prices between $222 and $282. The stock is now at $348. This quarter saw a ~20% selling at prices between $242 and $297. Lone Pine Capital owns ~4% of the business.Iqvia Holdings (IQV) previously Quintiles IMS: The 2.52% IQV stake was purchased in Q1 2017 at prices between $75 and $82.50 and increased by ~70% the following quarter at prices between $78 and $91. The stock is now at ~$147. There was a ~17% selling in Q3 2018 at prices between $100 and $130. Last three quarters have seen another ~60% selling at prices between $132 and $162.ServiceNow Inc. (NOW): NOW is a 2.31% stake established in Q2 2017 at prices between $84.50 and $118. Q4 2017 saw a ~22% reduction at prices between $113 and $131. There was another one-third reduction next quarter at prices between $132 and $175. The position had since wavered. H1 2019 had seen a ~50% selling at prices between $169 and $289. There was a ~30% stake increase last quarter at prices between $250 and $302 while this quarter saw a ~9% trimming. The stock is now at ~$344.Sea Limited ADR (SE): SE is a small 1.31% portfolio position that saw a ~85% stake increase in Q1 2019 at prices between $10.75 and $24.75. Last quarter saw a ~10% stake increase while this quarter there was similar trimming. The stock is now at ~$48.Stake Increases:Netflix (NFLX) and Equifax (EFX): These two medium-sized positions were established last quarter. NFLX is a large (top five) 4.28% of the portfolio position purchased at prices between $255 and $382 and the stock currently trades at $381. This quarter saw a ~6% stake increase. EFX is a 2.56% of the portfolio stake purchased at prices between $135 and $147 and it currently goes for ~$151. This quarter saw a ~12% stake increase.Shopify Inc. (SHOP): The 3.82% SHOP stake was built in Q2 2019 at prices between $195 and $328 and the stock currently trades at $488. There was a one-third increase this quarter at prices between $286 and $409.MasterCard (MA): The 3.78% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$307. There was a ~40% selling in Q2 2019 at prices between $236 and $267. This quarter saw the position increased by ~50% at prices between $261 and $301.Facebook Inc. (FB): The 3.73% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follows: H2 2018 had seen a stake doubling at prices between $124 and $218. Last three quarters had seen a ~70% selling at prices between $132 and $205 while this quarter there was a similar increase at prices between $175 and $208. The stock is now at ~$196.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed in 2013 and early 2014 at much higher prices realizing huge gains.Union Pacific (UNP): The 3.64% UNP stake was purchased in Q1 2019 at prices between $133 and $171 and increased by ~50% next quarter at prices between $164 and $179. It is now at ~$160. Last quarter saw a ~50% selling at prices between $156 and $180 while this quarter saw a similar increase at around the same price range.Note: UNP has seen a previous roundtrip. A 2.70% of the portfolio position was purchased in Q3 2018 at prices between $138 and $165 and eliminated next quarter at prices between $128 and $165.Mercadolibre Inc. (MELI): The MELI position was purchased in Q3 2017 at prices between $233 and $292. The position has wavered. Recent activity follows: Q1 2019 saw a ~50% stake increase at prices between $293 and $518. That was followed with a ~30% selling next quarter at prices between $482 and $641. The stake is now at ~3% of the portfolio and the stock is at $642. Last two quarters have seen a stake doubling at prices between $483 and $690.Square Inc. (SQ): SQ is a 2.92% position built in Q2 2019 at prices between $61 and $77. There was a ~140% stake increase last quarter at prices between $56.75 and $82. It is currently ~$81. This quarter also saw a ~10% stake increase.Coupa Software (COUP) and Atlassian Corp plc (TEAM): These two positions have seen significant buying over the last two quarters. The 1.81% COUP position was purchased over the last three quarters at prices between $90 and $158 and it is now at $159. The 1.54% TEAM stake was built over the last two quarters at prices between $108 and $147 and it is currently at $147.Herbalife (HLF): The small ~1% stake in HLF saw a ~85% stake increase this quarter at prices between $35.50 and $48.50. The stock is currently at $34.31.Uber Technologies (UBER): UBER had an IPO in June 2019. Lone Pine Capital participated in funding rounds prior to the IPO. The ~0.50% position saw a marginal increase this quarter.Kept Steady:Canadian Pacific Railway (CP): The 2.53% CP stake was established in Q2 2018 at prices between $173 and $195 and increased by ~35% next quarter at prices between $178 and $216. Last four quarters had seen a combined ~55% selling at prices between $165 and $242. It currently trades at ~$254.Chewy Inc. (CHWY): CHWY had an IPO in June 2019. Lone Pine Capital participated in funding rounds prior to the IPO. The 0.78% CHWY position saw a ~55% stake increase last quarter at prices between $23 and $34.50. The stock is now at $28.93. They have a ~8.4% ownership stake in Chewy.Medallia Inc. (MDLA): The minutely small 0.12% of the portfolio MDLA position was kept steady this quarter.Note: Regulatory filings since the quarter ended show them owning 14.69M shares (5.3% of business) of L Brands (LB). Last month, L Brands sold a majority stake in Victoria’s secret to Sycamore Partners, a private equity firm.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q4 2019:Regulatory filings thru 12/1/2019: 13G – 11/29 – LK – 6.07M shares – 14.5% of business."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q3 2019 Update"

"Stephen Mandel’s 13F portfolio value increased ~6% from $16.08B to ~$17B. The number of positions increased from 31 to 37.Lone Pine Capital added Netflix, Global Payments, Equifax, and Humana while dropping Wynn Resorts.The top three positions are Alibaba Group Holdings, Amazon.com, and UnitedHealth Group. They add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 11/14/2019. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q2 2019.This quarter, Mandel’s 13F portfolio value increased ~6% from $16.08B to $17B. The number of holdings increased from 31 to 37. The top three positions are at ~19% while the top five are at 30% of the 13F assets: Alibaba Group Holdings, Amazon.com, UnitedHealth Group, Adobe Systems, and Microsoft.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Note: Stephen Mandel stepped down from managing investments in January in a previously announced (September 2017) move. He is still a managing director at the firm.New Stakes:Netflix (NFLX), Global Payments (GPN), Equifax (EFX), and Humana Inc. (HUM): These are medium-sized new positions established this quarter. NFLX is a 3.71% of the portfolio position purchased at prices between $255 and $382 and the stock currently trades at $310. The 3.42% GPN position was established at prices between $154 and $175 and it is now at $178. EFX is a 2.54% of the portfolio stake purchased at prices between $135 and $147 and it currently goes for $138. The 2.39% HUM position was established at prices between $254 and $305 and it is now at $338.Herbalife (HLF), Medallia Inc. (MDLA), Smartsheet (SMAR), and Twilio Inc. (TWLO): These are minutely small positions established during the quarter.Stake Disposals:Wynn Resorts (WYNN): WYNN is a ~4% position purchased in Q3 2017 at prices between $125 and $149 and reduced by ~50% the following quarter at prices between $140 and $170. The three quarters thru Q4 2018 had seen a ~470% increase at prices between $125 and $201. The position was sold this quarter at prices between $102 and $141. The stock is now at ~$119.StoneCo Ltd. (STNE): The minutely small 0.50% portfolio stake in STNE established in Q4 2018 was reduced by one-third in Q1 2019. Last quarter had seen a ~22% stake increase but this quarter saw the stake disposed.Stake Decreases:Adobe Systems (ADBE): ADBE is a fairly large (top five) position at 5.78% of the portfolio. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follow: Q3 2018 saw a ~20% increase at prices between $242 and $275. The stock currently trades at ~$303. Last three quarters had seen a ~30% selling at prices between $205 and $302. There was a ~5% further trimming this quarter.Microsoft Corporation (MSFT): MSFT is currently the fifth-largest 13F position at 4.96% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The stock is now at ~$150. Last four quarters have seen a ~40% selling at prices between $98 and $141. Lone Pine is harvesting gains.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Transdigm Group (TDG): The ~4% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at ~$557. Q2 2018 saw a ~25% increase at prices between $301 and $346. There was a ~20% selling this quarter at prices between $461 and $551.Tiffany & Co (TIF): The ~3.5% TIF position was established in Q4 2018 at prices between $74 and $128 and it now goes for ~$134. Last two quarters have seen minor trimming. Earlier this month, LVMH (LVMUY) agreed to acquire TIF for $135 per share cash.Note: Lone Pine Capital has a 5.5% ownership stake in Tiffany & Company.Iqvia Holdings (IQV) previously Quintiles IMS: The 3.12% IQV stake was purchased in Q1 2017 at prices between $75 and $82.50 and increased by ~70% the following quarter at prices between $78 and $91. The stock is now at ~$144. There was a ~17% selling in Q3 2018 at prices between $100 and $130. Last two quarters have seen a two-thirds reduction at prices between $132 and $162.MasterCard (MA): The 2.57% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$287. There was a ~40% selling last quarter at prices between $236 and $267. This quarter also saw a ~4% trimming.Shopify Inc. (SHOP): The 2.53% SHOP stake was built last quarter at prices between $195 and $328 and the stock currently trades at $331. This quarter saw minor trimming.Union Pacific (UNP): The 2.45% UNP stake was purchased in Q1 2019 at prices between $133 and $171 and increased by ~50% last quarter at prices between $164 and $179. It is now at ~$173. This quarter saw a ~50% selling at prices between $156 and $180.Note: UNP has seen a previous roundtrip. A 2.70% of the portfolio position was purchased in Q3 2018 at prices between $138 and $165 and eliminated next quarter at prices between $128 and $165.S&P Global Inc. (SPGI): SPGI is a medium-sized 2.49% of the portfolio position established in Q1 2019 at prices between $164 and $210. Last quarter saw a ~38% reduction at prices between $209 and $232. The stock currently trades at $262. There was a ~11% selling this quarter.Canadian Pacific Railway (CP): The 2.45% CP stake was established in Q2 2018 at prices between $173 and $195 and increased by ~35% next quarter at prices between $178 and $216. It currently trades at ~$236. Last four quarters have seen a combined ~55% selling at prices between $165 and $242.Booking Holdings (BKNG): BKNG is a 2.44% of the portfolio stake purchased in Q4 2018 at prices between $1617 and $1998 and the stock currently trades at $1884. There was a one-third selling this quarter at prices between $1787 and $2077.Note: Booking Holdings has seen a previous roundtrip. It was a large 5.69% portfolio position established in Q3 2017 at prices between $1790 and $2049 and increased by roughly one-third the following quarter at prices between $1646 and $1942. The position was disposed in Q3 2018 at prices between $1825 and $2087.Facebook Inc. (FB): The 2% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follow: H2 2018 had seen a stake doubling at prices between $124 and $218. Last three quarters have seen a ~70% selling at prices between $132 and $205. The stock is now at ~$200. Lone Pine is harvesting gains.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed in 2013 and early 2014 at much higher prices realizing huge gains.D R Horton Inc. (DHI): DHI is a 1% of the portfolio position purchased in Q1 2019 at prices between $35 and $42.50. Last quarter saw a ~90% stake increase at prices between $41.50 and $46.75. The stock currently trades at $54.85. There was a ~75% selling this quarter at prices between $43.50 and $53.Stake Increases:Alibaba Group Holdings (BABA): BABA is a large (top three) 7.17% of the portfolio stake established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. Recent activity follow: Q3 2018 saw a ~50% stake increase at prices between $156 and $198 while next quarter there was a ~36% selling at prices between $131 and $164. This quarter saw a ~25% stake increase at prices between $154 and $183. The stock is currently at $196.Amazon.com (AMZN): AMZN is a large (top three) 6.35% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. There was a ~25% selling in Q1 2018 at prices between $1189 and $1598 and that was followed with a ~40% reduction over the next two quarters at prices between $1372 and $1751. Q4 2018 saw the position doubled at prices between $1344 and $2004. The stock is now at ~$1782. Last two quarters had seen a ~37% selling at prices between $1500 and $1922 while this quarter there was a one-third increase at prices between $1725 and $2021.UnitedHealth Group (UNH): The large (top five) 5.79% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The stock is now at ~$280. There was a ~27% reduction in Q3 2018 at prices between $247 and $270 while next quarter there was ~19% increase at prices between $233 and $286. This quarter saw another ~20% stake increase at prices between $215 and $267.Salesforce.com (CRM): The 4.46% CRM position was increased by ~200% in Q1 2019 at prices between $130 and $167. That was followed with a ~50% stake increase last quarter at prices between $145 and $166. The stock currently trades at ~$161.Autodesk Inc. (ADSK): ADSK is a ~4% portfolio stake purchased in Q4 2018 at prices between $118 and $156 and it currently trades above that at ~$176. There was a ~10% trimming in Q1 2019 while last quarter saw a ~15% stake increase.Activision Blizzard (ATVI): ATVI is a 3.50% of the portfolio stake established last quarter at prices between $42 and $49.50 and the stock currently trades above that range at $54.23. This quarter saw a ~9% stake increase.Note: ATVI had a recent round-trip: a fairly large 4.94% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and built over the next three quarters at prices between $35.50 and $50. The entire stake was disposed last quarter at prices between $40 and $51.Domino’s Pizza (DPZ): DPZ is a ~3% of the portfolio position purchased last quarter at prices between $245 and $287 and increased by ~75% this quarter at prices between $222 and $282. The stock is now at $294. Lone Pine Capital owns ~9% of the business.ServiceNow Inc. (NOW): NOW is a 2.54% stake established in Q2 2017 at prices between $84.50 and $118. Q4 2017 saw a ~22% reduction at prices between $113 and $131. There was another one-third reduction next quarter at prices between $132 and $175. The position had since wavered. Last two quarters had seen a ~50% selling at prices between $169 and $289. The stock is now at ~$277. There was a ~30% stake increase this quarter at prices between $250 and $302.Mercadolibre Inc. (MELI): The MELI position was purchased in Q3 2017 at prices between $233 and $292. The position has wavered. Recent activity follow: Q1 2019 saw a ~50% stake increase at prices between $293 and $518. That was followed with a ~30% selling last quarter at prices between $482 and $641. The stake is now at 1.88% of the portfolio and the stock is at $580. This quarter saw a ~22% stake increase at prices between $537 and $690.Sea Limited ADR (SE): SE is a small 1.25% portfolio position that saw a ~85% stake increase in Q1 2019 at prices between $10.75 and $24.75. Last quarter saw a ~15% trimming while this quarter there was a similar increase. It is now at $36.57.Square Inc. (SQ), and World Wrestling Entertainment (WWE): These two positions were first purchased in Q1 2019. SQ is a 2.92% position built last quarter at prices between $61 and $77. There was a ~140% stake increase this quarter at prices between $56.75 and $82. It is currently $66.88. The 1.24% WWE stake was built last quarter at prices between $71 and $99 and it is now at $61.52. This quarter saw a ~10% stake increase.Chewy Inc. (CHWY), Coupa Software (COUP), and Atlassian Corp plc (TEAM): These three positions saw significant buying this quarter. CHWY had an IPO in June. Lone Pine Capital participated in funding rounds prior to the IPO. The 0.73% CHWY position saw a ~55% stake increase this quarter at prices between $23 and $34.50. The stock is now at $23.83. They have a ~9% ownership stake in Chewy. The ~1% COUP position was purchased over the last two quarters at prices between $90 and $153 and it is now at $149. The 1.54% TEAM stake was built this quarter at prices between $122 and $147 and it is currently at $121.Kept Steady:Uber Technologies (UBER): UBER had an IPO in June. Lone Pine Capital participated in funding rounds prior to the IPO. The 0.50% position was kept steady this quarter.Note: Regulatory filings since the quarter ended show them owning 6.07M shares (14.5% of business) of Luckin Coffee (LK). They had an IPO in May. Shares started trading at ~$20 per share and currently goes for ~$30.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q3 2019:Regulatory filings thru 9/1/2019: 13G 8/30 – DPZ – 2.07M shares – 5% of business, 13G 6/24 – CHWY - ~3.3M shares – 6.1% of business."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q2 2019 Update"

"Stephen Mandel’s 13F portfolio value decreased ~6% from $17.11B to $16.08B. The number of positions increased from 29 to 31.Lone Pine Capital added Activision Blizzard and Domino’s Pizza while dropping Alphabet, Constellation Brands, CSX Corp, and TransUnion.The top three positions are Adobe Systems, Alibaba Group Holdings, and Iqvia Holdings. They add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 08/14/2019. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q1 2019.This quarter, Mandel’s 13F portfolio value decreased ~6% from $17.11B to $16.08B. The number of holdings increased from 29 to 31. The top three positions are at ~19% while the top five are at 31% of the 13F assets: Adobe Systems, Alibaba Group Holdings, Iqvia Holdings, Microsoft, and UnitedHealth Group.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Note: Stephen Mandel stepped down from managing investments in January in a previously announced (September 2017) move. He is still a managing director at the firm.New Stakes:Activision Blizzard (ATVI): ATVI is a ~3% of the portfolio stake established this quarter at prices between $42 and $49.50 and the stock currently trades above that range at $50.60.Note: ATVI had a recent round-trip: a fairly large 4.94% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and built over the next three quarters at prices between $35.50 and $50. The entire stake was disposed last quarter at prices between $40 and $51.Domino’s Pizza (DPZ): DPZ is a 2.16% of the portfolio position purchased this quarter at prices between $245 and $287 and the stock is now below that range at $227. Lone Pine Capital owns ~5% of the business.Uber Technologies (UBER), Chewy Inc. (CHWY), Coupa Software (COUP), and Atlassian Corp plc (TEAM): These are very small (less than ~0.75% of the portfolio each) 13F stakes established during the quarter. UBER and CHWY had IPOs in June. Lone Pine Capital participated in funding rounds prior to the IPO on both these businesses. They have a 6.1% ownership stake in Chewy.Stake Disposals:Alphabet Inc. (GOOG): GOOG was a ~3% of the portfolio position established last quarter at prices between $1016 and $1232 and disposed this quarter at prices between $1036 and $1288. The stock is now at ~$1188.Note: GOOG has had a previous roundtrip. It was a 5.47% portfolio position purchased in Q4 2017 at prices between $952 and $1077. The stake was increased by ~36% next quarter at prices between $1100 and $1270. The position was sold in Q4 2018 at prices between $976 and $1203.Constellation Brands (STZ): STZ was a large ~5% stake established in Q3 2015 at prices between $115 and $131. The following three quarters had seen a combined ~40% increase at prices between $125 and $164. Recent activity follow: Q4 2018 saw a ~20% increase at prices between $157 and $229 while last quarter there was a ~4% trimming. The disposal this quarter was at prices between $176 and $213. The stock is now at ~$204.CSX Corporation (CSX): The 3.50% CSX stake was established in Q4 2017 at prices between $48.50 and $58 and increased by ~17% next quarter at prices between $50.50 and $59.50. Q3 2018 saw a ~30% selling at prices between $64 and $76 while next quarter there was a marginal increase. Last quarter saw a ~17% reduction at prices between $61 and $77. The elimination this quarter was at prices between $74 and $81. The stock is now at ~$67.02. Lone Pine Capital harvested gains.Note: CSX has had a previous roundtrip. A 2.86% CSX stake was purchased in Q1 2017 at prices between $36 and $50. The following quarter saw a ~28% reduction at prices between $46 and $55. The remaining stake was eliminated next quarter at prices between $48 and $55.TransUnion (TRU): The 2.51% TRU position was purchased in Q2 2017 at prices between $38 and $49.50. Q2 2018 saw a ~14% selling at prices between $55.50 and $73 and that was followed with a ~36% reduction last quarter at prices between $54 and $67. The position was disposed this quarter at prices between $63.50 and $73.50. The stock currently trades at $83.65.Stake Decreases:Adobe Systems (ADBE): ADBE is currently the largest 13F position at ~7% of the portfolio. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follow: Q3 2018 saw a ~20% increase at prices between $242 and $275. The stock currently trades at ~$285. Last three quarters have seen a ~30% selling at prices between $205 and $302.Iqvia Holdings (IQV) previously Quintiles IMS: The large (top three) ~6.19% IQV stake was purchased in Q1 2017 at prices between $75 and $82.50 and increased by ~70% the following quarter at prices between $78 and $91. The stock is now at ~$155. There was a ~17% selling in Q3 2018 at prices between $100 and $130. This quarter also saw another ~20% selling at prices between $132 and $161.Note: Mandel has a ~3% ownership stake in Iqvia Holdings.Microsoft Corporation (MSFT): MSFT is currently the fourth-largest 13F position at 6.15% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The stock is now at ~$138. Last three quarters have seen a ~45% selling at prices between $94 and $138. Lone Pine is harvesting gains.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Amazon.com (AMZN): AMZN is a large 5.49% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. There was a ~25% selling in Q1 2018 at prices between $1189 and $1598 and that was followed with a ~40% reduction over the next two quarters at prices between $1372 and $1751. Q4 2018 saw the position doubled at prices between $1344 and $2004. The stock is now at ~$1776. Last two quarters have seen a ~37% selling at prices between $1500 and $1922.Transdigm Group (TDG): The 4.77% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at ~$538. Q2 2018 saw a ~25% increase at prices between $301 and $346. This quarter saw a ~5% trimming.Wynn Resorts (WYNN): WYNN is a ~4% position purchased in Q3 2017 at prices between $125 and $149 and reduced by ~50% the following quarter at prices between $140 and $170. The three quarters thru Q4 2018 had seen a ~470% increase at prices between $125 and $201. The stock is now below the low end of their purchase price ranges at ~$110. For investors attempting to follow Mandel, WYNN is a good option to consider for further research. This quarter saw a ~9% trimming.Note: Lone Pine Capital controls ~5% of the business.Canadian Pacific Railway (CP): The ~4% CP stake was established in Q2 2018 at prices between $173 and $195 and increased by ~35% next quarter at prices between $178 and $216. It currently trades at ~$241. Last three quarters have seen a combined ~30% selling at prices between $168 and $240.Tiffany & Co (TIF): The ~4% TIF position was established in Q4 2018 at prices between $74 and $128 and it now goes for ~$85. This quarter saw a ~3% trimming.Note: Lone Pine Capital has a 5.5% ownership stake in Tiffany & Company.Facebook Inc. (FB): The 3.60% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follow: H2 2018 had seen a stake doubling at prices between $124 and $218 while last quarter there was a ~27% selling at prices between $131 and $173. This quarter saw another ~38% selling at prices between $164 and $196. The stock is now at ~$186. Lone Pine is harvesting gains.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed in 2013 and early 2014 at much higher prices realizing huge gains.MasterCard (MA): The 2.75% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$281. There was a ~40% selling this quarter at prices between $236 and $267.S&P Global Inc. (SPGI): SPGI is a medium-sized 2.73% of the portfolio position established last quarter at prices between $164 and $210. This quarter saw a ~38% reduction at prices between $209 and $232. The stock currently trades at $260.ServiceNow Inc. (NOW): NOW is a 2.24% stake established in Q2 2017 at prices between $84.50 and $118. Q4 2017 saw a ~22% reduction at prices between $113 and $131. There was another one-third reduction next quarter at prices between $132 and $175. The position had since wavered. Last two quarters have seen a ~50% selling at prices between $169 and $289. The stock is now at ~$262.Mercadolibre Inc. (MELI): The MELI position was purchased in Q3 2017 at prices between $233 and $292. The position has wavered. Recent activity follow: last quarter saw a ~50% stake increase at prices between $293 and $518. That was followed with a ~30% selling this quarter at prices between $482 and $641. The stake is now at 1.81% of the portfolio and the stock is at $595.Sea Limited ADR (SE): SE is a small 1.27% portfolio position that saw a ~85% stake increase last quarter at prices between $10.75 and $24.75. This quarter saw a ~15% trimming. It is now at $32.12.Stake Increases:Alibaba Group Holdings (BABA): BABA is a large (top three) 6.19% of the portfolio stake established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. Recent activity follow: Q3 2018 saw a ~50% stake increase at prices between $156 and $198 while next quarter there was a ~36% selling at prices between $131 and $164. Last two quarters have seen only minor adjustments. The stock is currently at $175.UnitedHealth Group (UNH): The large (top five) 5.72% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The stock is now at ~$234. There was a ~27% reduction in Q3 2018 at prices between $247 and $270 while next quarter there was ~19% increase at prices between $233 and $286. This quarter also saw a ~6% stake increase.Union Pacific (UNP): The 5.18% UNP stake was purchased last quarter at prices between $133 and $171 and increased by ~50% this quarter at prices between $164 and $179. It is now at ~$162.Note: UNP has seen a previous roundtrip. A 2.70% of the portfolio position was purchased in Q3 2018 at prices between $138 and $165 and eliminated next quarter at prices between $128 and $165.Autodesk Inc. (ADSK): ADSK is a ~4% portfolio stake purchased in Q4 2018 at prices between $118 and $156 and it currently trades above that at ~$143. There was a ~10% trimming last quarter while this quarter saw a ~15% stake increase.D R Horton Inc. (DHI): DHI is a 3.33% of the portfolio position purchased last quarter at prices between $35 and $42.50. This quarter saw a ~90% stake increase at prices between $41.50 and $46.75. The stock currently trades at $49.47.Shopify Inc. (SHOP), Square Inc. (SQ), and World Wrestling Entertainment (WWE): These three positions established last quarter saw significant buying this quarter. The 2.80% SHOP stake was built at prices between $195 and $328 and the stock currently trades well above that range at $385. SQ is a 1.49% position purchased at prices between $61 and $77 and it is currently near the low end of that range at ~$62. The 1.21% WWE stake was purchased at prices between $71 and $99 and it is now near the low end of that range at $71.43.Salesforce.com (CRM): The 2.77% CRM position was increased by ~200% last quarter at prices between $130 and $167. That was followed with a ~50% stake increase this quarter at prices between $145 and $166. The stock currently trades at ~$156.StoneCo Ltd. (STNE): The minutely small 0.50% portfolio stake in STNE established in Q4 2018 was reduced by one-third last quarter. This quarter saw a ~22% stake increase.Kept Steady:Booking Holdings (BKNG): BKNG is a 3.75% of the portfolio stake purchased in Q4 2018 at prices between $1617 and $1998 and the stock currently trades at $1966. There was a ~9% trimming last quarter.Note: Booking Holdings has seen a previous roundtrip. It was a large 5.69% portfolio position established in Q3 2017 at prices between $1790 and $2049 and increased by roughly one-third the following quarter at prices between $1646 and $1942. The position was disposed in Q3 2018 at prices between $1825 and $2087.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q2 2019:Regulatory filings thru 6/7/2019: 13G – 4/29 – WWE – 2.26M shares – 5.1% of business."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q1 2019 Update"

"Stephen Mandel’s 13F portfolio value increased ~16% from $14.77B to $17.11B. The number of positions increased from 25 to 29.Lone Pine Capital added S&P Global, Union Pacific, and Alphabet while dropping Activision Blizzard and PayPal Holdings.The top three positions are Adobe Systems, Amazon.com, and Iqvia Holdings. They add up to ~20% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 05/15/2019. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q4 2018.This quarter, Mandel’s 13F portfolio value increased ~16% from $14.77B to $17.11B. The number of holdings increased from 25 to 29. The top three positions are at ~20% while the top five are at one-third of the 13F assets: Adobe Systems, Amazon.com, Iqvia Holdings, Microsoft, and Alibaba Group Holdings.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:S&P Global Inc. (SPGI): SPGI is a medium-sized 3.80% of the portfolio position established this quarter at prices between $164 and $210. The stock currently trades well above that range at ~$225.Union Pacific (UNP): The 3.24% UNP stake was purchased at prices between $133 and $171 and it is now just above that range at ~$172.Note: UNP is back in the portfolio after a quarter’s gap. A 2.70% of the portfolio position was purchased in Q3 2018 at prices between $138 and $165 and eliminated last quarter at prices between $128 and $165.Alphabet Inc. (GOOG): GOOG is a ~3% of the portfolio position established this quarter at prices between $1016 and $1232 and the stock is now at ~$1066.Note: GOOG is back in the portfolio after a quarter’s gap. It was a 5.47% portfolio position purchased in Q4 2017 at prices between $952 and $1077. The stake was increased by ~36% next quarter at prices between $1100 and $1270. The position was sold last quarter at prices between $976 and $1203.D R Horton Inc. (DHI): DHI is a small 1.59% of the portfolio position purchased this quarter at prices between $35 and $42.50. The stock currently trades above that range at $45.60.World Wrestling Entertainment (WWE), Square Inc. (SQ), and Shopify Inc. (SHOP): These minutely small (less than ~0.1% of the portfolio each) stakes were established during the quarter.Note: Regulatory filings since the quarter ended show them owning 2.26M shares (5.1% of business) of World Wrestling Entertainment. This is compared to 157K shares in the 13F Report.Stake Disposals:Activision Blizzard (ATVI): The fairly large 4.94% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and built over the next three quarters at prices between $35.50 and $50. The entire stake was disposed this quarter at prices between $40 and $51. The stock is now at $45.38.Note: ATVI had a previous round-trip: a ~2% position was established in H2 2015 and disposed in Q1 2016.PayPal Holdings (PYPL): PYPL was a 3.28% position established in Q3 2017 at prices between $53 and $65 and increased by ~40% the following quarter at prices between $64 and $79. Q2 2018 saw an about turn: ~40% selling at prices between $71.50 and $86. Last two quarters had also seen minor selling. The elimination this quarter was at prices between $82 and $104. The stock is now at ~$114.Nio Inc. (NIO): NIO was a minutely small 0.14% of the portfolio stake disposed during the quarter.Stake Decreases:Adobe Systems (ADBE): ADBE is currently the largest 13F position at ~7% of the portfolio. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follow: Q4 2017 saw a ~50% increase at prices between $148 and $185 while next quarter there was a ~20% reduction at prices between $212 and $258. Q3 2018 saw a similar increase at prices between $242 and $275. The stock currently trades at ~$278. There was a ~5% trimming last quarter and that was followed with a ~12% selling this quarter.Amazon.com (AMZN): AMZN is now a top three 6.78% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. There was a ~25% selling in Q1 2018 at prices between $1189 and $1598 and that was followed with a ~40% reduction over the next two quarters at prices between $1372 and $1751. Last quarter saw the position doubled at prices between $1344 and $2004. The stock is now at ~$1804. There was a ~12% trimming this quarter.Microsoft Corporation (MSFT): MSFT is currently the fourth-largest 13F position at 6.23% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The stock is now at ~$131. Last two quarters have seen a one-third selling at prices between $94 and $120.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Alibaba Group Holdings (BABA): BABA is a large (top five) ~6% of the portfolio stake established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. There was another ~50% increase in H1 2017 at prices between $88.50 and $144. Next quarter saw a reversal: ~45% selling at prices between $141 and $191. The stock is now at ~$154. Q3 2018 saw a ~50% increase at prices between $156 and $198 while last quarter there was a ~36% selling at prices between $131 and $164. This quarter also saw a ~9% trimming.Constellation Brands (STZ): STZ is a large ~5% stake established in Q3 2015 at prices between $115 and $131. The following three quarters had seen a combined ~40% increase at prices between $125 and $164. The position has wavered. Recent activity follow: Last quarter saw a ~20% increase at prices between $157 and $229 while this quarter there was a ~4% trimming. The stock is now at ~$188.Facebook Inc. (FB): The 4.72% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follow: Q1 2018 saw a~75% stake increase at prices between $152 and $193 while next quarter there was a ~56% reduction at prices between $155 and $202. Last two quarters had seen a stake doubling at prices between $124 and $218 while this quarter there was a ~27% selling at prices between $131 and $173. The stock is now at ~$173.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed in 2013 and early 2014 at much higher prices realizing huge gains.Canadian Pacific Railway (CP): The 4.25% CP stake was established in Q2 2018 at prices between $173 and $195 and increased by ~35% next quarter at prices between $178 and $216. It currently trades at ~$234. Last two quarters have seen a combined ~20% selling at prices between $168 and $223.Booking Holdings (BKNG), MasterCard (MA), and Autodesk Inc. (ADSK): These medium-sized positions established last quarter were reduced this quarter. BKNG is a 3.28% of the portfolio stake purchased at prices between $1617 and $1998 and the stock currently trades at $1778. There was a ~9% trimming this quarter. The 3.84% MA position was established at prices between $175 and $224 and it is now well above that range at ~$266. This quarter saw a ~5% trimming. ADSK is a 3.13% portfolio stake purchased at prices between $118 and $156 and it currently trades above that at ~$165. There was a ~10% trimming this quarter.Note: Booking Holdings has seen a previous roundtrip. It was a large 5.69% portfolio position established in Q3 2017 at prices between $1790 and $2049 and increased by roughly one-third the following quarter at prices between $1646 and $1942. The position was disposed in Q3 2018 at prices between $1825 and $2087.CSX Corporation (CSX): The 3.50% CSX stake was established in Q4 2017 at prices between $48.50 and $58 and increased by ~17% next quarter at prices between $50.50 and $59.50. The stock is now at ~$78. Q3 2018 saw a ~30% selling at prices between $64 and $76 while last quarter there was a marginal increase. This quarter saw a ~17% reduction at prices between $61 and $77.Note: CSX has had a previous roundtrip. A 2.86% CSX stake was purchased in Q1 2017 at prices between $36 and $50. The following quarter saw a ~28% reduction at prices between $46 and $55. The remaining stake was eliminated next quarter at prices between $48 and $55.TransUnion (TRU): The 2.51% TRU position was purchased in Q2 2017 at prices between $38 and $49.50. The stock is now well above that range at $69.58. Q2 2018 saw a ~14% selling at prices between $55.50 and $73 and that was followed with a ~36% reduction this quarter at prices between $54 and $67.ServiceNow Inc. (NOW): NOW is a 2.46% stake established in Q2 2017 at prices between $84.50 and $118. Q4 2017 saw a ~22% reduction at prices between $113 and $131. There was another one-third reduction next quarter at prices between $132 and $175. The position had since wavered. This quarter saw a one-third selling at prices between $169 and $251. The stock is now at ~$275.StoneCo Ltd. (STNE): The minutely small 0.50% portfolio stake in STNE established last quarter was reduced by one-third this quarter.Stake Increases:Transdigm Group (TDG): The 4.41% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at ~$469. Q2 2018 saw a ~25% increase at prices between $301 and $346. There was a ~14% selling last quarter while this quarter saw a ~9% stake increase.Mercadolibre Inc. (MELI): The MELI position was purchased in Q3 2017 at prices between $233 and $292. Q2 2018 saw a one-third increase at prices between $285 and $355. At the time, it was a medium-sized ~3.5% stake. Next quarter saw a ~18% trimming at prices between $295 and $385 and that was followed with a ~75% selling last quarter at prices between $258 and $370. The stock is now at ~$605. The position was increased by ~50% this quarter at prices between $293 and $518. The stake is now at ~2% of the portfolio.Salesforce.com (CRM) and Sea Limited ADR (SE): These two stakes saw large increases this quarter. The CRM position was increased by ~200% to a 1.81% portfolio stake at prices between $130 and $167. The stock currently trades at ~$161. SE is a 1% portfolio position that saw a ~85% stake increase during the quarter at prices between $10.75 and $24.75. It is now at $30.85.Kept Steady:Iqvia Holdings (IQV) previously Quintiles IMS: The large (top three) ~6.50% IQV stake was purchased in Q1 2017 at prices between $75 and $82.50 and increased by ~70% the following quarter at prices between $78 and $91. The stock is now at ~$139. There was a ~17% selling in Q3 2018 at prices between $100 and $130 and that was followed with a ~8% trimming last quarter.Note: Mandel has a 3.8% ownership stake in Iqvia Holdings.UnitedHealth Group (UNH): The large 5.17% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The stock is now at ~$247. There was a ~27% reduction in Q3 2018 at prices between $247 and $270 while last quarter there was ~19% increase at prices between $233 and $286.Tiffany & Co (TIF): The 4.18% TIF position was established at prices between $74 and $128 and it now goes for $90.47.Note: Lone Pine Capital has a 5.5% ownership stake in Tiffany & Company.Wynn Resorts (WYNN): WYNN is a 4.15% position purchased in Q3 2017 at prices between $125 and $149 and reduced by ~50% the following quarter at prices between $140 and $170. Last three quarters had seen a ~470% increase at prices between $125 and $201. The stock is now below the low end of their purchase price ranges at ~$111. For investors attempting to follow Mandel, WYNN is a good option to consider for further research.Note: Lone Pine Capital controls 5.4% of the business.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q1 2019:Regulatory filings thru 3/5/2019:13G/A – 2/14 – IQV – 7.7M shares – 3.8%, TU – 10.12M shares – 5.4%, Exact Sciences – 0, 13G – 12/31 – TIF – 6.78M shares – 5.5% (bought 12/20)."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q4 2018 Update"

"Stephen Mandel’s 13F portfolio value decreased ~24% from $19.44B to $14.77B. The number of positions remained steady at 25.Lone Pine Capital added Booking Holdings, MasterCard, Tiffany, and Autodesk while dropping Alphabet, Electronic Arts, and Nvidia.The top three positions are Adobe Systems, Amazon.com, and Microsoft. They add up to ~22% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 02/14/2019. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q3 2018.This quarter, Mandel’s 13F portfolio value decreased ~22% from $19.44B to $14.77B. The number of holdings remained steady at 25. The top three positions are at ~22% while the top five are at ~34% of the 13F assets: Adobe Systems, Amazon.com, Microsoft, Iqvia Holdings, and UnitedHealth Group.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Booking Holdings (BKNG), MasterCard (MA), Tiffany & Co (TIF), and Autodesk Inc. (ADSK): These are medium-sized new positions established this quarter. BKNG is a 4.12% of the portfolio stake purchased at prices between $1617 and $1998 and the stock currently trades at $1746. The 3.76% MA position was established at prices between $175 and $224 and it is now just above that range at $226. ADSK is a 3.34% portfolio stake purchased at prices between $118 and $156 and it currently trades at $155. The 3.69% TIF position was established at prices between $74 and $128 and it now goes for $94.87.Note 1: Lone Pine Capital has a 5.5% ownership stake in Tiffany & Company.Note 2: Booking Holdings has seen a previous roundtrip. It was a large 5.69% portfolio position established in Q3 2017 at prices between $1790 and $2049 and increased by roughly one-third the following quarter at prices between $1646 and $1942. The position was disposed last quarter at prices between $1825 and $2087.Salesforce.com (CRM) and StoneCo Ltd. (STNE): These are minutely small (less than ~0.60% of the portfolio each) positons established this quarter.Stake Disposals:First Data Corp (FDC) and Union Pacific (UNP): These two new positions purchased last quarter was disposed this quarter. FDC was a medium-sized 2.76% portfolio stake established at prices between $21 and $26 and sold this quarter at prices between $15.50 and $24.50. The stock currently trades at $25.49. The 2.70% UNP position was purchased at prices between $138 and $165 and eliminated this quarter at prices between $128 and $165. It now goes for $167.Alphabet Inc. (GOOG): GOOG was a 5.47% portfolio position purchased in Q4 2017 at prices between $952 and $1077. The stake was increased by ~36% last quarter at prices between $1100 and $1270. The position was sold this quarter at prices between $976 and $1203. The stock currently trades at $1162.Electronic Arts (EA): The 4.87% EA position was purchased in Q3 2017 at prices between $105 and $122 and increased by ~75% the following quarter at prices between $101 and $120. This quarter saw the stake disposed at prices between $75 and $118. It is now at $95.72.Nvidia Corp (NVDA): NVDA is a 3.23% position purchased in Q2 2018 at prices between $214 and $267 and eliminated this quarter at prices between $127 and $289. The stock is now at ~$157.FleetCor Technologies (FLT): The very small 0.59% FLT stake had seen a ~55% reduction over the last two quarters at prices between $196 and $228. The remaining position was disposed this quarter at prices between $176 and $226. The stock is currently at $231.Stake Decreases:Adobe Systems (ADBE): ADBE is currently the largest 13F position at 7.85% of the portfolio. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follow: Q4 2017 saw a ~50% increase at prices between $148 and $185 while next quarter there was a ~20% reduction at prices between $212 and $258. Last quarter saw a similar increase at prices between $242 and $275. The stock currently trades at ~$257. There was a ~5% trimming this quarter.Microsoft Corporation (MSFT): MSFT is currently the third-largest 13F position at 6.94% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The stock is now at $112. There was a ~25% reduction this quarter at prices between $94 and $116.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Iqvia Holdings (IQV) previously Quintiles IMS: The large (top five) ~6% IQV stake was purchased in Q1 2017 at prices between $75 and $82.50 and increased by ~70% the following quarter at prices between $78 and $91. The stock is now at ~$142. There was a ~17% selling last quarter at prices between $100 and $130 and that was followed with a ~8% trimming this quarter.Note: Mandel has a 3.8% ownership stake in Iqvia Holdings.Alibaba Group Holdings (BABA): BABA is a large 5.76% of the portfolio stake established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. There was another ~50% increase in H1 2017 at prices between $88.50 and $144. Next quarter saw a reversal: ~45% selling at prices between $141 and $191. The stock is now at ~$185. Last quarter saw a ~50% increase at prices between $156 and $198 while this quarter there was a ~36% selling at prices between $131 and $164.Activision Blizzard (ATVI): The fairly large 4.94% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and built over the next three quarters at prices between $35.50 and $50. The stock is now at $41.88. Since then, the position has wavered. This quarter saw minor trimming.Note: ATVI had a previous round-trip: a ~2% position was established in H2 2015 and disposed in Q1 2016.Canadian Pacific Railway (CP): The 4.25% CP stake was established in Q2 2018 at prices between $173 and $195 and increased by ~36% last quarter at prices between $178 and $216. It currently trades at ~$206. This quarter saw a ~11% trimming.Transdigm Group (TDG): The 3.51% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at $429. Q2 2018 saw a ~25% increase at prices between $301 and $346. There was a ~14% selling this quarter at prices between $312 and $372.ServiceNow Inc. (NOW): NOW is a 3.18% stake established in Q2 2017 at prices between $84.50 and $118. Q4 2017 saw a ~22% reduction at prices between $113 and $131. There was another one-third reduction next quarter at prices between $132 and $175. Last two quarters had seen a combined ~18% increase at prices between $158 and $205 while this quarter saw similar selling at prices between $157 and $196. The stock is now at ~$236.PayPal Holdings (PYPL): PYPL is a 3.28% position established in Q3 2017 at prices between $53 and $65 and increased by ~40% the following quarter at prices between $64 and $79. Q2 2018 saw an about turn: ~40% selling at prices between $71.50 and $86. Last two quarters have also seen minor selling. It currently goes for ~$97.Mercadolibre Inc. (MELI): The MELI position was purchased in Q3 2017 at prices between $233 and $292. Q2 2018 saw a one-third increase at prices between $285 and $355. At the time, it was a medium-sized ~3.5% stake. Last quarter there was a ~18% trimming at prices between $295 and $385 and that was followed with a ~75% selling this quarter at prices between $258 and $370. The stock is at ~$468 and the stake is now very small at 0.89% of the portfolio.Stake Increases:Amazon.com (AMZN): AMZN is now a top three 7.54% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. There was a ~25% selling in Q1 2018 at prices between $1189 and $1598 and that was followed with a ~40% reduction over the next two quarters at prices between $1372 and $1751. This quarter saw the position doubled at prices between $1344 and $2004. The stock is now at $1692.UnitedHealth Group (UNH): The large (top five) ~6% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The stock is now at ~$241. There was a ~27% reduction last quarter at prices between $247 and $270 while this quarter there was ~19% increase at prices between $233 and $286.Facebook Inc. (FB): The large 5.92% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follow: Q1 2018 saw a~75% stake increase at prices between $152 and $193 while next quarter there was a ~56% reduction at prices between $155 and $202. Last two quarters have seen a stake doubling at prices between $124 and $218. The stock is now at $171.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices realizing huge gains.Constellation Brands (STZ): STZ is a large 5.62% stake established in Q3 2015 at prices between $115 and $131. The following three quarters had seen a combined ~40% increase at prices between $125 and $164. Since then, the position has wavered. This quarter saw a ~20% increase at prices between $157 and $229. The stock is now at $168.CSX Corporation (CSX): The ~4% CSX stake was established in Q4 2017 at prices between $48.50 and $58 and increased by ~17% next quarter at prices between $50.50 and $59.50. The stock is now at $72.46. Last quarter saw a ~30% selling at prices between $64 and $76 while this quarter there was a marginal increase.Note: CSX has had a previous roundtrip. A 2.86% CSX stake was purchased in Q1 2017 at prices between $36 and $50. The following quarter saw a ~28% reduction at prices between $46 and $55. The remaining stake was eliminated next quarter at prices between $48 and $55.TransUnion (TRU): The 3.51% TRU position was purchased in Q2 2017 at prices between $38 and $49.50. The stock is now well above that range at $64.95. Q2 2018 saw a ~14% selling at prices between $55.50 and $73 and that was followed with a ~3% trimming last quarter. There was a minor increase this quarter.Note: Lone Pine Capital has a ~5.4% ownership stake in TransUnion.Kept Steady:Wynn Resorts (WYNN): WYNN is a ~4% position purchased in Q3 2017 at prices between $125 and $149 and reduced by ~50% the following quarter at prices between $140 and $170. Last three quarters had seen a ~470% increase at prices between $125 and $201. The stock is now near the low end of their purchase price ranges at ~$124. For investors attempting to follow Mandel, WYNN is a good option to consider for further research.Note: Lone Pine Capital controls 5.4% of the business.Sea Limited ADR (SE) and Nio Inc. (NIO): These two minutely small (less than ~0.30% of the portfolio each) positions were left untouched during the quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q4 2018:Regulatory Filings thru 11/24/2018: 13G – 9/20 – WYNN – 5.96M shares – 5.4% of business."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q3 2018 Update"

"Stephen Mandel’s 13F portfolio value increased ~3% from $18.91B to $19.44B. The number of positions decreased from 28 to 25.Lone Pine Capital increased Alibaba & Wynn Resorts while dropping Booking Holdings, Dollar Tree, and SBA Communications.The top three positions are Alibaba, Microsoft, and Adobe Systems and they add up to ~24% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 11/14/2018. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q2 2018.This quarter, Mandel’s 13F portfolio value increased ~3% from $18.91B to $19.44B. The number of holdings decreased from 28 to 25. The top three positions are at ~24% while the top five are at ~36% of the 13F assets: Alibaba Group Holdings, Microsoft, Adobe Systems, Activision Blizzard, and Iqvia Holdings.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:First Data Corp (FDC), Union Pacific (UNP), and Nio Inc. (NIO): These are the new positions this quarter. FDC is a medium-sized 2.76% portfolio stake established at prices between $21 and $26 and the stock currently trades below that range at $17.45. The 2.70% UNP position was purchased at prices between $138 and $165 and it now goes for $144. NIO is a minutely small 0.09% stake.Stake Disposals:Booking Holdings (BKNG): BKNG was a large 5.69% portfolio position established in Q3 2017 at prices between $1790 and $2049 and increased by roughly one-third the following quarter at prices between $1646 and $1942. The position was disposed this quarter at prices between $1825 and $2087. The stock currently trades at $1764.Dollar Tree (DLTR) and SBA Communications (SBAC): These two medium-sized positions established in Q1 2018 and increased last quarter were eliminated this quarter. The 3.25% DLTR stake was purchased at prices between $89 and $116 and disposed at prices between $80 and $96. The stock currently trades at $83.01. SBAC was a ~3% portfolio position established at prices between $153 and $175 and disposed at prices between $154 and $166. The stock is now at $166.Mohawk Industries (MHK), PagSeguro Digital (PAGS), and Square Inc. (SQ): These very small (less than ~1% of the portfolio each) stakes were sold this quarter.Stake Decreases:Iqvia Holdings (IQV) previously Quintiles IMS: The large (top five) ~5% IQV stake was purchased in Q1 2017 at prices between $75 and $82.50 and increased by ~70% the following quarter at prices between $78 and $91. The stock is now at ~$118. There was a ~17% selling this quarter at prices between $100 and $130.UnitedHealth Group (UNH): The 4.13% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The stock is now well above those ranges at ~$262. There was a ~27% reduction this quarter at prices between $247 and $270.TransUnion (TRU): The 3.72% TRU position was purchased in Q2 2017 at prices between $38 and $49.50. The stock is now well above that range at $60.67. Last quarter saw a ~14% selling at prices between $55.50 and $73 and that was followed with a ~3% trimming this quarter.Note: Lone Pine Capital has a ~6% ownership stake in TransUnion.Amazon.com (AMZN): AMZN is a 3.59% of the portfolio stake established in Q4 2017 at prices between $957 and $1196. The stock is now well above that range at $1502. There was a ~25% selling in Q1 2018 at prices between $1189 and $1598 and that was followed with a ~40% reduction over the last two quarters at prices between $1372 and $1751. Mandel is harvesting gains.CSX Corporation (CSX): The 3.59% CSX stake was established in Q4 2017 at prices between $48.50 and $58 and increased by ~17% next quarter at prices between $50.50 and $59.50. The stock is now at ~$70. This quarter saw a ~30% selling at prices between $64 and $76.Note: CSX has had a previous roundtrip. A 2.86% CSX stake was purchased in Q1 2017 at prices between $36 and $50. The following quarter saw a ~28% reduction at prices between $46 and $55. It was eliminated last quarter was at prices between $48 and $55.Mercadolibre Inc. (MELI): The 3.13% MELI position was purchased in Q3 2017 at prices between $233 and $292. Last quarter saw a one-third increase at prices between $285 and $355 while this quarter there was a ~18% selling at prices between $295 and $385. The stock is now at ~$310.PayPal Holdings (PYPL): PYPL is a 2.69% position established in Q3 2017 at prices between $53 and $65 and increased by ~40% the following quarter at prices between $64 and $79. Last quarter saw an about turn: ~40% selling at prices between $71.50 and $86. That was followed with a ~6% trimming this quarter. It currently goes for ~$78.FleetCor Technologies (FLT): The very small 0.59% FLT stake saw a ~55% reduction over the last two quarters at prices between $196 and $228. The stock is currently at $184.Stake Increases:Alibaba Group Holdings (BABA): BABA is now the largest position at 8.25% of the portfolio. The stake was established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. There was another ~50% increase in H1 2017 at prices between $88.50 and $144. Next quarter saw a reversal: ~45% selling at prices between $141 and $191. The stock is now at ~$150. This quarter saw a ~50% increase at prices between $156 and $198.Microsoft Corporation (MSFT): MSFT is currently the second-largest 13F position at ~8% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The stock is now at $103. This quarter saw a ~10% increase.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Adobe Systems (ADBE): ADBE is a large (top five) 7.53% of the 13F portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follow: Q4 2017 saw a ~50% increase at prices between $148 and $185 while last quarter there was a ~20% reduction at prices between $212 and $258. This quarter saw a similar increase at prices between $242 and $275. The stock currently trades at ~$226.Activision Blizzard (ATVI): The large (top five) 6.91% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and built over the next three quarters at prices between $35.50 and $50. The stock is now at $50.05. There was a ~42% reduction over the last five quarters at prices between $48 and $78. This quarter saw a ~13% increase.Note: ATVI had a previous round-trip: a ~2% position was established in H2 2015 and disposed in Q1 2016.Alphabet Inc. (GOOG): GOOG is a 5.47% portfolio position purchased in Q4 2017 at prices between $952 and $1077 and it is now at $1024. This quarter saw a ~36% increase at prices between $1100 and $1270.Electronic Arts (EA): The 4.87% EA position was purchased in Q3 2017 at prices between $105 and $122 and increased by ~75% the following quarter at prices between $101 and $120. It is now well below those ranges at ~$82.67. There was a ~12% selling last quarter at prices between $117 and $147 while this quarter saw a ~24% increase at prices between $112 and $149.Constellation Brands (STZ): STZ is a 4.78% stake established in Q3 2015 at prices between $115 and $131. The following three quarters had seen a combined ~40% increase at prices between $125 and $164. The position has wavered. Recent activity follow: there was a ~11% reduction in the two quarters at prices between $199 and $234 while this quarter saw a similar increase at prices between $200 and $222. The stock is now at $193.Canadian Pacific Railway (CP) and Nvidia Corp (NVDA): These two positions established last quarter were increased this quarter. The 4.25% CP stake was established at prices between $173 and $195 and increased by ~36% this quarter at prices between $178 and $216. It currently trades at ~$203. NVDA is a 3.23% position purchased at prices between $214 and $267 and it is now well below that range at $145. There was a ~5% increase this quarter.Wynn Resorts (WYNN): WYNN is a 3.89% position purchased in Q3 2017 at prices between $125 and $149 and reduced by ~50% the following quarter at prices between $140 and $170. Last three quarters have seen a ~470% increase at prices between $125 and $201. The stock is now below their purchase price ranges at ~$104. For investors attempting to follow Mandel, WYNN is a good option to consider for further research.Note: Lone Pine Capital controls 5.4% of the business.Transdigm Group (TDG): The 3.38% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at $341. Last quarter saw a ~25% increase at prices between $301 and $346. There was a marginal increase this quarter.Facebook Inc. (FB): The 3.27% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follow: Q1 2018 saw a~75% stake increase at prices between $152 and $193 while last quarter there was a ~56% reduction at prices between $155 and $202. The stock is now at $132. There was a ~14% increase this quarter.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices realizing huge gains.ServiceNow Inc. (NOW): NOW is a 3.19% stake established in Q2 2017 at prices between $84.50 and $118. Q4 2017 saw a ~22% reduction at prices between $113 and $131. There was another one-third reduction next quarter at prices between $132 and $175. It now goes for ~$161. Last two quarters have seen a combined ~18% increase at prices between $158 and $205.Kept Steady:Sea Limited ADR (SE): The minutely small 0.28% SE stake was kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q3 2018:Regulatory Filings thru 9/3/2018: 13G – 5/29 – IQV – 10.5M shares – 5% of business."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q2 2018 Update"

"Stephen Mandel’s 13F portfolio value decreased ~4% from $19.74B to $18.91B. The number of positions decreased from 30 to 28.Lone Pine Capital decreased Adobe Systems & Facebook while dropping Blackrock, Broadcom, and Taiwan Semi during the quarter.The top three positions are Microsoft, Alibaba, and Activision Blizzard and they add up to ~18.5% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 08/14/2018. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q1 2018.This quarter, Mandel’s 13F portfolio value decreased ~4% from $19.74B to $18.91B. The number of holdings decreased from 30 to 28. The top three positions are at ~18.5% while the top five are at ~30% of the 13F assets: Microsoft, Alibaba Group Holdings, Activision Blizzard, Adobe Systems, and Booking Holdings.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Canadian Pacific Railway (CP) and Nvidia Corp (NVDA): These are two medium-sized new positions this quarter. The 2.77% CP stake was established at prices between $173 and $195 and it currently trades well above that range at $211. NVDA is a 2.67% position purchased at prices between $214 and $267 and it is now above that range at $281.Mohawk Industries (MHK): MHK is a very small 0.54% portfolio stake purchased this quarter at prices between $204 and $246. The stock is now below that range at $192.Stake Disposals:Blackrock Inc. (BLK): The ~2.5% BLK stake was established in Q4 2017 at prices between $447 and $519. Last quarter saw a ~17% selling at prices between $509 and $593 and the elimination this quarter was at prices between $492 and $552. The stock is currently at $479.Broadcom Ltd (AVGO): The 3.27% AVGO stake was purchased in Q3 2016 at prices between $150 and $178 and increased by just over one-third the following quarter at prices between $163 and $182. There was a ~50% stake increase in Q1 2017 at prices between $174 and $227. Q4 2017 saw an about turn: ~50% selling at prices between $239 and $285. The remaining position was disposed this quarter at prices between $225 and $270. The stock currently trades at ~$219.Taiwan Semi (TSM): The 2.74% TSM stake was purchased last quarter at prices between $40 and $46 and sold out this quarter at prices between $35.50 and $44. It is currently at $43.60.T-Mobile US (TMUS) and Exact Sciences (EXAS): These are very small (less than ~1% of the portfolio each) stakes established last quarter but disposed this quarter.Stake Decreases:Activision Blizzard (ATVI): The large (top three) ~5.75% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and built over the next three quarters at prices between $35.50 and $50. The stock is now at $72.10. There was a ~42% reduction over the last five quarters at prices between $48 and $78.Note: ATVI had a previous round-trip: a ~2% position was established in H2 2015 and disposed in Q1 2016.Adobe Systems (ADBE): ADBE is a large (top five) ~5.75% of the 13F portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. The position has since wavered. Recent activity follow: Q4 2017 saw a ~50% increase at prices between $148 and $185 while this quarter there was a ~20% reduction at prices between $212 and $258. The stock currently trades at ~$264.UnitedHealth Group (UNH): The 5.35% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The stock is now well above those ranges at ~$269. There was a ~17% trimming in Q4 2017 while last quarter saw a similar increase. This quarter saw a ~3% trimming.Electronic Arts (EA): The 4.71% EA position was purchased in Q3 2017 at prices between $105 and $122 and increased by ~75% the following quarter at prices between $101 and $120. It is now at ~$113. There was a ~12% selling this quarter at prices between $117 and $147.Constellation Brands (STZ): STZ is a 4.49% stake established in Q3 2015 at prices between $115 and $131. The following three quarters had seen a combined ~40% increase at prices between $125 and $164. Q3 2016 saw an about turn: ~17% sold at prices between $161 and $168. The next two quarters saw a one-third increase at prices between $145 and $171. The stock is now at ~$208. There was a roughly one-third reduction in Q4 2017 at prices between $199 and $229 and that was followed with a ~20% selling this quarter at prices between $216 and $234. Mandel is realizing gains.CSX Corporation (CSX): The 4.45% CSX stake was established in Q4 2017 at prices between $48.50 and $58 and increased by ~17% last quarter at prices between $50.50 and $59.50. The stock is now at $74.16. This quarter saw marginal trimming.Note: CSX is back in the portfolio after a quarter’s gap. A 2.86% CSX stake was purchased in Q1 2017 at prices between $36 and $50. The following quarter saw a ~28% reduction at prices between $46 and $55. It was eliminated last quarter was at prices between $48 and $55.TransUnion (TRU): The 3.84% TRU position was purchased in Q2 2017 at prices between $38 and $49.50. The stock is now well above that range at $75.30. This quarter saw a ~14% selling at prices between $55.50 and $73.Note: Lone Pine Capital has a ~6% ownership stake in TransUnion.Amazon.com (AMZN): AMZN is a fairly large ~4% of the portfolio stake established in Q4 2017 at prices between $957 and $1196. The stock is now well above that range at $2013. There was a ~25% selling last quarter at prices between $1189 and $1598 and that was followed with a similar reduction this quarter at prices between $1372 and $1751. Mandel is harvesting gains.Facebook Inc. (FB): The 3.50% FB stake was first purchased in Q3 2014 at prices between $66 and $79. Q1 2015 saw the original stake reduced by ~40% at prices between $74 and $84. There was a ~45% selling in Q3 2016 at prices between $114 and $131. The position had wavered since. Last quarter saw a~75% stake increase at prices between $152 and $193 while this quarter there was a ~56% reduction at prices between $155 and $202. The stock is now at $176.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices realizing huge gains.PayPal Holdings (PYPL): PYPL is a 2.78% position established in Q3 2017 at prices between $53 and $65 and increased by ~40% the following quarter at prices between $64 and $79. Last quarter had also seen a ~12% increase. This quarter saw an about turn: ~40% selling at prices between $71.50 and $86. It currently goes for $92.33.FleetCor Technologies (FLT): The very small ~1% FLT stake saw a ~12% trimming this quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the largest 13F position at 6.52% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while last quarter saw a ~26% increase at prices between $85 and $97. The stock is now at $112. This quarter saw a ~4% increase.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Alibaba Group Holdings (BABA): The large (top three) 6.27% BABA stake was established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. There was another ~50% increase in H1 2017 at prices between $88.50 and $144. Q3 2017 saw the pattern reverse: ~25% reduction at prices between $141 and $180 and that was followed with a similar reduction in Q4 2017 at prices between $169 and $191. The stock is now at $175. There was a ~6% trimming last quarter while this quarter there was a similar increase.Booking Holdings (BKNG): BKNG is a large 5.69% portfolio position established in Q3 2017 at prices between $1790 and $2049 and increased by roughly one-third the following quarter at prices between $1646 and $1942. The stock currently trades at $1952. There was a ~8% trimming last quarter while this quarter saw a ~5% increase. .Iqvia Holdings (IQV) previously Quintiles IMS: The ~5% IQV stake was purchased in Q1 2017 at prices between $75 and $82.50 and increased by ~70% the following quarter at prices between $78 and $91. The stock is now at ~$127. There were minor increases in the last two quarters.Note: Lone Pine Capital has a ~5% ownership stake in the business.Alphabet Inc. (GOOG): GOOG is a 3.88% portfolio position purchased in Q4 2017 at prices between $952 and $1077 and it is now at $1218. There was a ~8% increase last quarter and that was followed with a marginal increase this quarter.Mercadolibre Inc. (MELI) and Wynn Resorts (WYNN): The 3.43% MELI position was purchased in Q3 2017 at prices between $233 and $292. This quarter saw a one-third increase at prices between $285 and $355. The stock is now at ~$342. WYNN is a 3.36% position purchased in Q3 2017 at prices between $125 and $149 and reduced by ~50% the following quarter at prices between $140 and $170. Last quarter saw a ~78% stake increase at prices between $162 and $201 and that was followed with a ~68% increase this quarter at prices between $161 and $202. The stock is now at ~$148. For investors attempting to follow Mandel, these two are good options to consider for further research.Dollar Tree (DLTR) and SBA Communications (SBAC): These two medium-sized positions established last quarter saw increases this quarter. The 3.25% DLTR stake was purchased at prices between $89 and $116 and the stock currently trades below that range at $80.51. This quarter saw a ~14% stake increase. SBAC is a ~3% portfolio position established at prices between $153 and $175 and the stock is now near the low end of that range at $155. This quarter saw a ~4% increase. For investors attempting to follow Mandel, these two are good options to consider for further research.Transdigm Group (TDG): The ~2% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at $350. This quarter saw a ~25% increase at prices between $301 and $346.ServiceNow Inc. (NOW): NOW is a 2.75% stake established in Q2 2017 at prices between $84.50 and $118. Q4 2017 saw a ~22% reduction at prices between $113 and $131. There was another one-third reduction last quarter at prices between $132 and $175. It now goes for $196. This quarter saw a ~13% increase.PagSeguro Digital (PAGS): The minutely small 0.47% PAGS stake saw a ~75% increase this quarter.Kept Steady:Square Inc. (SQ) and Sea Limited ADR (SE): These are very small (less than ~1% of the portfolio each) positions kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q2 2018:Regulatory Filings thru 5/25/2018:13G – 3/5 – EXAS – 6.4M shares – 5.3% of business."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q1 2018 Update"

"Stephen Mandel’s 13F portfolio value increased ~3% from $19.16B to $19.74B. The number of positions decreased from 31 to 30.Lone Pine Capital increased Facebook while dropping Anheuser Busch Inbev during the quarter.The top three positions are Facebook, Adobe Systems, and Constellation Brands and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 05/15/2018. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q4 2017.This quarter, Mandel’s 13F portfolio value increased ~3% from $19.16B to $19.74B. The number of holdings decreased from 31 to 30. The top three positions are at ~18% while the top five are at ~29% of the 13F assets: Facebook, Adobe Systems, Constellation Brands, Microsoft, and Alibaba Group Holdings.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Dollar Tree (DLTR), SBA Communications (SBAC), and Taiwan Semi (TSM): These are medium-sized new positions established this quarter. The ~3% DLTR stake was purchased at prices between $89 and $116 and the stock currently trades at $94.65. SBAC is a ~3% portfolio position established at prices between $153 and $175 and the stock is now at $157. The 2.74% TSM stake was purchased at prices between $40 and $46 and it is currently just below that range at $39.27.T-Mobile US (TMUS), Square Inc. (SQ), PagSeguro Digital (PAGS), and Exact Sciences (EXAS): These are very small (less than ~1% of the portfolio each) new positions established this quarter.Stake Disposals:Anheuser Busch Inbev (BUD): BUD was a very small stake purchased in Q3 2017 and built up to a ~3% portfolio position last quarter at prices between $110 and $126. The stake was disposed this quarter at prices between $103 and $115. The stock is now at $95.75.Charter Communications (CHTR) & Calls: The ~3% CHTR position was first purchased in Q3 2014 at prices between $152 and $164. Q2 2015 saw a whopping ~150% increase at prices between $168 and $193. Q4 2015 saw an about turn: ~50% reduction at prices between $175 and $193. There was a ~60% selling last quarter at prices between $316 and $371 and the elimination this quarter was at prices between $304 and $388. The stock is currently at $268. Mandel harvested huge gains.Equinix Inc. (EQIX): EQIX was a 2.66% portfolio stake as of last quarter. It was a long-term position first purchased in 2010. The stake had wavered. There was a ~25% further selling in Q1 2017 at prices between $359 and $400 and the disposal this quarter was at prices between $382 and $458. The stock is now at ~$387. Mandel harvested huge long-term gains.Grupo Televisa (TV): The ~2% TV position was established in Q3 2016 at prices between $24 and $28. There was a ~36% increase in Q1 2017 at prices between $20 and $27. The position was disposed this quarter at prices between $14.50 and $21 and it is now at $17.77.MasterCard Inc. (MA): MA was a 2.66% of the portfolio stake established in Q2 2017 at prices between $111 and $126. There was a ~25% reduction last quarter at prices between $141 and $154 and the disposal this quarter was at prices between $152 and $183. The stock currently trades at $192.Note: MA has seen a previous roundtrip: a ~2% stake was established in Q3 2013 at prices between $59 and $69 and increased by ~30% the following quarter at prices between $67 and $83. The last three quarters of 2014 saw a huge ~200% increase at prices between $69 and $89. 2015 saw a combined ~70% reduction at prices between $82 and $102. Q1 2016 saw a ~18% further reduction at prices between $80.50 and $97.50 and the disposal in Q3 2016 was at prices between $87 and $102.Salesforce.com (CRM): The 2.60% CRM position was purchased in Q2 2017 at prices between $82 and $98 and reduced by ~22% last quarter at prices between $93 and $109. The stake was eliminated this quarter at prices between $103 and $128. The stock currently trades at $129.Agilent Technologies (A) and iPath S&P 500 VIX ETN (VXX): These are very small (less than ~1% of the portfolio each) stakes disposed this quarter.Stake Decreases:Adobe Systems (ADBE): ADBE is a large (top three) 6.18% of the 13F portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. Q1 2016 saw an about turn: ~26% increase at prices between $74 and $94. The stock currently trades at ~$245. There was a ~20% reduction in Q2 2017 at prices between $129 and $145. Last quarter saw an about turn: ~50% increase at prices between $148 and $185. There was minor trimming this quarter.Constellation Brands (STZ): STZ is a top-three 5.60% stake established in Q3 2015 at prices between $115 and $131. The following three quarters had seen a combined ~40% increase at prices between $125 and $164. Q3 2016 saw an about turn: ~17% sold at prices between $161 and $168. The next two quarters saw a one-third increase at prices between $145 and $171. The stock is now at ~$217. There was a roughly one-third reduction last quarter at prices between $199 and $229. This quarter saw marginal trimming.Alibaba Group Holdings (BABA): The large (top five) 5.56% BABA stake was established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. There was another ~30% increase in Q1 2017 at prices between $88.50 and $110. Q2 2017 also saw a ~18% increase at prices between $107 and $144. There was a ~25% reduction next quarter at prices between $141 and $180 and that was followed with a similar reduction last quarter at prices between $169 and $191. The stock is now at $197. There was a ~6% trimming this quarter. Mandel is harvesting gains.Booking Holdings (BKNG): BKNG is a large 5.35% portfolio position established in Q3 2017 at prices between $1790 and $2049 and increased by roughly one-third last quarter at prices between $1646 and $1942. The stock currently trades at $2088. There was a ~8% trimming this quarter.Activision Blizzard (ATVI): The large ~5% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and built over the next three quarters at prices between $35.50 and $50. The stock is now at $70.80. There was a ~41% reduction over the last four quarters at prices between $48 and $78.Note: ATVI had a previous round-trip: a ~2% position was established in H2 2015 and disposed in Q1 2016.Electronic Arts (EA): The 4.38% EA position was purchased in Q3 2017 at prices between $105 and $122 and increased by ~75% last quarter at prices between $101 and $120. It is now above those ranges at ~$131. There was a marginal reduction this quarter.Amazon.com (AMZN): AMZN is a fairly large ~4% of the portfolio stake established last quarter at prices between $957 and $1196. The stock is now well above that range at $1603. There was a ~25% selling this quarter at prices between $1189 and $1598.Blackrock Inc. (BLK): The ~2.5% BLK stake was established last quarter at prices between $447 and $519 and it currently goes for ~$541. This quarter saw a ~17% selling at prices between $509 and $593.ServiceNow Inc. (NOW): NOW is a 2.24% stake established in Q2 2017 at prices between $84.50 and $118. Last quarter saw a ~22% reduction at prices between $113 and $131. There was another one-third reduction this quarter at prices between $132 and $175. It now goes for $176.Stake Increases:Facebook Inc. (FB): The 6.23% FB stake is currently the largest position. It was purchased in Q3 2014 at prices between $66 and $79. Q1 2015 saw the original stake reduced by ~40% at prices between $74 and $84. There was a ~45% selling in Q3 2016 at prices between $114 and $131. The position had wavered since. This quarter saw a~75% stake increase at prices between $152 and $193. The stock is now at $186.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices realizing huge gains.Microsoft Corporation (MSFT): MSFT is a large (top five) 5.58% portfolio stake established in Q2 2017 at prices between $65 and $72.50. The stock is now at $98.31. There was a ~15% trimming last quarter at prices between $74 and $87 while this quarter saw a ~26% stake increase at prices between $85 and $97.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Iqvia Holdings (IQV) previously Quintiles IMS: The ~5% IQV stake was purchased in Q1 2017 at prices between $75 and $82.50 and increased by ~70% the following quarter at prices between $78 and $91. The stock is now at ~$102. There was a marginal increase this quarter.UnitedHealth Group (UNH): The 4.61% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The stock is now well above those ranges at ~$243. There was a ~17% trimming last quarter while this quarter saw a similar increase.PayPal Holdings (PYPL): PYPL is a ~4% position established in Q3 2017 at prices between $53 and $65 and increased by ~40% last quarter at prices between $64 and $79. It currently goes for $81.55. There was a ~12% further increase this quarter.CSX Corporation (CSX) and Alphabet Inc. (GOOG): These two medium-sized positions purchased last quarter were increased this quarter. The 3.77% CSX stake was established at prices between $48.50 and $58 and the stock currently trades at $64.43. There was a ~17% increase this quarter at prices between $50.50 and $59.50. GOOG is a 3.40% portfolio position purchased at prices between $952 and $1077 and it is now at $1079. There was a ~8% increase this quarter.Note: CSX is back in the portfolio after a quarter’s gap. A 2.86% CSX stake was purchased in Q1 2017 at prices between $36 and $50. The following quarter saw a ~28% reduction at prices between $46 and $55. It was eliminated last quarter was at prices between $48 and $55.TransUnion (TRU): The 3.38% TRU position was purchased in Q2 2017 at prices between $38 and $49.50. The stock is now well above that range at $68.48. There was a ~14% trimming last quarter while this quarter saw a similar increase.Note: Lone Pine Capital has a ~6.5% ownership stake in TransUnion.Broadcom Ltd (AVGO): The 3.27% AVGO stake was purchased in Q3 2016 at prices between $150 and $178 and increased by just over one-third the following quarter at prices between $163 and $182. There was a ~50% stake increase in Q1 2017 at prices between $174 and $227. Last quarter saw an about turn: ~50% selling at prices between $239 and $285. The stock currently trades at ~$244. There was a ~11% stake increase this quarter.Mercadolibre Inc. (MELI) and Wynn Resorts (WYNN): The 2.93% MELI position was purchased in Q3 2017 at prices between $233 and $292 and the stock is now at ~$315. There was a ~6% trimming last quarter while this quarter saw a similar increase. WYNN is a ~2% position purchased in Q3 2017 at prices between $125 and $149 and reduced by ~50% last quarter at prices between $140 and $170. This quarter saw a ~78% stake increase at prices between $162 and $201. The stock is now at ~$194.FleetCor Technologies (FLT) and Sea Limited ADR (SE): These very small (less than ~1% of the portfolio each) stakes saw increases this quarter.Kept Steady:Transdigm Group (TDG): The ~2% TDG position was purchased last quarter at prices between $256 and $285 and it is now at $336.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q1 2018:Regulatory Filings thru 2/24/2018: 13G/As – 2/14 – EGT RE (successor in interest to Rice Energy) – 0, TV – 20.09M shares (3.5M series L - 100.5M CPOs -20.09M GDSs) – 4.1% of business, FLT – 801K shares – 0.9% of business, TRU – 10.58M shares – 5.8% of business."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q4 2017 Update"

"Stephen Mandel’s 13F portfolio value decreased from $20.57B to $19.16B. The number of positions increased from 30 to 31.Lone Pine Capital added Amazon.com, CSX, and Alphabet while dropping Comcast & Intercontinental Exchange.The top positions are Constellation Brands, Alibaba Group Holdings, and Activision Blizzard and they add up to ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 02/14/2018. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q3 2017.This quarter, Mandel’s 13F portfolio value decreased ~7% from $20.57B to $19.16B. The number of holdings increased from 30 to 31. The top three positions are at ~17% while the top five are at ~27% of the 13F assets: Constellation Brands, Alibaba Group Holdings, Activision Blizzard, Adobe Systems, and Iqvia Holdings.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Amazon.com (AMZN): AMZN is a fairly large ~5% of the portfolio stake established this quarter at prices between $957 and $1196. The stock is now well above that range at $1500.CSX Corporation (CSX), Alphabet Inc. (GOOG), Blackrock Inc. (BLK), and Transdigm Group (TDG): These are medium-sized positions purchased this quarter. The 3.27% CSX stake was established at prices between $48.50 and $58 and the stock currently trades at $55.84. GOOG is a 3.26% portfolio position purchased at prices between $952 and $1077 and it is now at $1127. The ~3% BLK stake was established at prices between $447 and $519 and it currently goes for $550. The ~2% TDG position was purchased at prices between $256 and $285 and it is now at $298.Note: CSX is back in the portfolio after a quarter’s gap. A 2.86% CSX stake was purchased in Q1 2017 at prices between $36 and $50. The following quarter saw a ~28% reduction at prices between $46 and $55. It was eliminated last quarter was at prices between $48 and $55.Agilent Technologies (A) and Sea Limited ADR (SE): These are very small (less than ~1% of the portfolio each) stakes established this quarter.Stake Disposals:Comcast Corporation (CMCSA): CMCSA was a large ~6% portfolio position as of last quarter. It was established in Q1 2017 at prices between $34.50 and $38.50 and increased by ~50% the following quarter at prices between $37 and $42. There was another ~60% increase last quarter at prices between $37 and $42. The disposal this quarter was at prices between $35 and $41. The stock is currently at $39.50.Expedia Inc. (EXPE): EXPE was a 3.26% position established in Q3 2016 at prices between $106 and $119 and reduced by ~40% the following quarter at prices between $113 and $132. There was another ~50% selling in Q1 2017 at prices between $112 and $131. There was an about turn in Q2 2017: stake doubled at prices between $125 and $154. This quarter saw the position sold out at prices between $117 and $153. The stock is now at $106.Intercontinental Exchange (ICE): ICE was a ~3% of the portfolio stake purchased in Q2 2017 at prices between $58 and $66 and increased by ~38% last quarter at prices between $64 and $69. The disposal this quarter was at prices between $65 and $72. The stock is currently at $72.48.T-Mobile US (TMUS): TMUS was a small 1.37% position established in Q1 2017 at prices between $56.50 and $65 and increased by ~20% the following quarter at prices between $60 and $68. There was a ~36% reduction last quarter at prices between $59.50 and $65.50 and elimination this quarter was at prices between $55 and $64.50. It is now at $60.06.Advance Auto Parts (AAP) and Vantiv Inc. (VNTV): These two very small (less than ~1% of the portfolio each) stakes were disposed this quarter.Stake Decreases:Constellation Brands (STZ): STZ is a top-three ~6% stake established in Q3 2015 at prices between $115 and $131. The following three quarters had seen a combined ~40% increase at prices between $125 and $164. Q3 2016 saw an about turn: ~17% sold at prices between $161 and $168. The next two quarters saw a one-third increase at prices between $145 and $171. The stock is now at ~$217. There was a roughly one-third reduction this quarter at prices between $199 and $229.Alibaba Group Holdings (BABA): The large (top three) 5.71% BABA stake was established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. There was another ~30% increase in Q1 2017 at prices between $88.50 and $110. Q2 2017 also saw a ~18% increase at prices between $107 and $144. There was a ~25% reduction last quarter at prices between $141 and $180 and that was followed with a similar reduction this quarter at prices between $169 and $191. The stock is now at $193. Mandel is harvesting gains.Activision Blizzard (ATVI): The top three 5.66% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and built over the next three quarters at prices between $35.50 and $50. The stock is now at $72.07. There was a ~30% reduction over the last three quarters at prices between $48.50 and $67.Note: ATVI had a previous round-trip: a ~2% position was established in H2 2015 and disposed in Q1 2016.Iqvia Holdings (IQV) previously Quintiles IMS: The ~5% Q stake was purchased in Q1 2017 at prices between $75 and $82.50 and increased by ~70% the following quarter at prices between $78 and $91. The stock is now at $99.78. There was marginal trimming this quarter.Microsoft Corporation (MSFT): MSFT is a ~4% portfolio stake established in Q2 2017 at prices between $65 and $72.50 and increased by ~17% last quarter. The stock is now at $94.06. There was a ~15% trimming this quarter at prices between $74 and $87.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.UnitedHealth Group (UNH): The ~4% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% last quarter at prices between $185 and $200. The stock is now above those ranges at $230. There was a ~17% trimming this quarter at prices between $192 and $228.Facebook Inc. (FB): The ~4% FB stake was purchased in Q3 2014 at prices between $66 and $79. Q1 2015 saw the original stake reduced by ~40% at prices between $74 and $84. There was a ~45% selling in Q3 2016 at prices between $114 and $131 and that was followed with a ~14% trimming in Q1 2017 at prices between $117 and $143. The following quarter saw a ~20% stake increase at prices between $139 and $155 while last quarter there was a similar reduction at prices between $148 and $174. The stock currently trades at ~$183. There was another ~13% selling this quarter.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices realizing huge gains.Broadcom Ltd (AVGO): The 3.30% AVGO stake was purchased in Q3 2016 at prices between $150 and $178 and increased by just over one-third the following quarter at prices between $163 and $182. There was a ~50% stake increase in Q1 2017 at prices between $174 and $227. This quarter saw an about turn: ~50% selling at prices between $239 and $285. The stock currently trades at $254.Charter Communications (CHTR) & Calls: The ~3% CHTR position is the largest stake in the portfolio. It was first purchased in Q3 2014 at prices between $152 and $164. Q2 2015 saw a whopping ~150% increase at prices between $168 and $193. Q4 2015 saw an about turn: ~50% reduction at prices between $175 and $193. The stock is currently at $365. Q1 2017 saw a ~20% increase at prices between $286 and $333 while the following quarter saw a similar reduction at prices between $313 and $353. There was another ~60% selling this quarter at prices between $316 and $371. Mandel is harvesting gains.TransUnion (TRU), ServiceNow Inc. (NOW), and Salesforce.com (CRM): These positions established in Q2 2017 saw substantial increases last quarter but were reduced this quarter. The ~3% TRU position was purchased at prices between $38 and $49.50. The stock is now at $58.45. There was a ~14% trimming this quarter. NOW is a ~3% stake established at prices between $84.50 and $118. This quarter saw a ~22% reduction at prices between $113 and $131. It now goes for $160. The 2.60% CRM position was purchased at prices between $82 and $98 and reduced by ~22% this quarter at prices between $93 and $109. The stock currently trades at $115.Note: Lone Pine Capital has a 5.8% ownership stake in TransUnion.MasterCard Inc. (MA): MA is a 2.66% of the portfolio stake established in Q2 2017 at prices between $111 and $126 and it is now at $176. There was a ~25% reduction this quarter at prices between $141 and $154.Note: MA has seen a previous roundtrip: a ~2% stake was established in Q3 2013 at prices between $59 and $69 and increased by ~30% the following quarter at prices between $67 and $83. The last three quarters of 2014 saw a huge ~200% increase at prices between $69 and $89. 2015 saw a combined ~70% reduction at prices between $82 and $102. Q1 2016 saw a ~18% further reduction at prices between $80.50 and $97.50 and the disposal in Q3 2016 was at prices between $87 and $102.Equinix Inc. (EQIX): EQIX is a 2.66% portfolio stake. It is a long-term position first purchased in 2010. The position has wavered. Recent activity follows: there was a ~25% further selling in Q1 2017 at prices between $359 and $400. The stock is now at ~$395. There was a ~11% trimming in Q2 2017 and a similar reduction this quarter. Mandel is periodically harvesting huge long-term gains.Mercadolibre Inc. (MELI) and Wynn Resorts (WYNN): These two positions purchased last quarter were reduced this quarter. The 2.53% MELI position was purchased at prices between $233 and $292 and the stock is now at $387. There was a ~6% trimming this quarter. WYNN is a 1.12% position purchased at prices between $125 and $149 and reduced by ~50% this quarter at prices between $140 and $170. The stock is now at $167.Grupo Televisa (TV): The ~2% TV position was established in Q3 2016 at prices between $24 and $28. There was a ~36% increase in Q1 2017 at prices between $20 and $27. The stock is now well below those ranges at $18.07. There was a ~4% trimming this quarter.Note: Lone Pine Capital has a 4.1% ownership stake in Grupo Televisa.Stake Increases:Adobe Systems (ADBE): ADBE is a large (top five) 5.30% of the US long portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. Q1 2016 saw an about turn: ~26% increase at prices between $74 and $94. The stock currently trades at ~$210. There was a ~20% reduction in Q2 2017 at prices between $129 and $145. This quarter saw an about turn: ~50% increase at prices between $148 and $185.Priceline Group (PCLN): PCLN is a large ~5% portfolio position established last quarter at prices between $1790 and $2049 and increased by roughly one-third this quarter at prices between $1646 and $1942. The stock currently trades at $1907.Anheuser Busch Inbev (BUD), Electronic Arts (EA), and PayPal Holdings (PYPL): These three positions established last quarter saw large increases this quarter. BUD was a very small stake purchased last quarter and built up to a ~3% portfolio position this quarter at prices between $110 and $126. The stock is now just below that range at $107. The ~4% EA position was purchased at prices between $105 and $122 and increased by ~75% this quarter at prices between $101 and $120. It is now at $127. PYPL is a 3.65% position established at prices between $53 and $65 and increased by ~40% this quarter at prices between $64 and $79. it currently goes for $79.69.Kept Steady:FleetCor Technologies (FLT): The FLT stake is from 2013 and the cost-basis is much lower compared to the current price. Last year had seen a roughly one-third reduction at prices between $117 and $174 while last quarter saw a ~46% increase at prices between $131 and $151. There was another about turn this quarter: ~90% reduction at prices between $139 and $155. It currently trades at ~$206 and the stake is now very small at 0.81% of the portfolio.iPath S&P 500 VIX ETN (VXX): The minutely small 0.04% stake was kept steady this quarter.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q4 2017:Regulatory Filings thru 11/22/2017: 13G – 11/6 – TV – 5.5M shares – 6.4% of business."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q3 2017 Update"

"Stephen Mandel’s 13F portfolio value increased from $19.67B to $20.57B. The number of positions decreased from 33 to 30.Lone Pine Capital increased Comcast and UnitedHealth while decreasing Alibaba and dropping O’Reilly Automotive.The top three individual stocks are Charter Communications, Alibaba Group Holdings, and Constellation Brands and they add up to ~22% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s US stock portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 11/14/2017. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q2 2017.This quarter, Mandel’s US long portfolio value increased ~5% from $19.67B to $20.57B. The number of holdings decreased from 33 to 30. The top three individual stock positions are at 21.97% while the top five are at 34.29% of the US long assets: Charter Communications, Alibaba Group Holdings, Constellation Brands, Activision Blizzard, and Comcast Corp.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Stake Disposals:O’Reilly Automotive (ORLY): ORLY was a 3.16% portfolio position purchased last quarter at prices between $216 and $270 and disposed this quarter at prices between $173 and $220. The stock currently trades at $219.CSX Corporation (CSX): The 2.86% CSX stake was purchased in Q1 2017 at prices between $36 and $50. Last quarter saw a ~28% reduction at prices between $46 and $55. The elimination this quarter was at prices between $48 and $55. The stock is now at $51.01.Symantec Corporation (SYMC): The ~3% SYMC position was purchased in Q4 2016 at prices between $23.50 and $25.50 and doubled the following quarter at prices between $24 and $31. Last quarter saw a ~20% selling at prices between $28 and $33 and the remaining position was sold this quarter at prices between $27.50 and $34. The stock currently trades at $28.43.Ulta Beauty (ULTA): ULTA was a 2.10% stake first purchased in 2012 at much lower prices. Q1 2016 saw a ~40% increase at prices between $153 and $173. There was a ~12% reduction in Q3 2016 and that was followed with another ~40% selling the following quarter at prices between $228 and $266. Q1 2017 also saw another ~15% selling at prices between $257 and $289. The stock is now at $212. There was a ~6% trimming last quarter and the disposal this quarter was at prices between $208 and $287. Mandel realized gains.Cheniere Energy (LNG): LNG was a 1.28% of the portfolio position first purchased in H2 2014 at prices between $65 and $84. There was a ~55% increase in Q3 2015 at prices between $47.50 and $71. Q3 2016 saw some selling: ~17% disposed at prices between $37 and $46 and that was followed with a ~50% selling the following quarter at prices between $35.50 and $43.50. The remaining position was sold this quarter at prices between $41 and $49. The stock currently trades at $47.89.Albemarle Corp. (ALB), Alltice USA (ATUS), Arista Networks (ANET), Liberty Media Formula One (FWONK), and Snap Inc. (SNAP): These very small (less than ~1.5% of the portfolio each) stakes were disposed during the quarter.New Stakes:Priceline Group (PCLN): PCLN is a 3.63% portfolio position established this quarter at prices between $1790 and $2049 and the stock currently trades below that range at $1759. For investors attempting to follow Mandel, PCLN is a good option to consider for further research.Electronic Arts (EA), PayPal Holdings (PYPL), Mercadolibre Inc. (MELI), and Wynn Resorts (WYNN): These are ~2% of the portfolio stakes purchased this quarter. The 2.43% EA position was purchased at prices between $105 and $122 and it is now near the low end of that range at $107. PYPL is a 2.09% position established at prices between $53 and $65 and it currently goes for $77.57. The 2.05% MELI position was at prices between $233 and $292 and the stock is now at $266. WYNN is a 1.94% position purchased at prices between $125 and $149 and it is now well above that range at $159.Vantiv Inc. (VNTV) and Anheuser Busch Inbev (BUD): These are very small (less than ~1% of the portfolio each) positions established during the quarter.Stake Decreases:Alibaba Group Holdings (BABA): The 7.40% BABA stake is currently the second-largest position in the portfolio. It was established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. There was another ~30% increase in Q1 2017 at prices between $88.50 and $110. Last quarter also saw a ~18% increase at prices between $107 and $144. There was a ~25% reduction this quarter at prices between $141 and $180. The stock is now at $190.Activision Blizzard (ATVI): The top-five 6.22% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and built over the next three quarters at prices between $35.50 and $50. The stock is now at $65.14. There was a ~22% reduction over the last two quarters at prices between $48.50 and $66.Note: ATVI had a previous round-trip: a ~2% position was established in H2 2015 and disposed in Q1 2016.Broadcom Ltd (AVGO): The large 6% AVGO stake was purchased in Q3 2016 at prices between $150 and $178 and increased by just over one-third the following quarter at prices between $163 and $182. There was a ~50% stake increase in Q1 2017 at prices between $174 and $227. The stock currently trades well above those ranges at $275. There was a ~4% trimming this quarter.Facebook Inc. (FB): The 4.18% FB stake was purchased in Q3 2014 at prices between $66 and $79. Q1 2015 saw the original stake reduced by ~40% at prices between $74 and $84. There was a ~45% selling in Q3 2016 at prices between $114 and $131 and that was followed with a ~14% trimming in Q1 2017 at prices between $117 and $143. Last quarter saw a ~20% stake increase at prices between $139 and $155 while this quarter there was a similar reduction at prices between $148 and $174. The stock currently trades at ~$181.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices realizing huge gains.MasterCard Inc. (MA): MA is a ~3% of the portfolio stake established last quarter at prices between $111 and $126 and it is now at $151. There was a ~3% trimming this quarter.Note: MA has seen a previous roundtrip: a ~2% stake was established in Q3 2013 at prices between $59 and $69 and increased by ~30% the following quarter at prices between $67 and $83. The last three quarters of 2014 saw a huge ~200% increase at prices between $69 and $89. 2015 saw a combined ~70% reduction at prices between $82 and $102. Q1 2016 saw a ~18% further reduction at prices between $80.50 and $97.50 and the disposal in Q3 2016 was at prices between $87 and $102.T-Mobile US (TMUS): TMUS is a 1.37% position established in Q1 2017 at prices between $56.50 and $65 and increased by ~20% last quarter at prices between $60 and $68. There was a ~36% reduction this quarter at prices between $59.50 and $65.50. It is now at $61.35.FleetCor Technologies (FLT): The FLT stake is from 2013 and the cost-basis is much lower compared to the current price. Last year had seen a roughly one-third reduction at prices between $117 and $174 while last quarter saw a ~46% increase at prices between $131 and $151. There was another about turn this quarter: ~90% reduction at prices between $139 and $155. It currently trades at ~$179. Mandel realized gains.Barclays Bank plc (BCS): The minutely small 0.05% stake saw a ~75% reduction this quarter.Stake Increases:Charter Communications (CHTR) & Calls: The 7.71% CHTR position is the largest stake in the portfolio. It was first purchased in Q3 2014 at prices between $152 and $164. Q2 2015 saw a whopping ~150% increase at prices between $168 and $193. Q4 2015 saw an about turn: ~50% reduction at prices between $175 and $193. The stock is currently at $334. Q1 2017 saw a ~20% increase at prices between $286 and $333 while last quarter saw a similar reduction at prices between $313 and $353.Constellation Brands (STZ): STZ is a top-three ~7% stake established in Q3 2015 at prices between $115 and $131. The following three quarters had seen a combined ~40% increase at prices between $125 and $164. Q3 2016 saw an about turn: ~17% sold at prices between $161 and $168. The next two quarters saw a one-third increase at prices between $145 and $171. The stock is now at ~$221. There was a ~9% trimming last quarter while this quarter saw a similar increase.Comcast Corporation (CMCSA): CMCSA is a ~4% portfolio position established in Q1 2017 at prices between $34.50 and $38.50 and increased by ~50% last quarter at prices between $37 and $42. There was another ~60% increase this quarter at prices between $37 and $42. The stock is currently at $36.41. For investors attempting to follow Mandel, CMCSA is a good option to consider for further research.UnitedHealth Group (UNH): The ~4% UNH stake was established last quarter at prices between $164 and $187 and increased by ~160% this quarter at prices between $185 and $200. The stock is now above those ranges at $211.Microsoft Corporation (MSFT): MSFT is a ~4% portfolio stake established last quarter at prices between $65 and $72.50 and increased by ~17% this quarter. The stock is now at $83.11.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.Expedia Inc. (EXPE): EXPE is a 3.26% position established in Q3 2016 at prices between $106 and $119 and reduced by ~40% the following quarter at prices between $113 and $132. There was another ~50% selling in Q1 2017 at prices between $112 and $131. There was an about turn last quarter: stake doubled at prices between $125 and $154. The stock is now at $127. There was a marginal increase this quarter.Intercontinental Exchange (ICE): ICE is a ~3% of the portfolio stake purchased last quarter at prices between $58 and $66 and increased by ~38% this quarter at prices between $64 and $69. The stock is currently at $67.66.Note: Intercontinental Exchange is back in the portfolio after a quarter’s gap.TransUnion (TRU), ServiceNow Inc. (NOW), and Salesforce.com (CRM): These positions established last quarter saw substantial increases this quarter. The 2.84% TRU position was purchased at prices between $38 and $44.50 and increased by ~40% this quarter at prices between $41.50 and $49.50. The stock is now at $55.22. NOW is a ~3% stake established at prices between $84.50 and $110 and increased by roughly two-thirds this quarter at prices between $104 and $118. It now goes for $128. The 2.85% CRM position was purchased at prices between $82 and $91 and increased by ~140% this quarter at prices between $86 and $98. The stock currently trades at $107.Grupo Televisa (TV): The ~2.5% TV position was established in Q3 2016 at prices between $24 and $28. There was a ~36% increase in Q1 2017 at prices between $20 and $27. The stock is now at $18.59. There was a ~11% increase last quarter and a marginal further increase this quarter.Note: Regulatory Filings since the quarter ended show them owning 5.5M shares (6.4% of business). This is compared to 20.8M shares in the 13F report.Advance Auto Parts (AAP): The very small ~1% AAP position established last quarter saw a ~15% increase this quarter.Kept Steady:Iqvia Holdings (IQV) previously Quintiles IMS: The 4.65% Q stake was purchased in Q1 2017 at prices between $75 and $82.50 and increased by ~70% last quarter at prices between $78 and $91. The stock is now at $104.Adobe Systems (ADBE): ADBE is a 2.85% of the US long portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. Q1 2016 saw an about turn: ~26% increase at prices between $74 and $94. The stock currently trades at ~$183. There was a ~20% reduction last quarter at prices between $129 and $145.Equinix Inc. (EQIX): EQIX is a 2.76% portfolio stake. It is a long-term position first purchased in 2010. Around 4M shares were acquired at the time at a cost-basis in the low-80s. The position size has wavered since although by Q4 2014 the stake was back at ~4M shares. Q1 2015 saw a ~30% reduction at prices between $217 and $239. Q4 2015 saw another ~20% reduction at prices between $265 and $305. There was a ~25% further selling in Q1 2017 at prices between $359 and $400. The stock is now at ~$472. There was a ~11% trimming last quarter. Mandel is periodically harvesting huge long-term gains.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q3 2017:Regulatory Filings thru 8/22/2017: 13G – 7/31/2017 – TRU – 9.3M shares – 5.1% of business."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q2 2017 Update"

"Stephen Mandel’s 13F portfolio value increased from $19.01B to $19.67B. The number of positions decreased from 34 to 33.Lone Pine Capital increased FleetCor & Quintiles IMS holdings while dropping Nike.The top three individual stocks are Alibaba Group Holdings, Charter Communications, and Constellation Brands and they add up to ~22% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s US stock portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 08/14/2017. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q1 2017.This quarter, Mandel’s US long portfolio value increased ~4% from $19.01B to $19.67B. The number of holdings decreased from 34 to 33. The top three individual stock positions are at 22.29% while the top five are at 34.89% of the US long assets: Alibaba Group Holdings, Charter Communications, Constellation Brands, Activision Blizzard, and Broadcom Ltd.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Stake Disposals:Nike Inc. (NKE): The fairly large 5.62% NKE stake was purchased in Q1 2015 at prices between $46 and $55. The stake was doubled in Q4 2015 at prices between $61 and $68. Q2 2016 saw another ~50% increase at prices between $52 and $62. Q4 2016 saw a reversal: ~20% reduction at prices between $49.50 and $53. There was another about turn last quarter: one-third increase at prices between $52 and $59. The entire stake was eliminated this quarter at prices between $51 and $59. It currently trades at $54.13.Note: The prices quoted above are adjusted for the 2-for-1 stock split in November 2015.Electronic Arts (EA): EA was a 3.66% of the portfolio position established in Q2 2015 and increased by just over 10-times the following quarter at prices between $63 and $75. Q4 2015 & Q1 2016 saw a combined ~80% reduction at prices between $55.50 and $77. In Q2 & Q3 2016, the position was built back up at prices between $62 and $85.50. The stock currently trades at $119. There was a ~18% selling last quarter at prices between $79 and $92 and the disposal this quarter was at prices between $88 and $115. Mandel harvested gains.Visa Inc. (V): V was a 2.67% stake purchased in Q4 2014 and Q1 2015 at prices between $51 and $68 and increased by ~31% in Q4 2015 at prices between $70 and $80. It was a fairly large ~4% stake at the time. Q1 2016 saw a ~40% selling at prices between $67.50 and $77.50. That was followed with another two-thirds selling in Q3 2016 at prices between $74 and $83.50. The pattern reversed again in Q4 2016: stake increased by ~180% at prices between $75.50 and $83. The stock currently trades at $104. There was a minor ~6% trimming last quarter and the elimination this quarter was at prices between $88.50 and $96.50.Priceline Inc. (PCLN): The long-term 2.33% PCLN stake was first purchased in 2011 at a cost-basis of ~$500. The original position was sold down by ~44% in Q3 2013 at prices between $900 and $1030 and another two-thirds in Q1 2014 at prices between $1132 and $1358. There was a combined ~380% increase over the next three quarters at prices between $1064 and $1280. 2015 saw a ~40% reduction at prices between $1008 and $1454. Q2 2016 saw the pattern reverse: ~42% increase at prices between $1186 and $1390. The next quarter saw a ~50% selling at prices between $1248 and $1473 and that was followed with another ~50% reduction in Q4 2016 at prices between $1424 and $1578. The position was sold out this quarter at prices between $1740 and $1911. The stock is now at $1818. Lone Pine Capital harvested gains.Dollar Tree (DLTR): DLTR was a 2.70% of the portfolio position. It was established in Q3 2015 at prices between $65 and $82 and increased by ~150% the following quarter at prices between $61 and $80. The stock currently trades at $74.95. Q2 & Q3 2016 had seen a one-third increase at prices between $75 and $98. There was an about turn in Q4 2016: ~40% sold at prices between $73.50 and $90. That was followed with a ~30% further reduction last quarter at prices between $73.50 and $80. The disposal this quarter was at prices between $66.50 and $83.Shire plc (SHPG): SHPG was a ~1.57% portfolio stake established in Q2 2016 at prices between $165 and $192 and reduced by one-third the following quarter at prices between $184 and $207. The position was disposed of this quarter at prices between $160 and $190. The stock is now at $143.Note: Part of the SHPG position came about as a result of the merger with Baxalta that closed in June 2016. It was a cash-and-stock deal with Baxalta shareholders receiving $18 in cash and 0.1482 shares of SHPG for each share of Baxalta held. Lone Pine Capital held 10.59M shares of Baxalta for which they received 1.57M shares of SHPG.Rice Energy (RICE): The 1.71% RICE stake was purchased in Q4 2016 at prices between $20.50 and $28 and increased by a whopping ~250% last quarter at prices between $18.50 and $23.70. This quarter saw an about turn: position sold out at prices between $19 and $27. The stock is now at $26.84.Note: Lone Pine Capital controlled ~6.7% of Rice Energy as of Q1 2017.Align Technology (ALGN), Commscope Holding (COMM), Encana Corporation (ECA), HDFC Bank (HDB), and Humana Inc. (HUM): These very small (less than ~1.5% of the portfolio each) positions were disposed this quarter.New Stakes:Microsoft Corporation (MSFT): MSFT is a 3.39% portfolio stake established this quarter at prices between $65 and $72.50 and the stock is now at $73.16.Note: MSFT is back in the portfolio after a quarter’s gap: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination last quarter happened at prices between $62 and $66.O’Reilly Automotive (ORLY): ORLY is a 3.16% portfolio position purchased this quarter at prices between $216 and $270 and the stock currently trades well below that range at $198.MasterCard Inc. (MA): MA is a 2.87% of the portfolio stake established at prices between $111 and $126 and it is now at $134.Note: MA has seen a previous roundtrip: a ~2% stake was established in Q3 2013 at prices between $59 and $69 and increased by ~30% the following quarter at prices between $67 and $83. The last three quarters of 2014 saw a huge ~200% increase at prices between $69 and $89. 2015 saw a combined ~70% reduction at prices between $82 and $102. Q1 2016 saw a ~18% further reduction at prices between $80.50 and $97.50 and the disposal in Q3 2016 was at prices between $87 and $102.Intercontinental Exchange (ICE): ICE is a 2.13% of the portfolio stake purchased this quarter at prices between $58 and $66 and the stock is currently at $65.50.Note: ICE is back in the portfolio after a quarter’s gap.TransUnion (TRU), ServiceNow Inc. (NOW), UnitedHealth Group (UNH), Altice USA (ATUS), Advance Auto Parts (AAP), Salesforce.com (CRM), and Liberty Media Formula One (FWONK): These are small (less than ~2% of the portfolio each) positions established this quarter.Note: Regulatory filings since the quarter ended show them owning 9.3M shares (5.1% of the business) of TransUnion. This is compared to 8.9M shares in the 13F.Stake Decreases:Charter Communications (CHTR) & Calls: The ~7.5% CHTR position is the second-largest stake in the portfolio. It was first purchased in Q3 2014 at prices between $152 and $164. Q2 2015 saw a whopping ~150% increase at prices between $168 and $193. Q4 2015 saw an about turn: ~50% reduction at prices between $175 and $193. The stock is currently at $397. Last quarter saw a ~20% increase at prices between $286 and $333 while this quarter saw a similar reduction at prices between $313 and $353.Constellation Brands (STZ): STZ is a top-three ~6.5% stake established in Q3 2015 at prices between $115 and $131. The following three quarters had seen a combined ~40% increase at prices between $125 and $164. Q3 2016 saw an about turn: ~17% sold at prices between $161 and $168. There was a ~15% stake increase in Q4 2016 at prices between $145 and $171 and that was followed with a similar increase last quarter at prices between $147 and $165. The stock is now at ~$197. There was a ~9% trimming this quarter.Activision Blizzard (ATVI): The top-five 6.30% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and increased by two-thirds in the following quarter at prices between $39 and $45. Last two quarters had seen another ~45% increase at prices between $35.50 and $50. The stock is now at $64.26. There was a ~13% trimming this quarter.Note: ATVI had a previous round-trip: a ~2% position was established in H2 2015 and disposed in Q1 2016.Symantec Corporation (SYMC): The ~3% SYMC position was purchased in Q4 2016 at prices between $23.50 and $25.50 and doubled last quarter at prices between $24 and $31. This quarter saw a ~20% selling at prices between $28 and $33. The stock currently trades at $28.76.CSX Corporation (CSX): The 2.86% CSX stake was purchased last quarter at prices between $36 and $50. This quarter saw a ~28% reduction at prices between $46 and $55. The stock is now at $49.92.Adobe Systems (ADBE): ADBE is a 2.83% of the US long portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. Q1 2016 saw an about turn: ~26% increase at prices between $74 and $94. The stock currently trades at ~$152. There was a very minor ~4% trimming last quarter and that was followed with a ~20% reduction this quarter at prices between $129 and $145.Equinix Inc. (EQIX): EQIX is a 2.78% portfolio stake. It is a long-term position first purchased in 2010. Around 4M shares were acquired at the time at a cost-basis in the low-80s. The position size has wavered since although by Q4 2014 the stake was back at ~4M shares. Q1 2015 saw a ~30% reduction at prices between $217 and $239. Q4 2015 saw another ~20% reduction at prices between $265 and $305. There was a ~25% further selling last quarter at prices between $359 and $400. The stock is now at ~$456. There was a ~11% trimming this quarter. Mandel is harvesting huge long-term gains.Ulta Beauty (ULTA): ULTA is a 2.10% stake first purchased in 2012 at much lower prices. Q1 2016 saw a ~40% increase at prices between $153 and $173. There was a ~12% reduction in Q3 2016 and that was followed with another ~40% selling the following quarter at prices between $228 and $266. Last quarter also saw another ~15% selling at prices between $257 and $289. The stock is now at $232. There was a ~6% trimming this quarter. Mandel is harvesting gains.Albemarle Corp. (ALB): ALB is a very small 0.62% position established last quarter and reduced by ~40% this quarter.Stake Increases:Alibaba Group Holdings (BABA): The 8.36% BABA stake is currently the largest position in the portfolio. It was established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. There was another ~30% increase last quarter at prices between $88.50 and $110. This quarter also saw a ~18% increase at prices between $107 and $144. The stock is now well above those ranges at $174.FleetCor Technologies (FLT): The 4.81% FLT stake is from 2013 and Mandel has huge gains on this position. Last year had seen a roughly one-third reduction at prices between $117 and $174. This quarter saw a ~46% increase at prices between $131 and $151. It currently trades at ~$142. For investors attempting to follow Mandel, FLT is a good option to consider for further research.Note: Lone Pine Capital controls ~7% of FleetCor Technologies.Facebook Inc. (FB): The 4.73% FB stake was purchased in Q3 2014 at prices between $66 and $79. Q1 2015 saw the original stake reduced by ~40% at prices between $74 and $84. There was a ~45% selling in Q3 2016 at prices between $114 and $131 and that was followed with a ~14% trimming last quarter at prices between $117 and $143. There was a ~20% stake increase this quarter at prices between $139 and $155. The stock currently trades at ~$170.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices realizing huge gains.Comcast Corporation (CMCSA), Quintiles IMS Holdings (Q), and T-Mobile US (TMUS): These positions were established last quarter and increased this quarter. CMCSA is a ~4% portfolio position established at prices between $34.50 and $38.50 and increased by ~50% this quarter at prices between $37 and $42. The stock is currently at $41.35. The 4.57% Q stake was purchased at prices between $75 and $82.50 and increased by ~70% this quarter at prices between $78 and $91. The stock is now at $94.73. TMUS is a 2.20% position established at prices between $56.50 and $65 and increased by ~20% this quarter at prices between $60 and $68. It is now at $64.38.Expedia Inc. (EXPE): EXPE is a 3.42% position established in Q3 2016 at prices between $106 and $119 and reduced by ~40% the following quarter at prices between $113 and $132. There was another ~50% selling last quarter at prices between $112 and $131. There was an about turn this quarter: stake doubled at prices between $125 and $154. The stock is now at $148.Grupo Televisa (TV): The ~2.5% TV position was established in Q3 2016 at prices between $24 and $28. There was a ~36% increase last quarter at prices between $20 and $27. The stock is now at $25.70. For investors attempting to follow Mandel, TV is a good option to consider for further research. There was a ~11% increase this quarter.Arista Networks (ANET), Barclays Bank plc (BCS), and Snap Inc. (SNAP): These are very small (less than ~1.5% of the portfolio each) stakes that saw increases this quarter.Kept Steady:Broadcom Ltd (AVGO): The large top-five ~6% AVGO stake was purchased in Q3 2016 at prices between $150 and $178 and increased by just over one-third the following quarter at prices between $163 and $182. There was a ~50% stake increase last quarter at prices between $174 and $227. The stock currently trades at $255.Cheniere Energy (LNG): LNG is a 1.28% of the portfolio position first purchased in H2 2014 at prices between $65 and $84. There was a ~55% increase in Q3 2015 at prices between $47.50 and $71. Q3 2016 saw some selling: ~17% disposed at prices between $37 and $46 and that was followed with a ~50% selling the following quarter at prices between $35.50 and $43.50. The stock currently trades at $41.15.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q2 2017:Regulatory Filings thru 5/26/2017: None."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q1 2017 Update"

"Stephen Mandel’s 13F portfolio value decreased from $19.16B to $19.01B. The number of positions decreased from 41 to 34.Lone Pine Capital added CSX while dropping Amazon.com and Microsoft.The top three individual stocks are Charter Communications, Activision Blizzard, and Constellation Brands and they add up to ~23% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s US stock portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 05/15/2017. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q4 2016.This quarter, Mandel’s US long portfolio value decreased marginally from $19.16B to $19.01B. The number of holdings decreased from 41 to 34. The top three individual stock positions are at 22.46% while the top five are at 34.20% of the US long assets: Charter Communications, Activision Blizzard , Constellation Brands, Broadcom Ltd., and Nike Inc.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Stake Disposals:Amazon.com Inc. (AMZN): AMZN was a top-three ~5% of the portfolio position last quarter. It was purchased in Q3 2015 at prices between $430 and $548. The first three quarters of 2016 had seen a ~50% reduction at prices between $482 and $837. The remaining position was disposed of this quarter at prices between $754 and $887. The stock is now at ~$993. Lone Pine harvested gains.Microsoft Corporation (MSFT): MSFT was a large (top five) 4.93% of the portfolio position last quarter. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination this quarter happened at prices between $62 and $66. The stock currently trades at $69.62. Lone Pine harvested gains.PayPal Holdings (PYPL), PNC Financial Services (PNC), and Bank of America (BAC): These three medium-sized ~2.5% portfolio stakes were established last quarter but disposed of this quarter. The 2.57% PYPL position was purchased at prices between $38 and $44 and sold at prices between $39 and $43.50. The stock currently trades at $50.93. PNC was a 2.56% portfolio stake established at prices between $88 and $118 and eliminated at prices between $114 and $131. It is now at $121. The 2.50% BAC position was purchased at prices between $15.50 and $23 and disposed of at prices between $22 and $25.50. The stock is now at $23.25.Note: PayPal Holdings has seen a previous roundtrip: It was a ~2% of the portfolio position established in Q1 2016 at prices between $31 and $41.50 and disposed of last quarter at prices between $36 and $41.Alphabet Inc. (GOOG) (GOOGL): The 2.53% of the portfolio stake in GOOG was established in Q4 2015 & Q1 2016 at prices between $608 and $777. H2 2016 saw a ~50% reduction at prices between $668 and $787. There was another ~25% selling last quarter at prices between $736 and $813 and the disposal this quarter was at prices between $786 and $852. The stock currently trades at ~$970. Mandel harvested gains.Williams Companies (WMB): The 2.65% WMB position was established in Q3 2016 at prices between $20 and $31 and increased by ~75% last quarter at prices between $28 and $32. This quarter saw an about turn: position sold out at prices between $28 and $32.50. The stock is now at $29.86.TransDigm Group (TDG): TDG was a long-term 2.64% portfolio (~4% of the business) position. The stake was from 2009 at a cost-basis in the mid-30s. The stock returned over 8-times during the holding period. The entire position was sold this quarter at prices between $210 and $256. Mandel harvested huge long term gains.Vulcan Materials (VMC): VMC was a 2.44% of the portfolio stake. The bulk of the original position was purchased in Q1 & Q2 2015 at prices between $67 and $92. Q2 & Q3 2016 had seen a ~54% further increase at prices between $106 and $127. There was an about turn last quarter: ~25% reduction at prices between $106 and $136. The disposal this quarter happened at prices between $112 and $135. The stock currently trades at $128.Barclays Bank plc (BCS) Puts, eBay Inc. (EBAY), Intercontinental Exchange (ICE), Lululemon Athletica (LULU), Proshares Ultra VIX Short Term Puts, and Sears Holdings (SHLD) Puts: These small (less than ~1.5% of the portfolio each) stakes were eliminated this quarter. As of last quarter, Lone Pine Capital had a ~3.5% ownership stake in Lululemon Athletica.New Stakes:CSX Corporation (CSX), Comcast Corporation (CMCSA), Quintiles IMS Holdings (Q), and T-Mobile US (TMUS): These are medium sized (between ~2% and ~4% of the portfolio each) positions established this quarter. The ~3.5% CSX stake was purchased at prices between $36 and $50 and the stock is now above that range at $53.79. CMCSA is a 2.72% portfolio position established at prices between $34.50 and $38.50 and the stock is currently above that range at $40.34. The ~2.5% Q stake was purchased at prices between $75 and $82.50 and the stock is now at $84.70. TMUS is a 2% position established at prices between $56.50 and $65 and it is now at $67.86.Humana Inc. (HUM), Albemarle Corp. (ALB), Arista Networks (ANET), and Snap Inc. (SNAP): These are very small (less than ~1.5% of the portfolio each) stakes established this quarter.Stake Decreases:Facebook Inc. (FB): The 3.82% FB stake was purchased in Q3 2014 at prices between $66 and $79. Q1 2015 saw the original stake reduced by ~40% at prices between $74 and $84. There was a ~45% selling in Q3 2016 at prices between $114 and $131 and that was followed with a ~14% trimming this quarter at prices between $117 and $143. The stock currently trades at ~$152. Lone Pine Capital is harvesting gains.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices realizing huge gains.Electronic Arts (EA): EA is a 3.66% of the portfolio position established in Q2 2015 and increased by just over 10-times the following quarter at prices between $63 and $75. Q4 2015 & Q1 2016 saw a combined ~80% reduction at prices between $55.50 and $77. In Q2 & Q3 2016, the position was built back up at prices between $62 and $85.50. The stock currently trades at $114. There was a ~18% selling this quarter at prices between $79 and $92.FleetCor Technologies (FLT): The 3.59% FLT stake is from 2013 and Mandel has huge gains on this position. Last year had seen a roughly one-third reduction at prices between $117 and $174 and that was followed with a ~4% trimming this quarter. It currently trades at ~$141. Mandel is harvesting gains.Note: Lone Pine Capital still controls ~4.9% of FleetCor Technologies.Adobe Systems (ADBE): ADBE is a 3.30% of the US long portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. Q1 2016 saw an about turn: ~26% increase at prices between $74 and $94. The stock currently trades at ~$143. There was a very minor ~4% trimming this quarter.Equinix Inc. (EQIX): EQIX is a ~3% portfolio stake. It is a long-term position first purchased in 2010. Around 4M shares were acquired at the time at a cost-basis in the low-80s. The position size has wavered since although by Q4 2014 the stake was back at ~4M shares. Q1 2015 saw a ~30% reduction at prices between $217 and $239. Q4 2015 saw another ~20% reduction at prices between $265 and $305. There was a ~25% further selling this quarter at prices between $359 and $400. The stock is now at ~$445. Mandel is harvesting huge long-term gains.Visa Inc. (V): V is a 2.67% stake purchased in Q4 2014 and Q1 2015 at prices between $51 and $68 and increased by ~31% in Q4 2015 at prices between $70 and $80. It was a fairly large ~4% stake at the time. Q1 2016 saw a ~40% selling at prices between $67.50 and $77.50. That was followed with another two-thirds selling in Q3 2016 at prices between $74 and $83.50. The pattern reversed again last quarter: 180% increase at prices between $75.50 and $83. The stock currently trades at $95.04. There was a minor ~6% trimming this quarter.Priceline Inc. (PCLN): The long-term 2.33% PCLN stake was first purchased in 2011 at a cost-basis of ~$500. The original position was sold down by ~44% in Q3 2013 at prices between $900 and $1030 and another two-thirds in Q1 2014 at prices between $1132 and $1358. There was a combined ~380% increase over the next three quarters at prices between $1064 and $1280. 2015 saw a ~40% reduction at prices between $1008 and $1454. Q2 2016 saw the pattern reverse: ~42% increase at prices between $1186 and $1390. The next quarter saw a ~50% selling at prices between $1248 and $1473 and that was followed with another ~50% reduction last quarter at prices between $1424 and $1578. The stock is now at $1860. There was a marginal ~2% trimming this quarter.Dollar Tree (DLTR): DLTR is a 2.70% of the portfolio position. It was established in Q3 2015 at prices between $65 and $82 and increased by ~150% the following quarter at prices between $61 and $80. The stock currently trades at $78.50. Q2 & Q3 2016 had seen a one-third increase at prices between $75 and $98. There was an about turn last quarter: ~40% sold at prices between $73.50 and $90. That was followed with a ~30% further reduction this quarter at prices between $73.50 and $80.Ulta Beauty (ULTA): ULTA is a 2.29% stake first purchased in 2012 at much lower prices. Q1 2016 saw a ~40% increase at prices between $153 and $173. There was a ~12% reduction in Q3 2016 and that was followed with another ~40% selling last quarter at prices between $228 and $266. This quarter also saw another ~15% selling at prices between $257 and $289. The stock is now at $293. Mandel is harvesting gains.Shire plc (SHPG): SHPG is a ~1.57% portfolio stake established in Q2 2016 at prices between $165 and $192 and reduced by one-third the following quarter at prices between $184 and $207. There was a ~12% increase last quarter at prices between $164 and $198 while this quarter saw a ~10% trimming. The stock is now at $185.Note: Part of the SHPG position came about as a result of the merger with Baxalta that closed in June 2016. It was a cash-and-stock deal with Baxalta shareholders receiving $18 in cash and 0.1482 shares of SHPG for each share of Baxalta held. Lone Pine Capital held 10.59M shares of Baxalta for which they received 1.57M shares of SHPG.Expedia Inc. (EXPE): EXPE is a 1.41% position established in Q3 2016 at prices between $106 and $119 and reduced by ~40% last quarter at prices between $113 and $132. There was another ~50% selling this quarter at prices between $112 and $131. The stock is now at $146.Stake Increases:Charter Communications (CHTR) & Calls: The ~10% CHTR position is the largest stake in the portfolio. It was first purchased in Q3 2014 at prices between $152 and $164. Q2 2015 saw a whopping ~150% increase at prices between $168 and $193. Q4 2015 saw an about turn: ~50% reduction at prices between $175 and $193. The stock is currently at $334. This quarter saw a ~20% increase at prices between $286 and $333.Activision Blizzard (ATVI): The top-three 6.5% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and increased by two-thirds in the following quarter at prices between $39 and $45. Last two quarters have seen another ~45% increase at prices between $35.50 and $50. The stock is now at $59.22.Note: ATVI had a previous round-trip: a ~2% position was established over Q3 & Q4 2015 but that stake was disposed in Q1 2016.Constellation Brands (STZ): STZ is a top-three ~6% stake established in Q3 2015 at prices between $115 and $131. The following three quarters had seen a combined ~40% increase at prices between $125 and $164. Q3 2016 saw an about turn: ~17% sold at prices between $161 and $168. There was a ~15% stake increase last quarter at prices between $145 and $171 and that was followed with a similar increase this quarter at prices between $147 and $165. The stock is now at ~$180.Broadcom Ltd (AVGO): The large top-five ~6% AVGO stake was purchased in Q3 2016 at prices between $150 and $178 and increased by just over one-third last quarter at prices between $163 and $182. There was a ~50% stake increase this quarter at prices between $174 and $227. The stock currently trades at ~$241.Nike Inc. (NKE): The fairly large 5.62% NKE stake was purchased in Q1 2015 at prices between $46 and $55. The stake was doubled in Q4 2015 at prices between $61 and $68. Q2 2016 saw another ~50% increase at prices between $52 and $62. Last quarter saw a reversal: ~20% reduction at prices between $49.50 and $53. There was another about turn this quarter: one-third increase at prices between $52 and $59. It currently trades at ~$52.35. For investors attempting to follow Mandel, NKE is a good option to consider for further research.Note: The prices quoted above are adjusted for the 2-for-1 stock split in November 2015.Alibaba Group Holdings (BABA): BABA is a 5.61% of the portfolio stake established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% last quarter at prices between $86.50 and $108. There was another ~30% increase this quarter at prices between $88.50 and $110. The stock is now at $124.Symantec Corporation (SYMC): The 4.27% SYMC position was purchased last quarter at prices between $23.50 and $25.50 and doubled this quarter at prices between $24 and $31. The stock currently trades at $29.95.Grupo Televisa (TV): The ~2.5% TV position was established in Q3 2016 at prices between $24 and $28. There was a ~36% increase this quarter at prices between $20 and $27. The stock is now at $24.90. For investors attempting to follow Mandel, TV is a good option to consider for further research.Rice Energy (RICE): The 1.71% RICE stake was purchased last quarter at prices between $20.50 and $28 and increased by a whopping ~250% this quarter at prices between $18.50 and $23.70. The stock is now at $20.47.Note: Lone Pine Capital controls ~6.7% of Rice Energy.Barclays Bank plc (BCS), Commscope Holding (COMM), and Encana Corporation (ECA): These are very small (less than ~1.5% of the portfolio each) positions that saw substantial increases this quarter. The stakes are still too small to indicate a clear bias.Kept Steady:Align Technology (ALGN): ALGN is a ~1.5% position first purchased in Q3 2016 at prices between $81 and $96 and increased marginally last quarter. It currently trades at $141.Cheniere Energy (LNG): LNG is a 1.29% of the portfolio position first purchased in H2 2014 at prices between $65 and $84. There was another ~55% increase in Q3 2015 at prices between $47.50 and $71. Q3 2016 saw some selling: ~17% disposed at prices between $37 and $46 and that was followed with a ~50% selling last quarter at prices between $35.50 and $43.50. The stock currently trades at $50.23.Note: Lone Pine Capital controls ~2.2% of the business.HDFC Bank (HDB): HDB is a very small ~0.5% of the portfolio position left untouched this quarter.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q1 2017:Regulatory Filings thru 2/27/2016: 13G/As on 2/14/2017: FLT - 4.7M shares - 5.1%. ULTA - 1.8M shares - 2.9%. LULU - 4.5M shares - 3.5%. DLTR - 9.3M shares - 3.9%. HZNP - 0. EXPE - 4.3M shares - 3.1%. LNG - 5.2M shares - 2.2%. 13G - 2/2/2017 - RICE - 11.7M shares - 5.8%."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q4 2016 Update"

"Stephen Mandel’s 13F portfolio value decreased from $22.40B to $19.16B. The number of positions increased from 40 to 41.Lone Pine Capital added PayPal, PNC Financial, and Bank of America while dropping Monster Beverage and Yum Brands.The top three individual stocks are Charter Communications, Constellation Brands, and Amazon.com and they add up to ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s US stock portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 02/14/2017. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q3 2016.This quarter, Mandel’s US long portfolio value decreased ~15% from $22.40B to $19.16B. The number of holdings increased from 40 to 41. The top three individual stock positions are at 17.25% while the top five are at 26.08% of the US long assets: Charter Communications, Constellation Brands, Amazon.com, Microsoft, and Activision Blizzard.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Stake Disposals:Yum Brands (YUM): The 2.54% YUM stake was first purchased in Q1 2016 at prices between $40 and $58 and increased by a whopping ~560% the following quarter at prices between $55 and $62. There was a ~37% selling last quarter at prices between $59 and $67 and the remaining position was disposed this quarter at prices between $60 and $65. The stock is now at $65.95.Note: The prices quoted above are adjusted for the Yum China (YUMC) separation that closed in November 2016.Monster Beverage (MNST): MNST was a 2.72% portfolio stake purchased in Q1 2016 at prices between $39 and $50 and increased by ~270% the following quarter at prices between $41 and $54. The disposal this quarter was at prices between $41 and $50. The stock is now at $43.55.Note: The prices quoted above are adjusted for the 3-for-1 stock split in November 2016.Mohawk Industries (MHK): The very small ~1% MHK stake was eliminated this quarter at prices between $177 and $205. The original position was purchased in Q3 2014 at prices between $126 and $148 and had since seen selling. The stock is now at $226.HCA Holdings (HCA), Hilton Worldwide (HLT), and Kinder Morgan (KMI): These are very small (less than ~2% of the portfolio each) starter positions purchased last quarter but disposed this quarter.New Stakes:PayPal Holdings (PYPL), PNC Financial Services (PNC), and Bank of America (BAC): These three medium-sized ~2.5% portfolio stakes were established this quarter. The 2.57% PYPL position was purchased at prices between $38 and $44 and the stock currently trades at $43.07. PNC was a 2.56% portfolio stake established at prices between $88 and $118 and it is now well above that range at $127. The 2.50% BAC position was purchased at prices between $15.50 and $23 and the stock is now above that range at $24.23.Note: PayPal Holdings has seen a previous roundtrip: It was a ~2% of the portfolio position established in Q1 2016 at prices between $31 and $41.50 and disposed of last quarter at prices between $36 and $41.Symantec Corporation (SYMC), Encana Corporation (ECA), Rice Energy (RICE), and Barclays Bank plc (BCS): These are very small (less than ~1.5% of the portfolio each) starter positions established this quarter.Note: A regulatory filing since the quarter ended indicates that the stake in Rice Energy was increased by around three-times after the quarter ended. The current position is at 11.7M shares (5.8% of the business).Stake Decreases:Charter Communications (CHTR) & Calls: The ~7% CHTR position is the largest stake in the portfolio. It was first purchased in Q3 2014 at prices between $152 and $164 and the following quarters also saw minor buying. Q2 2015 saw a whopping ~150% increase at prices between $168 and $193. Q4 2015 saw an about turn: ~50% reduction at prices between $175 and $193. The stock is currently at $327. There was a ~10% increase last quarter while this quarter saw a similar trimming. Lone Pine Capital is starting to harvest huge gains.Nike Inc. (NKE): The fairly large 3.82% NKE stake was purchased in Q1 2015 at prices between $46 and $55 and decreased by ~20% in Q3 2015 at prices between $52 and $63. The stake was doubled in Q4 2015 at prices between $61 and $68. Q2 2016 saw another ~50% increase at prices between $52 and $62. It currently trades at ~$57.86. Last quarter saw a ~5% trimming and that was followed with a ~20% reduction this quarter at prices between $49.50 and $53.Note: The prices quoted above are adjusted for the 2-for-1 stock split in November 2015.Dollar Tree (DLTR): DLTR is a 3.75% of the portfolio position. It was established in Q3 2015 at prices between $65 and $82 and increased by ~150% the following quarter at prices between $61 and $80. The stock currently trades at $79.41. Last two quarters had seen a one-third increase at prices between $75 and $98. There was an about turn this quarter: ~40% sold at prices between $73.50 and $90.Note: Lone Pine Capital controls ~3.9% of DLTR.Facebook Inc. (FB): The 3.56% FB stake was purchased in Q3 2014 at prices between $66 and $79. Q1 2015 saw the original stake reduced by ~40% at prices between $74 and $84. Q1 2016 saw a ~17% increase at prices between $94 and $116. There was a ~45% selling last quarter at prices between $114 and $131 and that was followed with a ~5% trimming this quarter. The stock currently trades at ~$135.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices realizing huge gains.FleetCor Technologies (FLT): The 3.46% FLT stake is from 2013 and Mandel has huge gains on this position. Q3 2015 saw a ~17% increase at prices between $138 and $164. Last three quarters had seen a combined ~25% reduction at prices between $113 and $175. It currently trades at ~$169. This quarter also saw a ~4% trimming.Note: Lone Pine Capital controls ~5.1% of FleetCor Technologies.TransDigm Group (TDG): TDG is a long-term 2.64% portfolio position. The original stake is from 2009 at a cost-basis in the mid-30s. The stock has returned over 7-times and it currently trades at $251. Last two quarters have seen a ~15% selling at prices between $260 and $292.Note: Lone Pine Capital controls ~3.8% of TransDigm Group.Expedia Inc. (EXPE): EXPE is a 2.55% position established last quarter at prices between $106 and $119 and reduced by ~40% this quarter at prices between $113 and $132. The stock is now at $119.Note: Lone Pine Capital controls ~3.1% of Expedia Inc.Alphabet Inc. (GOOG) (GOOGL): The 2.53% of the portfolio stake in GOOG was established in Q4 2015 at prices between $608 and $777 and increased by ~74% the following quarter at prices between $678 and $765. Q2 2016 saw a ~26% reduction at prices between $668 and $767 and that was followed with another ~20% selling last quarter at prices between $692 and $787. There was another ~25% selling this quarter at prices between $736 and $813. The stock currently trades at ~$829.Vulcan Materials (VMC): VMC is a 2.44% of the portfolio stake. The bulk of the original position was purchased in Q1 & Q2 2015 at prices between $67 and $92. Last two quarters had seen a ~54% further increase at prices between $106 and $127. There was an about turn this quarter: ~25% reduction at prices between $106 and $136. The stock currently trades at $118.Ulta Beauty (ULTA): ULTA is a medium-sized 2.39% stake first purchased in 2012 at much lower prices. Q1 2016 saw a ~40% increase at prices between $153 and $173. There was a ~12% reduction last quarter at prices between $233 and $276 and that was followed with another ~40% selling this quarter at prices between $228 and $266. The stock is now at $276. Mandel is harvesting gains.Note: Lone Pine Capital controls ~2.9% of Ulta Salon.Priceline Inc. (PCLN): The long-term 2.33% PCLN stake was first purchased in 2011 at a cost-basis of ~$500. The original position was sold down by ~44% in Q3 2013 at prices between $900 and $1030 and another two-thirds in Q1 2014 at prices between $1132 and $1358. There was a combined ~380% increase over the next three quarters at prices between $1064 and $1280. 2015 saw a ~40% reduction at prices between $1008 and $1454. Q2 2016 saw the pattern reverse: ~42% increase at prices between $1186 and $1390. Last quarter saw a ~50% selling at prices between $1248 and $1473 and that was followed with another ~50% reduction this quarter at prices between $1424 and $1578. The stock is now at $1632.Lululemon Athletica (LULU): LULU is a ~1.5% of the portfolio stake established in Q4 2015 at prices between $44 and $54 and increased by ~43% in Q2 2016 at prices between $60 and $74. The position was reduced by ~25% last quarter at prices between $61 and $81 another ~20% this quarter at prices between $55 and $70. The stock currently trades at $65.32.Note: Lone Pine Capital controls ~3.5% of LULU.Cheniere Energy (LNG): LNG is a ~1% of the portfolio position first purchased in H2 2014 at prices between $65 and $84. There was another ~55% increase in Q3 2015 at prices between $47.50 and $71. Last quarter saw some selling: ~17% disposed at prices between $37 and $46 and that was followed with a ~50% selling this quarter at prices between $35.50 and $43.50. The stock currently trades at $47.46. Lone Pine realized losses.Note: Lone Pine Capital controls ~2.2% of the business.eBay Inc. (EBAY): EBAY was a large (top three) 4.87% of the portfolio position purchased last quarter at prices between $23.50 and $33. This quarter saw a ~70% reduction at prices between $27 and $33. The stock currently trades at $34.06. The quick about-turn in a large position indicates a bearish bias.Grupo Telivisa (TV), HDFC Bank (HDB) and Intercontinental Exchange (ICE): These very small (less than ~1.5% of the portfolio each) positions saw reductions this quarter. The TV and ICE positions were established last quarter while the HDB stake is from Q1 2015.Stake Increases:Constellation Brands (STZ): STZ is a top-three 5.11% stake established in Q3 2015 at prices between $115 and $131. The following three quarters had seen a combined ~40% increase at prices between $125 and $164. Last quarter saw an about turn: ~17% sold at prices between $161 and $168. There was a ~15% stake increase this quarter at prices between $145 and $171. The stock is now at ~$159.Microsoft Corporation (MSFT): MSFT is a large (top five) 4.93% of the portfolio position. Around 27M shares were purchased in Q4 2013 at prices between $34 and $38. Q4 2014 saw a huge ~75% reduction at prices between $43 and $50. The position was built back up to ~29.4M shares over the first two quarters of 2015 at prices between $40 and $48. Last five quarters had seen a combined ~50% selling at prices between $43 and $58. The stock currently trades at $64.62. There was a minor ~5% increase this quarter.Activision Blizzard (ATVI): The top-five ~4% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and increased by two-thirds last quarter at prices between $39 and $45. There was another ~20% increase this quarter at prices between $35.50 and $45.50. The stock is now at $45.55.Note: ATVI had a previous round-trip: a ~2% position was established over Q3 & Q4 2015 but that stake was disposed in Q1 2016.Electronic Arts (EA): EA is a 3.87% of the portfolio position established in Q2 2015 and increased by just over 10-times the following quarter at prices between $63 and $75. Q4 2015 & Q1 2016 saw a combined ~80% reduction at prices between $55.50 and $77. In Q2 & Q3 2016, the position was built back up at prices between $62 and $85.50. The stock currently trades at $86.54. There was a ~9% further increase this quarter.Equinix Inc. (EQIX): EQIX is a 3.57% portfolio stake. It is a long-term position first purchased in 2010. Around 4M shares were acquired at the time at a cost-basis in the low-80s. The position size has wavered since although by Q4 2014 the stake was back at ~4M shares. Q1 2015 saw a ~30% reduction at prices between $217 and $239. Q4 2015 saw another ~20% reduction at prices between $265 and $305. Q1 to Q3 2016 saw another ~15% trimming. There was a minor ~6% increase this quarter. The stock is now at ~$380.Alibaba Group Holdings (BABA): BABA is a ~3.5% of the portfolio stake established last quarter at prices between $78.50 and $110 and increased by ~50% this quarter at prices between $86.50 and $108. The stock is now at $103.Adobe Systems (ADBE): ADBE is a 2.70% of the US long portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. Q1 2016 saw an about turn: ~26% increase at prices between $74 and $94. The stock currently trades at ~$119. Last two quarters had seen minor trimming while this quarter saw a ~8% increase.Visa Inc. (V): V is a 2.67% stake purchased in Q4 2014 and Q1 2015 at prices between $51 and $68 and increased by ~31% in Q4 2015 at prices between $70 and $80. It was a fairly large ~4% stake at the time. Q1 2016 saw a ~41% selling at prices between $67.50 and $77.50. That was followed with another two-thirds selling last quarter at prices between $74 and $83.50. The pattern reversed again this quarter: 180% increase at prices between $75.50 and $83. The stock currently trades at $88.43.Shire plc (SHPG): SHPG is a ~1.7% portfolio stake established in Q2 2016 at prices between $165 and $192 and reduced by one-third last quarter at prices between $184 and $207. There was a ~12% increase this quarter at prices between $164 and $198. The stock is now at $181.Note: Part of the SHPG position came about as a result of the merger with Baxalta that closed in June 2016. It was a cash-and-stock deal with Baxalta shareholders receiving $18 in cash and 0.1482 shares of SHPG for each share of Baxalta held. Lone Pine Capital held 10.59M shares of Baxalta for which they received 1.57M shares of SHPG.Broadcom Ltd (AVGO), Williams Companies (WMB), and Align Technology (ALGN): These positions purchased last quarter were increased this quarter. The fairly large 3.29% AVGO stake was purchased at prices between $150 and $178 and increased by just over one-third this quarter at prices between $163 and $182. The stock currently trades well above those ranges at ~$210. The 2.65% WMB position was established at prices between $20 and $31. It saw a ~75% increase this quarter at prices between $28 and $32. The stock now goes for $27.97. ALGN is a 1.24% position purchased at prices between $81 and $96 and increased marginally this quarter. It currently trades at $103.Kept Steady:Amazon.com Inc. (AMZN): AMZN is a top-three ~5% of the portfolio position purchased in Q3 2015 at prices between $430 and $548 and increased by ~14% the following quarter at prices between $512 and $694. H1 2016 had seen a ~25% reduction at prices between $482 and $728. Last quarter saw another ~20% selling at prices between $716 and $837. The stock is now at ~$845.Commscope Holding (COMM), Barclays Bank plc (BCS) Puts, Proshares Ultra VIX Short Term Puts, and Sears Holdings (SHLD) Puts: These are very small (less than ~0.75% of the portfolio each) stakes left untouched this quarter.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q4 2016:Regulatory Filings thru 11/28/2016: 13G - 10/11/2016 - EXPD - 7.14M shares - 5.21% of business.13G/D/A, Form 3/4 filings thru 8/25/2016: None.13G/D/A, Form 3/4 filings thru 2/23/2016: ADSK - 2/16/2016 13G/A - 5.73M shares - 2.5%. LNG - 2/16/2016 13G/A - 12.59M shares - 5.3%. EQIX - 2/16/2016 13G/A - 2.1M shares - 3.4%. KORS - 2/16/2016 13G/A - 0, CHTR - 2/16/2016 13G/A - 4.73M shares - 4.2%. RLGY - 2/16/2016 13G/A - 0. FLT - 2/16/2016 13G/A - 6.4M shares - 7%. HZNP - 2/16/2016 13G/A - 15.6M shares - 9.8%. SBAC - 2/16/2016 13G/A - 0, ULTA - 2/16/2016 13G/A - 3.58M shares - 5.6%. WMB - 2/16/2016 13G/A - 28.94M shares - 3.9%. LULU - 1/25/2016 13G - 6.45M shares - 5%. WMB - 12/1/2015 13G - 41.97M shares - 5.6%. DLTR - 11/23/2015 13G - 13.19M shares - 5.6%."

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q3 2016 Update"

"Stephen Mandel’s 13F portfolio increased from $21.67B to $22.40B. The number of positions increased from 38 to 40.Lone Pine Capital added eBay & Expedia while reducing Priceline and dropping Anheuser Busch & Northrup Grumman.The top three individual stocks are Charter Communications, Dollar Tree, & eBay and they add up to ~17 % of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s US stock portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 11/14/2016. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q2 2016.This quarter, Mandel’s US long portfolio increased 3.33% from $21.67B to $22.40B. The number of holdings increased from 38 to 40. The top three individual stock positions are at 16.63% while the top five are at 25.60% of the US long assets: Charter Communications, Dollar Tree, eBay, Amazon.com, and Constellation Brands.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Stake Disposals:Anheuser Busch Inbev (BUD): BUD was a ~2.5% of the portfolio stake established in Q4 2015 at prices between $106 and $129 and increased by ~125% last quarter at prices between $121 and $132. The disposal this quarter was at prices between $122 and $134. The stock is now at $105.MasterCard Inc. (MA): A 2.02% MA stake was established in Q3 2013 at prices between $59 and $69 and increased by ~30% the following quarter at prices between $67 and $83. The last three quarters of 2014 saw a huge ~200% increase at prices between $69 and $89. 2015 saw a combined ~70% reduction at prices between $82 and $102. Q1 2016 saw a ~18% further reduction at prices between $80.50 and $97.50 and the disposal this quarter was at prices between $87 and $102. The stock is currently at $103. Mandel harvested gains.Northrop Grumman (NOC): NOC was a 2.71% of the portfolio stake. It was purchased in Q4 2015 at prices between $166 and $192 and increased by ~50% in Q1 2016 at prices between $178 and $199. Last quarter saw a ~19% selling at prices between $198 and $222 and the elimination this quarter happened at prices between $208 and $223. The stock is now at $249.PayPal Holdings (PYPL): PYPL was a ~2% of the portfolio position established in Q1 2016 at prices between $31 and $41.50 and disposed of this quarter at prices between $36 and $41. The stock is now at $39.96.Sherwin Williams (SHW): SHW was a small 1.55% portfolio position established last quarter at prices between $280 and $300 but sold out this quarter at prices between $274 and $312. The stock currently trades at $274.American Express (AXP) & Calls, Arista Networks (ANET), and Pioneer Natural Resources (PXD): These very small (less than ~1% of the portfolio each) stakes were eliminated during the quarter.New Stakes:Alibaba Group Holdings (BABA): BABA is a ~2.4% of the portfolio stake established this quarter at prices between $78.50 and $110 and the stock is now at $93.76.eBay Inc. (EBAY): EBAY is a large (top three) 4.87% of the portfolio position purchased this quarter at prices between $23.50 and $33 and the stock currently trades at $28.57.Expedia Inc. (EXPE): EXPE is a fairly large 3.72% position established this quarter at prices between $106 and $119. The stock is now well above that range at $126.Align Technology (ALGN), Broadcom Ltd (AVGO), Grupo Telivisa (TV), HCA Holdings (HCA), Hilton Worldwide (HLT), Intercontinental Exchange (ICE), Kinder Morgan (KMI), and Williams Companies (WMB): These are very small (less than ~2% of the portfolio each) starter positions purchased this quarter.Stake Decreases:Adobe Systems (ADBE): ADBE is a 2.24% of the US long portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. Q1 2016 saw an about turn: ~26% increase at prices between $74 and $94. The stock currently trades at $105. Last two quarters have seen minor trimming. Mandel is harvesting gains.Alphabet Inc. (GOOG) (GOOGL) previously Google: The 2.93% of the portfolio stake in GOOG was established in Q4 2015 at prices between $608 and $777 and increased by ~74% the following quarter at prices between $678 and $765. Last quarter saw a ~26% reduction at prices between $668 and $767 and that was followed with another ~20% selling this quarter at prices between $692 and $787. The stock currently trades at $768.Amazon.com Inc. (AMZN): AMZN is a top-five 4.83% of the portfolio position purchased in Q3 2015 at prices between $430 and $548 and increased by ~14% the following quarter at prices between $512 and $694. H1 2016 had seen a ~25% reduction at prices between $482 and $728. This quarter saw another ~20% selling at prices between $716 and $837. The stock is now at $767. Mandel is harvesting huge gains.Cheniere Energy (LNG): LNG is a ~2% of the portfolio position first purchased in H2 2014 at prices between $65 and $84. There was another ~55% increase in Q3 2015 at prices between $47.50 and $71. This quarter saw some selling: ~17% disposed at prices between $37 and $46. The stock currently trades at $39.88. Lone Pine realized losses.Note: Lone Pine Capital controls ~4.6% of the business.Constellation Brands (STZ): STZ is a top-five 4.14% stake established in Q3 2015 at prices between $115 and $131. Last three quarters had seen a combined ~40% increase at prices between $125 and $164. This quarter saw an about turn: ~17% sold at prices between $161 and $168. The stock is now at $156.Equinix Inc. (EQIX): EQIX is a 2.89% portfolio stake. It is a long-term position first purchased in 2010. Around 4M shares were acquired at the time at a cost-basis in the low-80s. The position size has wavered since although by Q4 2014 the stake was back at ~4M shares. Q1 2015 saw a ~30% reduction at prices between $217 and $239. Q4 2015 saw another ~20% reduction at prices between $265 and $305. YTD has seen another ~15% trimming. The stock is now at $341.Facebook Inc. (FB): The 3.58% FB stake was purchased in Q3 2014 at prices between $66 and $79. Q1 2015 saw the original stake reduced by ~40% at prices between $74 and $84. Q1 2016 saw a ~17% increase at prices between $94 and $116. There was a ~43% selling this quarter at prices between $114 and $131. The stock currently trades at $120.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices realizing huge gains.FleetCor Technologies (FLT): The 3.80% FLT stake is from 2013 and Mandel has huge gains on this position. Q3 2015 saw a ~17% increase at prices between $138 and $164. Last three quarters have seen a combined ~25% reduction at prices between $113 and $175. It currently trades at $150.Note: Lone Pine Capital controls ~5.3% of FleetCor Technologies.Lululemon Athletica (LULU): LULU is a ~1.5% of the portfolio stake established in Q4 2015 at prices between $44 and $54 and increased by ~43% last quarter at prices between $60 and $74. The position was reduced by ~25% this quarter at prices between $61 and $81. The stock currently trades at $57.21.Note: Lone Pine Capital controls ~4.4% of LULU.Microsoft Corporation (MSFT): MSFT is a fairly large 3.73% of the portfolio position. Around 27M shares were purchased in Q4 2013 at prices between $34 and $38. Q4 2014 saw a huge ~75% reduction at prices between $43 and $50. The position was built back up to ~29.4M shares over the first two quarters of 2015 at prices between $40 and $48. Last five quarters have seen a combined ~50% selling at prices between $43 and $58. The stock currently trades at $60.61.Nike Inc. (NKE): The fairly large 4.10% NKE stake was purchased in Q1 2015 at prices between $46 and $55 and decreased by ~20% in Q3 2015 at prices between $52 and $63. The stake was doubled in Q4 2015 at prices between $61 and $68. Last quarter saw another ~53% increase at prices between $52 and $62. It currently trades at ~$51. This quarter saw a ~5% trimming. For investors attempting to follow Mandel, NKE is a good option to consider for further research.Note: The prices quoted above are adjusted for the 2-for-1 stock split in November 2015.Priceline Inc. (PCLN): The long-term 3.78% PCLN stake was first purchased in 2011 at a cost-basis of ~$500. The original position was sold down by ~44% in Q3 2013 at prices between $900 and $1030 and another two-thirds in Q1 2014 at prices between $1132 and $1358. There was a combined ~380% increase over the next three quarters at prices between $1064 and $1280. 2015 saw a combined ~40% reduction at prices between $1008 and $1454. Last quarter saw the pattern reverse: ~42% increase at prices between $1186 and $1390. This quarter saw a ~50% selling at prices between $1248 and $1473. The stock is now at $1525.Shire plc (SHPG): SHPG is a ~1.5% portfolio stake established last quarter at prices between $165 and $192 and reduced by one-third this quarter at prices between $184 and $207. The stock is now at $175.Note: Part of the SHPG position came about as a result of the merger with Baxalta that closed in June. It was a cash-and-stock deal with Baxalta shareholders receiving $18 in cash and 0.1482 shares of SHPG for each share of Baxalta held. Lone Pine Capital held 10.59M shares of Baxalta for which they received 1.57M shares of SHPG.TransDigm Group (TDG): TDG is a long-term 2.91% portfolio position. The original stake is from 2009 at a cost-basis in the mid-30s. The stock has returned over 7-times and it currently trades at $259. Last quarter saw a ~12% increase while this quarter there was a ~5% trimming.Note: Lone Pine Capital controls ~4.2% of TransDigm Group.Ulta Salon (ULTA): ULTA is a medium-sized 3.14% stake first purchased in 2012 at much lower prices. Q1 2016 saw a ~40% increase at prices between $153 and $173. There was a ~12% reduction this quarter at prices between $233 and $276. The stock is now at $262. Mandel is starting to harvest gains.Note: Lone Pine Capital controls ~4.7% of Ulta Salon.Visa Inc. (V): V is a 0.86% stake purchased in Q4 2014 and Q1 2015 at prices between $51 and $68 and increased by ~31% in Q4 2015 at prices between $70 and $80. It was a fairly large ~4% stake at the time. Q1 2016 saw a ~41% selling at prices between $67.50 and $77.50. That was followed with another two-thirds selling this quarter at prices between $74 and $83.50. The stock currently trades at $79.08.Yum Brands (YUM): The 2.54% YUM stake was first purchased in Q1 2016 at prices between $40 and $58 and increased by a whopping ~560% last quarter at prices between $55 and $62. There was a ~37% selling this quarter at prices between $59 and $67. The stock is now at $63.11.Note: The prices quoted above are adjusted for the Yum China (YUMC) separation that closed earlier this month.HDFC Bank (HDB) and Mohawk Industries (MHK): These very small (less than ~1.5% of the portfolio each) stakes saw reductions this quarter.Stake Increases:Activision Blizzard (ATVI): The 3.42% ATVI position was purchased last quarter at prices between $33 and $39 and increased by two-thirds this quarter at prices between $39 and $45. The stock is now at $37.37.Note: ATVI had a previous round-trip: a ~2% position was established over Q3 & Q4 2015 but that stake was disposed in Q1 2016.Charter Communications (CHTR) & Calls: The 6.33% CHTR position is now the largest stake in the portfolio. It was first purchased in Q3 2014 at prices between $152 and $164 and the following quarters also saw minor buying. Q2 2015 saw a whopping ~150% increase at prices between $168 and $193. Q4 2015 saw an about turn: ~50% reduction at prices between $175 and $193. The stock is currently at $271. There was a ~10% increase this quarter.Dollar Tree (DLTR): DLTR is a top-three 5.81% of the portfolio position. It was established in Q3 2015 at prices between $65 and $82 and increased by ~150% the following quarter at prices between $61 and $80. The stock currently trades at $89.58. Last two quarters have seen a one-third increase at prices between $75 and $98.Note: Lone Pine Capital controls ~6.5% of DLTR.Electronic Arts (EA): EA is a 3.29% of the portfolio position established in Q2 2015 and increased by just over 10-times the following quarter at prices between $63 and $75. Q4 2015 saw a ~27% reduction at prices between $65 and $77 and that was followed with another ~70% reduction in Q1 2016 at prices between $55.50 and $71. Last quarter saw an about turn: ~86% increase at prices between $62 and $77. There was another ~150% increase this quarter at prices between $75 and $85.50. The stock currently trades at $78.73.Monster Beverage (MNST): MNST is a 2.72% portfolio stake purchased in Q1 2016 at prices between $39 and $50 and increased by ~270% last quarter at prices between $41 and $54. The stock is now at $45.29. This quarter saw marginal buying.Note: The prices quoted above are adjusted for the 3-for-1 stock split earlier this month.Vulcan Materials (VMC): VMC is a 2.54% of the portfolio stake. The bulk of the original position was purchased in Q1 & Q2 2015 at prices between $67 and $92. Last two quarters have seen a ~54% further increase at prices between $106 and $127. The stock currently trades at $125.Commscope Holding (COMM): COMM is a minutely small 0.51% portfolio stake that saw marginal buying this quarter.Kept Steady:Barclays Bank plc (BCS) Puts, Proshares Ultra VIX Short Term Puts, and Sears Holdings (SHLD) Puts: These are minutely small (less than ~0.5% of the portfolio each) stakes. They were left untouched this quarter.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q3 2016:"

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q2 2016 Update"

"Stephen Mandel’s 13F portfolio increased from $20.10B to $21.67B. The number of positions decreased from 40 to 38.Lone Pine Capital added Activision Blizzard and Sherwin Williams while dropping Allergan plc and JD.com.The top three individual stocks are Priceline Inc., Dollar Tree, Facebook Inc. and they add up to ~18 % of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s US stock portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 08/15/2016. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q1 2016.This quarter, Mandel’s US long portfolio increased 7.84% from $20.10B to $21.67B. The number of holdings decreased from 40 to 38. The top three individual stock positions are at 18.03% while the top five are at 28.55% of the US long assets: Priceline Inc., Dollar Tree, Facebook Inc., Amazon.com, and Constellation Brands.Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Stake Disposals:Allergan plc (AGN): AGN was a 2.39% of the US long portfolio position established last quarter at prices between $266 and $313 and disposed of this quarter at prices between $202 and $278. The stock currently trades at $243.Note: Allergan had a previous roundtrip in the portfolio. It was a 2.89% of the US long portfolio position as of Q3 2015. That position was established in Q1 2015 at prices between $255 and $317 and increased by ~25% the following quarter at prices between $283 and $313. The entire stake was sold in Q4 2015 at prices between $253 and $323.Baxalta Inc. (BXLT): BXLT was a 2.13% of the portfolio merger arbitrage stake purchased last quarter at prices between $36.46 and $41.80. In January, Shire plc (SHPG) agreed to acquire BXLT in a cash-and-stock deal valued at $45.57 and the deal closed in June.Illumina Inc. (ILMN): ILMN was a 1.35% of the US long portfolio stake. It was purchased in Q1 2015 at prices between $181 and $203 and almost doubled the following quarter at prices between $182 and $221. Q3 2015 saw a ~36% reduction at prices between $168 and $240 and that was followed with a ~54% reduction last quarter at prices between $135 and $192. The disposal this quarter was at prices between $134 and $178. The stock currently trades at $170.JD.com Inc. (JD): JD was a 2.91% of the portfolio position purchased in Q4 2014 and Q1 2015 at prices between $23 and $30. Q4 2015 saw a ~38% reduction at prices between $25.52 and $32.65and that was followed with a ~18% selling last quarter at prices between $22.88 and $32.27. The position was sold out this quarter at prices between $20 and $30. The stock is now at $25.56.Diageo plc (DEO) and Horizon Pharma plc (HZNP): These two very small (less than ~1.5% of the portfolio each) stakes were disposed of this quarter. Both positions were established in Q2 2015 at higher prices. Lone Pine Capital realized losses.New Stakes:Activision Blizzard (ATVI): The 1.88% ATVI position was purchased at prices between $33.41 and $39.39 and the stock is now at $40.67. ATVI is back in the portfolio after a quarter’s gap: a similar position was established over Q3 & Q4 2015 but that stake was disposed last quarter.Sherwin Williams (SHW): SHW is a small 1.55% portfolio position established this quarter at prices between $280 and $300. The stock currently trades at $287.Shire plc (SHPG): SHPG is a 2.15% portfolio stake established this quarter at prices between $165 and $192. The stock is now just outside that range at $194.Note: Part of the SHPG position came about as a result of the merger with Baxalta that closed in June. It was a cash-and-stock deal with Baxalta shareholders receiving $18 in cash and 0.1482 shares of SHPG for each share of Baxalta held. Lone Pine Capital held 10.59M shares of Baxalta for which they received 1.57M shares of SHPG. During the quarter, they also increased the position to 2.53M shares.Stake Decreases:Adobe Systems (ADBE): ADBE is a 2.21% of the US long portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. Q2 2015 saw a ~23% reduction at prices between $73 and $84 and that was followed with a one-third reduction the following quarter at prices between $74 and $87. Q4 2015 saw another ~35% reduction at prices between $80.65 and $95.56. Last quarter saw an about turn: ~26% increase at prices between $73.85 and $93.78. The stock currently trades at $101. This quarter saw marginal trimming.Alphabet Inc. (GOOG) (GOOGL) previously Google: The 3.36% of the portfolio stake in GOOG was established in Q4 2015 at prices between $608 and $777 and increased by ~74% last quarter at prices between $678 and $765. This quarter saw a ~26% reduction at prices between $668 and $767. The stock currently trades at $770.Amazon.com Inc. (AMZN): AMZN is a top-five 5.43% of the portfolio position purchased in Q3 2015 at prices between $430 and $548 and increased by ~14% the following quarter at prices between $512 and $694. Last two quarters have seen a ~25% combined reduction at prices between $482 and $728. The stock is now at $757.Equinix Inc. (EQIX): EQIX is a medium-sized 3.83% portfolio stake. It is a long-term position first purchased in 2010. Around 4M shares were acquired at the time at a cost-basis in the low-80s. The position size has wavered since although by Q4 2014 the stake was back at ~4M shares. Q1 2015 saw a ~30% reduction at prices between $217 and $239. Q4 2015 saw another ~20% reduction at prices between $265 and $305. The stock is now at $365. Last quarter had seen a ~10% increase while this quarter saw a ~8% trimming.Note: Lone Pine Capital controls ~3% of Equinix.Facebook Inc. (FB): The top-three 5.77% FB stake was purchased in Q3 2014 at prices between $66.34 and $78.79. Q2 2015 saw a ~20% increase at prices between $77.46 and $88.86 and that was followed with a ~10% increase the following quarter at prices between $82 and $98. Last quarter saw another ~17% increase at prices between $94 and $116. The stock currently trades at $124. There was a minor ~4% trimming this quarter.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices, realizing huge gains.FleetCor Technologies (FLT): The 3.80% FLT stake is from 2013 - Mandel is sitting on large gains on this position. Q3 2015 saw a ~17% increase at prices between $138 and $164. It currently trades at $166. Last two quarters have seen minor trimming.Note: Lone Pine Capital controls ~4.8% of FleetCor Technologies.MasterCard Inc. (MA): The 2.02% MA stake was established in Q3 2013 at prices between $59 and $69 and increased by ~30% the following quarter at prices between $67 and $83. Q1 2014 saw some selling but the following three quarters saw a huge ~200% increase at prices between $69 and $89. 2015 saw a combined ~70% reduction at prices between $82 and $102. Last quarter saw a ~18% further reduction at prices between $80.65 and $97.36. The stock is currently at $95.53. This quarter also saw a marginal reduction. Mandel is harvesting gains.Microsoft Corporation (MSFT): MSFT is a fairly large 4.08% of the portfolio position. Around 27M shares were purchased in Q4 2013 at prices between $34 and $38. Q4 2014 saw a huge ~75% reduction at prices between $43 and $50. The position was built back up to ~29.4M shares over the first two quarters of 2015 at prices between $40.40 and $47.59. Last three quarters had seen a ~12% reduction at prices between $42.61 and $55.91. This quarter saw another one-third reduction at prices between $48.43 and $56.46. The stock currently trades at $57.95.Northrop Grumman (NOC): NOC is a 2.71% of the portfolio stake. It was purchased in Q4 2015 at prices between $166 and $192 and increased by ~50% last quarter at prices between $178 and $199. This quarter saw a ~19% selling at prices between $198 and $222. The stock is now at $214.Ulta Salon (ULTA): ULTA is a medium-sized 3.75% stake first purchased in 2012 at much lower prices. Last quarter saw a ~40% increase at prices between $153 and $173. Mandel is sitting on huge gains. The stock is now at $274. Q4 2015 saw a ~9% increase while last quarter saw a ~6% trimming. There was marginal selling this quarter.Note: Lone Pine Capital controls ~5.3% of Ulta Salon.Visa Inc. (V): V is a 2.47% stake purchased in Q4 2014 and Q1 2015 at prices between $51 and $68 and increased by ~31% in Q4 2015 at prices between $70 and $80. Last quarter saw a ~41% selling at prices between $67.77 and $77.55. The stock currently trades at $80.29. This quarter saw a very minor ~4% trimming.Barclays Bank plc (BCS) Puts and Proshares Ultra VIX Short Term Puts: These minutely small short positions (less than ~0.5% of the portfolio each) were almost sold out this quarter.Stake Increases:Charter Communications (CHTR) & Calls: The fairly large 5.06 % CHTR position was first purchased in Q3 2014 at prices between $152 and $164 and the following quarters also saw minor buying. Q2 2015 saw a whopping ~150% increase at prices between $168 and $193. Q4 2015 saw an about turn: ~50% reduction at prices between $175 and $193. Last quarter also saw marginal trimming while this quarter saw a ~4% increase. The stock is currently at $252.Constellation Brands (STZ): STZ is a top-five 5.09% stake established in Q3 2015 at prices between $115 and $131. Last three quarters have seen a combined ~43% increase at prices between $125 and $164. The stock is now at $167.Anheuser Busch Inbev (BUD) and Lululemon Athletica (LULU): BUD & LULU are ~2.5% of the portfolio stakes established in Q4 2015. Both were increased significantly this quarter. The BUD position was purchased at prices between $106 and $129 and increased by ~125% this quarter at prices between $121 and $132. The stock is now at $126. The LULU position was established at prices between $44 and $54 and increased by ~43% this quarter at prices between $60 and $74. The stock currently trades well above those ranges at $80.18.Note: Lone Pine Capital controls ~5.8% of LULU.Monster Beverage (MNST): MNST is a medium-sized ~3% portfolio stake purchased last quarter at prices between $117 and $149 and increased by ~270% this quarter at prices between $123 and $161. The stock is now at $157.TransDigm Group (TDG): TDG is a long-term 2.90% portfolio position. The original stake is from 2009 at a cost-basis in the mid-30s. The stock has returned over 7-times and it currently trades at $284. This quarter saw a ~12% increase at prices between $219 and $267.Note: Lone Pine Capital controls ~4.5% of TransDigm Group.Vulcan Materials (VMC): VMC is a 2.10% of the portfolio stake. The bulk of the current position was purchased in Q1 & Q2 2015 at prices between $67 and $92. This quarter saw a ~16% increase and the stock currently trades at $119.Dollar Tree (DLTR): DLTR is a top-three 5.81% of the portfolio position. It was established in Q3 2015 at prices between $65 and $82 and increased by ~156% the following quarter at prices between $61 and $80. The stock currently trades above those ranges at $88.37. Last quarter had seen a ~12% trimming while this quarter saw a ~15% increase.Note: Lone Pine Capital controls ~5.7% of DLTR.Electronic Arts (EA): EA is a 1.24 % of the portfolio position established in Q2 2015 and increased by just over 10-times the following quarter at prices between $63 and $75. Q4 2015 saw a ~27% reduction at prices between $65 and $77 and that was followed with another ~70% reduction last quarter at prices between $55.50 and $70.83. This quarter saw an about turn: ~86% increase at prices between $61.85 and $77.25. The stock currently trades at $81.61.Nike Inc. (NKE): The 4.66% NKE stake was purchased in Q1 2015 at prices between $46 and $55 and decreased by ~20% in Q3 2015 at prices between $52 and $63. The stake was doubled in Q4 2015 at prices between $61 and $68. This quarter saw a ~53% increase at prices between $51.89 and $61.59. It currently trades at ~$60. For investors attempting to follow Mandel, NKE is a good option to consider for further research.Note: The prices quoted above are adjusted for the 2-for-1 stock split in November 2015.PayPal Holdings (PYPL): PYPL is a ~2% of the portfolio position established last quarter at prices between $31.20 and $41.32. The stock is now at $37.45. This quarter saw a minor ~6% increase.Priceline Inc. (PCLN): PCLN is currently the largest position at 6.46% of the portfolio. The long-term stake was first purchased in 2011 at a cost-basis of ~$500. The original position was sold down by ~44% in Q3 2013 at prices between $900 and $1030 and another two-thirds in Q1 2014 at prices between $1132 and $1358. There was a combined ~380% increase over the next three quarters at prices between $1064 and $1280. 2015 saw a combined ~40% reduction at prices between $1008 and $1454. This quarter saw the pattern reverse: ~42% increase at prices between $1186 and $1390. The stock is now at $1408.Yum Brands (YUM): The medium-sized 3.82% YUM stake was first purchased last quarter at prices between $65 and $82 and increased by a whopping ~560% this quarter at prices between $79 and $86. The stock is now at ~$90.Commscope Holding (COMM) and Sears Holdings (SHLD) Puts: These are minutely small (less than ~0.5% of the portfolio each) stakes. They were both increased this quarter but the positions are still too small to indicate a clear bias.Kept Steady:Cheniere Energy (LNG): LNG is a 2.23% of the portfolio position first purchased in Q3 2014 at prices between $70 and $84. The following quarter saw a ~28% increase at prices between $64.88 and $77.33. There was another ~54% increase in Q3 2015 at prices between $47.47 and $70.65. The stock currently trades below those ranges at $43.20. For investors attempting to follow Lone Pine Capital, LNG is a good option to consider for further research.Note: Lone Pine Capital controls ~5% of the business. LNG is very popular among super investors: Seth Klarman (Baupost Group), Carl Icahn, and John Griffin (Blue Ridge Capital) have large stakes.American Express (AXP) & Calls, Arista Networks (ANET), HDFC Bank (HDB), Mohawk Industries (MHK), and Pioneer Natural Resources (PXD): These are very small (less than ~2% of the portfolio each) stakes kept steady this quarter.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q2 2016:"

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q1 2016 Update"

"Stephen Mandel’s 13F portfolio decreased from $23.40B to $20.10B. The number of positions decreased from 47 to 40.Lone Pine Capital added Allergan plc, Baxalta, and PayPal while dropping Walgreens Boots Alliance and Williams Companies.The top three individual stocks are Microsoft, Facebook, & Amazon and they add up to ~19 % of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s US stock portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 05/16/2016. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q4 2015.This quarter, Mandel’s US long portfolio decreased 14.10% from $23.40B to $20.10B. The number of holdings decreased from 47 to 40. The top three individual stock positions are at 19.43% while the top five are at 29.84% of the US long assets: Microsoft Corporation, Facebook Inc., Amazon.com, Alphabet Inc., and Priceline Inc.Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Stake Disposals:Valeant Pharmaceuticals (VRX): VRX was the second-largest 13F stake at 5.42% of the US long portfolio as of Q3 2015. That quarter had seen a ~40% increase at prices between $158 and $263. Last quarter saw an about turn: ~22% reduction at prices between $70 and $182 and that was followed with the elimination this quarter at prices between $27 and $102. The position was first purchased in 2013 at prices between $60 and $90. The stock is now at $26.13.Walgreens Boots Alliance (WBA) & Calls: WBA was a 2.47% position as of last quarter. It was first purchased in Q4 2014. Q2 2015 saw a stake doubling at prices between $83 and $89 and that was followed with a roughly one-third increase the following quarter at prices between $81 and $97. The stock was sold this quarter at prices between $72.91 and $85.16. It is now at $77.15.Williams Companies (WMB) & Calls: The 3.18% WMB position was established in Q1 2015 at prices between $40.94 and $60.86. The stake saw a ~64% increase last quarter at prices between $21.54 and $43.83. This quarter saw an about turn: sold out at prices between $11.16 and $26.33. The stock currently trades at $22.12.Activision Blizzard (ATVI), Autodesk Inc. (ADSK), CSX Corporation (CSX), Express Scripts (ESRX), Fidelity National Financial (FNF) & Calls, Hanesbrands Inc. (HBI), and Molson Coors Brewers (TAP): These are very small positions (less than ~1.5% of the portfolio each) eliminated this quarter. ADSK & ESRX stakes were newly acquired last quarter.New Stakes:Allergan plc (AGN): AGN is a 2.39% of the US long portfolio position established this quarter at prices between $266 and $313 and the stock currently trades well below that range at $229.Note: Allergan had a previous roundtrip in the portfolio. It was a 2.89% of the US long portfolio position as of Q3 2015. That position was established in Q1 2015 at prices between $255 and $317 and increased by ~25% the following quarter at prices between $283 and $313. The entire stake was sold last quarter at prices between $253 and $323.Baxalta Inc. (BXLT): BXLT is a 2.13% of the portfolio merger arbitrage stake purchased this quarter at prices between $36.46 and $41.80 and the stock is now at $44.99. In January, Shire plc (SHPG) agreed to acquire BXLT in a cash-and-stock deal valued at $45.57.PayPal Holdings (PYPL): PYPL is a ~2% of the portfolio position established this quarter at prices between $31.20 and $41.32. The stock is now at $38.92.Commscope Holding (COMM), Monster Beverage (MNST), and Yum Brands (YUM): These are very small (less than ~1% of the portfolio each) stakes purchased this quarter.Stake Decreases:Amazon.com Inc. (AMZN): AMZN is a top three 5.87% of the portfolio position purchased in Q3 2015 at prices between $430 and $548 and increased by ~14% last quarter at prices between $512 and $694. The stock is now at $704. This quarter saw a ~10% trimming.Charter Communications (CHTR) & Calls: The 4.62% CHTR position was first purchased in Q3 2014 at prices between $152 and $164 and the following quarters also saw minor buying. Q2 2015 saw a whopping ~150% increase at prices between $168 and $193. Last quarter saw an about turn: ~50% reduction at prices between $175 and $193. This quarter also saw marginal trimming. The stock is currently at $228.Dollar Tree (DLTR): DLTR is a fairly large 4.76% of the portfolio position. It was established in Q3 2015 at prices between $65 and $82 and increased by ~156% last quarter at prices between $61 and $80. The stock currently trades at $77.53. This quarter saw a ~12% trimming.Note: Lone Pine Capital controls ~5% of DLTR.Electronic Arts (EA): EA is a 0.63% of the portfolio position established in Q2 2015 and increased by just over 10-times the following quarter at prices between $63 and $75. Last quarter saw a ~27% reduction at prices between $65 and $77 and that was followed with another ~70% reduction this quarter at prices between $55.50 and $70.83. The stock currently trades at $75.35.FleetCor Technologies (FLT): The 4.37% FLT stake is from 2013 - Mandel is sitting on large gains on this position. Q3 2015 saw a ~17% increase at prices between $138 and $164. It currently trades at $149. This quarter saw minor trimming.Note: Lone Pine Capital controls 6.4% of FleetCor Technologies.Illumina Inc. (ILMN): ILMN is a 1.35% of the US long portfolio stake. It was purchased in Q1 2015 at prices between $181 and $203 and almost doubled the following quarter at prices between $182 and $221. Q3 2015 saw a ~36% reduction at prices between $168 and $240 and that was followed with a ~54% reduction this quarter at prices between $135 and $192. The stock currently trades at $144.JD.com Inc. (JD): JD is a 2.91% of the portfolio position purchased in Q4 2014 and Q1 2015 at prices between $23 and $30. Last quarter saw a ~38% reduction at prices between $25.52 and $32.65and that was followed with a ~18% selling this quarter at prices between $22.88 and $32.27. The stock is now at $23.79.MasterCard Inc. (MA): The 2.39% MA stake was established in Q3 2013 at prices between $59 and $69 and increased by ~30% the following quarter at prices between $67 and $83. Q1 2014 saw some selling but the following three quarters saw a huge ~200% increase at prices between $69 and $89. 2015 saw a combined ~70% reduction at prices between $82 and $102. This quarter saw a ~18% further reduction at prices between $80.65 and $97.36. The stock is currently at $96.48. Mandel is harvesting gains.Microsoft Corporation (MSFT): MSFT is the largest 13F position at 7.08% of the portfolio. Around 27M shares were purchased in Q4 2013 at prices between $34 and $38. Q4 2014 saw a huge ~75% reduction at prices between $43 and $50. The position was built back up to ~29.4M shares over the first two quarters of 2015 at prices between $40.40 and $47.59. Q3 2015 saw a ~11% trimming while last two quarters have seen a combined ~9% further trimming. The stock currently trades at $51.59.Priceline Inc. (PCLN): PCLN is a large (top five) 5.08% long-term stake first purchased in 2011 at a cost-basis of ~$500. The original position was sold down by ~44% in Q3 2013 at prices between $900 and $1030 and another two-thirds in Q1 2014 at prices between $1132 and $1358. There was a combined ~380% increase over the next three quarters at prices between $1064 and $1280. 2015 saw a combined ~40% reduction at prices between $1008 and $1454. The stock is now at $1257. Lone Pine is harvesting gains from this position. This quarter saw a ~5% trimming.Ulta Salon (ULTA): ULTA is a 3.24% stake first purchased in 2012 at much lower prices. Last quarter saw a ~40% increase at prices between $153 and $173. Mandel is sitting on huge gains. The stock is now at $207. Last quarter saw a ~9% increase while this quarter saw a ~6% trimming.Note: Lone Pine Capital controls 5.4% of Ulta Salon.Visa Inc. (V): V is a 2.85% stake purchased in Q4 2014 and Q1 2015 at prices between $51 and $68 and increased by ~31% last quarter at prices between $70 and $80. This quarter saw a ~41% selling at prices between $67.77 and $77.55. The stock currently trades at $79.38.American Express (AXP) & Calls, Arista Networks (ANET), Diageo plc (DEO), Horizon Pharma plc (HZNP), Lululemon Athletica (LULU), Mohawk Industries (MHK), Pioneer Natural Resources (PXD), Proshares Ultra VIX Short Term Puts, and TransDigm Group (TDG): These are very small (less than ~2% of the portfolio each) stakes decreased this quarter.Note: Lone Pine Capital controls ~4% of LULU and ~4% of TransDigm Group.Stake Increases:Adobe Systems (ADBE): ADBE is a 2.37% of the US long portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. Q2 2015 saw a ~23% reduction at prices between $73 and $84 and that was followed with a one-third reduction the following quarter at prices between $74 and $87. Last quarter saw another ~35% reduction at prices between $80.65 and $95.56. This quarter saw an about turn: ~26% increase at prices between $73.85 and $93.78. The stock currently trades at $99.63.Alphabet Inc. (GOOG) (GOOGL) previously Google: The large (top five) 5.34% of the portfolio stake in GOOG was established last quarter at prices between $608 and $777 and increased by ~74% this quarter at prices between $678 and $765. The stock currently trades at $720.Cheniere Energy (LNG): LNG is a 2.17% of the portfolio position first purchased in Q3 2014 at prices between $70 and $84. The following quarter saw a ~28% increase at prices between $64.88 and $77.33. There was another ~54% increase in Q3 2015 at prices between $47.47 and $70.65. The stock is now well below those ranges at $32.84. For investors attempting to follow Lone Pine Capital, LNG is a good option to consider for further research. Last two quarters saw marginal increases.Note: Lone Pine Capital controls ~5% of the business. LNG is very popular among super investors: Seth Klarman (Baupost Group), Carl Icahn, and John Griffin (Blue Ridge Capital) have large stakes.Constellation Brands (STZ): STZ is a fairly large 4.43% stake established in Q3 2015 at prices between $115 and $131 and increased by ~14% last quarter at prices between $125 and $145. The stock is now outside those ranges at $158. This quarter also saw a ~10% further increase.Equinix Inc. (EQIX): EQIX is a medium-sized 3.82% portfolio stake. It is a long-term position first purchased in 2010. Around 4M shares were acquired at the time at a cost-basis in the low-80s. The position size has wavered since although by Q4 2014 the stake was back at ~4M shares. Q1 2015 saw a ~30% reduction at prices between $217 and $239. Last quarter saw another ~20% reduction at prices between $265 and $305. The stock is now at $355. This quarter saw a ~10% increase.Note: Lone Pine Capital controls ~3.3% of Equinix.Facebook Inc. (FB): The top-three 6.48% FB stake was purchased in Q3 2014 at prices between $66.34 and $78.79. Q2 2015 saw a ~20% increase at prices between $77.46 and $88.86 and that was followed with a ~10% increase the following quarter at prices between $82 and $98. This quarter saw another ~17% increase at prices between $94 and $116. The stock currently trades at $118.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices, realizing huge gains.Nike Inc. (NKE): The 3.67% NKE stake was purchased in Q1 2015 at prices between $46 and $55 and decreased by ~20% in Q3 2015 at prices between $52 and $63. The stake was doubled last quarter at prices between $61 and $68. It is now at $56.57. This quarter saw a minor ~4% further increase.Note: The prices quoted above are adjusted for the 2-for-1 stock split in November 2015.Northrop Grumman (NOC): NOC is a medium-sized 3.20% of the portfolio stake. It was purchased last quarter at prices between $166 and $192 and increased by ~50% this quarter at prices between $178 and $199. The stock is now at $215.Anheuser Busch Inbev (BUD) and Vulcan Materials (VMC): These are very small (less than ~1.5% of the portfolio each) stakes that saw increases this quarter.Kept Steady:Barclays Bank plc (BCS) Puts, HDFC Bank (HDB), and Sears Holdings (SHLD) Puts: These small positions (less than ~2% of the portfolio each) were left untouched this quarter.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q1 2016:"

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q4 2015 Update"

"Stephen Mandel’s 13F portfolio decreased from $24.55B to $23.40B. The number of positions remained steady at 47.Lone Pine Capital increased Dollar Tree while dropping Allergan plc.The top-three individual stocks are Microsoft, Amazon, & Priceline and they add up to ~17 % of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s US stock portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 02/16/2016. Please visit our article for an idea on his investment philosophy and our for the fund’s moves during Q3 2015.This quarter, Mandel’s US long portfolio decreased 4.70% from $24.55B to $23.40B. The number of holdings remained steady at 47. The top three individual stock positions are at 17.39% while the top five are at 26.12% of the US long assets: Microsoft Corporation, Amazon.com, Priceline Inc., Facebook Inc., and Dollar Tree.Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Stake Disposals:Allergan plc (AGN) previously Actavis plc: AGN was a 2.89% of the US long portfolio position as of last quarter. The position was established in Q1 2015 at prices between $255 and $317 and increased by ~25% the following quarter at prices between $283 and $313. Last quarter also saw a ~14% further increase at prices between $252 and $340. The entire stake was sold this quarter at prices between $253 and $323. The stock currently trades at $285.DaVita Healthcare (DVA): The original DVA stake was purchased in Q4 2014 and Q1 2015 at prices between $73 and $82. Last quarter saw a ~45% increase at prices between $71 and $81. The elimination this quarter happened at prices between $68 and $78. The stock currently trades at $64.85.SBA Communications (SBAC): SBAC was a 1.20% position. The stake was from Q4 2013 and Q1 2014 at prices between $77 and $97. Q2 2015 saw a ~29% reduction at prices between $112 and $124 and that was followed with a ~39% reduction last quarter at prices between $104 and $128. The remaining position was sold out this quarter at prices between $100 and $121. The stock currently trades at $93.02.Charles Schwab (SCHW), Endo International plc (ENDP), Expedia Inc. (EXPE), Kansas City Southern (KSU), Mobileye NV (MBLY), Realogy Holdings (RLGY), and W R Grace (GRA): These very small (less than ~1.5% of the portfolio each) positions were sold out this quarter.New Stakes:Alphabet Inc. (GOOG) (GOOGL) previously Google: The medium sized 2.68% of the portfolio stake in GOOG was established this quarter at prices between $608 and $777. The stock currently trades at $707.Anheuser Busch Inbev (BUD), Autodesk Inc. (ADSK), Express Scripts (ESRX), Lululemon Athletica (LULU), Northrop Grumman (NOC), and Pioneer Natural Resources (PXD): These are very small (less than ~1.5% of the portfolio each) stakes established this quarter. Autodesk had seen a recent roundtrip - a ~1% stake was established in Q3 2014 and eliminated in Q2 2015.Note: Lone Pine Capital controls 2.5% of ADSK and 5% of LULU.Stake Decreases:Adobe Systems (ADBE): ADBE is a 1.61% of the US long portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. Q2 2015 saw a ~23% reduction at prices between $73 and $84 and that was followed with a one-third reduction last quarter at prices between $74 and $87. This quarter saw another ~35% reduction at prices between $80.65 and $95.56. The stock currently trades at $83.80.Charter Communications (CHTR) & Calls: The 3.70% position was first purchased in Q3 2014 at prices between $152 and $164 and the following quarters also saw minor buying. Q2 2015 saw a whopping ~150% increase at prices between $168 and $193. This quarter saw an about turn: ~50% reduction at prices between $175 and $193. The stock is currently at $177.Note: Lone Pine Capital controls 4.2% of CHTR.Electronic Arts (EA): EA is a 1.89% of the portfolio position established in Q2 2015 and increased by just over 10-times last quarter at prices between $63 and $75. This quarter saw a ~27% reduction at prices between $65 and $77. The stock currently trades at $63.27.Equinix Inc. (EQIX): EQIX is a medium-sized 2.73% portfolio stake. It is a long-term position first purchased in 2010. Around 4M shares were acquired at the time at a cost-basis in the low-80s. The position size has wavered since although by Q4 2014, the stake was back at ~4M shares. Q1 2015 saw a ~30% reduction at prices between $217 and $239. This quarter saw another ~20% reduction at prices between $265 and $305. The stock is now at $300. Lone Pine is harvesting gains from the position.Note: Lone Pine Capital controls 3.4% of Equinix.Facebook Inc. (FB): The current top-five 4.38% FB stake was purchased in Q3 2014 at prices between $66.34 and $78.79. Q2 2015 saw a ~20% increase at prices between $77.46 and $88.86 and that was followed with a ~10% increase last quarter at prices between $82 and $98. The stock currently trades at $107. This quarter saw a ~9% trimming.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices, realizing huge gains.JD.com Inc. (JD): JD is a 3.72% of the portfolio position purchased in Q4 2014 and Q1 2015 at prices between $23 and $30. This quarter saw a ~38% reduction at prices between $25.52 and $32.65. The stock is now at $26.32.MasterCard Inc. (MA): The 2.56% MA stake was established in Q3 2013 at prices between $59 and $69 and increased by ~30% the following quarter at prices between $67 and $83. Q1 2014 saw some selling but the following three quarters saw a huge ~200% increase at prices between $69 and $89. 2015 saw a combined ~70% reduction at prices between $82 and $102. The stock is currently at $87.80.Priceline Inc. (PCLN): PCLN is a large (top three) 4.55% long-term stake first purchased in 2011 at a cost-basis of ~$500. The original position was sold down by ~44% in Q3 2013 at prices between $900 and $1030 and another two-thirds in Q1 2014 at prices between $1132 and $1358. There was a combined ~380% increase over the next three quarters at prices between $1064 and $1280. 2015 saw a combined ~40% reduction at prices between $1008 and $1454. The stock is now at $1288. Lone Pine is harvesting gains from this position.Valeant Pharmaceuticals (VRX): VRX was the second-largest 13F stake at 5.42% of the US long portfolio as of last quarter. It was first purchased in 2013. Last quarter saw a ~40% increase at prices between $158 and $263. This quarter saw an about turn: ~22% reduction at prices between $70 and $182. The stock is now at $75.91 and the stake is at 2.53% of the portfolio.Barclays Bank plc (BCS) Puts, CSX Corporation (CSX) & Calls, Fidelity National Financial (FNF) & Calls, Mohawk Industries (MHK), Proshares Ultra VIX Short Term Puts, TransDigm Group (TDG), and Vulcan Materials (VMC): These small positions (less than ~2% of the portfolio each) saw reductions this quarter.Note: Lone Pine Capital controls ~4.1% of TransDigm Group.Stake Increases:Amazon.com Inc. (AMZN): AMZN is a top-three 6.38% of the portfolio position purchased last quarter at prices between $430 and $548 and increased by ~14% this quarter at prices between $512 and $694. The stock is now at $560.Cheniere Energy (LNG): LNG is a 2% of the portfolio position first purchased in Q3 2014 at prices between $70 and $84. The following quarter saw a ~28% increase at prices between $64.88 and $77.33. There was another ~54% increase last quarter at prices between $47.47 and $70.65. The stock is now at $30.38. For investors attempting to follow Lone Pine Capital, LNG is a good option to consider for further research. This quarter saw a marginal increase.Note: Lone Pine Capital controls 5.3% of the business. LNG is very popular among super investors: Seth Klarman (Baupost Group), Carl Icahn, and John Griffin (Blue Ridge Capital) have large stakes.Dollar Tree (DLTR): DLTR is a fairly large 4.35% of the portfolio position. It was established last quarter at prices between $65 and $82 and increased by ~156% this quarter at prices between $61 and $80. The stock currently trades at $81.67.Note: Lone Pine Capital controls 5.6% of the DLTR.Microsoft Corporation (MSFT): MSFT is the largest 13F position at 6.46% of the portfolio. Around 27M shares were purchased in Q4 2013 at prices between $34 and $38. Q4 2014 saw a huge ~75% reduction at prices between $43 and $50. The position was built back up to ~29.4M shares over the first two quarters of 2015 at prices between $40.40 and $47.59. Last quarter saw a ~11% trimming while this quarter saw a ~4% increase. The stock currently trades at $52.65.Constellation Brands (STZ): STZ is a medium-sized 3.26% stake established last quarter at prices between $115 and $131 and increased by ~14% this quarter at prices between $125 and $145. The stock is now at $141.Nike Inc. (NKE): The 3.07% NKE stake was purchased in Q1 2015 at prices between $46 and $55 and decreased by ~20% last quarter at prices between $52 and $63. The stake was doubled this quarter at prices between $61 and $68. It is now at $60.15.Note: The prices quoted above are adjusted for the 2-for-1 stock split in November 2015.Ulta Salon (ULTA): ULTA is a 2.83% stake first purchased in 2012 at much lower prices. Last quarter saw a ~40% increase at prices between $153 and $173. Mandel is sitting on huge gains and is very bullish. The stock is now at $156. This quarter saw a ~9% further increase.Note: Lone Pine Capital controls 5.6% of Ulta Salon.Visa Inc. (V): V is a fairly large 4.23% stake purchased in Q4 2014 and Q1 2015 at prices between $51 and $68 and increased by ~31% this quarter at prices between $70 and $80. The stock currently trades at $73.02.Williams Companies (WMB) & Calls: The 3.18% WMB position was established in Q1 2015 at prices between $40.94 and $60.86. The stake saw a ~64% increase this quarter at prices between $21.54 and $43.83. The stock currently trades well below those ranges at $16.14.Note: Lone Pine controls 3.9% of WMB.Activision Blizzard (ATVI), American Express (AXP) & Calls, Diageo plc (DEO), Hanesbrands Inc. (HBI), HDFC Bank (HDB), and Molson Coors Brewers (TAP): These are very small (less than ~2% of the portfolio each) stakes increased this quarter.Kept Steady:FleetCor Technologies (FLT): The 3.93% FLT stake is from 2013 - Mandel is sitting on large gains on this position. Last quarter saw a ~17% further increase at prices between $138 and $164. It currently trades at $130.Note: Lone Pine Capital controls 7% of FleetCor Technologies.Illumina Inc. (ILMN): ILMN is a medium-sized 2.96% of the US long portfolio stake. It was purchased in Q1 2015 at prices between $181 and $203 and almost doubled the following quarter at prices between $182 and $221. Last quarter saw a ~36% reduction at prices between $168 and $240. The stock currently trades at $153.Walgreens Boots Alliance (WBA) & Calls: The 2.47% WBA position was first purchased in Q4 2014. Q2 2015 saw a stake doubling at prices between $83 and $89 and that was followed with a roughly one-third increase last quarter at prices between $81 and $97. The stock is now at $78.80. For investors attempting to follow Mandel, WBA is a good option to consider for further research.Arista Networks (ANET), Horizon Pharma plc (HZNP), and Sears Holdings (SHLD) Puts: These are very small (less than ~1.5% of the portfolio each) positions that were kept steady this quarter.Note: Lone Pine Capital controls 9.8% of HZNP.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q4 2015:13G/D/A, Form 3/4 filings after 8/15/2015: 13G 11/23/2015 DLTR - 13.19M shares - 5.6% of business. 13G 9/28/2015 LNG - 12.24M shares - 5.2% of business.13G/13D/A Filings: 7/27/2015 - 13G - HZNP - Horizon Pharma - date of event July 17 - 8.35M shares - 5.4% of business, 7/16/2015 - 13G - CHTR - date of event July 6 - 6.34M shares - 5.7% of business, 2/17/2015 - 13G/A - KORS - 11.08M shares - 5.5% of business, 2/17/2015 - 13G/A - SWI - SolarWinds - 2.39M shares - 3.1% of business, 2/17/2015 - 13G/A - EQIX - 3.89M shares - 7.1% of business, 2/17/2015 - 13G/A - ADSK - 14.46M shares - 6.4% of business, 2/17/2015 - 13G/A - FLT - FleetCor - 6.44M shares - 7%, 2/17/2015 - 13G/A - ULTA - Ulta Salon - 3.34M shares - 5.2% of business, 2/17/2015 - 13G/A - RLGY - Realogy - 10.41M shares - 7.1% of business, 2/17/2015 - 13G/A - SBAC - SBA Commn. - 7.3M shares - 5.6% of business, 2/17/2015 - 13G/A - DG - 12.92M shares - 4.3% of business, 2/17/2015 - 13G/A - TIF - 6.05M shares - 4.7% of business, 2/17/2015 - 13G/A - CTSH - 12.23M shares - 2% of business, 2/17/2015 - 13G/A - TDG - TransDigm - 1.79M shares - 3.4% of business, 2/17/2015 - 13G/A - SAVE - Spirit Airlines - 0%,"

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q3 2015 Update"

"Stephen Mandel’s 13F portfolio decreased from $26.73B to $24.55B. The number of positions decreased from 50 to 47.Lone Pine Capital added Amazon.com while increasing Valeant Pharmaceuticals and Charter Communications. The large Currencyshares Euro puts stake was dropped during the quarter.The top-three individual stocks are Charter Communications, Valeant Pharmaceuticals, & Priceline and they add up to ~17 % of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s US stock portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 11/16/2015. Please visit our article for an idea on his investment philosophy and the fund’s moves during Q2 2015.This quarter, Mandel’s US long portfolio decreased 8.14% from $26.73B to $24.55B. The number of holdings in the portfolio decreased from 50 to 47. The top three individual stock positions are at 17.30% while the top five are at 26.62% of the US long assets: Charter Communications, Valeant Pharmaceuticals, Priceline, Microsoft, and JD.com.Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .Stake Disposals:HCA Holdings (HCA): HCA was a 1.70% of the portfolio stake. The position was established in Q4 2014 at prices between $63 and $75. Last quarter saw a ~14% trimming. The remaining stake was eliminated this quarter at prices between $74 and $95. The stock currently trades at $68.96.Currencyshares Euro (FXE) Puts: The short Euro stake through Currencyshares Euro Puts was a huge 8.19% position established in Q1 2015 and disposed of this quarter.Lowes Companies (LOW): LOW was a 1.77% of the portfolio position first purchased in Q1 2015 at prices between $66 and $76 and increased by ~20% last quarter at prices between $67 and $74. The elimination this quarter was at prices between $66 and $74. The stock currently trades at $77.64.Advance Auto Parts (AAP), Autodesk Inc. (ADSK), Liberty Media Corp. (LMCA) (LMCK), McGraw Hill Financial (MHFI), MGIC Investment Corp (MTG), Perrigo plc (PRGO), SolarWinds Inc. (SWI), and Sunedison (SUNE): These are very small (less than ~1% of the portfolio each) stakes eliminated this quarter.New Stakes:Amazon.com Inc. (AMZN): AMZN is a large 4.04% of the portfolio position purchased this quarter at prices between $430 and $548. The stock is now at $675.Constellation Brands (STZ): STZ is a medium-sized 2.39% stake established this quarter at prices between $115 and $131 and the stock is now outside that range at $143.Activision Blizzard (ATVI), American Express (AXP) & Calls, Dollar Tree (DLTR), Expedia Inc. (EXPE), Mobileye NV (MBLY), and Molson Coors Brewers (TAP): These are very small (less than ~1.5% of the portfolio each) stakes established this quarter.Note: A 13G regulatory filing on 11/23/2015 shows Lone Pine Capital owning 13.19M shares (5.6% of business) of Dollar Tree. This is compared to ~5.1M shares in the 13F.Stake Decreases:Adobe Systems (ADBE): ADBE is a medium-sized 2.08% of the US long portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. Last quarter saw a ~23% reduction at prices between $73 and $84 and that was followed with a one-third reduction this quarter at prices between $74 and $87. The stock currently trades at $91.77.Equinix Inc. (EQIX): EQIX is a medium-sized 2.95% portfolio stake. It is a long-term position first purchased in 2010. Around 4M shares were acquired at the time at a cost-basis in the low-80s. The position size has wavered since although by Q4 2014, the stake was back at ~4M shares. Q1 2015 saw a ~30% reduction at prices between $217 and $239. Last quarter saw a ~10% increase while this quarter saw a ~12% reduction. The stock is now at $295.Note: Lone Pine Capital controls ~4.4% of Equinix.Illumina Inc. (ILMN): ILMN is a medium-sized 2.58% of the US long portfolio stake. It was purchased in Q1 2015 at prices between $181 and $203 and almost doubled last quarter at prices between $182 and $221. This quarter saw a ~36% reduction at prices between $168 and $240. The stock currently trades at $181.MasterCard Inc. (MA): The 3.06% MA stake was established in Q3 2013 at prices between $59 and $69 and increased by ~30% the following quarter at prices between $67 and $83. Q1 2014 saw some selling but the following three quarters saw a huge ~200% increase at prices between $69 and $89. Q1 2015 saw an about-turn: ~58% reduction over the last three quarters at prices between $81 and $98. The stock is currently at $98.16.Microsoft Corporation (MSFT): MSFT is a top-five 4.71% position. Around 27M shares were purchased in Q4 2013 at prices between $34 and $38. Q4 2014 saw a huge ~75% reduction at prices between $43 and $50. The position was built back up to ~29.4M shares over the last two quarters at prices between $40.40 and $47.59. This quarter saw a ~11% trimming. The stock currently trades at $53.69.Nike Inc. (NKE): The 2.86% NKE stake was purchased in Q1 2015 at prices between $91 and $110 and decreased by ~20% this quarter at prices between $104 and $125. It is now at $134.Priceline Inc. (PCLN): PCLN is a large (top three) 5% long-term stake first purchased in 2011 at a cost-basis of ~$500. The original position was sold down by ~44% in Q3 2013 at prices between $900 and $1030 and another two-thirds in Q1 2014 at prices between $1132 and $1358. There was a combined ~380% increase over the next three quarters at prices between $1064 and $1280. This year has seen some selling: a combined ~30% reduction over the last three quarters at prices between $998 and $1352. The stock is now at $1246.SBA Communications (SBAC): SBAC is a 1.20% position. The stake is from Q4 2013 and Q1 2014 at prices between $77 and $97. Last quarter saw a ~29% reduction at prices between $112 and $124 and that was followed with a ~39% reduction this quarter at prices between $104 and $128. The stock currently trades at $106.CSX Corporation (CSX) & Calls, Fidelity National Financial (FNF) & Calls, Realogy Holdings (RLGY), Sears Holdings (SHLD) Puts, and Vulcan Materials (VMC): These are very small (less than ~1% of the portfolio each) stakes further reduced this quarter.Stake Increases:Allergan plc (AGN) previously Actavis plc: AGN is a 2.89% of the US long portfolio position established in Q1 2015 at prices between $255 and $317 and increased by ~25% last quarter at prices between $283 and $313. This quarter saw a ~14% further increase at prices between $252 and $340. The stock currently trades at $321.Charter Communications (CHTR) & Calls: The 6.88% CHTR stake is the largest individual stock position in the 13F portfolio. The position was established in Q3 2014 at prices between $152 and $164 and the following quarters also saw minor buying. Last quarter saw a whopping ~150% increase at prices between $168 and $193. The stock is currently at $186. This quarter saw a ~14% increase.Note: Lone Pine Capital controls ~8.6% of CHTR.Cheniere Energy (LNG): LNG is a 2.41% of the portfolio position first purchased in Q3 2014 at prices between $70 and $84. The following quarter saw a ~28% increase at prices between $64.88 and $77.33. There was another ~54% increase this quarter at prices between $47.47 and $70.65. The stock is now at $49.31. For investors attempting to follow Lone Pine Capital, LNG is a good option to consider for further research.Note: Lone Pine Capital controls ~5.2% of business. LNG is very popular among super investors: Seth Klarman (Baupost Group), Carl Icahn, and John Griffin (Blue Ridge Capital) have large stakes.DaVita Healthcare (DVA): The original DVA stake was purchased in Q4 2014 and Q1 2015 at prices between $73 and $82. This quarter saw a ~45% increase at prices between $71 and $81. The stock currently trades at $73.75 and the stake is at 2.33% of the portfolio.Electronic Arts (EA): EA is a 2.42% of the portfolio position established last quarter and increased by just over 10-times this quarter at prices between $63 and $75. The stock currently trades at $69.51.Facebook Inc. (FB): The current 3.92% FB stake was purchased in Q3 2014 at prices between $66.34 and $78.79. Last quarter saw a ~20% increase at prices between $77.46 and $88.86 and that was followed with a ~10% increase this quarter at prices between $82 and $98. The stock currently trades at $105.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices, realizing huge gains.FleetCor Technologies (FLT): The 3.61% FLT stake is from 2013 - Mandel is sitting on large gains on this position. This quarter saw a ~17% further increase at prices between $138 and $164. It currently trades at $154.Note: Lone Pine Capital controls ~7% of FleetCor Technologies.JD.com Inc. (JD): JD is a large 4.62% of the portfolio position purchased in Q4 2014 and Q1 2015 at prices between $23 and $30. The stock is now at $29.99. Last two quarters have seen very minor increases.Ulta Salon (ULTA): ULTA is a 2.18% stake first purchased in 2012 at much lower prices. This quarter saw a ~40% increase at prices between $153 and $173. Mandel is sitting on huge gains and is very bullish. The stock is now at $170.Note: Lone Pine Capital controls ~5.1% of Ulta Salon.Valeant Pharmaceuticals (VRX): VRX is the second-largest 13F stake at 5.42% of the US long portfolio. It was first purchased in 2013. This quarter saw a ~40% increase at prices between $158 and $263. The stock is now at $87.Visa Inc. (V): V is a 2.77% stake purchased in Q4 2014 and Q1 2015 at prices between $51 and $68. The stock currently trades well outside that range at $79.56. This quarter saw a ~10% further increase.Walgreens Boots Alliance (WBA) & Calls: The 2.65% WBA position was first purchased in Q4 2014. Last quarter saw a stake doubling at prices between $83 and $89 and that was followed with a roughly one-third increase this quarter at prices between $81 and $97. The stock is now at $83.40. For investors attempting to follow Mandel, WBA is a good option to consider for further research.Williams Companies (WMB) & Calls: The 2.65% WMB position was established in Q1 2015 at prices between $40.94 and $60.86. The stock currently trades at $36.44. This quarter saw a marginal increase.Arista Networks (ANET), Diageo plc (DEO), Endo International plc (ENDP), Hanesbrands Inc. (HBI), HDFC Bank (HDB), Horizon Pharma plc (HZNP), Kansas City Southern (KSU), Mohawk Industries (MHK), Charles Schwab (SCHW), and W R Grace (GRA): These are very small (less than ~1.5% of the portfolio each) positions that were increased this quarter. The sizing is still too small to indicate a clear bias.Note: Lone Pine Capital controls ~9.8% of HZNP.Kept Steady:TransDigm Group (TDG), Barclays Bank plc (BCS) Puts and Proshares Ultra VIX Short Term Puts: These positions were kept steady during the quarter. TDG and VIX Short Term Puts are ~2% stakes while BCS Puts is a very minor ~0.5% position.Note: Lone Pine Capital controls ~4.1% of TransDigm Group.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q3 2015:"

"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q2 2015 Update"

"Stephen Mandel’s 13F portfolio increased from $26.42B to $26.73B. The number of positions remained steady at 50.Lone Pine Capital increased Charter Communications, Illumina, and Microsoft substantially while dropping Apple and Baidu.The top-three individual stocks are Charter Communications, JD.com, & Priceline and they add up to ~16 % of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Stephen Mandel’s US stock portfolio on a quarterly basis. It is based on Mandel’s regulatory filed on 08/14/2015.Stephen Mandel founded Lone Pine Capital in 1997. Before that, Mandel worked at Tiger Management under Julian Robertson for eight years, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out .AUM has grown tremendously over the years and is now at around $30B. Although the exact performance details are not disclosed, Mandel is known to have generated enormous alpha over the years: upwards of 20% average annual returns since inception till the financial crisis. His flagship fund lagged the S&P 500 index in 2008 and 2014 but handsomely outperformed in the interim years. Lone Pine Capital is best known for Mandel’s acumen and singular approach towards fundamental analysis and bottom up stock picking. They are focused on two areas: a) businesses that create value through organic earnings growth, and b) businesses going through positive management and strategic changes. In the current environment, they also look for businesses that are taking advantage of low interest debt to fund capital investment, share buybacks, etc.This quarter, Mandel’s US long portfolio increased marginally from $26.42B to $26.73B. The number of holdings in the portfolio remained steady at 50: nine positions were eliminated and replaced with an equal number of very small stakes. The top three individual stock positions are at 15.88% while the top five are at 25.38% of the US long assets: Charter Communications, JD.com, Priceline, Microsoft, and Illumina. The top holding is an 8.19% stake in Currencyshares Euro Puts which was established last quarter.Stake Disposals:Apple Inc. (AAPL): The fairly large 3.22% AAPL stake was disposed of this quarter at prices between $125 and $133. The stock currently trades at $113. The position was purchased in Q4 2014 at prices between $96.26 and $119 and increased by ~210% last quarter at prices between $106 and $133.Note: Apple has seen several roundtrips in the portfolio. The previous one was a ~2.5M share stake established in 2009 at a cost-basis in the low-20s and disposed of in 2011 at much higher prices.Baidu Inc. (BIDU) & Calls: The BIDU position was established in Q3 2013 when around 5.3M shares were purchased at prices between $91 and $155. The position size had wavered since although it was back at around the same share count (4.17% of the portfolio stake) as of last quarter. This quarter, the entire position was sold at prices between $189 and $221. The stock is now at $152.Canadian Pacific Railway (CP): The medium-sized 2.18% CP stake was eliminated this quarter at prices between $160 and $198. The stake was established in Q2 2014 at prices between $144 and $185. Last quarter had seen a ~12% trimming. CP currently trades at $144.Michael Kors (KORS): KORS stake was established in 2011 soon after its December IPO at a cost-basis in the mid-20s. The original position was almost tripled to ~9.2M shares over the following two quarters at a cost-basis in the low-40s. The position size had wavered since and by last quarter it was at just over 11M shares. This quarter, the entire 2.79% of the portfolio stake was disposed of at prices between $42 and $66. The stock is currently at $43.29.Note: Lone Pine Capital had a 5.8% stake in the business as of Q1 2015.CDK Global, Cognizant Technology, Jazz Pharmaceuticals, Transocean Puts, and Vipshop Holdings: These are very small positions (less than ~1% of the portfolio each) disposed of this quarter.New Stakes:Advance Auto Parts, CSX Corporation & Calls, Diageo plc, Electronic Arts, Hanesbrands Inc., Horizon Pharma plc, Kansas City Southern, Perrigo plc, and Charles Schwab: These are very small (less than ~1% of the portfolio each) stakes established this quarter.Note: A July 27 13G regulatory filing showed Lone Pine Capital owning 8.35M shares (5.4% of the business) of Horizon Pharma (HZNP): ~160% increase after the quarter ended.Stake Decreases:Adobe Systems (ADBE): ADBE is a medium-sized 2.81% of the US long portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. This quarter saw a ~23% reduction at prices between $73.15 and $83.94. The stock currently trades at $78.91.HCA Holdings (HCA): HCA is a 1.70% of the portfolio stake. The position was established in Q4 2014 at prices between $63 and $75. This quarter saw a ~14% trimming. The stock currently trades at $88.84.MasterCard Inc. (MA): The 3.40% MA stake was established in Q3 2013 at prices between $59 and $69 and increased by ~30% the following quarter at prices between $67 and $83. Q1 2014 saw some selling but the following three quarters saw a huge ~200% increase at prices between $69 and $89. Q1 2015 saw an about-turn: ~50% reduction over the last two quarters at prices between $81 and $96. The stock is currently at $94.06.Priceline Inc. (PCLN): PCLN is a large (top-three) 5.13% long-term stake first purchased in 2011 at a cost-basis of ~$500. The original position was sold down by ~44% in Q3 2013 at prices between $900 and $1030 and another two-thirds in Q1 2014 at prices between $1132 and $1358. There was a combined ~380% increase over the next three quarters at prices between $1064 and $1280. Last two quarters have seen minor trimming. The stock is now at $1252.SBA Communications (SBAC): SBAC is a 1.97% position. The stake is from Q4 2013 and Q1 2014 at prices between $77 and $97. This quarter saw a ~29% reduction at prices between $112 and $124. The stock currently trades at $118.Note: Lone Pine Capital controls ~3.6% of SBA Communications.Autodesk Inc. (ADSK), Barclays Bank plc (BCS) Puts, MicGraw Hill Financial (MHFI), Sunedison (SUNE), and W R Grace (GRA): These positions were reduced to very small stakes (less than 1.5% of the portfolio each) this quarter.Note: Lone Pine Capital controls ~2.7% of Autodesk Inc.Cheniere Energy (LNG), Ulta Salon (ULTA), Valeant Pharmaceuticals (VRX), and Visa Inc. (V): These are significantly large stakes that were reduced marginally (less than ~10% reduction each) this quarter. As the activities were very minor, they do not indicate a change in bias.Note: Lone Pine Capital controls ~3.6% of Ulta Salon.Stake Increases:Allergan plc (AGN) previously Actavis plc: AGN is a 2.61% of the US long portfolio position established last quarter at prices between $255 and $317 and increased by ~25% this quarter at prices between $283 and $313. The stock currently trades at ~$311.Charter Communications (CHTR) & Calls: The 5.40% CHTR stake is the largest individual stock position in the 13F portfolio. The stake was established in Q3 2014 at prices between $152 and $164 and the following quarters also saw minor buying. This quarter saw a whopping ~150% increase at prices between $168 and $193. The stock is currently at $181.Note: A July 16, 2015 regulatory 13G filing showed Lone Pine Capital owning 6.34M shares (5.7% of the business) of Charter Communications: ~25% reduction after the quarter ended.Equinix Inc. (EQIX): EQIX is a medium-sized 2.86% portfolio stake. It is a long-term position first purchased in 2010. Around 4M shares were acquired at the time at a cost-basis in the low-80s. The position size has wavered since although by Q4 2014, the stake was back at ~4M shares. Last quarter saw a ~30% reduction at prices between $217 and $239. This quarter saw a ~10% increase. The stock is now at $269.Note: Lone Pine Capital controls ~5.3% of Equinix.Facebook Inc. (FB): The current 3.13% FB stake was purchased in Q3 2014 at prices between $66.34 and $78.79. This quarter saw a ~20% increase at prices between $77.46 and $88.86. The stock currently trades at $90.57.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices, realizing huge gains.Illumina Inc. (ILMN): ILMN is a top-five 4.64% of the US long portfolio stake. It was purchased last quarter at prices between $181 and $203 and almost doubled this quarter at prices between $182 and $221. The stock currently trades at $200.Microsoft Corporation (MSFT): MSFT is a top-five 4.86% position. Around 27M shares were purchased in Q4 2013 at prices between $34 and $38. Q4 2014 saw a huge ~75% reduction at prices between $43 and $50. The position was built back up to ~29.4M shares over the last two quarters at prices between $40.40 and $47.59. The stock currently trades at $43.73.Nike Inc. (NKE) and Williams Companies (WMB) & Calls: These two medium-sized stakes were established last quarter and increased by ~25% each this quarter. The 2.89% NKE stake was purchased at prices between $91 and $110 and it is now at $112. The 3.70% WMB position was established at prices between $40.94 and $60.86 and the stock currently trades at $48.03.Endo International plc (ENDP), JD.com Inc. (JD), Liberty Media Corp. (LMCA) (LMCK), and SolarWinds Inc. (SWI): These positions were increased marginally (less than ~10% each) this quarter. As the activities were very minor, they do not indicate a change in bias.Note: Lone Pine Capital has a ~3% ownership stake in SolarWinds Inc.Arista Networks (ANET), Fidelity National Financial (FNF) & Calls, Lowes Companies (LOW), Vulcan Materials (VMC), and Walgreens Boots Alliance (WBA) & Calls: These are very small (less than ~1.5% of the portfolio each) positions that were increased substantially this quarter. The sizing is still too small to indicate a clear bias.Kept Steady:Currencyshares Euro Puts and FleetCor Technologies (FLT): These two fairly large stakes were kept steady this quarter. The short Euro stake through Currencyshares Euro Puts is a huge 8.19% position established last quarter. The 3.20% FLT stake is from 2013 - Mandel is sitting on large gains on this position.Note: Lone Pine Capital controls ~6% of FleetCor Technologies.DaVita Healthcare (DVA), Mohawk Industries (MHK), Proshares Ultra VIX Short Term Puts, Realogy Holdings (RLGY), and TransDigm Group (TDG): These small positions (between 1% and 2% of the portfolio each) were kept steady this quarter.Note: Lone Pine Capital controls 7.1% of Realogy Holdings and 4.1% of TransDigm Group.HDFC Bank (HDB), MGIC Investment Corp (MTG), and Sears Holdings (SHLD) Puts: These very small stakes (less than 1% of the portfolio each) kept steady this quarter.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q2 2015:"

"Tracking Tweedy Browne Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 8/14/2023. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2023.This quarter, Tweedy Browne’s 13F portfolio value increased ~4% from $1.84B to $1.91B. The number of holdings increased from 44 to 46. The largest position is Berkshire Hathaway at ~22% of the portfolio. The largest five individual stock positions are Berkshire Hathaway, Alphabet, Johnson & Johnson, Coca Cola FEMSA, and Ionis Pharma. Combined they are at ~64% of the portfolio. 25 of the 46 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne International Value Fund (TBGVX) has a global orientation with non-US allocation at ~83% of the portfolio and cash at ~5%. The top five holdings are Nestle (NSRGY), Safran SA (SAFRY), TotalEnergies (TTE), Diageo plc (DEO), and BAE Systems (BAESY). Together, they are ~20% of the fund. As of 7/31/2023, the fund returned 11.31% for the year compared to 15.98% for MSCI EAFE (Hedged to US$). Since inception (1993), annualized returns are at 8.49% compared to 6.60% for MSCI EAFE.New Stakes:U-Haul Holding (UHAL.B) and Sealed Air (SEE): U-Haul is a 1.15% of the portfolio position established this quarter at prices between ~$45 and ~$59 and the stock currently trades at $52.56. The 1.14% stake in SEE was purchased at prices between ~$38 and ~$48 and it is now at $36.63.Stake Increases:Bank of America (BAC): The very small 0.82% stake in BAC saw a minor increase this quarter.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their largest position at ~22% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The five quarters through Q3 2021 saw a ~15% selling at prices between ~$200 and ~$292. That was followed with a ~20% reduction during Q4 2022 at prices between ~$264 and ~$319. The stock currently trades at ~$358. There was minor trimming in the last two quarters.Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the second largest 13F stake at ~16% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of ~$136. There was a one-third reduction over the last two quarters at prices between ~$83 and ~$110. There was a marginal reduction this quarter.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at ~11%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake has seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120. That was followed with a ~17% selling during Q4 2022 at prices between ~$160 and ~$180. The share count is now at ~1.21M. The stock currently trades at ~$163. Tweedy Browne is harvesting long-term gains from this position. There was minor trimming in the last two quarters.Coca Cola FEMSA (KOF): The ~8% KOF stake was built over the three quarters through Q2 2020 at prices between $38 and $65. Since then, the activity had been minor. Q4 2022 saw a ~18% reduction at prices between ~$58 and ~$70. The stock currently trades at ~$88. There was minor trimming in the last two quarters.Ionis Pharmaceuticals (IONS): IONS is now a large 7.63% of the portfolio position. It was purchased in Q1 2022 at prices between ~$30 and ~$37. The stock currently trades at ~$41. There was a ~30% stake increase during Q4 2022 at prices between ~$37 and ~$47. The last two quarters saw marginal trimming.FMC Corporation (FMC): FMC is a large 5.52% of the portfolio position established in Q3 2021 at prices between ~$88 and ~$109. There was a ~20% stake increase next quarter at prices between ~$88 and ~$110. Q4 2022 saw a ~15% reduction at prices between ~$106 and ~$134. The stock currently trades at ~$89. The last two quarters saw minor trimming.Autoliv Inc. (ALV): The 4.54% ALV position was established in Q1 2020 at prices between ~$40 and ~$82 and the stock currently trades at ~$97. There was a ~10% trimming during Q4 2022 while in the last quarter there was a ~7% increase. This quarter saw a ~5% trimming.American Express (AXP), AutoZone (AZO), Bank of New York Mellon (BK), Cisco Systems (CSCO), Concentrix Corp (CNXC), CNH Industrial (CNHI), Diageo plc (DEO), FedEx Corp (FDX), National Western Life (NWLI), Thor Industries (THO), Truist Financial (TFC), Unilever (UN) (UL), US Bancorp (USB), and Wells Fargo (WFC): These small positions (less than ~2.5% of the 13F portfolio each) were reduced during the quarter.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Tweedy Browne's 13F filings for Q1 2023 and Q2 2023.Info from Factsheet – 4-30-2023: PERFORMANCE – Flagship International Value Fund - TBGVX – 9.27% vs 11.06% for MSCI EAFE (hedged to USD) for 2023 through 4/30/2023 – from 1993 inception 8.50% vs 6.51%. Top non-US listed Holdings: Nestle (NSRGY), Safran, TotalEnergies (TTE), Diageo plc (DEO), BAE Systems, Heineken, Roche, and CNH Industrial (CNHI).Regulatory filings from 2/9/2023 to 5/22/2023: None."

"Tracking Tweedy Browne Portfolio – Q1 2023 Update"

"Tweedy Browne’s 13F portfolio value decreased from $1.88B to $1.84B this quarter.They increased Truist Financial while reducing Alphabet, Unilever, Intel, and Comcast.Berkshire Hathaway at ~20% of the portfolio is the largest position.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 5/15/2023. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2022.This quarter, Tweedy Browne’s 13F portfolio value decreased ~2% from $1.88B to $1.84B. The number of holdings decreased from 45 to 44. The largest position is Berkshire Hathaway at ~20% of the portfolio. The largest five individual stock positions are Berkshire Hathaway, Alphabet, Johnson & Johnson, Coca Cola FEMSA, and FMC Corp. Combined they are at ~61% of the portfolio. 26 of the 45 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne International Value Fund (TBGVX) has a global orientation with non-US allocation at ~83% of the portfolio and cash at ~5%. The top five holdings are Nestle (NSRGY), Safran SA (SAFRY), TotalEnergies (TTE), Diageo plc (DEO), and BAE Systems (BAESY). Together, they are at ~21% of the fund. As of 4/30/2023, the fund returned 9.27% for the year compared to 11.06% for MSCI EAFE (Hedged to US$). Since inception (1993), annualized returns are at 8.50% compared to 6.51% for MSCI EAFE.Stake Increases:Autoliv Inc. (ALV): The 5.45% ALV position was established in Q1 2020 at prices between ~$40 and ~$82 and the stock currently trades at the top of that range at ~$82. There was a ~10% trimming last quarter while this quarter there was a ~7% increase.Truist Financial (TFC): The 1.70% TFC stake saw a ~170% increase this quarter at prices between ~$31 and ~$50. The stock currently trades at the bottom of that range at ~$31.Bank of America (BAC): The very small 0.77% stake in BAC saw a marginal increase this quarter.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their largest position at ~20% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The five quarters through Q3 2021 saw a ~15% selling at prices between ~$200 and ~$292. That was followed with a ~20% reduction last quarter at prices between ~$264 and ~$319. The stock currently trades at ~$322. There was marginal trimming this quarter.Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the second largest 13F stake at ~15% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of ~$125. There was a one-third reduction over the last two quarters at prices between ~$83 and ~$110.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at ~10%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake has seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120. That was followed with a ~17% selling last quarter at prices between ~$160 and ~$180. The share count is now at ~1.23M. The stock currently trades at ~$154. Tweedy Browne is harvesting long-term gains from this position. There was marginal trimming this quarter.Coca Cola FEMSA (KOF): The 8.43% KOF stake was built over the three quarters through Q2 2020 at prices between $38 and $65. Since then, the activity had been minor. The last quarter saw a ~18% reduction at prices between ~$58 and ~$70. The stock currently trades at ~$84. There was marginal trimming this quarter.FMC Corporation (FMC): FMC is a large (top five) ~7% of the portfolio position established in Q3 2021 at prices between ~$88 and ~$109. There was a ~20% stake increase next quarter at prices between ~$88 and ~$110. The last quarter saw a ~15% reduction at prices between ~$106 and ~$134. The stock currently trades at ~$104. This quarter saw marginal trimming.Ionis Pharmaceuticals (IONS): IONS is now a large 6.89% of the portfolio position. It was purchased in Q1 2022 at prices between ~$30 and ~$37. The stock currently trades at $40.55. There was a ~30% stake increase last quarter at prices between ~$37 and ~$47. This quarter saw marginal trimming.AutoZone (AZO): AZO is a 2.88% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. Q1 2019 saw a one-third selling at prices between $810 and $1000. Since then, the stake was reduced by another ~82% at prices between ~$728 and ~$2579. The stock currently trades at ~$2455. Tweedy Browne is harvesting gains.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently a 2.41% of the portfolio stake. The bulk of the original position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The position has seen selling since. The three years through Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. The last seven quarters also saw a ~80% reduction at prices between ~$40 and ~$63. The stock currently trades at ~$50. They are harvesting gains. There was marginal trimming this quarter.FedEx Corp (FDX): The 2.11% FDX stake was purchased in Q2 2022 at prices between ~$197 and ~$243 and the stock currently trades at ~$226. There was a ~10% trimming last quarter and that was followed with marginal trimming this quarter.Wells Fargo (WFC): WFC is a ~2% of the 13F portfolio position. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. H2 2016 saw a ~30% reduction at prices between $44 and $58. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. The three years through Q1 2022 saw another ~23% selling at prices between ~$22 and ~$58. That was followed with a similar reduction in Q2 2022 at prices between ~$37.50 and ~$49.50. The last quarter saw another ~38% selling at prices between ~$40 and ~$48. The stock is now at ~$41. There was marginal trimming this quarter.Bank of New York Mellon (BK): BK is a ~2% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. The three quarters through Q2 2021 had seen a ~50% reduction at prices between ~$34 and ~$52. That was followed with a ~14% selling in Q2 2022. The last quarter saw another ~50% reduction at prices between ~$37 and ~$46. The stock currently trades at $40.69. There was a minor ~3% trimming this quarter.Concentrix Corp (CNXC): The 1.83% of the portfolio stake in CNXC was built during Q3 2022 at prices between ~$110 and ~$137. The stock is now well below that range at ~$88. There was a ~45% reduction last quarter at prices between ~$112 and ~$134. This quarter saw marginal trimming.American Express (AXP), Comcast Corporation (CMCSA), CNH Industrial (CNHI), Diageo plc (DEO), Fox Corporation (FOX), Intel Corp (INTC), National Western Life (NWLI), TotalEnergies (TOT), Unilever (UN) (UL), US Bancorp (USB), and Union Pacific (UNP: These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Tweedy Browne's 13F filings for Q4 2022 and Q1 2023.Info from Commentary – Q4 2022: PERFORMANCE – Flagship International Value Fund - TBGVX – Negative 7.53% vs negative 4.60% for MSCI EAFE (hedged to USD) for 2022 – from 1993 inception 8.27% vs 6.20%. ACTIVITY IN INTERNATIONAL VALUE & VALUE FUNDS: PURCHASES: Alten SA, Grafton Group plc, . EXITS & REDUCTIONS: GSK plc, Hyundai Motor, CNHI, Coca-Cola FEMSA, DBS Group, Rubis SCA, SCOR SE, Tencent, Tesco, Unilever, and United Overseas Bank, Cisco, Fox, Alibaba, Haleon. INCREASED – Deutsche Post, Fresenius, Howden Joinery, Ionis, Novartis, Samsung, Buzzi, FedEx, Ionis, Sumitomo, Winpak. Commentary – Nothing significant. Top International Holdings: Nestle (NSRGY), TotalEnergies (TTE), Diageo plc (DEO), Safran, and CNH Industrial (CNHI). Together, they are at ~20% of the fund.Regulatory filings from 1/10/2023 to 2/9/2023: None."

"Tracking Tweedy Browne Portfolio – Q4 2022 Update"

"Tweedy Browne’s 13F portfolio value decreased from $2.27B to $1.88B this quarter.They increased Ionis Pharmaceuticals while reducing most of the other stakes.Berkshire Hathaway at ~20% of the portfolio is the largest position.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 2/9/2023. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2022.This quarter, Tweedy Browne’s 13F portfolio value decreased ~17% from ~$2.27B to $1.88B. The number of holdings remained steady at 45. The largest position is Berkshire Hathaway at ~20% of the portfolio. The largest five individual stock positions are Berkshire Hathaway, Alphabet, Johnson & Johnson, Ionis Pharmaceuticals, and FMC Corp. Combined they are at ~62% of the portfolio. 31 of the 45 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne International Value Fund (TBGVX) has a global orientation with non-US allocation at ~80% of the portfolio and cash at ~4%. The top five holdings are Nestle (NSRGY), TotalEnergies (TTE), Diageo plc (DEO), Safran SA (SAFRY), and Berkshire Hathaway. Together, they are at ~21% of the fund. Per Q4 2022 Commentary, the fund returned Negative 7.53% for 2022 compared to Negative 4.60% for MSCI EAFE (Hedged to US$). Since inception (1993), annualized returns are at 8.27% compared to 6.20% for MSCI EAFE.Stake Increases:Ionis Pharmaceuticals (IONS): IONS is now a large (top five) ~7% of the portfolio position. It was purchased in Q1 2022 at prices between ~$30 and ~$37. The stock currently trades just above that range at $39.36. There was a ~30% stake increase this quarter at prices between ~$37 and ~$47.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their largest position at ~20% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The five quarters through Q3 2021 had seen a ~15% selling at prices between ~$200 and ~$292. That was followed with a ~20% reduction this quarter at prices between ~$264 and ~$319. The stock currently trades at ~$307.Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the second largest 13F stake at ~16% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of $95.46. Q3 2016 saw a ~9% trimming at prices between ~$35 and ~$39. That was followed with a ~10% trimming in Q3 2021 and another ~12% trimming this quarter.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at ~12%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake has seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120. That was followed with a ~17% selling this quarter at prices between ~$160 and ~$180. The share count is now at ~1.23M. The stock currently trades at ~$161. Tweedy Browne is harvesting long-term gains from this position.FMC Corporation (FMC): FMC is a large (top five) ~7% of the portfolio position established in Q3 2021 at prices between ~$88 and ~$109. There was a ~20% stake increase next quarter at prices between ~$88 and ~$110. This quarter saw a ~15% reduction at prices between ~$106 and ~$134. The stock currently trades at ~$129.Coca Cola FEMSA (KOF): The ~7% KOF stake was built over the three quarters thru Q2 2020 at prices between $38 and $65. Since then, the activity had been minor. Q2 2022 saw a ~9% trimming at prices between ~$53 and ~$60. Last quarter also saw a ~4% trimming. That was followed with a ~18% reduction this quarter at prices between ~$58 and ~$70. The stock currently trades at ~$71.Autoliv Inc. (ALV): The ~4% ALV position was established in Q1 2020 at prices between ~$40 and ~$82 and the stock currently trades at $91.60. There was a ~10% trimming this quarter.AutoZone (AZO): AZO is a 2.90% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. Q1 2019 saw a one-third selling at prices between $810 and $1000. Since then, the stake was reduced by another ~80% at prices between ~$728 and ~$2579. The stock currently trades at ~$2490. Tweedy Browne is harvesting gains.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently a 1.87% of the portfolio stake. The bulk of the original position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The position has seen selling since. The three years thru Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. The last seven quarters also saw a ~80% reduction at prices between ~$40 and ~$63. The stock currently trades at $46.73. They are harvesting gains.Wells Fargo (WFC): WFC is a 2.13% of the 13F portfolio position. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. H2 2016 saw a ~30% reduction at prices between $44 and $58. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. Last three years had seen another ~23% selling at prices between ~$22 and ~$58. That was followed with a similar reduction in Q2 2022 at prices between ~$37.50 and ~$49.50. This quarter saw another ~38% selling at prices between ~$40 and ~$48. The stock is now at $47.57.Concentrix Corp (CNXC): The ~2% of the portfolio stake in CNXC was built last quarter at prices between ~$110 and ~$137. The stock is now at ~$147. There was a ~45% reduction this quarter at prices between ~$112 and ~$134.Bank of New York Mellon (BK): BK is a 1.94% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. The three quarters through Q2 2021 had seen a ~50% reduction at prices between ~$34 and ~$52. That was followed with a ~14% selling in Q2 2022. This quarter saw another ~50% reduction at prices between ~$37 and ~$46. The stock currently trades at $51.57.FedEx Corp (FDX) and Paramount Global (PARA): The 1.57% FDX stake was purchased in Q2 2022 at prices between ~$197 and ~$243 and the stock currently trades at ~$209. There was a ~10% trimming this quarter. The PARA stake was purchased in Q2 2022 at prices between ~$24 and ~$38 and it is now well below the low end of that range at $21.79. This quarter saw the stake sold down by ~42% to a very small 0.34% portfolio stake at prices between ~$15.50 and ~$20.50.US Bancorp (USB): The 0.88% USB position had seen a ~45% increase over the first three quarters of 2020 at prices between ~$29 and ~$59. The stock is now at $48.77. Last nine quarters saw a ~68% selling at prices between ~$36 and ~$63.American Express (AXP), Bank of America (BAC), Comcast Corporation (CMCSA), CNH Industrial (CNHI), Diageo plc (DEO), Fresenius Medical Care (FMS), Fox Corporation (FOX), Intel Corp (INTC), National Western Life (NWLI), Progressive Corp (PGR), TotalEnergies (TOT), Truist Financial (TFC), Unilever (UN) (UL), and Union Pacific (UNP: These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Tweedy Browne's 13F filings for Q3 2022 and Q4 2022.Info from Commentary – Q3 2022: PERFORMANCE – Flagship International Value Fund - TBGVX – Negative 5.75% vs negative 2.81% for MSCI EAFE (hedged to USD) for Q3 2022 – from 1993 inception 7.99% vs 5.92%. ACTIVITY IN INTERNATIONAL VALUE & VALUE FUNDS: ADDS: Husqvarna AB, KBC Group, Nihon Kohden. EXITS & REDUCTIONS: BASF SE, Bollore SA, CNHI, Fresenius, GSK, Haleon, Han Lung Group, Iveco, JD.com, Norma Group, Rubis SCA, SCOR SE. INCREASED – Deutsche Post, Fagron NV, Johnson Service Group, Nabtesco. Commentary – Nothing significant. Top International Holdings: Nestle (NSRGY), Diageo plc (DEO), TotalEnergies (TTE), Roche Holding (RHHBY), and CNH Industrial (CNHI). Together, they are at ~20% of the fund.Regulatory filings from 8/12/2022 to 1/10/2023: 13G – 1/6 – Coca Cola FEMSA – KOF – 1.93M shares - 3.68% of business."

"Tracking Tweedy Browne Portfolio – Q3 2022 Update"

"Tweedy Browne’s 13F portfolio value decreased from $2.45B to $2.27B this quarter.They increased Concentrix Corp while decreasing Fox Corporation and Comcast.Berkshire Hathaway at ~18% of the portfolio is the largest position.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 11/15/2022. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2022.This quarter, Tweedy Browne’s 13F portfolio value decreased ~7% from ~$2.45B to ~$2.27B. The number of holdings increased from 45 to 46. The largest position is Berkshire Hathaway at ~18% of the portfolio. The largest five individual stock positions are Berkshire Hathaway, Alphabet, Johnson & Johnson, Coca Cola FEMSA, and FMC Corp. Combined they are at ~57% of the portfolio. 28 of the 46 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne International Value Fund (TBGVX) has a global orientation with non-US allocation at ~80% of the portfolio and cash at ~4%. The top five holdings are Nestle (NSRGY), Diageo plc (DEO), TotalEnergies (TTE), GSK plc (GSK), and Roche Holding AG (RHHBY). Together, they are at ~19% of the fund. Per Q3 2022 Commentary, the fund returned Negative 5.75% for Q3 2022 compared to Negative 2.81% for MSCI EAFE (Hedged to US$). Since inception (1993), annualized returns are at 7.99% compared to 5.92% for MSCI EAFE.Stake Increases:FMC Corporation (FMC): FMC is a large (top five) 5.76% of the portfolio position established in Q3 2021 at prices between ~$88 and ~$109. There was a ~20% stake increase next quarter at prices between ~$88 and ~$110. The stock currently trades at ~$129. There was a minor ~4% stake increase this quarter.Autoliv Inc. (ALV): The 3.27% ALV position was established in Q1 2020 at prices between ~$40 and ~$82 and the stock currently trades at $78.70. Last ten quarters have seen only minor adjustments.Concentrix Corp (CNXC): The 2.48% of the portfolio stake in CNXC was built this quarter at prices between ~$110 and ~$137. The stock is now at $138.40.FedEx Corp (FDX) and Paramount Global (PARA): The 1.24% FDX stake was purchased last quarter at prices between ~$197 and ~$243 and the stock currently trades at ~$190. There was a minor ~3% stake increase this quarter. The 0.56% PARA stake was purchased last quarter at prices between ~$24 and ~$38 and it is now well below the low end of that range at $19.55. There was a minor ~3% increase this quarter.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their largest position at ~18% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The five quarters through Q3 2021 had seen a ~15% selling at prices between ~$200 and ~$292. The stock currently trades at ~$315. There was minor trimming in the last four quarters.Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the second largest 13F stake at ~17% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of ~$89. Q3 2016 saw a ~9% trimming at prices between ~$35 and ~$39. That was followed with a ~10% trimming in Q3 2021. Last three quarters have also seen minor trimming.Note: the prices quoted above are adjusted for the 20-for-1 stock split last Month.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at ~11%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake has seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120. The share count is now at ~1.49M. The stock currently trades at ~$176. Tweedy Browne is harvesting long-term gains from this position.Coca Cola FEMSA (KOF): The ~6% KOF stake was built over the three quarters thru Q2 2020 at prices between $38 and $65. Since then, the activity had been minor. Last quarter saw a ~9% trimming at prices between ~$53 and ~$60. This quarter also saw a ~4% trimming. The stock currently trades at ~$68.Note: Regulatory filings from earlier this month show them owning 1.93M shares (3.68% of business) of Coca Cola FEMSA. This is compared to ~2.34M shares in the 13F report.Ionis Pharma (IONS) and Thor Industries (THO): IONS is a fairly large ~5% of the portfolio position purchased in Q1 2022 at prices between ~$30 and ~$37 and the stock currently trades just above that range at $37.25. There was a ~7% trimming last quarter and a marginal reduction this quarter. The small 0.60% of the portfolio THO stake was established in Q1 2022 at a cost-basis of ~$94 per share. The stock is now trading at $89.90. There was a ~15% trimming last quarter and a marginal reduction this quarter.AutoZone (AZO): AZO is a 4.60% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$2442. Q1 2019 saw a one-third selling at prices between $810 and $1000. Since then, the stake was reduced by another ~60% at prices between ~$728 and ~$2254. Tweedy Browne is harvesting gains.Wells Fargo (WFC): WFC is a 2.75% of the 13F portfolio position. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. H2 2016 saw a ~30% reduction at prices between $44 and $58. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. Last three years had seen another ~23% selling at prices between ~$22 and ~$58. That was followed with a similar reduction last quarter at prices between ~$37.50 and ~$49.50. The stock is now at $42.39. This quarter also saw a ~5% trimming.Bank of New York Mellon (BK): BK is a 2.53% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. The three quarters through Q2 2021 had seen a ~50% reduction at prices between ~$34 and ~$52. That was followed with a ~14% selling last quarter. The stock currently trades at $48.14. There was a minor ~2% trimming this quarter.Bank of America (BAC) and Truist Financial (TFC): BAC is a 2.32% of the portfolio position established in H2 2020 at prices between ~$23 and ~$30 and it is now at $33.89. The 1.54% TFC stake was purchased in H2 2020 at prices between ~$33.50 and ~$49 and the stock currently trades at $45.80. Both positions have seen minor selling in the last two quarters.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently a 1.87% of the portfolio stake. The bulk of the original position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The position has seen selling since. The three years thru Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. The last six quarters also saw a ~75% reduction at prices between ~$40 and ~$63. The stock currently trades at $48.58. They are harvesting gains.US Bancorp (USB): The 1.63% USB position had seen a ~45% increase over the first three quarters of 2020 at prices between ~$29 and ~$59. The stock is now at $46.61. Last two years saw a ~23% selling at prices between ~$37 and ~$63.Intel Corp (INTC): INTC is a 1.39% of the portfolio stake established in H2 2020 at prices between ~$44 and ~$61. There was a stake doubling over the two quarters through Q1 2022 at prices between ~$44.50 and ~$56. The stock is now well below those ranges at $29.31. Last two quarters have seen only minor adjustments.Fox Corporation (FOX): The FOX stake was a minutely small position established in Q2 2019. Next quarter saw the stake built at prices between $31.50 and $38. There was a ~15% stake increase in Q4 2019 and that was followed with a ~72% increase next quarter at prices between ~$20 and ~$38.50. Since then, the activity had been minor. Last quarter saw a ~24% selling at prices between ~$29 and ~$36.50. That was followed with a one-third reduction this quarter at prices between ~$28 and ~$34. The stock currently trades at ~$29.40, and the stake is at 1.38% of the portfolio.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. Recent activity follows: There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. Q2 2020 saw an about turn: ~140% stake increase at prices between $32.50 and $43. There was a ~63% reduction this quarter at prices between ~$29 and ~$48. The stock is now at $37.55, and the stake is now very small at 0.50% of the portfolio.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.American Express (AXP), CNH Industrial (CNHI), Carlisle Companies (CSL), Diageo plc (DEO), Fresenius Medical Care (FMS), Morgan Stanley (MS), Progressive Corp (PGR), Union Pacific (UNP), Unilever (UN) (UL), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F position is small, the firm has a large stake in Diageo held in LSE.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Tweedy Browne's 13F filings for Q2 2022 and Q3 2022.Info from Commentary – Q2 2022: PERFORMANCE – Flagship International Value Fund - TBGVX – Negative 10.86% vs negative 10.53% for MSCI EAFE (hedged to USD) for Q2 2022 – from 1993 inception 8.28% vs 6.08%. ACTIVITY IN INTERNATIONAL VALUE & VALUE FUNDS: ADDS: Deutsche Post, Howden Joinery Group PLC, Nabtesco, Nifco, Samsung. EXITS & REDUCTIONS: Astellas Pharma, Bollore SA, Diageo plc, Roche, Samchully, Vivo Energy. INCREASED – Fagron NV, Kemira OYJ, Safran SA, SKF AB, Uni-President China Holdings. Commentary – Chinese & Japanese holdings contributed to performance. Industrials suffered due to margin pressures – CNHI, BASF, Safran, 3M, CKHUY, Howden Joinery Group. Financials also underperformed. Deutsche Post – initial purchases at $35 which is less 10x earnings 2022 estimated along with ~5% dividend – transformed after financial crisis – abandoned US and refocused on international express business – 9% operating margin improvement over last decade & volumes growing 8% annually. Nabtesco – Japanese Industrial – purchased at 13.5x earnings – stable business with steady mid-single digit compounding. IBA – still arguing against the “take private” offer. MMM – disposed due to recent litigation around product safety – “forever chemicals”. Top International Holdings: Nestle (NSRGY), Diageo plc (DEO), TotalEnergies (TTE), Roche Holding (RHHBY), and CNH Industrial (CNHI). Together, they are at ~20% of the fund.Regulatory filings from 6/25/2022 to 8/12/2022: None."

"Tracking Tweedy Browne Portfolio – Q2 2022 Update"

"Tweedy Browne’s 13F portfolio value decreased from $3.10B to $2.45B this quarter.They added FedEx Corp, American Express, and Paramount Global while decreasing AutoZone and dropping 3M.Alphabet at ~18% of the portfolio is the largest position.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 8/12/2022. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2022.This quarter, Tweedy Browne’s 13F portfolio value decreased ~21% from ~$3.10B to ~$2.45B. The number of holdings increased from 44 to 45. The largest position by far is Alphabet at ~18% of the portfolio. The largest five individual stock positions are Alphabet, Berkshire Hathaway, Johnson & Johnson, Coca Cola, and FMC Corp. Combined they are at ~56% of the portfolio. 32 of the 45 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne International Value Fund (TBGVX) has a global orientation with non-US allocation at ~80% of the portfolio and cash at ~4%. The top five holdings are Nestle (NSRGY), Diageo plc (DEO), TotalEnergies (TTE), GSK plc (GSK), and Roche Holding AG (RHHBY). Together, they are at ~19% of the fund. Per Q2 2022 Commentary, the fund returned Negative 10.86% for Q1 2022 compared to Negative 10.53% for MSCI EAFE (Hedged to US$). Since inception (1993), annualized returns are at 8.28% compared to 6.08% for MSCI EAFE.New Stakes:FedEx Corp (FDX), American Express (AXP), and Paramount Global (PARA): These are the new positions this quarter. The 1.70% FDX stake was purchased at prices between ~$197 and ~$243 and the stock currently trades at ~$226. AXP is a small 0.70% of the portfolio position established at prices between ~$138 and ~$189 and it now goes for ~$159. The 0.65% PARA stake was purchased at prices between ~$24 and ~$38 and it is now near the low end of that range at ~$25.Stake Disposals:3M Company (MMM): MMM was a 1.66% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. The five quarters thru Q3 2019 had also seen a ~15% combined selling at prices between $160 and $220. Q1 2020 saw a ~12% stake increase while last two years had seen similar trimming. The disposal this quarter was at prices between ~$129 and ~$154. The stock is now at ~$141.Note: Their Q2 2022 commentary mentions this activity. They sold due to recent litigation around product safety - “forever chemicals”.Stake Increases:Intel Corp (INTC): INTC is a ~2% of the portfolio stake established in H2 2020 at prices between ~$44 and ~$61. There was a stake doubling over the last two quarters at prices between ~$44.50 and ~$56. The stock is now well below those ranges at $33.86. There was a marginal increase this quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F stake at ~18% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of ~$115. Q3 2016 saw a ~9% trimming at prices between ~$35 and ~$39. That was followed with a ~10% trimming in Q3 2021. Last two quarters have also seen minor trimming.Note: the prices quoted above are adjusted for the 20-for-1 stock split last Month.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~17% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The five quarters through Q3 2021 had seen a ~15% selling at prices between ~$200 and ~$292. The stock currently trades at ~$294. There was minor trimming in the last three quarters.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at ~11%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake has seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120. The share count is now at ~1.49M. The stock currently trades at ~$166. Tweedy Browne is harvesting long-term gains from this position.Coca Cola FEMSA (KOF): The 5.50% KOF stake was built over the three quarters thru Q2 2020 at prices between $38 and $65. Since then, the activity had been minor. This quarter saw a ~9% trimming at prices between ~$53 and ~$60. The stock currently trades at $62.72.Note: Tweedy Browne has a ~4.2% ownership stake in the business.FMC Corporation (FMC): FMC is a 5.20% of the portfolio position established in Q3 2021 at prices between ~$88 and ~$109. There was a ~20% stake increase next quarter at prices between ~$88 and ~$110. The stock currently trades at ~$115. There was a marginal reduction over the last two quarters.AutoZone (AZO): AZO is a 4.72% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$2232. Q1 2019 saw a one-third selling at prices between $810 and $1000. Since then, the stake was reduced by another ~55% at prices between ~$728 and ~$2254. Tweedy Browne is harvesting gains.Ionis Pharma (IONS) and Thor Industries (THO): IONS is a fairly large ~4% of the portfolio position purchased last quarter at prices between ~$30 and ~$37 and the stock currently trades above that range at $44.75. There was a ~7% trimming this quarter. The small 0.60% of the portfolio THO stake was established last quarter at a cost-basis of ~$94 per share. The stock is now trading at $87.22. There was a ~15% trimming this quarter.Autoliv Inc. (ALV): The 3.21% ALV position was established in Q1 2020 at prices between ~$40 and ~$82 and the stock currently trades at $79.84. Last nine quarters have seen only minor adjustments.Wells Fargo (WFC): WFC is a 2.61% of the 13F portfolio position. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. H2 2016 saw a ~30% reduction at prices between $44 and $58. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. Last three years had seen another ~23% selling at prices between ~$22 and ~$58. That was followed with a similar reduction this quarter at prices between ~$37.50 and ~$49.50. The stock is now at $44.64.Bank of New York Mellon (BK): BK is a 2.58% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. The three quarters through Q2 2021 had seen a ~50% reduction at prices between ~$34 and ~$52. That was followed with a ~14% selling this quarter. The stock currently trades at $42.98.Bank of America (BAC) and Truist Financial (TFC): BAC is a 2.39% of the portfolio position established in H2 2020 at prices between ~$23 and ~$30 and it is now at $34.52. The 1.54% TFC stake was purchased in H2 2020 at prices between ~$33.50 and ~$49 and the stock currently trades at $49.11. Both positions saw minor selling this quarter.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently a ~2% of the portfolio stake. The bulk of the original position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The position has seen selling since. The three years thru Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. The last six quarters also saw a ~75% reduction at prices between ~$43 and ~$63. The stock currently trades at ~$47. They are harvesting gains.Fox Corporation (FOX): The FOX stake was a minutely small position established in Q2 2019. Next quarter saw the stake built at prices between $31.50 and $38. There was a ~15% stake increase in Q4 2019 and that was followed with a ~72% increase next quarter at prices between ~$20 and ~$38.50. Since then, the activity had been minor. This quarter saw a ~24% selling at prices between ~$29 and ~$36.50. The stock currently trades at ~$32, and the stake is at ~2% of the portfolio.US Bancorp (USB): The 1.76% USB position had seen a ~45% increase over the first three quarters of 2020 at prices between ~$29 and ~$59. The stock is now at $47.19. There was a ~12% trimming in the last six quarters. That was followed with a similar reduction this quarter at prices between ~$45.50 and ~$53.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. Recent activity follows: There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. Q2 2020 saw an about turn: ~140% stake increase at prices between $32.50 and $43. The stock is now at $37.11, and the stake is at 1.68%. Last two years have seen only minor adjustments.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.Fresenius Medical Care (FMS): FMS is a small ~1% of the portfolio stake established in Q1 2021 at prices between ~$34 and ~$43. There was a ~14% stake increase next quarter at prices between ~$36.70 and ~$42. That was followed with a ~40% stake increase in Q3 2021 at prices between ~$35 and ~$42. Next quarter also saw a ~20% stake increase at prices between ~$30 and ~$36. The stock currently trades at $17.71. Last two quarters have seen only minor adjustments.CNH Industrial (CNHI), Concentrix Corp (CNXC), Carlisle Companies (CSL), Diageo plc (DEO), Morgan Stanley (MS), Union Pacific (UNP), Unilever (UN) (UL), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F position is small, the firm has a large stake in Diageo held in LSE.Kept Steady:Progressive Corp (PGR): The small 0.78% PGR stake was kept steady this quarter.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Tweedy Browne's 13F filings for Q1 2022 and Q2 2022.Info from Commentary – Q1 2022: PERFORMANCE – Flagship International Value Fund - TBGVX – Negative 3.27% vs negative 3.51% for MSCI EAFE (hedged to USD) for Q1 2022 – from 1993 inception 8.67% vs 6.41%. ACTIVITY IN INTERNATIONAL VALUE & VALUE FUNDS: ADDS: Ionis Pharma & Thor Industries (cost-basis $94.30) and thirteen other international names. EXITS & REDUCTIONS: …. INCREASED – …. Commentary – rising inflation and interest rates good for value stocks. Believes balance sheet strength and pricing power are critical in an environment for persistent inflation . Thor Industries – largest maker of RV’s in the world. Highly variable cost structure resulting in profit every year despite industry being cyclical. Insider buying. Some ESG commentary. Top International Holdings: Nestle (NSRGY), Diageo plc (DEO), CNH Industrial (CNHI), Roche Holding (RHHBY), and TotalEnergies (TTE). Together, they are at ~20% of the fund.Regulatory filings from 2/13/2022 thru 6/25/2022: None."

"Tracking Tweedy Browne Portfolio – Q1 2022 Update"

"Tweedy Browne’s 13F portfolio value decreased from $3.15B to $3.10B this quarter.They added Ionis Pharma and Thor Industries and increased Intel while decreasing AutoZone, Cisco Systems, and Carlisle Companies.Alphabet at ~19% of the portfolio is the largest position.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 5/13/2022. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2021.This quarter, Tweedy Browne’s 13F portfolio value decreased marginally from ~$3.15B to ~$3.10B. The number of holdings increased from 42 to 44. The largest position by far is Alphabet at ~19% of the portfolio. The largest five individual stock positions are Alphabet, Berkshire Hathaway, Johnson & Johnson, FMC Corp, and AutoZone. Combined they are at ~55% of the portfolio. 31 of the 44 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne International Value Fund (TBGVX) has a global orientation with non-US allocation at ~80% of the portfolio and cash at ~4%. The top five holdings are Nestle (NSRGY), Diageo plc (DEO), CNH Industrial (CNHI), Roche Holding AG (RHHBY), and Berkshire Hathaway (BRK.B). Together, they are at ~21% of the fund. Per Q1 2022 Commentary, the fund returned Negative 3.27% for Q1 2022 compared to Negative 3.51% for MSCI EAFE. Since inception (1993), annualized returns are at 8.67% compared to 6.41% for MSCI EAFE.New Stakes:Ionis Pharma (IONS) and Thor Industries (THOR): IONS is a fairly large 3.50% of the portfolio position purchased this quarter at prices between ~$30 and ~$37 and the stock currently trades above that range at $39.34. The small 0.59% of the portfolio THO stake was established at a cost-basis of ~$94 per share. The stock is now trading well below that at $79.32.Stake Increases:Bank of America (BAC) and Truist Financial (TFC): BAC is a 2.57% of the portfolio position established in H2 2020 at prices between ~$23 and ~$30 and it is now at $32.35. The 1.54% TFC stake was purchased in H2 2020 at prices between ~$33.50 and ~$49 and the stock currently trades at $48.57. Both positions saw minor increases this quarter.Intel Corp (INTC): INTC is a ~2% of the portfolio stake established in H2 2020 at prices between ~$44 and ~$61. There was a stake doubling over the last two quarters at prices between ~$44.50 and ~$56. The stock is now well below those ranges at $38.63.Fresenius Medical Care (FMS): FMS is a small ~1% of the portfolio stake established in Q1 2021 at prices between ~$34 and ~$43. There was a ~14% stake increase in next quarter at prices between ~$36.70 and ~$42. That was followed with a ~40% stake increase in Q3 2021 at prices between ~$35 and ~$42. Last quarter also saw a ~20% stake increase at prices between ~$30 and ~$36. The stock currently trades at $25.45. There was a marginal increase this quarter.Progressive Corp (PGR) and Verizon Communications (VZ): These two very small (less than ~0.6% of the portfolio each) stakes were increased this quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F stake at ~19% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of ~$2333. Q3 2016 saw a ~9% trimming at prices between $692 and $787. That was followed with a ~10% trimming in Q3 2021. This quarter saw marginal trimming.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~18% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The five quarters through Q3 2021 had seen a ~15% selling at prices between ~$200 and ~$292. The stock currently trades at ~$278. There was minor trimming in the last two quarters.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at ~9%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake has seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120. The share count is now at ~1.56M. The stock currently trades at ~$182. Tweedy Browne is harvesting long-term gains from this position.FMC Corporation (FMC): FMC is a ~5% of the portfolio position established in Q3 2021 at prices between ~$88 and ~$109. There was a ~20% stake increase last quarter at prices between ~$88 and ~$110. The stock currently trades at ~$109. There was marginal reduction this quarter.AutoZone (AZO): AZO is a 4.82% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$2169. Q1 2019 saw a one-third selling at prices between $810 and $1000. Since then, the stake was reduced by another ~40% at prices between ~$728 and ~$2096. Tweedy Browne is harvesting gains.Coca Cola FEMSA (KOF): The 4.76% KOF stake was built over the three quarters thru Q2 2020 at prices between $38 and $65. Since then, the activity has been minor. The stock currently trades at $59.15.Note: Tweedy Browne has a ~4.8% ownership stake in the business.Wells Fargo (WFC): WFC is a 3.19% of the 13F portfolio position. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. H2 2016 saw a ~30% reduction at prices between $44 and $58. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. Last three years have seen another ~23% selling at prices between ~$22 and ~$58. The stock is now at $40.24.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently a ~3% of the portfolio stake. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The three years thru Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. The last five quarters also saw a two-thirds reduction at prices between ~$45 and ~$63. The stock currently trades at ~$44. They are harvesting gains.Bank of New York Mellon (BK): BK is a 2.81% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. The three quarters through Q2 2021 had seen a ~50% reduction at prices between ~$34 and ~$52. The stock currently trades at $43.06. There was minor trimming in the last three quarters.Autoliv Inc. (ALV): The 2.77% ALV position was established in Q1 2020 at prices between ~$40 and ~$82 and the stock currently trades at $76.86. Last two years have seen only minor adjustments.Fox Corporation (FOX): The FOX stake was a minutely small position established in Q2 2019. Next quarter saw the stake built at prices between $31.50 and $38. There was a ~15% stake increase in Q4 2019 and that was followed with a ~72% increase next quarter at prices between ~$20 and ~$38.50. Since then, the activity has been minor. The stock currently trades at $30.52, and the stake is at 2.57% of the portfolio.US Bancorp (USB): The 1.84% USB position had seen a ~45% increase over the first three quarters of 2020 at prices between ~$29 and ~$59. The stock is now at $47.25. There was a ~12% trimming in the last six quarters.3M Company (MMM): MMM is a 1.66% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. The five quarters thru Q3 2019 had also seen a ~15% combined selling at prices between $160 and $220. Q1 2020 saw a ~12% stake increase while last two years have seen similar trimming. The stock is now at ~$133.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. Recent activity follows: There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. Q2 2020 saw an about turn: ~140% stake increase at prices between $32.50 and $43. The stock is now at $39.83, and the stake is at 1.59%. Last seven quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.CNH Industrial (CNHI), Concentrix Corp (CNXC), Carlisle Companies (CSL), ConocoPhillips (COP), Diageo plc (DEO), Morgan Stanley (MS), Union Pacific (UNP), and Unilever (UN) (UL): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F position is small, the firm has a large stake in Diageo held in LSE.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Tweedy Browne's 13F filings for Q4 2021 and Q1 2022.Info from Commentary – Q4 2021: PERFORMANCE – Flagship International Value Fund - TBGVX – 15.59% vs 19.43% for MSCI EAFE (hedged to USD) for 2021– from 1993 inception 8.87% vs 6.60%. ACTIVITY IN INTERNATIONAL VALUE & VALUE FUNDS: ADDS: Vertex Pharma & Johnson Electric. EXITS & REDUCTIONS: Alten, Bystronic, Siemens, Carlisle, Diageo, Nestle, and Zurich Insurance. INCREASED – Alibaba, Lassonde, BASF, Intel, and Rubis. Commentary – believes economic recovery, inflation, etc. favor value stock – believes rotation to value is ongoing and sustainable . Vertex Pharma – rare disease portfolio with cystic fibrois drug as flagship – 2030-37 patent expiry gives good runway and many drugs in early-stage pipeline. Buybacks and insider-buying as well. Estimated intrinsic value is $240-$250 against the fund’s weighted average cost of $187. Some ESG commentary. Also thinks the move away from tech-growthy names to value oriented global names is accelerating. Top Holdings: Nestle (NSRGY), Diageo plc (DEO), CNH Industrial (CNHI), Roche Holding (RHHBY), and Heineken (HKHHF). Together, they are at ~21% of the fund.July 9, 2021: Global Value Funds as International Value Funds.Regulatory filings from 11/12/2021 thru 2/13/2022: 13G – 1/11 – KOF – Coca-Cola FEMSA – 2.78M shares – 5.29% of business."

"Tracking Tweedy Browne Portfolio – Q4 2021 Update"

"Tweedy Browne’s 13F portfolio value increased from $2.99B to $3.15B this quarter.They increased FMC Corp, Intel Corp, and Fresenius while decreasing Emerson Electric and dropping American Express.Alphabet at ~20% of the portfolio is the largest position.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 2/10/2022. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2021.This quarter, Tweedy Browne’s 13F portfolio value increased ~5% from $2.99B to $3.15B. The number of holdings decreased from 46 to 42. The largest position by far is Alphabet at ~20% of the portfolio. The largest five individual stock positions are Alphabet, Berkshire Hathaway, Johnson & Johnson, Cisco Systems, and AutoZone. Combined they are at ~55% of the portfolio. 29 of the 42 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne International Value Fund (TBGVX) has a global orientation with non-US allocation at ~82% of the portfolio and cash at ~4%. The top five holdings are Nestle (NSRGY), Diageo plc (DEO), CNH Industrial (CNHI), Roche Holding AG (RHHBY), and Heineken (HKHHF). Together, they are at ~21% of the fund. Per Q4 2021 Commentary, the fund returned 15.59% for 2021 compared to 19.43% for MSCI EAFE. Since inception (1993), annualized returns are at 8.87% compared to 6.60% for MSCI EAFE.Stake Disposals:American Express (AXP): The small ~1.5% of the portfolio stake in AXP was disposed during the quarter.Stake Increases:FMC Corporation (FMC): FMC is a ~4% of the portfolio position established last quarter at prices between ~$88 and ~$109. There was a ~20% stake increase this quarter at prices between ~$88 and ~$110. The stock currently trades above those ranges at ~$115.Autoliv Inc. (ALV): The 3.68% ALV position was established in Q1 2020 at prices between ~$40 and ~$82 and the stock currently trades at ~$91. Last five quarters had seen minor trimming while this quarter there was a marginal increase.Intel Corp (INTC): INTC is a 1.62% of the portfolio stake established in H2 2020 at prices between ~$44 and ~$61 and it is now at $46.72. There was a ~60% stake increase this quarter at prices between ~$48 and ~$56.Fresenius Medical Care (FMS): FMS is a small ~1% of the portfolio stake established in Q1 2021 at prices between ~$34 and ~$43. There was a ~14% stake increase in Q2 2021 at prices between ~$36.70 and ~$42. That was followed with a ~40% stake increase last quarter at prices between ~$35 and ~$42. This quarter also saw a ~20% stake increase at prices between ~$30 and ~$36. The stock currently trades at $31.79.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F stake at ~20% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of ~$2654. Q3 2016 saw a ~9% trimming at prices between $692 and $787. That was followed with a ~10% trimming last quarter.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~15% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. Last five quarters had seen a ~15% selling at prices between ~$200 and ~$292. The stock currently trades at ~$308. There was marginal trimming this quarter.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at ~9%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake has seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120. The share count is now at ~1.67M. The stock currently trades at ~$158. Tweedy Browne is harvesting long-term gains from this position.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently a 5.47% of the portfolio stake. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The three years thru Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. The last four quarters also saw a ~60% reduction at prices between ~$44 and ~$64. The stock currently trades at $54.73. They are harvesting gains.AutoZone (AZO): AZO is a 5.57% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$1795. Q1 2019 saw a one-third selling at prices between $810 and $1000 and that was followed with a ~11% trimming next quarter. Last several quarters have also seen minor selling. Tweedy Browne is harvesting gains.Coca Cola FEMSA (KOF): The 4.83% KOF stake was built over the three quarters thru Q2 2020 at prices between $38 and $65. Since then, the activity has been minor. The stock currently trades at $52.58.Note: Tweedy Browne has a ~5% ownership stake in the business.Bank of New York Mellon (BK): BK is a 3.32% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. The three quarters through Q2 2021 had seen a ~50% reduction at prices between ~$34 and ~$52. The stock currently trades at ~$52.50. There was marginal trimming in the last two quarters.Wells Fargo (WFC): WFC is a 3.28% of the 13F portfolio position. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. H2 2016 saw a ~30% reduction at prices between $44 and $58. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. Last eleven quarters have seen another ~20% trimming at prices between ~$21.50 and ~$55. The stock is now at $52.71.Bank of America (BAC), Truist Financial (TFC), and Carlisle Companies (CSL): These three positions were built in H2 2020. BAC is a 2.72% of the portfolio position established at prices between ~$23 and ~$30 and it is now at $43.60. The 1.57% TFC stake was purchased at prices between ~$33.50 and ~$49 and the stock currently trades at $59.21. The 1.66% of the portfolio CSL position was purchased at prices between ~$113 and ~$196 and the stock currently trades at ~$231. Last year has seen minor trimming in all three positions.Fox Corporation (FOX): The FOX stake was a minutely small position established in Q2 2019. Next quarter saw the stake built at prices between $31.50 and $38. There was a ~15% stake increase in Q4 2019 and that was followed with a ~72% increase next quarter at prices between ~$20 and ~$38.50. Since then, the activity has been minor. The stock currently trades at $37.26, and the stake is at 2.42% of the portfolio.3M Company (MMM): MMM is a ~2% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. The five quarters thru Q3 2019 had also seen a ~15% combined selling at prices between $160 and $220. Q1 2020 saw a ~12% stake increase while last seven quarters have seen similar trimming. The stock is now at ~$144.US Bancorp (USB): The 1.93% USB position had seen a ~45% increase over the first three quarters of 2020 at prices between ~$29 and ~$59. The stock is now at $55.33. There was a ~11% trimming in the last five quarters.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. Recent activity follows: There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. Q2 2020 saw an about turn: ~140% stake increase at prices between $32.50 and $43. The stock is now at ~$46 and the stake is at 1.69%. Last six quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.Emerson Electric (EMR): EMR is a long-term stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction in 2017 at prices between $56 and $70. Next year saw another ~35% selling at prices between $55 and $80. Q2 2021 saw a ~45% reduction at prices between ~$90 and ~$99. This quarter saw another ~50% selling at prices between ~$87 and ~$100. The stock currently trades at $90, and the stake is now very small at 0.40%.ConocoPhillips (COP): COP was a 1.6M share stake built in 2009 at prices between $22 and $40. Q3 2020 saw the stake reduced to a minutely small position at prices between $32.50 and $42. The stock currently trades at $87.73. Last five quarters have seen further selling.Note: The figures quoted above are adjusted for the COP spinoff of Phillips 66 in May 2012 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.CNH Industrial (CNHI), Concentrix Corp (CNXC), Diageo plc (DEO), Union Pacific (UNP), Unilever (UN) (UL), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F position is small, the firm has a large stake in Diageo held in LSE.Kept Steady:Morgan Stanley (MS): The small 0.74% MS stake was purchased in Q2 2020 at prices between $31.50 and $50.50 and the stock currently trades at $91.81. There was a ~50% selling over the two quarters through Q3 2021 at prices between ~$77 and ~$105.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Tweedy Browne's 13F filings for Q3 2021 and Q4 2021.Info from Commentary – Q3 2021: PERFORMANCE – Flagship International Value Fund - TBGVX – 14.76% vs 17.18% for MSCI EAFE (hedged to USD) for 2021 thru Oct 2021 – from 1993 inception 8.76% vs 6.51%. ACTIVITY IN INTERNATIONAL VALUE & VALUE FUNDS: ADDS: FMC, Tencent, Uni-President, Norma Group, Taikisha LTD, Transcosmos, Vivo Energy, Chow Sang Sang, Rheinmetall. EXITS & REDUCTIONS: Bangkok Bank, Hankook, Coltene Holdings, Heineken, Novartis, Roche, Alphabet, Johnson & Johnson, Standard Chartered, Trelleborg, AbbVie, etc.. INCREASED – Industrias Bachoco SA de CV, LG Group, Okamoto Industries, Rubis, and Dali Foods. Commentary – believes economic recovery, inflation, etc. favor value stock – believes rotation to value is ongoing and sustainable . Industrias Bachoco – $2B Mexican poultry business that has never lost money despite the cyclical nature - P/E is 8 and compared to Sanderson Farms, the firm paid less than half the implied intrinsic value. bullish thesis on FMC – crop chemicals for agricultural industry. Patent protection and regulatory process differences among jurisdictions provide barriers to entry. Very profitable high ROC business, very good product pipeline, revenue growth projected, etc. are key attributes. There is ESG risk. Valued it at 13-14x EV to EBITDA and paid ~10.5x. Top Holdings: Nestle (NSRGY), Diageo plc (DEO), CNH Industrial (CNHI), Heineken (HKHHF), and Roche Holding (RHHBY). Together, they are at ~20% of the fund.July 9, 2021: Global Value Funds as International Value Funds.Regulatory filings from 8/16/2021 thru 11/12/2021: None."

"Tracking Tweedy Browne Portfolio – Q3 2021 Update"

"Tweedy Browne’s 13F portfolio value decreased from $3.56B to $2.99B this quarter.They decreased Alibaba Group Holdings and Baidu while increasing Fresenius Medical Care. They also added FMC Corp.Alphabet Inc. at ~19% of the portfolio is the largest position.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 11/12/2021. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2021.This quarter, Tweedy Browne’s 13F portfolio value decreased ~16% from $3.56B to $2.99B. The number of holdings remained steady at 46. The largest position by far is Alphabet at ~19% of the portfolio. The largest five individual stock positions are Alphabet, Berkshire Hathaway, Johnson & Johnson, Cisco Systems, and Coca Cola FEMSA. Combined they are at ~54% of the portfolio. 32 of the 46 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne International Value Fund (TBGVX) has a global orientation with non-US allocation at ~83% of the portfolio and cash at ~3%. The top five holdings are Nestle (NSRGY), Diageo plc (DEO), CNH Industrial (CNHI), Heineken (HKHHF), and Roche Holding (RHHBY). Together, they are at ~20% of the fund. Per Q3 2021 Commentary, the fund returned 14.76% for YTD through Oct 2021 compared to 17.18% for MSCI EAFE. Since inception (1993), annualized returns are at 8.76% compared to 6.51% for MSCI EAFE.New Stakes:FMC Corporation (FMC): FMC is a 3% of the portfolio position established this quarter at prices between ~$88 and ~$109 and the stock currently trades at ~$106.Stake Disposals:AbbVie Inc. (ABBV): ABBV was a 1.24% of the portfolio position established in Q2 2020 at prices between $73 and $99. Q3 2020 saw a ~50% stake increase at prices between ~$86 and ~$101. That was followed with a ~30% increase next quarter at prices between ~$81 and ~$109. The disposal this quarter was at prices between ~$106 and ~$121. The stock is now at ~$117.Stake Increases:Fresenius Medical Care (FMS): FMS is a small ~1% of the portfolio stake established in Q1 2021 at prices between ~$34 and ~$43. There was a ~14% stake increase last quarter at prices between ~$36.70 and ~$42. That was followed with a ~40% stake increase this quarter at prices between ~$35 and ~$42. The stock currently trades at $33.13.Stake Decreases:Alibaba Group Holdings (BABA): BABA was a large (top three) 9.86% of the portfolio stake established in Q4 2020 at prices between ~$222 and ~$317 and increased by two-thirds next quarter at prices between ~$225 and ~$271. There was a ~40% further increase last quarter at prices between ~$206 and ~$244. The stake was reduced by over 95% to a minutely small 0.31% portfolio position this quarter at prices between ~$145 and ~$222. The stock currently trades at ~$167.Baidu Inc. (BIDU): BIDU was a large (top five) 5.58% portfolio stake purchased in Q1 2017 at prices between $168 and $186. The position was increased by roughly two-thirds in Q2 2019 at prices between $108 and $185. Next quarter saw an about turn: 40% selling at prices between $94 and $119. Since then, the activity had been minor. Q1 2021 saw a ~30% reduction at prices between ~$204 and ~$340. This quarter saw the stake almost sold out at prices between ~$137 and ~$202. The stock is now at ~$171.Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F stake at ~19% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of ~$2974. Q3 2016 saw a ~9% trimming at prices between $692 and $787. Since then, the activity has been minor. There was a ~10% trimming this quarter.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~15% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. Last five quarters have seen a ~15% selling at prices between ~$200 and ~$292. The stock currently trades at ~$286.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at ~9%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake has seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120. The share count is now at ~1.67M. The stock currently trades at ~$165. Tweedy Browne is harvesting long-term gains from this position.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently a 5.47% of the portfolio stake. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The three years thru Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. Last three quarters also saw a ~50% reduction at prices between ~$44 and ~$59. The stock currently trades at ~$57. They are harvesting gains.Coca Cola FEMSA (KOF): The 5.27% KOF stake was built over the three quarters thru Q2 2020 at prices between $38 and $65. Since then, the activity has been minor. The stock currently trades at $53.45.Note: Tweedy Browne has a ~5% ownership stake in the business.AutoZone (AZO): AZO is a ~5% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$1886. Q1 2019 saw a one-third selling at prices between $810 and $1000 and that was followed with a ~11% trimming next quarter. Last several quarters have also seen minor selling. Tweedy Browne is harvesting gains.Wells Fargo (WFC): WFC is a 3.38% of the 13F portfolio position. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. H2 2016 saw a ~30% reduction at prices between $44 and $58. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. Last ten quarters have seen another ~18% trimming at prices between ~$21.50 and ~$54.50. The stock is now at ~$51.Bank of New York Mellon (BK): BK is a 3.24% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. Since then the activity had been minor. Last three quarters had seen a ~50% reduction at prices between ~$34 and ~$52. The stock currently trades at ~$60. There was marginal trimming this quarter.Autoliv Inc. (ALV): The 3.19% ALV position was established in Q1 2020 at prices between ~$40 and ~$82 and the stock currently trades at ~$102. Last five quarters have seen minor trimming.Fox Corporation (FOX): The FOX stake was a minutely small position established in Q2 2019. Next quarter saw the stake built at prices between $31.50 and $38. There was a ~15% stake increase in Q4 2019 and that was followed with a ~72% increase next quarter at prices between ~$20 and ~$38.50. Since then, the activity has been minor. The stock currently trades at $38.15 and the stake is at 2.79% of the portfolio.Bank of America (BAC), Truist Financial (TFC), Carlisle Companies (CSL), and Intel Corp (INTC): These four positions were built in H2 2020. BAC is a 2.74% of the portfolio position established at prices between ~$23 and ~$30 and it is now at $46.91. The 1.66% TFC stake was purchased at prices between ~$33.50 and ~$49 and the stock currently trades at $62.70. The 1.43% of the portfolio CSL position was purchased at prices between ~$113 and ~$196 and the stock currently trades at ~$240. INTC is a ~1% of the portfolio stake established at prices between ~$44 and ~$61 and it is now at $50.31. This year has seen minor trimming in all four positions.US Bancorp (USB): The 2.17% USB position had seen a ~45% increase over the first three quarters of 2020 at prices between ~$29 and ~$59. The stock is now at $60.50. There was a ~10% trimming in the last four quarters.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. Recent activity follows: There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. Q2 2020 saw an about turn: ~140% stake increase at prices between $32.50 and $43. The stock is now at ~$53.50 and the stake is at 2.10%. Last five quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.3M Company (MMM): MMM is a ~2% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. The five quarters thru Q3 2019 had also seen a ~15% combined selling at prices between $160 and $220. Q1 2020 saw a ~12% stake increase while last six quarters have seen a ~11% trimming. The stock is now at ~$184.Emerson Electric (EMR): EMR is a long-term 0.91% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It has since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction in 2017 at prices between $56 and $70. Next year saw another ~35% selling at prices between $55 and $80. Last two years had also seen minor trimming. Last quarter saw a ~45% reduction at prices between ~$90 and ~$99. The stock currently trades at $97.42. There was a minor ~2% trimming this quarter.Morgan Stanley (MS): The small 0.77% MS stake was purchased in Q2 2020 at prices between $31.50 and $50.50 and the stock currently trades at $99.85. There was a ~50% selling over the last two quarters at prices between ~$77 and ~$105.ConocoPhillips (COP): COP was a 1.6M share stake built in 2009 at prices between $22 and $40. The position had seen minor trimming since 2016. Q3 2020 saw the stake reduced to a minutely small position at prices between $32.50 and $42. The stock currently trades at $72.36. Last four quarters have seen further selling.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.American Express (AXP), CNH Industrial (CNHI), Concentrix Corp (CNXC), Diageo plc (DEO), Union Pacific (UNP), Unilever (UN) (UL), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F position is small, the firm has a large stake in Diageo held in LSE.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Tweedy Browne's 13F filings for Q2 2021 and Q3 2021.Info from Commentary – Q2 2021: PERFORMANCE – Flagship International Value Fund - TBGVX – 12.68% vs 12.94% for MSCI EAFE (hedged to USD) for 2021 thru Q2 – from 1993 inception 8.94% vs 6.51%. ACTIVITY IN GLOBAL VALUE & VALUE FUNDS: ADDS: None. EXITS: Jardine Strategic, Bank of New York Mellon, Kingboard Holdings, Berkshire Hathaway B shares. Based on valuation. INCREASED – Alibaba, Industrias Bachoco SA de CV. Commentary – Hopeful that the switch to value stocks is a durable phenomenon and is certainly long overdue. Tesco – added. Also Kemira and Takasgo Thermal in International Fund 2. bullish thesis on Alibaba – At time of purchase, Alibaba sold for less than 12x its estimated core “marketplace” EBITA, after deducting values for its other assets (i.e., international commerce, cloud, and new media) from Enterprise Value.. Top Holdings: Nestle (NSRGY), Diageo plc (DEO), CNH Industrial (CNHI), Roche Holding (RHHBY), and Heineken (HKHHF). Together, they are at ~20% of the fund.July 9, 2021: Global Value Funds as International Value Funds.Regulatory filings from 5/12/2021 thru 8/15/2021: None."

"Tracking Tweedy Browne Portfolio – Q2 2021 Update"

"Tweedy Browne’s 13F portfolio value increased from $3.44B to $3.56B this quarter.They increased Alibaba Group Holdings and Fresenius Medical Care while reducing Bank of New York Mellon during the quarter.Alphabet Inc. at ~17% of the portfolio is the largest position.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 8/12/2021. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2021.This quarter, Tweedy Browne’s 13F portfolio value increased ~4% from $3.44B to $3.56B. The number of holdings remained steady at 46. The largest position by far is Alphabet at ~17% of the portfolio. The largest five individual stock positions are Alphabet, Berkshire Hathaway, Alibaba Group Holdings, Johnson & Johnson, and Baidu. Combined they are at ~53% of the portfolio. 30 of the 46 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne International Value Fund (TBGVX) has a global orientation with non-US allocation at ~84% of the portfolio and cash at ~4%. The top five holdings are Nestle (NSRGY), Diageo plc (DEO), CNH Industrial (CNHI), Roche Holding (RHHBY), and Heineken (HKHHF). Together, they are at ~20% of the fund. Per Q2 2021 Commentary, the fund returned 12.68% for YTD through Q2 2021 compared to 12.94% for MSCI EAFE. Since inception (1993), annualized returns are at 8.94% compared to 6.51% for MSCI EAFE.New Stakes:None.Stake Disposals:None.Stake Increases:Alibaba Group Holdings (BABA): BABA is a large (top three) 9.86% of the portfolio stake established in Q4 2020 at prices between ~$222 and ~$317 and increased by two-thirds next quarter at prices between ~$225 and ~$271. There was a ~40% further increase this quarter at prices between ~$206 and ~$244. The stock currently trades well below the low end of those ranges at ~$172.Fresenius Medical Care (FMS): FMS is a small 0.71% of the portfolio stake established last quarter at prices between ~$34 and ~$43. There was a ~14% stake increase this quarter at prices between ~$36.70 and ~$42. The stock currently trades at ~$40.50Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F stake at ~17% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of ~$2731. Q3 2016 saw a ~9% trimming at prices between $692 and $787. Since then, the activity has been minor.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~14% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. Last four quarters have seen a ~13% selling at prices between ~$200 and ~$292. The stock currently trades at ~$286.Johnson & Johnson (JNJ): JNJ is a large (top five) position in the portfolio at ~8%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake has seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120. The share count is now at ~1.73M. The stock currently trades at ~$177. Tweedy Browne is harvesting long-term gains from this position.Baidu Inc. (BIDU): BIDU is a large (top five) 5.58% portfolio stake purchased in Q1 2017 at prices between $168 and $186. The position was increased by roughly two-thirds in Q2 2019 at prices between $108 and $185. Next quarter saw an about turn: 40% selling at prices between $94 and $119. Since then, the activity had been minor. Last quarter saw a ~30% reduction at prices between ~$204 and ~$340. The stock is now at ~$143. There was marginal trimming this quarter.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently a 5.29% of the portfolio stake. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The three years thru Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. Last two quarters also saw a one-third selling at prices between ~$44 and ~$55. The stock currently trades at ~$55. They are harvesting gains.Coca Cola FEMSA (KOF): The 4.17% KOF stake was built over the three quarters thru Q2 2020 at prices between $38 and $65. Since then, the activity has been minor. The stock currently trades at ~$58.Note: Tweedy Browne has a ~5% ownership stake in the business.AutoZone (AZO): AZO is a 3.68% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$1614. Q1 2019 saw a one-third selling at prices between $810 and $1000 and that was followed with a ~11% trimming next quarter. Last two years have also seen minor selling. Tweedy Browne is harvesting gains.Autoliv Inc. (ALV): The ~3% ALV position was established in Q1 2020 at prices between ~$40 and ~$82 and the stock currently trades at ~$95. Last four quarters have seen minor trimming.Wells Fargo (WFC): WFC is a 2.87% of the 13F portfolio position. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. H2 2016 saw a ~30% reduction at prices between $44 and $58. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. Last nine quarters have seen another ~15% trimming at prices between ~$21.50 and ~$54.50. The stock is now at ~$48.Bank of New York Mellon (BK): BK is a 2.74% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. Since then the activity had been minor. Last three quarters saw a ~50% reduction at prices between ~$34 and ~$52. The stock currently trades at $53.53.Bank of America (BAC), Truist Financial (TFC), Carlisle Companies (CSL), and Intel Corp (INTC): These four positions were built in H2 2020. BAC is a 2.24% of the portfolio position established at prices between ~$23 and ~$30 and it is now at $40.79. The 1.32% TFC stake was purchased at prices between ~$33.50 and ~$49 and the stock currently trades at $55.56. The 1.20% of the portfolio CSL position was purchased at prices between ~$113 and ~$196 and the stock currently trades at ~$205. INTC is a ~1% of the portfolio stake established at prices between ~$44 and ~$61 and it is now at ~$52.Fox Corporation (FOX): The FOX stake was a minutely small position established in Q2 2019. Next quarter saw the stake built at prices between $31.50 and $38. There was a ~15% stake increase in Q4 2019 and that was followed with a ~72% increase next quarter at prices between ~$20 and ~$38.50. Since then, the activity has been minor. The stock currently trades at $33.81 and the stake is at 2.23% of the portfolio.Note: Tweedy Browne’s Q3 2020 commentary said that they purchased FOX at a price estimated to be at 8% earnings yield. Also, they mentioned the focus on live programming, profitability of Fox News, and insider buying as attractive attributes.3M Company (MMM): MMM is a ~2% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. The five quarters thru Q3 2019 had also seen a ~15% combined selling at prices between $160 and $220. Q1 2020 saw a ~12% stake increase while last five quarters have seen a ~10% trimming. The stock is now at ~$197.US Bancorp (USB): The 1.81% USB position had seen a ~45% increase over the first three quarters of 2020 at prices between ~$29 and ~$59. The stock is now at ~$56. There was a ~6% trimming in the last three quarters.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. Recent activity follows: There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. Q2 2020 saw an about turn: ~140% stake increase at prices between $32.50 and $43. The stock is now at ~$59 and the stake is at 1.80%. Last four quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.AbbVie Inc. (ABBV): ABBV is a 1.24% of the portfolio position established in Q2 2020 at prices between $73 and $99 and it is now at ~$117. Q3 2020 saw a ~50% stake increase at prices between ~$86 and ~$101. That was followed with a ~30% increase next quarter at prices between ~$81 and ~$109. Last two quarters have seen only minor adjustments.ConocoPhillips (COP): COP was a 1.6M share stake built in 2009 at prices between $22 and $40. The position had seen minor trimming since 2016. Q3 2020 saw the stake reduced to a minutely small position at prices between $32.50 and $42. The stock currently trades at $55.53. Last three quarters have seen further selling.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Emerson Electric (EMR): EMR is a long-term 0.80% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It has since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction in 2017 at prices between $56 and $70. Next year saw another ~35% selling at prices between $55 and $80. Last two years had also seen minor trimming. This quarter saw a ~45% reduction at prices between ~$90 and ~$99. The stock currently trades at ~$102.Morgan Stanley (MS): The small 0.73% MS stake was purchased in Q2 2020 at prices between $31.50 and $50.50 and the stock currently trades at ~$101. There was a ~30% selling this quarter at prices between ~$77 and ~$94.American Express (AXP), CNH Industrial (CNHI), Diageo plc (DEO), Union Pacific (UNP), Unilever (UN) (UL), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F position is small, the firm has a large stake in Diageo held in LSE.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Tweedy Browne's 13F filings for Q1 2021 and Q2 2021.Info from Commentary – Q1 2021: PERFORMANCE – Flagship Global Value Fund - TBGVX – 7.14% vs 7.63% for MSCI EAFE (hedged to USD) for 2020 – from 1993 inception 8.83% vs 6.39%. ACTIVITY IN GLOBAL VALUE & VALUE FUNDS: ADDS: Fresenius, Industrias Bachoco, Concentrix, and Progressive. EXITS: Ebara, Goldman Sachs, Yamaha Motor, and Zeon. INCREASED – A-Living Smart city Services, Dali Foods, Megacable, Orange, Alibaba, Okamoto, and Rubis. Commentary – bullish thesis on Fresenius SE – bought at 10x EV/EBITA which they think is at ~70% of estimated value and Progressive – paid between $85 and $87 (15x 2021 operating earnings). Thinks have clear competitive advantages: direct distribution and superior data analytics.Regulatory filings thru 5/12/2021: None."

"Tracking Tweedy Browne Portfolio – Q1 2021 Update"

"Tweedy Browne’s 13F portfolio value increased from $2.95B to $3.44B this quarter.They increased Alibaba Group Holdings while reducing Baidu, Cisco Systems, and ConocoPhillips.Alphabet Inc. at ~15% of the portfolio is the largest position.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 5/7/2021. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2020.This quarter, Tweedy Browne’s 13F portfolio value increased ~16% from $2.95B to $3.44B. The number of holdings decreased from 48 to 46. The largest position is Alphabet at ~15% of the portfolio. The largest five individual stock positions are Alphabet, Berkshire Hathaway, Johnson & Johnson, Alibaba Group Holdings, and Baidu. Combined they are at ~50% of the portfolio. 31 of the 46 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~82% of the portfolio and cash at ~6%. The top five holdings are Nestle (NSRGY), Diageo plc (DEO), CNH Industrial (CNHI), Roche Holding (RHHBY), and Heineken (HKHHF). Together, they are at ~20% of the fund. Per Q1 2021 Commentary, the fund returned 7.14% for Q1 2021 compared to 7.63% for MSCI EAFE. Since inception (1993), annualized returns are at 8.83% compared to 6.39% for MSCI EAFE.New Stakes:Fresenius Medical Care (FMS): FMS is a small 0.57% of the portfolio stake established this quarter at prices between ~$34 and ~$43 and the stock currently trades at ~$39.50.Stake Disposals:Goldman Sachs (GS): The small ~1% GS stake saw a roughly one-third increase last quarter at prices between ~$189 and ~$264. It was disposed this quarter at prices between ~$264 and ~$349. It currently trades at ~$354.Stake Increases:Alibaba Group Holdings (BABA): BABA is a large (top five) 7.32% of the portfolio stake established last quarter at prices between ~$222 and ~$317 and increased by two-thirds this quarter at prices between ~$225 and ~$271. The stock currently trades near the low end of that range at ~$220. For investors attempting to follow, BABA is a good option to consider for further research.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F stake at ~15% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of ~$2239. Q3 2016 saw a ~9% trimming at prices between $692 and $787. Since then, the activity has been minor.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~14% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. Last several quarters have seen minor trimming. The stock currently trades at ~$283.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at 8.43%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120. The share count is now at ~1.76M. The stock currently trades at ~$168. Tweedy Browne is harvesting long-term gains from this position.Baidu Inc. (BIDU): BIDU is a large ~6% portfolio stake purchased in Q1 2017 at prices between $168 and $186. The position was increased by roughly two-thirds in Q2 2019 at prices between $108 and $185. Next quarter saw an about turn: 40% selling at prices between $94 and $119. Since then, the activity had been minor. This quarter saw a ~30% reduction at prices between ~$204 and ~$340. The stock is now at ~$183.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently a ~6% of the portfolio stake. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The three years thru Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. This quarter also saw a ~20% trimming at prices between ~$44 and ~$53. The stock currently trades at ~$52. They are harvesting gains.Bank of New York Mellon (BK): BK is a ~4% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. Since then the activity had been minor. Last quarter saw a ~18% reduction at prices between ~$34 and ~$42.50. The stock currently trades at ~$51. This quarter also saw a ~4% trimming.Coca Cola FEMSA (KOF): The 3.81% KOF stake was built over the three quarters thru Q2 2020 at prices between $38 and $65. Since then, the activity has been minor. The stock currently trades at ~$47.Note: Tweedy Browne has a ~5% ownership stake in the business.AutoZone (AZO): AZO is a 3.67% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$1496. Q1 2019 saw a one-third selling at prices between $810 and $1000 and that was followed with a ~11% trimming next quarter. Last seven quarters have also seen minor selling. Tweedy Browne is harvesting gains.Autoliv Inc. (ALV): The ~3% ALV position was established in Q1 2020 at prices between ~$40 and ~$82 and the stock currently trades at ~$97. Last three quarters have seen minor trimming.Wells Fargo (WFC): WFC is a 2.69% of the 13F portfolio position. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. H2 2016 saw a ~30% reduction at prices between $44 and $58. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. The stock is now at ~$45.50. There was minor trimming over the last two years.Fox Corporation (FOX): The FOX stake was a minutely small position established in Q2 2019. Next quarter saw the stake built at prices between $31.50 and $38. There was a ~15% stake increase in Q4 2019 and that was followed with a ~72% increase next quarter at prices between ~$20 and ~$38.50. Since then, the activity has been minor. The stock currently trades at ~$36.50 and the stake is at 2.56% of the portfolio.Note: Tweedy Browne’s Q3 2020 commentary said that they purchased FOX at a price estimated to be at 8% earnings yield. Also, they mentioned the focus on live programming, profitability of Fox News, and insider buying as attractive attributes.Bank of America (BAC), Truist Financial (TFC), Carlisle Companies (CSL), and Intel Corp (INTC): These four positions were built in H2 2020. BAC is a 2.20% of the portfolio position established at prices between ~$23 and ~$30 and it is now at ~$41. The 1.47% TFC stake was purchased at prices between ~$33.50 and ~$49 and the stock currently trades at ~$59.50. The ~1% of the portfolio CSL position was purchased at prices between ~$270 and ~$319 and the stock currently trades at ~$187. INTC is a 1.20% of the portfolio stake established at prices between ~$44 and ~$61 and it is now at ~$53.50.3M Company (MMM): MMM is a ~2% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. The five quarters thru Q3 2019 had also seen a ~15% combined selling at prices between $160 and $220. Q1 2020 saw a ~12% stake increase while last four quarters there was minor trimming. The stock is now at ~$199.US Bancorp (USB): The 1.90% USB position had seen a ~45% increase over the first three quarters of 2020 at prices between ~$29 and ~$59. The stock is now at ~$59.50. There was minor trimming in the last two quarters.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. Recent activity follows: There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. Q2 2020 saw an about turn: ~140% stake increase at prices between $32.50 and $43. The stock is now at ~$56.50 and the stake is at 1.80%. Last three quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.Emerson Electric (EMR): EMR is a long-term 1.39% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It has since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction in 2017 at prices between $56 and $70. Next year saw another ~35% selling at prices between $55 and $80. The stock currently trades at ~$93. Last two years have also seen minor trimming.AbbVie Inc. (ABBV): ABBV is a 1.23% of the portfolio position established in Q2 2020 at prices between $73 and $99 and it is now at ~$115. Q3 2020 saw a ~50% stake increase at prices between ~$86 and ~$101. That was followed with a ~30% increase next quarter at prices between ~$81 and ~$109. There was marginal trimming this quarter.ConocoPhillips (COP): COP was a 1.6M share stake built in 2009 at prices between $22 and $40. The position had seen minor trimming since 2016. Q3 2020 saw the stake reduced to a minutely small position at prices between $32.50 and $42. The stock currently trades at ~$55.50. Last two quarters have seen further selling.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Morgan Stanley (MS): The small 0.91% MS stake was purchased in Q2 2020 at prices between $31.50 and $50.50 and the stock currently trades at ~$83.50. Last three quarters have seen only minor adjustments.American Express (AXP), Diageo plc (DEO), Union Pacific (UNP), Unilever (UN) (UL), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F position is small, the firm has a large stake in Diageo held in LSE.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Tweedy Browne's 13F filings for Q4 2020 and Q1 2021.Info from Commentary – Q4 2020: PERFORMANCE – Flagship Global Value Fund - TBGVX – -1% vs 2.5% for MSCI EAFE (hedged to USD) for 2020 – from 1993 inception 8.64% vs 6.16%. ACTIVITY IN GLOBAL VALUE & VALUE FUNDS: ADDS: Conzetta, Enterprise Products, Rubis, Megacable Holdings, Alten, Fukunda Denshi, Kamigumi, A-Living, and Alibaba. EXITS: Antofagasta plc, ConocoPhillips, Phillips 66, Royal Dutch Shell. TRIMMED – Chokwang Paint, Mediaset, Royal Dutch, HSBC, etc. INCREASED – Alliance Global, Astellas Pharma, CK Hutchison, Dali Foods, and Intel. Commentary – bullish thesis on Rubis – buybacks, strong 4.7%, and discounted valuation.Regulatory filings thru 12/13/2020: 13G – 2/2 – KOF – 2.85M shares – 5.43% of business."

"Tracking Tweedy Browne Portfolio – Q4 2020 Update"

"Tweedy Browne’s 13F portfolio value increased from $2.58B to $2.95B this quarter.The largest five individual stock positions are Alphabet, Berkshire Hathaway, Baidu, Johnson & Johnson, and Cisco Systems, and they account for ~56% of the portfolio.Tweedy Browne added Alibaba Group Holdings during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 2/16/2021. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2020.This quarter, Tweedy Browne’s 13F portfolio value increased ~15% from $2.58B to $2.95B. The number of holdings increased from 47 to 48. The largest position is Alphabet at ~15% of the portfolio. Largest five individual stock positions are Alphabet, Berkshire Hathaway, Baidu, Johnson & Johnson, and Cisco Systems. Combined they are at ~56% of the portfolio. 30 of the 48 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~88% of the portfolio and cash at ~4%. The top five holdings are Nestle (NSRGY), Roche Holding (RHHBY), Heineken (HKHHF), Diageo plc (DEO), and CNH Industrial (CNHI). Together, they are at ~21% of the fund. Per Q4 2020 Commentary, the fund returned -1% for 2020 compared to 2.5% for MSCI EAFE. Since inception (1993), annualized returns are at 8.64% compared to 6.16% for MSCI EAFE.New Stakes:Alibaba Group Holdings (BABA): BABA is a large 5.21% of the portfolio stake established this quarter at prices between ~$222 and ~$317 and the stock currently trades at $223.Stake Disposals:None.Stake Increases:Baidu Inc. (BIDU): BIDU is a large 10.33% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now at ~$205. The position was increased by roughly two-thirds in Q2 2019 at prices between $108 and $185. Next quarter saw an about turn: 40% selling at prices between $94 and $119. Since then, the activity has been minor.Coca Cola FEMSA (KOF): The fairly large 4.45% KOF stake was built over the three quarters thru Q2 2020 at prices between $38 and $65. The stock currently trades at $46.51. Last two quarters have also seen minor increases.Note: Tweedy Browne has a ~5.4% ownership stake in the business.Fox Corporation (FOX): The FOX stake was a minutely small position established in Q2 2019. Next quarter saw the stake built at prices between $31.50 and $38. There was a ~15% stake increase in Q4 2019 and that was followed with a ~72% increase next quarter at prices between ~$20 and ~$38.50. The stock currently trades at $38.42 and the stake is at 2.49% of the portfolio.Note: Tweedy Browne’s third quarter commentary said that they purchased FOX at a price estimated to be at 8% earnings yield. Also, they mentioned the focus on live programming, profitability of Fox News, and insider buying as attractive attributes.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. Recent activity follows: There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. Q2 2020 saw an about turn: ~140% stake increase at prices between $32.50 and $43. The stock is now at $56.30 and the stake is at ~2%. Last two quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.AbbVie Inc. (ABBV): ABBV is a 1.42% of the portfolio position established in Q2 2020 at prices between $73 and $99 and it is now at ~$104. Last quarter saw a ~50% stake increase at prices between ~$86 and ~$101. That was followed with a ~30% increase this quarter at prices between ~$81 and ~$109.Bank of America (BAC), Truist Financial (TFC), Carlisle Companies (CSL), and Intel Corp (INTC): These four positions were built over the last two quarters. BAC is a ~2% of the portfolio position established at prices between ~$23 and ~$30 and it is now at $37.66. The 1.41% TFC stake was purchased at prices between ~$33.50 and ~$49 and the stock currently trades at $57.49. The 1.21 % of the portfolio CSL position was purchased at prices between ~$270 and ~$319 and the stock currently trades at ~$270. INTC is a ~1% of the portfolio stake established at prices between ~$44 and ~$61 and it is now at $62.02.Goldman Sachs (GS): The small ~1% GS stake saw a roughly one-third increase this quarter at prices between ~$189 and ~$264. It is now at ~$331.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F stake at ~15% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of ~$2044. Q3 2016 saw a ~9% trimming at prices between $692 and $787. Since then, the activity has been minor.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~14% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. Last several quarters have seen minor trimming. The stock currently trades at ~$251.Johnson & Johnson (JNJ): JNJ is a large (top five) position in the portfolio at ~10%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120. The share count is now at ~1.79M. The stock currently trades at ~$162. Tweedy Browne is harvesting long-term gains from this position.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently their fifth-largest 13F stake at 7.44% of the portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $50.51. The three years thru Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. They are harvesting gains. Last six quarters have also seen minor trimming.Bank of New York Mellon (BK): BK is a large 4.41% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. Since then the activity had been minor. This quarter saw a ~18% reduction at prices between ~$34 and ~$42.50. The stock currently trades at $46.33.AutoZone (AZO): AZO is a 3.64% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$1374. Q1 2019 saw a one-third selling at prices between $810 and $1000 and that was followed with a ~11% trimming next quarter. Tweedy Browne is harvesting gains. There was minor trimming in the last six quarters.Autoliv Inc. (ALV): The 3.53% ALV position was established in Q1 2020 at prices between ~$40 and ~$82 and the stock currently trades at $89.44. Last two quarters have seen minor trimming.Wells Fargo (WFC): WFC is a 2.44% of the 13F portfolio position. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. H2 2016 saw a ~30% reduction at prices between $44 and $58. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. The stock is now at $39.30. There was minor trimming over the last seven quarters.3M Company (MMM): MMM is a 2.19% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. The five quarters thru Q3 2019 had also seen a ~15% combined selling at prices between $160 and $220. Q1 2020 saw a ~12% stake increase while last three quarters there was minor trimming. The stock is now at ~$193.US Bancorp (USB): The 1.87% USB position had seen a ~45% increase over the last three quarters at prices between ~$29 and ~$59. The stock is now at $54.89. There was minor trimming this quarter.Emerson Electric (EMR): EMR is a long-term 1.55% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It has since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction in 2017 at prices between $56 and $70. Next year saw another ~35% selling at prices between $55 and $80. The stock currently trades at $89.19. Last two years have also seen minor trimming.ConocoPhillips (COP): COP was a 1.6M share stake built in 2009 at prices between $22 and $40. The position had seen minor trimming since 2016. Last quarter saw the stake reduced to a minutely small 0.14% of the portfolio position at prices between $32.50 and $42. The stock currently trades at $53.57. There was another ~13% trimming this quarter.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.American Express (AXP), Diageo plc (DEO), Union Pacific (UNP), Unilever (UN) (UL), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F position is small, the firm has a large stake in Diageo held in LSE.Kept Steady:Morgan Stanley (MS): The small ~1% MS stake was purchased in Q2 2020 at prices between $31.50 and $50.50 and the stock currently trades at $80.13. Last quarter saw a marginal increase.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q4 2020:Source: John Vincent. Data constructed from Tweedy Browne's 13F filings for Q3 and Q4 2020.Info from Commentary – Q2 2020: PERFORMANCE – Flagship Global Value Fund - TBGVX – -13.51% vs -8.37% for MSCI EAFE (hedged to USD) – from 1993 inception 8.18% vs 5.79%. ACTIVITY IN GLOBAL VALUE & VALUE FUNDS: ADDS: Alliance Global Group plc. EXITS: Antofagasta plc, ConocoPhillips, Phillips 66, Royal Dutch Shell. TRIMMED – Chokwang Paint, Heineken Holdings, HSBC Holding, Mediaset Espana, Nestle, Novartis, Roche Holding, Sol SpA, Zurich Insurance. INCREASED – Astellas Pharma, Babcock International, Jardine Strategic, Johnson Service Group, Kuraray co. Commentary – sold or reduced Oil & Gas businesses. They believe their bank holdings are one of the most undervalued parts in the portfolio. Zero-rate environment favoring longer duration growth stocks – aka large cap us tech stocks.Regulatory filings thru 12/13/2020: None."

"Tracking Tweedy Browne Portfolio – Q3 2020 Update"

"Tweedy Browne’s 13F portfolio value increased from $2.51B to $2.58B this quarter.The largest five individual stock positions are Berkshire Hathaway, Alphabet, Johnson & Johnson, Cisco Systems, and Baidu, and they account for ~55% of the portfolio.Tweedy Browne increased AbbVie while decreasing ConocoPhillips and Phillips 66.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 11/16/2020. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2020.This quarter, Tweedy Browne’s 13F portfolio value increased ~3% from $2.51B to $2.58B. The number of holdings increased from 43 to 47. The largest position is Berkshire Hathaway at ~15.50% of the portfolio. Largest five individual stock positions are Berkshire Hathaway, Alphabet, Johnson & Johnson, Cisco Systems, and Baidu. Combined they are at ~55% of the portfolio. 32 of the 47 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~90% of the portfolio and cash at ~6%. The top five holdings are Nestle (NSRGY), Roche Holding (RHHBY), Diageo plc (DEO), Heineken (HKHHF), and Safran SA (SAFRY). Together, they are at ~24% of the fund. Per Q3 2020 Commentary, the fund returned -13.51% YTD through Q3 2020 compared to -8.37% for MSCI EAFE. Since inception (1993), annualized returns are at 8.18% compared to 5.79% for MSCI EAFE. This quarter saw them significantly reduce their overweight exposure to the Oil & Gas sector.New Stakes:Carlisle Companies (CSL), Intel Corp (INTC), Truist Financial (TFC), and Bank of America (BAC): These are small new stakes established this quarter. The 0.85% of the portfolio CSL position was purchased at prices between ~$113 and ~$132 and the stock currently trades at ~$156. INTC is a small 0.80% of the portfolio stake established at prices between ~$48 and ~$61 and it is now at $49.73. The 0.71% TFC stake was purchased at prices between $33.60 and $40.80 and the stock currently trades at $47.01. BAC is a 0.58% of the portfolio position established at prices between ~$23 and ~$27 and it is now at $28.57.Note: per their Q3 2020 commentary, they consider their bank holdings as the most undervalued part of the portfolio.Stake Disposals:None.Stake Increases:Coca Cola FEMSA (KOF): The fairly large 4.46% KOF stake was built over the last three quarters at prices between $38 and $65. The stock currently trades at $45.60. This quarter also saw a ~3% stake increase. For investors attempting to follow, KOF is a good option to consider for further research.US Bancorp (USB): The 1.67% USB position has seen a ~45% increase over the last three quarters at prices between ~$29 and ~$59. The stock is now at $45.84.Morgan Stanley (MS) and AbbVie Inc. (ABBV): These two positions established last quarter were increased this quarter. The small 0.87% MS stake was purchased at prices between $31.50 and $50.50 and the stock currently trades at $63.32. This quarter saw a marginal increase. ABBV is a ~1% of the portfolio position established at prices between $73 and $99 and it is now at ~$106. This quarter saw a ~50% stake increase at prices between ~$86 and ~$101.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their largest position at ~16% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. Since then the activity has been minor. The stock currently trades at ~$226.Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the second-largest 13F stake at ~14% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of ~$1782. Q3 2016 saw a ~9% trimming at prices between $692 and $787. Since then, the activity has been minor.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at ~10%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120. The share count is now at ~1.80M. The stock currently trades at ~$153. Tweedy Browne is harvesting long-term gains from this position.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently their fourth-largest 13F stake at ~8% of the portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $44.32. The three years thru Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. They are harvesting gains. Last five quarters have also seen minor trimming.Baidu Inc. (BIDU): BIDU is a large 6.87% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now below the low end of that range at ~$161. The position was increased by roughly two-thirds in Q2 2019 at prices between $108 and $185. Next quarter saw an about turn: 40% selling at prices between $94 and $119. There was a ~15% stake increase in Q4 2019 at prices between $99.50 and $129. Q1 2020 saw similar selling at prices between ~$83 and ~$145. Since then, the activity has been minor.Bank of New York Mellon (BK): BK is a large ~5% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. Since then the activity has been minor. The stock currently trades at $40.24.AutoZone (AZO): AZO is a 4.30% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$1155. Q1 2019 saw a one-third selling at prices between $810 and $1000 and that was followed with a ~11% trimming next quarter. Tweedy Browne is harvesting gains. There was minor trimming in the last five quarters.Autoliv Inc. (ALV): The 3.23% ALV position was established in Q1 2020 at prices between ~$40 and ~$82 and the stock currently trades at $91.02. This quarter saw marginal trimming.Fox Corporation (FOX): The FOX stake was a minutely small position established in Q2 2019. Next quarter saw the stake built at prices between $31.50 and $38. There was a ~15% stake increase in Q4 2019 and that was followed with a ~72% increase next quarter at prices between ~$20 and ~$38.50. The stock currently trades at $28.72 and the stake is at 2.73% of the portfolio.Note: Tweedy Browne’s third quarter commentary said that they purchased FOX at a price estimated to be at 8% earnings yield. Also, they mentioned the focus on live programming, profitability of Fox News, and insider buying as attractive attributes.3M Company (MMM): MMM is a 2.37% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. The five quarters thru Q3 2019 had also seen a ~15% combined selling at prices between $160 and $220. Q1 2020 saw a ~12% stake increase while last two quarters there was minor trimming. The stock is now at ~$174.Wells Fargo (WFC): WFC is a 2.19% of the 13F portfolio position. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. The stock is now at $29.08. There was minor trimming over the last six quarters.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. Recent activity follows: There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. Last quarter saw an about turn: ~140% stake increase at prices between $32.50 and $43. The stock is now at $50.93 and the stake is at 2.02%. There was marginal trimming this quarter.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.Emerson Electric (EMR): EMR is a long-term 1.49% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It has since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction in 2017 at prices between $56 and $70. Next year saw another ~35% selling at prices between $55 and $80. The stock currently trades at $82.42. Last seven quarters have also seen minor trimming.ConocoPhillips (COP): COP was a 1.6M share stake built in 2009 at prices between $22 and $40. The position had seen minor trimming since 2016. This quarter saw the stake reduced to a minutely small 0.14% of the portfolio position at prices between $32.50 and $42. The stock currently trades at $43.48.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.American Express (AXP), Diageo plc (DEO), Goldman Sachs (GS), National Western Life (NWLI), Novartis AG (NVS), Phillips 66 (PSX), Union Pacific (UNP), Unilever (UN) (UL), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F position is small, the firm has large stakes in Diageo and Novartis. The rest are held in their native markets which are outside the realm of 13F filings.Kept Steady:None.Other minutely small (less than 0.5% of the 13F portfolio each) positions in the 13F portfolio include Alcon Inc. (ALC), American National Group (ANAT), Applied Industrial Technologies (AIT), Baxter International (BAX), CKX lands (CKX), CNH Industrials (CNHI), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Merck & Company (MRK), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Total SA (TOT), and UniFirst Corporation (UNF).Note: GlaxoSmithKline and HSBC are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q3 2020:Info from Commentary – Q2 2020: PERFORMANCE – Flagship Global Value Fund - TBGVX – -13.58% vs -9.58% for MSCI EAFE (hedged to USD) – from 1993 inception 8.26% vs 5.79%. ACTIVITY IN GLOBAL VALUE & VALUE FUNDS: ADDS: Fuji Seal International, CK Hutchison. EXITS: G4S plc, Chokwang Paint. TRIMMED – Antofagasta, AutoZone, Bank of New York Mellon, Roche Holding. INCREASED – Astellas Pharma, Coca-Cola FEMSA, Embotelladora Andina, Jardine Strategic, Kuraray Co, SCOR SE, Shanghai Mechanical, and Yamaha Motor. Commentary – nothing significant.Regulatory filings thru 8/11/2020: None."

"Tracking Tweedy Browne Portfolio – Q2 2020 Update"

"Tweedy Browne’s 13F portfolio value increased from $2.15B to $2.51B this quarter.The largest five individual stock positions are Alphabet, Berkshire Hathaway, Johnson & Johnson, Cisco Systems, and Baidu, and they account for ~55% of the portfolio.Tweedy Browne increased Coca-Cola FEMSA and Comcast while dropping Delta Airlines.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 08/11/2020. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2020.This quarter, Tweedy Browne’s 13F portfolio value increased ~16% from $2.15B to $2.51B. The number of holdings decreased from 46 to 43. The largest position is Alphabet at ~14% of the portfolio. Largest five individual stock positions are Alphabet, Berkshire Hathaway, Johnson & Johnson, Cisco Systems, and Baidu. Combined they are at ~55% of the portfolio. 28 of the 43 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~90% of the portfolio and cash at ~6%. The top five holdings are Nestle (NSRGY), Roche Holding (RHHBY), Diageo plc (DEO), Heineken (HKHHF), and Novartis (NVS). Together, they are at ~24% of the fund. Per Q2 2020 Commentary, the fund returned -13.58% for H1 2020 compared to -9.58% for MSCI EAFE. Since inception (1993), annualized returns are at 8.26% compared to 5.79% for MSCI EAFE.New Stakes:Morgan Stanley (MS) and AbbVie Inc. (ABBV): These are the two new positions this quarter. The small 0.89% MS stake was purchased at prices between $31.50 and $50.50 and the stock currently trades at $52.38. ABBV is a 0.81% of the portfolio position established at prices between $73 and $99 and it is now at $95.51.Stake Disposals:Delta Airlines (DAL): DAL was a 1.23% of the portfolio stake purchased last quarter at prices between ~$21 and ~$62. The position was eliminated this quarter at prices between $19 and $37. The stock currently trades at $29.09.MRC Global (MRC): The 0.66% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Recent activity follows. Q4 2019 saw a ~20% selling at prices between $10.80 and $15.15. The disposal this quarter was at prices between $3.50 and $8.11. The stock is now at $6.26.WPP plc (WPP): The minutely small ~0.5% stake in WPP as of Q4 2019 was sold over the last two quarters.Stake Increases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~13.5% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. Since then the activity has been minor. The stock currently trades at ~$213.Baidu Inc. (BIDU): BIDU is a large 6.70% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now well below the low end of that range at ~$126. The position was increased by roughly two-thirds in Q2 2019 at prices between $108 and $185. Next quarter saw an about turn: 40% selling at prices between $94 and $119. There was a ~15% stake increase in Q4 2019 at prices between $99.50 and $129. Last quarter saw similar selling at prices between ~$83 and ~$145. This quarter saw a ~4% stake increase.Coca Cola FEMSA (KOF): The fairly large 4.80% KOF was built over the last three quarters at prices between $38 and $65. The stock currently trades at ~$43. For investors attempting to follow, KOF is a good option to consider for further research.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. Recent activity follows: There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. This quarter saw an about turn: ~140% stake increase at prices between $32.50 and $43. The stock is now at $43.34 and the stake is at 1.76%.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.American Express (AXP), US Bancorp (USB), and Unilever (UN) (UL): These small positions (less than ~1.5% of the 13F portfolio each) were increased during the quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F stake at ~14% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of ~$1507. Q3 2016 saw a ~9% trimming at prices between $692 and $787. Since then, the activity has been minor.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at ~10%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120 and that was followed with minor trimming over the last three years. The share count is now at ~1.84M. The stock currently trades at ~$150. Tweedy Browne is harvesting long-term gains from this position.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently their fourth-largest 13F stake at ~10% of the portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $48.10. The three years thru Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. They are harvesting gains. Last four quarters have also seen minor trimming.Bank of New York Mellon (BK): BK is a large ~6% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. Since then the activity has been minor. The stock currently trades at ~$38.AutoZone (AZO): AZO is a 4.44% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$1188. Q1 2019 saw a one-third selling at prices between $810 and $1000 and that was followed with a ~11% trimming next quarter. Tweedy Browne is harvesting gains. There was minor trimming in the last four quarters.Autoliv Inc. (ALV): The 2.94% ALV position was established last quarter at prices between ~$40 and ~$82 and the stock currently trades at $72.37.Fox Corporation (FOX): The FOX stake was a minutely small position established in Q2 2019. Next quarter saw the stake built at prices between $31.50 and $38. There was a ~15% stake increase in Q4 2019 and that was followed with a ~72% increase last quarter at prices between ~$20 and ~$38.50. The stock currently trades at $25.21 and the stake is at 2.73% of the portfolio.Note: Tweedy Browne’s third quarter commentary said that they purchased FOX at a price estimated to be at 8% earnings yield. Also, they mentioned the focus on live programming, profitability of Fox News, and insider buying as attractive attributes.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current 1.6M share stake (2.29% of portfolio) was purchased in 2009 at prices between $22 and $40. The three quarters thru Q3 2016 had seen minor reductions. Q4 2016 saw a ~14% selling at prices between $40.50 and $53. 2017 saw another similar trimming at prices between $43 and $56. There was a ~9% reduction in Q2 2018 and minor trimming over the last two years. The stock currently trades at $41.66. Tweedy Browne is harvesting long-term gains.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Wells Fargo (WFC): WFC is a 2.52% of the 13F portfolio position. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. The stock is now at $25.19. There was minor trimming over the last five quarters.3M Company (MMM): MMM is a 2.39% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. The five quarters thru Q3 2019 had also seen a ~15% combined selling at prices between $160 and $220. Last quarter saw a ~12% stake increase while this quarter there was minor trimming. The stock is now at ~$164.Emerson Electric (EMR): EMR is a long-term 1.49% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It has since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction in 2017 at prices between $56 and $70. Next year saw another ~35% selling at prices between $55 and $80. The stock currently trades at $71.79. Last six quarters have also seen minor trimming.Diageo plc (DEO), Goldman Sachs (GS), National Western Life (NWLI), Novartis AG (NVS), Phillips 66 (PSX), Union Pacific (UNP), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F position is small, the firm has large stakes in Diageo and Novartis. The rest are held in their native markets which are outside the realm of 13F filings.Kept Steady:None.Other minutely small (less than 0.5% of the 13F portfolio each) positions in the 13F portfolio include Alcon Inc. (ALC), American National Group (ANAT), Applied Industrial Technologies (AIT), Baxter International (BAX), CKX lands (CKX), CNH Industrials (CNHI), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Merck & Company (MRK), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Total SA (TOT), and UniFirst Corporation (UNF).Note: GlaxoSmithKline, HSBC, Royal Dutch Shell, and Total SA are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q2 2020:Info from Commentary – Q1 2020: PERFORMANCE – Flagship Global Value Fund - TBGVX – -21.37% vs -19.91% for MSCI EAFE – from 1993 inception 7.96% vs 5.37%. ADDS: many in Japan - Astellas Pharmaceutical, Yamaha Motor Company, Kuraray, ADEKA Corporation, Autoliv, Shanghai Mechanical, Dongsuh, CK Hutchison, BASF, and Delta Airlines. EXITS: Imperial Brands, WPP plc, Carnival Corp and Halliburton. TRIMMED – Antofagasta, G4S, Standard Chartered, and HSBC. INCREASED – Babcock International, BASF, CNH, Coca-Cola FEMSA, Krones, Safran, and Trelleborg. Commentary – nothing significant.Regulatory filings thru 5/31/2020: None."

"Tracking Tweedy Browne Portfolio – Q1 2020 Update"

"Tweedy Browne’s 13F portfolio value decreased from $2.77B to $2.15B this quarter.The largest five individual stock positions are Berkshire Hathaway, Alphabet, Johnson & Johnson, Cisco Systems, and Baidu, and they account for ~57% of the portfolio.Tweedy Browne added Autoliv and Delta Airlines while reducing Baidu and WPP plc.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 05/13/2020. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2019.This quarter, Tweedy Browne’s 13F portfolio value decreased ~22% from $2.77B to $2.15B. The number of holdings increased from 43 to 46. The largest position is Berkshire Hathaway at ~15% of the portfolio. Largest five individual stock positions are Berkshire Hathaway, Alphabet, Johnson & Johnson, Cisco Systems, and Baidu. Combined they are at ~57% of the portfolio. 29 of the 43 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~90% of the portfolio and cash at ~13%. The top five holdings are Nestle (NSRGY), Roche Holding (RHHBY), Diageo plc (DEO), Heineken (HKHHF), and Zurich Insurance (ZURVY). Together, they are at ~23% of the fund. Per Q1 2020 Commentary, the fund returned -21.37% for Q1 2020 compared to -19.91% for MSCI EAFE. Since inception (1993), annualized returns are at 7.96% compared to 5.37% for MSCI EAFE.New Stakes:Autoliv Inc. (ALV) and Delta Airlines (DAL): These two are the new positions this quarter. The medium-sized 2.45% ALV position was established at prices between ~$40 and ~$82 and the stock currently trades at $66.51. DAL is a 1.23% of the portfolio stake purchased at prices between ~$21 and ~$62 and it is now at $31.64.Stake Disposals:None.Stake Increases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their largest position at ~15% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The stock currently trades at ~$192. There was a ~12% selling in Q4 2017 and that was followed with minor trimming over the next three quarters. Q4 2018 saw a ~10% overall increase while last five quarters have seen only marginal activity.Coca Cola FEMSA (KOF): The 2.79% KOF stake saw a ~55% stake increase last quarter at prices between $55 and $62. That was followed with a ~85% increase this quarter at prices between ~$38 and ~$65. The stock currently trades at ~$45. For investors attempting to follow, KOF is a good option to consider for further research.Fox Corporation (FOX): The FOX stake was a minutely small position established in Q2 2019. Next quarter saw the stake built to a 2.72% portfolio position at prices between $31.50 and $38. There was a ~15% stake increase last quarter and that was followed with a ~72% increase this quarter at prices between ~$20 and ~$38.50. The stock currently trades at $29.73.Note: Tweedy Browne’s third quarter commentary said that they purchased FOX at a price estimated to be at 8% earnings yield. Also, they mentioned the focus on live programming, profitability of Fox News, and insider buying as attractive attributes.3M Company (MMM): MMM is a 2.48% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. The five quarters thru Q3 2019 had also seen a ~15% combined selling at prices between $160 and $220. The stock is now at ~$164. This quarter saw a ~12% stake increase.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $28 and $31.50. Q3 2016 saw another ~16% selling at prices between $32.50 and $34. There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. The stock is now at $41.36 and the stake is at 0.76%. This quarter saw a ~5% stake increase.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.American Express (AXP), US Bancorp (USB), and Union Pacific (UNP): These small positions (less than ~1.5% of the 13F portfolio each) were increased during the quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-three ~14% position first purchased in 2012 at much lower prices compared to the current trading price of ~$1465. Q3 2016 saw a ~9% trimming at prices between $692 and $787. Since then, the activity has been minor.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at ~11%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120 and that was followed with minor trimming over the last three years. The share count is now at ~1.87M. The stock currently trades at ~$148. Tweedy Browne is harvesting long-term gains from this position.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently their fourth-largest 13F stake at ~10% of the portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $47.42. The three years thru Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. They are harvesting gains. Last three quarters have also seen minor trimming.Baidu Inc. (BIDU): BIDU is a large 6.32% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now well below the low end of that range at ~$117. The position was increased by roughly two-thirds in Q2 2019 at prices between $108 and $185. Next quarter saw an about turn: 40% selling at prices between $94 and $119. There was a ~15% stake increase last quarter at prices between $99.50 and $129. This quarter saw similar selling at prices between ~$83 and ~$145. For investors attempting to follow, BIDU is a good option to consider for further research.Bank of New York Mellon (BK): BK is a large ~6% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. Since then the activity has been minor. The stock currently trades at ~$40.AutoZone (AZO): AZO is a ~4% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$1127. Q1 2019 saw a one-third selling at prices between $810 and $1000 and that was followed with a ~11% trimming next quarter. Tweedy Browne is harvesting gains. There was minor trimming in the last three quarters.Wells Fargo (WFC): WFC is a 3.35% of the 13F portfolio position. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. The stock is now at $29.71. There was minor trimming over the last four quarters.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current 1.6M share stake (2.29% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $45.91. The three quarters thru Q3 2016 had seen minor reductions. Q4 2016 saw a ~14% selling at prices between $40.50 and $53. 2017 saw another similar trimming at prices between $43 and $56. There was a ~9% reduction in Q2 2018 and minor trimming in the last seven quarters. Tweedy Browne is harvesting long-term gains.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Emerson Electric (EMR): EMR is a long-term 1.37% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It has since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction in 2017 at prices between $56 and $70. Next year saw another ~35% selling at prices between $55 and $80. The stock currently trades at $65.88. Last five quarters have seen minor trimming.MRC Global (MRC): The 0.66% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Q3 2016 saw a ~22% selling at prices between $12.50 and $16.50 and that was followed with a ~6% trimming in Q1 2017. Q3 2017 saw a ~15% increase at prices between $15.40 and $17.50. Last quarter saw another ~20% selling at prices between $10.80 and $15.15. The stock is now at $6.56. This quarter saw another ~7% trimming.Goldman Sachs (GS): GS is a small 0.66% of the portfolio stake established in Q4 2018 at prices between $155 and $232. Since then, the activity has been minor. The stock currently trades at ~$214.Diageo plc (DEO), National Western Life (NWLI), Novartis AG (NVS), Phillips 66 (PSX), Unilever (UN) (UL), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F position is small, the firm has a large stake in Diageo. The rest of the shares are held in London market which is outside the realm of 13F filings.Kept Steady:None.Other minutely small (less than 0.5% of the 13F portfolio each) positions in the 13F portfolio include Alcon Inc. (ALC), American National Insurance (ANAT), Applied Industrial Technologies (AIT), Baxter International (BAX), Carnival Corp (CCL), CKX lands (CKX), CNH Industrials (CNHI), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Halliburton (HAL), Merck & Company (MRK), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Total SA (TOT), UniFirst Corporation (UNF), and WPP plc (WPP).Note: GlaxoSmithKline, HSBC, Novartis AG, Royal Dutch Shell, and Total SA are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q1 2020:Info from Commentary – Q4 2019: PERFORMANCE – Flagship Global Value Fund - TBGVX – for 2019, 14.63% vs 24.64% for the MSCI EAFE (hedged) – from 1993 inception 9.02% vs 6.30%. ADDS: Coca-Cola FEMSA – KOF – added at 70% of intrinsic valuation. EXITS: Buzzi Unicem and Avnet. TRIMMED – Safran, Antofagasta, G4S, and Zurich Insurance. INCREASED – Baidu, Royal Dutch, Tarkett, and Trelleborg. Commentary – nothing significant.Regulatory filings thru 02/27/2020: 13G/A – 1/3 – MRC – 3.63M shares – 4.41% of business."

"Tracking Tweedy Browne Portfolio – Q4 2019 Update"

"Tweedy Browne’s 13F portfolio value decreased marginally from $2.83B to $2.77B this quarter.The largest five individual stock positions are Berkshire Hathaway, Alphabet, Johnson & Johnson, Cisco Systems, and Baidu, and they account for ~60% of the portfolio.Tweedy Browne increased Baidu while reducing Unilever.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 02/14/2020. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2019.This quarter, Tweedy Browne’s 13F portfolio value decreased marginally from $2.83B to $2.77B. The number of holdings decreased from 47 to 43. The largest position is Berkshire Hathaway at ~13% of the portfolio. Largest five individual stock positions are Berkshire Hathaway, Alphabet, Johnson & Johnson, Cisco Systems, and Baidu. Combined they are at ~60% of the portfolio. 27 of the 43 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~90% of the portfolio and cash at ~14%. The top five holdings are Nestle (NSRGY), Diageo plc (DEO), Safran SA (SAFRY) (SAFRF), Heineken (HKHHF), and Roche Holding (RHHBY). Together, they are at ~20% of the fund. Per Q4 2019 Commentary, the fund returned 14.63% for 2019 compared to 24.64% for MSCI EAFE. Since inception (1993), annualized returns are at 9.02% compared to 6.30% for MSCI EAFE.New Stakes:None.Stake Disposals:Devon Energy (DVN): The bulk of the original DVN stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. The position had seen selling since Q3 2016. Recent activity follows: Q2 2018 saw a ~24% reduction at prices between $30 and $43 and that was followed with a ~30% selling in Q4 2018 at prices between $21 and $41. The stock currently trades at $7.27. Last three quarters had seen minor selling. The disposal this quarter was at prices between $19.80 and $26.50.Avnet Inc. (AVT): AVT was a ~1% of the portfolio stake purchased in Q1 2016 at prices between $38 and $45. This quarter saw the stake disposed at prices between $39.20 and $44.50. The stock is currently at $23.44.Note: Tweedy Browne’s Q4 2019 commentary mentions that the exit of Avnet for a modest profit was done due to competitive concerns.Stake Increases:Baidu Inc. (BIDU): BIDU is a large 7.41% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now well below the low end of that range at ~$99. The position was increased by roughly two-thirds in Q2 2019 at prices between $108 and $185. Last quarter saw an about turn: 40% selling at prices between $94 and $119. There was a ~15% stake increase this quarter at prices between $99.50 and $129. For investors attempting to follow, BIDU is a good option to consider for further research.Fox Corporation (FOX): The FOX stake was a minutely small position established in Q2 2019. Last quarter saw the stake built to a 1.45% portfolio position at prices between $31.50 and $38. The stock currently trades well below that range at $25.56. There was a ~15% stake increase this quarter.Note: Tweedy Browne’s third quarter commentary said that they purchased FOX at a price estimated to be at 8% earnings yield. Also, they mentioned the focus on live programming, profitability of Fox News, and insider buying as attractive attributes. For investors attempting to follow, FOX is a good option to consider for further research.Coca Cola FEMSA (KOF): The KOF stake saw a ~55% stake increase this quarter at prices between $55 and $62. The stock currently trades at $45.30.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their largest position at ~14% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The stock currently trades at ~$176. There was a ~12% selling in Q4 2017 and that was followed with minor trimming over the next three quarters. Q4 2018 saw a ~10% overall increase while last four quarters have seen only marginal activity.Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five ~12% position first purchased in 2012 at much lower prices compared to the current trading price of ~$1115. Q3 2016 saw a ~9% trimming at prices between $692 and $787. Since then, the activity has been minor.Johnson & Johnson (JNJ): JNJ is a large (top five) position in the portfolio at ~10%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120 and that was followed with minor trimming over the last three years. The share count is now at ~1.97M. The stock currently trades at ~$125. Tweedy Browne is harvesting long-term gains from this position.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently their fourth-largest 13F stake at ~10% of the portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $33.20. The three years thru Q1 2019 saw a ~44% reduction at prices between $41 and $54. Next quarter saw another ~25% selling at prices between $51 and $57.50. They are harvesting gains. Last two quarters have also seen minor trimming.Bank of New York Mellon (BK): BK is a large ~7% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. The stock currently trades below the low end of those ranges at $29.52. Q4 2016 saw a ~4% increase while the three years saw minor trimming.Wells Fargo (WFC): WFC is a fairly large position at ~5% of the 13F portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. The next two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. The stock is now near the low end of those ranges at $27.20. There was marginal trimming over the last three quarters.AutoZone (AZO): AZO is a 4.42% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$978. Q1 2019 saw a one-third selling at prices between $810 and $1000 and that was followed with a ~11% trimming next quarter. Tweedy Browne is harvesting gains. There was marginal trimming in the last two quarters.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current 1.6M share stake (3.77% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $28.20. The three quarters thru Q3 2016 had seen minor reductions. Q4 2016 saw a ~14% selling at prices between $40.50 and $53. 2017 saw another similar trimming at prices between $43 and $56. There was a ~9% reduction in Q2 2018 and minor trimming in the last six quarters. Tweedy Browne is harvesting long-term gains.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.3M Company (MMM): MMM is a ~2% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. Last five quarters had also seen a ~15% combined selling at prices between $160 and $220. The stock is now at ~$134. Tweedy Browne is harvesting huge long-term gains. Last two quarters also saw minor trimming.Emerson Electric (EMR): EMR is a long-term 1.82% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It has since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction in 2017 at prices between $56 and $70. Next year saw another ~35% selling at prices between $55 and $80. The stock currently trades at $46.18. Last four quarters have seen minor trimming.MRC Global (MRC): The 1.79% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Q3 2016 saw a ~22% selling at prices between $12.50 and $16.50 and that was followed with a ~6% trimming in Q1 2017. Q3 2017 saw a ~15% increase at prices between $15.40 and $17.50. This quarter saw another ~20% selling at prices between $10.80 and $15.15. The stock is now at $4.54.Note: Tweedy Browne controls 4.41% of MRC Global.Goldman Sachs (GS): GS is a small 0.72% of the portfolio stake established in Q4 2018 at prices between $155 and $232. The stock currently trades just below the low end of that range at ~$151. Last year saw minor trimming.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $28 and $31.50. Q3 2016 saw another ~16% selling at prices between $32.50 and $34. There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. The stock is now at $34.94 and the stake is at 0.74%. Last year saw minor selling.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.American Express (AXP), Diageo plc (DEO), National Western Life (NWLI), Novartis AG (NVS), Phillips 66 (PSX), US Bancorp (USB), Union Pacific (UNP), Unilever (UN) (UL), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F position is small, the firm has a large stake in Diageo. The rest of the shares are held in London market which is outside the realm of 13F filings.Kept Steady:None.Other minutely small (less than 0.5% of the 13F portfolio each) positions in the 13F portfolio include Alcon Inc. (ALC), American National Insurance (ANAT), Baxter International (BAX), Carnival Corp (CCL), CKX lands (CKX), CNH Industrials (CNHI), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Halliburton (HAL), Merck & Company (MRK), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Total SA (TOT), UniFirst Corporation (UNF), and WPP plc (WPP).Note: GlaxoSmithKline, HSBC, Novartis AG, Royal Dutch Shell, Total SA, and WPP plc are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q4 2019:Info from Commentary – Q3 2019: PERFORMANCE – TBGVX – negative 0.86% for Q3 2019 vs 2.31% for the MSCI EAFE (hedged) – from 1993 inception 8.98% vs 6.14%. EXITS: AGCO, Daily Mail, Euromoney Institutional, Hyundai, Kia, and Lumax Intl. The AGCO, Daily Mail, Lumax, and MasterCard exits were based on valuation. TRIMMED –Axel Springer, Baidu, G4S plc, HSBC Holdings, Royal Dutch Shell plc, Sina Corp, Standard Chartered, and Thinking Electronic. Baidu reduction was due to their estimates coming down. INCREASED - None. Commentary –Fox purchase – they are focused on Live programming and Fox News is highly profitable – also significant insider buying – they purchased at a price estimated to be at 8% earnings-yield.Regulatory filings thru 11/7/2019: None."

"Tracking Tweedy Browne Portfolio – Q3 2019 Update"

"Tweedy Browne’s 13F portfolio value remained almost steady at $2.83B this quarter.The largest five individual stock positions are Berkshire Hathaway, Alphabet, Cisco Systems, Johnson & Johnson, and Unilever, and they account for ~53% of the portfolio.Tweedy Browne increased Unilever while dropping AGCO and MasterCard.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 11/01/2019. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2019.This quarter, Tweedy Browne’s 13F portfolio value remained almost steady at $2.83B. The number of holdings decreased from 49 to 47. The largest position is Berkshire Hathaway at ~14% of the portfolio. Largest five individual stock positions are Berkshire Hathaway, Alphabet, Cisco Systems, Johnson & Johnson, and Unilever. Combined they are at ~54% of the portfolio. 28 of the 49 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article. Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~90% of the portfolio and cash at ~11%. The top five holdings are Nestle (NSRGY), Safran SA (SAFRY) (SAFRF), Diageo plc (DEO), Heineken (HKHHF), and Roche Holding (RHHBY). Together, they are at ~20% of the fund. Per Q3 2019 Commentary, the fund returned negative 0.86% for the quarter compared to 2.31% for MSCI EAFE. Since inception (1993), annualized returns are at 8.98% compared to 6.14% for MSCI EAFE.New Stakes:None.Stake Disposals:AGCO Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~90% increase at prices between $43.50 and $51.50 and that was followed with another ~50% increase in Q1 2016 at prices between $44 and $53.50. The next three quarters had seen another roughly one-third increase at prices between $46.50 and $60. Q3 2017 saw an about turn: ~7% trimming. That was followed with a one-third reduction the following quarter at prices between $65.50 and $75. The stake was almost sold out last quarter at prices between $65 and $78. The stock is currently at ~$79. The remainder stake was disposed this quarter.MasterCard Inc. (MA): MA was a small 1.63% long-term position. Last six years had seen trimming almost every quarter. The selling accelerated last quarter with a ~20% reduction at prices between $235 and $267. The elimination this quarter was at prices between $257 and $292. The stock is currently at $273.Note: Tweedy Browne’s third-quarter commentary indicated that the sale was based on valuation reaching their fair-value estimates.Stake Increases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their largest position at ~14% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The stock currently trades at ~$223. There was a ~12% selling in Q4 2017 and that was followed with minor trimming over the next three quarters. Q4 2018 saw a ~10% overall increase while last three quarters have seen only marginal activity.Unilever (UN) (UL): UN is now a top-five position in the 13F portfolio. The large increase this quarter appears to be due to certain shares they hold that are listed in the European markets being included in the 13F report rather than due to a large increase in the allocation.Fox Corporation (FOX): The FOX stake was a minutely small position established last quarter. This quarter saw the stake built to a 1.45% portfolio position at prices between $31.50 and $38. The stock currently trades at $34.22.Note: Tweedy Browne’s third quarter commentary said that they purchased FOX at a price estimated to be at 8% earnings yield. Also, they mentioned the focus on live programming, profitability of Fox News, and insider buying as attractive attributes. For investors attempting to follow, FOX is a good option to consider for further research.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five ~11% position first purchased in 2012 at much lower prices compared to the current trading price of $1309. Q3 2016 saw a ~9% trimming at prices between $692 and $787. Since then, the activity has been minor.Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently their third-largest 13F stake at ~10% of the portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $48.42. Last three years saw a ~44% reduction at prices between $41 and $54. Last quarter saw another ~25% selling at prices between $51 and $57.50. They are harvesting gains. This quarter saw marginal trimming.Johnson & Johnson (JNJ): JNJ is a large (top five) position in the portfolio at ~10%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120 and that was followed with minor trimming over the last eleven quarters. The share count is now at ~2.04M. The stock currently trades at ~$131. Tweedy Browne is harvesting long-term gains from this position.Bank of New York Mellon (BK): BK is a large 6.63% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. The stock currently trades at $49.40. Q4 2016 saw a ~4% increase while the last eleven quarters saw minor trimming.Baidu Inc. (BIDU): BIDU is a large ~5% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now well below the low end of that range at ~$122. The position was increased by roughly two-thirds last quarter at prices between $108 and $185. This quarter saw an about turn: 40% selling at prices between $94 and $119.Note: The buy thesis on BIDU was on the idea that 50% margins in the company’s core Search business is being masked by money-losing subsidiaries. Per their third-quarter commentary, the selling this quarter was due to their estimates of intrinsic value going down - Baidu reported weak operating results in the last two quarters.Wells Fargo (WFC): WFC is a fairly large position at 4.69% of the 13F portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. Last two years had also seen minor selling. Q1 2019 saw a ~15% further reduction at prices between $46 and $52. The stock is now at $54. There was marginal trimming over the last two quarters.AutoZone (AZO): AZO is a ~4% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$1166. Q1 2019 saw a one-third selling at prices between $810 and $1000 and that was followed with a ~11% trimming last quarter. Tweedy Browne is harvesting gains. There was marginal trimming this quarter.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current 1.61M share stake (3.47% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $59.54. The three quarters thru Q3 2016 had seen minor reductions. Q4 2016 saw a ~14% selling at prices between $40.50 and $53. 2017 saw another similar trimming at prices between $43 and $56. There was a ~9% reduction in Q2 2018 and minor trimming in the last five quarters. Tweedy Browne is harvesting long-term gains.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.3M Company (MMM): MMM is a ~2% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. Last five quarters had also seen a ~15% combined selling at prices between $160 and $220. The stock is now at ~$175. Tweedy Browne is harvesting huge long-term gains. This quarter saw marginal trimming.MRC Global (MRC): The 1.93% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Q3 2016 saw a ~22% selling at prices between $12.50 and $16.50 and that was followed with a ~6% trimming in Q1 2017. Q3 2017 saw a ~15% increase at prices between $15.40 and $17.50. The stock is now at $15.10. Last two years have seen minor selling.Note: Tweedy Browne controls ~5% of MRC Global.Emerson Electric (EMR): EMR is a long-term 1.71% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It has since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction in 2017 at prices between $56 and $70. Last year saw another ~35% selling at prices between $55 and $80. The stock currently trades at $73.79. Last three quarters have seen marginal trimming.Devon Energy (DVN): The bulk of the original DVN stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. The position had seen selling since Q3 2016. Recent activity follow: Q2 2018 saw a ~24% reduction at prices between $30 and $43 and that was followed with a ~30% selling in Q4 2018 at prices between $21 and $41. The stock currently trades at $22.68. Last three quarters have also seen minor selling.Goldman Sachs (GS): GS is a small 0.72% of the portfolio stake established in Q4 2018 at prices between $155 and $232. The stock currently trades at ~$223. Last three quarters have seen minor trimming.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $28 and $31.50. Q3 2016 saw another ~16% selling at prices between $32.50 and $34. There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. The stock is now at $44.70 and the stake is at 0.72%. Last three quarters have seen minor selling.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.American Express (AXP), Avnet Inc. (AVT), Diageo plc (DEO), National Western Life (NWLI), Novartis AG (NVS), Phillips 66 (PSX), Total SA (TOT), US Bancorp (USB), Union Pacific (UNP), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F positions are small, the firm has large stakes in Diageo & Total SA. The rest of the shares are held in their native markets which are outside the realm of 13F filings.Kept Steady:Coca Cola FEMSA (KOF): The very small 1.12% portfolio stake in KOF was kept steady during the quarter.Other minutely small (less than 0.5% of the 13F portfolio each) positions in the 13F portfolio include Alcon Inc. (ALC), American National Insurance (ANAT), Baxter International (BAX), Carnival Corp (CCL), CKX lands (CKX), CNH Industrials (CNHI), Connecticut Water Service (CTWS), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Halliburton (HAL), Merck & Company (MRK), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), UniFirst Corporation (UNF), and WPP plc (WPP).Note: GlaxoSmithKline, HSBC, Novartis AG, Royal Dutch Shell, and WPP plc are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q3 2019:Info from Commentary – Q2 2019: PERFORMANCE – TBGVX – 3.72% for Q2 2019 vs 3.50% for the MSCI EAFE (hedged) – from 1993 inception 9.11% vs 6.11%. EXITS: Cloetta & Halliburton. TRIMMED – AGCO, Axel Springer, Cisco, Novartis, Roche, Safran, etc. trimmed based on valuation. INCREASED - Sina, Baidu, CNH, etc. Commentary – BASF added to high-yield fund."

"Tracking Tweedy Browne Portfolio – Q2 2019 Update"

"Tweedy Browne’s 13F portfolio value decreased from $3.03B to $2.83B this quarter.The largest five individual stock positions are Berkshire Hathaway, Cisco Systems, Johnson & Johnson, Baidu, and Alphabet and they account for ~54% of the portfolio.Tweedy Browne increased Baidu while decreasing Cisco Systems during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 08/05/2019. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2019.This quarter, Tweedy Browne’s 13F portfolio value decreased ~7% from $3.03B to $2.83B. The number of holdings increased from 47 to 49. The largest position is Berkshire Hathaway at ~14% of the portfolio. Largest five individual stock positions are Berkshire Hathaway, Cisco Systems, Johnson & Johnson, Baidu, and Alphabet. Combined they are at ~54% of the portfolio. 31 of the 49 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article. Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~82% of the portfolio and cash at ~7%. The top five holdings are Nestle (NSRGY), Safran SA (SAFRY) (SAFRF), Diageo plc (DEO), Heineken (HKHHF), and SCOR SE (SCRYY). Together, they are at ~20% of the fund. Per Q2 2019 Commentary, the fund returned 3.72% for the quarter compared to 3.50% for MSCI EAFE. Since inception (1993), annualized returns are at 9.11% compared to 6.11% for MSCI EAFE.New Stakes:None.Stake Disposals:None.Stake Increases:Baidu Inc. (BIDU): BIDU is a top five ~8% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now well below the low end of that range at ~$100. The position was increased by roughly two-thirds this quarter at prices between $108 and $185. For investors attempting to follow, BIDU is a good option to consider for further research.Note: Tweedy Browne’s buy thesis on BIDU is on the idea that 50% margins in the company’s core Search business is being masked by money-losing subsidiaries.US Bancorp (USB): The very small 1.55% USB stake saw a minor increase during the quarter.Stake Decreases:Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently their second-largest 13F stake at ~11% of the portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $52.60. Last three years saw a ~44% reduction at prices between $41 and $54. This quarter saw another ~25% selling at prices between $51 and $57.50. They are harvesting gains.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~12% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The stock currently trades at ~$200. There was a ~12% selling in Q4 2017 and that was followed with minor trimming over the next three quarters. Q4 2018 saw a ~10% overall increase while last two quarters have seen minor trimming.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at ~10%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120 and that was followed with minor trimming over the last ten quarters. The share count is now at ~2.05M. The stock currently trades at ~$131. Tweedy Browne is harvesting long-term gains from this position.Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five ~10% position first purchased in 2012 at much lower prices compared to the current trading price of $1170. Q3 2016 saw a ~9% trimming at prices between $692 and $787. Since then, the activity has been minor. Last quarter saw a ~2% stake increase while this quarter saw marginal trimming.Bank of New York Mellon (BK): BK is a large ~7% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. The stock currently trades at $45.45. Q4 2016 saw a ~4% increase while the last ten quarters saw minor trimming.Wells Fargo (WFC): WFC is a fairly large position at 4.41% of the 13F portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. Last two years had also seen minor selling. Last quarter saw a ~15% further reduction at prices between $46 and $52. The stock is now at $46.93. There was marginal trimming this quarter.AutoZone (AZO): AZO is a 4.20% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$1082. Last quarter saw a one-third selling at prices between $810 and $1000 and that was followed with a ~11% trimming this quarter. Tweedy Browne is harvesting gains.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current 1.61M share stake (3.47% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $54.23. The three quarters thru Q3 2016 had seen minor reductions. Q4 2016 saw a ~14% selling at prices between $40.50 and $53. 2017 saw another similar trimming at prices between $43 and $56. There was a ~9% reduction in Q2 2018 and minor trimming in the last four quarters. Tweedy Browne is harvesting long-term gains.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.MRC Global (MRC): The 2.73% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Q3 2016 saw a ~22% selling at prices between $12.50 and $16.50 and that was followed with a ~6% trimming in Q1 2017. Q3 2017 saw a ~15% increase at prices between $15.40 and $17.50. The stock is now at $13.91. Last seven quarters have seen minor selling.Note: Tweedy Browne controls ~5% of MRC Global.3M Company (MMM): MMM is a 2.16% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. Last five quarters have also seen a ~15% combined selling at prices between $160 and $220. The stock is now at ~$164. Tweedy Browne is harvesting huge long-term gains.Emerson Electric (EMR): EMR is a long-term 1.76% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It has since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction in 2017 at prices between $56 and $70. Last year saw another ~35% selling at prices between $55 and $80. The stock currently trades at $60.82. Last two quarters have seen marginal trimming.Halliburton Company (HAL): HAL is now a very small 0.46% of the portfolio stake. It was established in 2012 at prices between $27.50 and $38.50. Q3 2016 saw a ~20% reduction at prices between $41 and $47. Q2 2018 saw another ~53% reduction at prices between $44.50 and $54. The stock currently trades at $19.95. This quarter saw the position reduced by two-thirds at prices between $21 and $32.Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~90% increase at prices between $43.50 and $51.50 and that was followed with another ~50% increase in Q1 2016 at prices between $44 and $53.50. The next three quarters had seen another roughly one-third increase at prices between $46.50 and $60. Q3 2017 saw an about turn: ~7% trimming. That was followed with a one-third reduction the following quarter at prices between $65.50 and $75. The stake was almost sold out this quarter at prices between $65 and $78. The stock is currently at $71.50 and the position is now minutely small at 0.17% of the 13F portfolio.Devon Energy (DVN): The bulk of the original DVN stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. The position had seen selling since Q3 2016. Recent activity follow: Q2 2018 saw a ~24% reduction at prices between $30 and $43 and that was followed with a ~30% selling in Q4 2018 at prices between $21 and $41. The stock currently trades at $24.22. Last two quarters have also seen minor selling.Goldman Sachs (GS): GS is a small 0.71% of the portfolio stake established in Q4 2018 at prices between $155 and $232. The stock currently trades at ~$206. Last two quarters have seen minor trimming.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $28 and $31.50. Q3 2016 saw another ~16% selling at prices between $32.50 and $34. There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Q4 2018 also saw a ~23% selling at prices between $33 and $39.50. The stock is now at $42.07 and the stake is at 0.69%. Last two quarters have seen minor selling.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.American Express (AXP), Avnet Inc. (AVT), Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), Novartis AG (NVS), Phillips 66 (PSX), Total SA (TOT), Unilever (UN) (UL), Union Pacific (UNP), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) were reduced during the quarter.Note: Although the 13F positions are small, the firm has large stakes in Diageo & Total SA. The rest of the shares are held in their native markets which are outside the realm of 13F filings.Kept Steady:Coca Cola FEMSA (KOF): The very small 1.14% portfolio stake in KOF was kept steady during the quarter.Other minutely small (less than 0.5% of the 13F portfolio each) positions in the 13F portfolio include Alcon Inc. (ALC), American National Insurance (ANAT), Baxter International (BAX), Carnival Corp (CCL), CKX lands (CKX), CNH Industrials (CNHI), Connecticut Water Service (CTWS), Fox Corp (FOX), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Merck & Company (MRK), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Torchmark Corp. (TMK), UniFirst Corporation (UNF), and WPP plc (WPP).Note: GlaxoSmithKline, HSBC, Novartis AG, Royal Dutch Shell, and WPP plc are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q2 2019:Info from Commentary & other reports: PERFORMANCE – TBGVX – 8.16% for Q1 2019 vs 11.26% for the MSCI EAFE (hedged) – from 1993 inception 9.05% vs 6.03%. TRIMMED – Autzone, Safran, Novartis, MasterCard, etc. trimmed based on valuation. INCREASED - Standard Chartered, Sina, Baidu, CNH, Inchcape, Axel Springer, Bollore, etc. Commentary – positive reports on GS, CNHI, BASF, etc. in annual report.Regulatory filings thru 6/13/2019: None."