Must-know highlights of the Baupost Group’s 1Q 2014 positions

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The Baupost Group

Seth Klarman’s Baupost Group, LLC, returned $4 billion to clients at the end of last year. The fund is one of the best-performing hedge fund managers of all time, generating $21.5 billion in returns over its history. In this series, we’ll discuss the notable positions traded by the $27 billion fund during the first quarter of 2014.

 

The size of Baupost’s U.S. long portfolio was enhanced to $4.13 billion in 1Q 2014 from $3.5 billion in 4Q 2013. Baupost initiated positions in Cheniere Energy Inc. (LNG), Keryx Biopharmaceuticals (KERX), and RF Micro Devices Inc. (RFMD) and exited positions in Fidelity National Financial (FNF) and Rovi Corp. (ROVI). The fund also pared its position in British oil company BP (BP).

 

The fund’s largest position increase in 1Q 2014 was in Idenix Pharmaceuticals (IDIX), which Market Realist covered in March in an update to Baupost’s fourth quarter 2013 positions. Read more in The Baupost Group’s 4Q13 positions: An investor’s must-know guide.

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