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Seth Klarman, one of the top money managers of all time, quadrupled his firm’s stake in Amazon.com in the fourth quarter, one of several big bets on mega-cap tech companies that were made.
A 13-F filing filed with the Securities and Exchange Commission showed Klarman’s Baupost increased its stake in Amazon
AMZN,
by 299%. Its stake in Alphabet
GOOGL,
the parent of Google, rose by 190%, and its stake in Meta Platforms
META,
increased by 151%.
Klarman historically has sought out distressed assets, and the big tech companies suffered through a disastrous 2022, particularly Meta, which saw its value drop by nearly two-thirds. Meta’s stock price this year has surged by 49%, and Amazon has gained 19%.
Liberty Global
LBTYA,
and Liberty SiriusXM
LSXMK,
were Baupost’s top holdings.
The value-focused Klarman typically carries a large cash position, which doesn’t show up on the 13-F reports.
One investment Klarman may have regretted: boosting by 250% its stake in Fidelity National Information Services
FIS,
which on Monday said it was planning to spin off its Worldpay business it recently bought for $43 billion.
Baupost through the end of last year has generated net gains of $33 billion since its inception in 1983, the eighth most by a hedge fund of all time, according to data compiled by LCH Investments.
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