5 Stocks Added to Seth Klarman’s Portfolio Last Quarter

#3. Avis Budget Group Inc. (NASDAQ:CAR)

– Shares Owned by Baupost Group (as of June 30): 1.78 Million

– Value of Baupost Group’s Holding (as of June 30): $57.6 Million

Avis Budget Group Inc. (NASDAQ:CAR)’s stock had a great second quarter, starting out poorly, but ultimately gaining 22.4% over the period, largely driven by signs of easing pressure over car rental prices. Earlier this month, Avis posted second quarter EPS of $0.63, missing the Street’s consensus target by $0.06, even though revenue of $2.24 billion beat estimates by $30 million. For the full-year, management said that it expects EPS of between $2.90 and $3.90, and revenue in the range of $8.75 billion-to-$8.90 billion. Last week, analysts at Barclays boosted their price target on the stock to $33 from $31, citing a marked recovery in domestic pricing. However, the firm maintains an ‘Equal Weight’ rating on the stock. Even after a 6% reduction to its position, Karthik Sarma’s SRS Investment Management remained the largest shareholder of Avis Budget Group Inc. (NASDAQ:CAR) in our database, owning 9.00 million shares of the company at the end of June.

#2. Liberty Ventures (NASDAQ:LVNTA)

– Shares Owned by Baupost Group (as of June 30): 2.46 Million

– Value of Baupost Group’s Holding (as of June 30): $91.5 Million

Liberty Ventures (NASDAQ:LVNTA)’s case is very similar to Liberty Braves Group’s, although it started trading publicly much earlier. The stock represents economic interests in certain Liberty Interactive Corp (NASDAQ:QVCA) business segments, and lost 4.6% over the second quarter. It’s performed much better in the third quarter, gaining more than 7.6% despite also slipping after Liberty Media Group (NASDAQ:LMCA)’s second quarter earnings call. Also bullish on Liberty Ventures (NASDAQ:LVNTA) is Brian Ashford-Russell and Tim Woolley‘s Polar Capital LLP, which disclosed ownership of 1.58 million shares worth $59 million as of June 30.

#1. Citigroup Inc (NYSE:C)

– Shares Owned by Baupost Group (as of June 30): 5.16 Million

– Value of Baupost Group’s Holding (as of June 30): $219 Million

Finally, there’s Citigroup Inc (NYSE:C), which Baupost acquired more than 5.16 million shares of between April and June. Citigroup Inc (NYSE:C) has had a tough 2016, and is down by more than 10% year-to-date. However, the stock has performed better of late, gaining 10.1% since the end of June. Citigroup made a notable increase to its dividend payments after passing the Fed’s stress test for the second-straight year. The investment back tripled its quarterly dividend to $0.16, pushing the stock’s annual dividend yield to 1.38%. While sizable, Baupost’s stake was dwarfed by Harris Associates’ 28.35 million-share position valued at over $1.20 billion on June 30.

Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned in this article.