Hedge-fund legend Seth Klarman pounced on Amazon and parent companies of Google and Facebook in the fourth quarter

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
by 299%. Its stake in Alphabet
the parent of Google, rose by 190%, and its stake in Meta Platforms
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
and Liberty SiriusXM
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
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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