10 Top Stock Picks of Billionaire Seth Klarman

Published on September 19, 2022 at 9:36 am by Usman Kabir in Hedge Funds, News

In this article, we discuss the 10 top stock picks of billionaire Seth Klarman. If you want to read about some stocks in the Klarman portfolio, go directly to 5 Top Stock Picks of Billionaire Seth Klarman.

Seth Klarman of Baupost Group manages an equity portfolio worth more than $6.7 billion at the end of the second quarter of 2022. Klarman has made a name for himself at the stock market through an investing strategy that closely resembles the get-rich-slow stock picking techniques of legendary value investor Warren Buffett. Unlike Buffett, Klarman does not limit himself to value stocks, and has stakes in prominent growth names like Alphabet Inc. (NASDAQ:GOOG), Micron Technology, Inc. (NASDAQ:MU), and Intel Corporation (NASDAQ:INTC).

As inflation continues to wreak havoc with stocks, Klarman has come under pressure to reduce his exposure to growth names. In a recent interview with Harvard Business School, the famous money manager, whose personal net worth is in excess of $1.5 billion, said that investors needed to learn as much from bear markets as they did during bull markets. Klarman said that investors today faced more uncertainty about macroeconomic forces, market volatility, and how technology was reshaping industries.

The moves that Klarman has made at the market in recent months, revealed by the latest 13F filings of his hedge fund, illustrate his investing philosophy for a bear market. During the second quarter of 2022, the value of the equity portfolio of Baupost Group decreased by around $2.5 billion. In this period, Klarman made new purchases in just three stocks, sold out of 6, reduced holdings in 23, and made additional purchases in 4 stocks. The top ten holdings comprise over 68% of the overall portfolio.

Our Methodology

The companies listed below were picked from the investment portfolio of Baupost Group at the end of the second quarter of 2022. In order to provide readers with some context for their investment choices, the business fundamentals and analyst ratings for the stocks are also discussed. Data from around 900 elite hedge funds tracked by Insider Monkey in the second quarter of 2022 was used to identify the number of hedge funds that hold stakes in each firm.

Top Stock Picks of Billionaire Seth Klarman

10. Veritiv Corporation (NYSE:VRTV)

Number of Hedge Fund Holders: 17

Veritiv Corporation (NYSE:VRTV) operates as a business-to-business provider of value-added packaging products and services. Latest data shows that Baupost Group owned more than 2.5 million shares of Veritiv Corporation (NYSE:VRTV) at the end of the second quarter of 2022 worth over $386 million, representing 5.71% of the portfolio.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in Veritiv Corporation (NYSE:VRTV), with 126,700 shares worth more than $13 million.

At the end of the second quarter of 2022, 17 hedge funds in the database of Insider Monkey held stakes worth $443 million in Veritiv Corporation (NYSE:VRTV), compared to 19 in the previous quarter worth $549 million.

Just like Alphabet Inc. (NASDAQ:GOOG), Micron Technology, Inc. (NASDAQ:MU), and Intel Corporation (NASDAQ:INTC), Veritiv Corporation (NYSE:VRTV) is one of the stocks that hedge funds are monitoring.

9. Viasat, Inc. (NASDAQ:VSAT)

Number of Hedge Fund Holders: 18

Viasat, Inc. (NASDAQ:VSAT) provides broadband and communications products and services worldwide. Regulatory filings show that Baupost Group owned more than 16.2 million shares of Viasat, Inc. (NASDAQ:VSAT) at the end of June 2022 worth $498 million, representing 7.37% of the portfolio.

In late May, investment advisory Raymond James maintained an Outperform rating on Viasat, Inc. (NASDAQ:VSAT) stock and lowered the price target to $51 from $58. Analyst Ric Prentiss issued the ratings update.

At the end of the second quarter of 2022, 18 hedge funds in the database of Insider Monkey held stakes worth $714 million in Viasat, Inc. (NASDAQ:VSAT), compared to 17 in the previous quarter worth $1.2 billion.

Among the hedge funds being tracked by Insider Monkey, California-based investment firm FPR Partners is a leading shareholder in Viasat, Inc. (NASDAQ:VSAT), with 5 million shares worth more than $157 million.

In its Q2 2022 investor letter, Cove Street Capital, an asset management firm, highlighted a few stocks and Viasat, Inc. (NASDAQ:VSAT) was one of them. Here is what the fund said:

“Viasat, Inc. (NASDAQ:VSAT) seems to be either our biggest winner or loser every quarter – annoyingly. The much-delayed launch of the first of three next generational satellites will be at the end of this summer and that event should end this yo-yo in the stock and put us on a more sustainable path in the eyes of the world. Oh, and we think the defense business alone is worth nearly 2x the current price of the stock.”

8. New Oriental Education and Technology Group Inc. (NYSE:EDU)

Number of Hedge Fund Holders: 22

New Oriental Education and Technology Group Inc. (NYSE:EDU) provides private educational services. Securities filings reveal that Baupost Group owned 8 million shares of New Oriental Education and Technology Group Inc. (NYSE:EDU) at the end of June 2022 worth $162 million, representing 2.40% of the portfolio.

On July 29, Bank of America analyst Lucy Yu upgraded New Oriental Education and Technology Group Inc. (NYSE:EDU) to Buy from Neutral and raised the price target of $36.60 from $18.80, saying that the current share price was on par with the new cash of the firm.

At the end of the second quarter of 2022, 22 hedge funds in the database of Insider Monkey held stakes worth $721 million in New Oriental Education and Technology Group Inc. (NYSE:EDU), down from 23 in the preceding quarter worth $260 million.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Alkeon Capital Management is a leading shareholder in New Oriental Education and Technology Group Inc. (NYSE:EDU), with 7 million shares worth more than $145 million.

In its Q3 2021 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and New Oriental Education and Technology Group Inc. (NYSE:EDU) was one of them. Here is what the fund said:

“The quarter’s leading detractors were Chinese companies that were impacted by the CCP’s regulatory crackdown and liquidity concerns at property developer Evergrande. New Oriental Education and Technology Group Inc. (NYSE:EDU)—the largest provider of private educational services in China—moved sharply lower in July after policymakers implemented new rules which effectively turned Chinese tutoring companies into non-profits. Looking at New Oriental Education, we closed our position as soon as government policy became clear and used the proceeds to allocate to existing holdings.”

7. Liberty Global plc (NASDAQ:LBTYA)

Number of Hedge Fund Holders: 28

Liberty Global plc (NASDAQ:LBTYA) provides broadband internet, video, fixed-line telephony, and mobile communications services. The hedge fund of Seth Klarman entered the second quarter of 2022 with over 48 million shares of Liberty Global plc (NASDAQ:LBTYA) in the portfolio worth more than $1 billion, representing 15.8% of the portfolio.

On July 14, Deutsche Bank analyst Robert Grindle maintained a Buy rating on Liberty Global plc (NASDAQ:LBTYA) stock and lowered the price target to $32 from $38, noting that a take-private option being considered by the firm would not be surprising.

At the end of the second quarter of 2022, 28 hedge funds in the database of Insider Monkey held stakes worth $764 million in Liberty Global plc (NASDAQ:LBTYA), compared to 28 the preceding quarter worth $549 million.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Harris Associates is a leading shareholder in Liberty Global plc (NASDAQ:LBTYA), with 39 million shares worth more than $827 million.

6. Qorvo, Inc. (NASDAQ:QRVO)

Number of Hedge Fund Holders: 30

Qorvo, Inc. (NASDAQ:QRVO) develops and commercializes technologies and products for wireless, wired, and power markets. According to the latest filings, Baupost Group owned over 6.9 million shares of Qorvo, Inc. (NASDAQ:QRVO) at the end of the second quarter of 2022 worth $657 million, representing 9.70% of the portfolio.

On September 13, Exane BNP Paribas analyst Karl Ackerman initiated coverage of Qorvo, Inc. (NASDAQ:QRVO) stock with a Neutral rating and a price target of $100, noting that the investor sentiment around the shares remained poor.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Select Equity Group is a leading shareholder in Qorvo, Inc. (NASDAQ:QRVO), with 725,114 shares worth more than $70 billion.

At the end of the second quarter of 2022, 30 hedge funds in the database of Insider Monkey held stakes worth $1.1 billion in Liberty Global plc (NASDAQ:LBTYA), compared to 33 the preceding quarter worth $1.5 billion.

In addition to Alphabet Inc. (NASDAQ:GOOG), Micron Technology, Inc. (NASDAQ:MU), and Intel Corporation (NASDAQ:INTC), Qorvo, Inc. (NASDAQ:QRVO) is one of the stocks on the radar of elite investors.

In its Q1 2022 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and Qorvo, Inc. (NASDAQ:QRVO) was one of them. Here is what the fund said:

“Qorvo, Inc. (NASDAQ:QRVO) is one of the two major providers of radio frequency RF systems which are critical components of mobile devices including smart phones and the Internet of Things (IoT). Two transitory concerns have recently affected the company’s stock price. First, supply chain issues continue to be a constraint. Second, Apple recently announced its decision to decrease production of its iPhone SE model. Neither of these issues threatens their long-term competitive position. Qorvo’s value is stable and despite the recent pressure on the stock price, we feel its long-term prospects are promising.”

Click to continue reading and see 5 Top Stock Picks of Billionaire Seth Klarman.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on October 30, 2024 at by Inan Dogan, PhD

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A New Dawn is Coming to U.S. Stocks

Published on November 16, 2024 at by Insider Monkey Staff

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

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He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…

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